eMedia Holdings (EMH) H2 2026 earnings summary

Executive summary

• Delivered resilient performance despite an 8.7% contraction in the TV advertising market, with a 7.4% decline in TV ad revenue and maintained a 32.2% prime-time audience share.

• Profit after tax declined marginally by 2% to R299.5 million, EBITDA was R513 million, and headline earnings rose to R243.9 million.

• Strategic actions included acquiring the remaining 32.31% of eMedia Investments, repurchasing 23.1 million shares, and investing in digital and VFX capabilities.

• Continued investment in local content (R470 million annually), supporting over 1,500 jobs and maintaining a B-BBEE Level 2 rating.

• Maintained a final dividend of 15 cents per share, reflecting confidence in cash generation and balance sheet strength.

Financial highlights

• Group revenue reached R3.0 billion, with TV advertising revenue at R2.17 billion in a contracting market.

• EBITDA declined 7.4% year-over-year to R513 million; operating profit was R405.1 million.

• Profit before tax was R401.2 million; profit attributable to shareholders increased to R247.4 million.

• Headline earnings per share were 43.31 cents, down from 45.63 cents in the prior year.

• Total assets increased to R6.2 billion, with shareholders' equity at R4.4 billion after eliminating non-controlling interests.

Outlook and guidance

• Focus remains on dual strategy: protecting core free-to-air business and accelerating digital/streaming investments.

• Continued expansion into African markets via Openview Stream and digital platforms.

• Ongoing investment in technology, VFX, and content innovation to drive future growth.

• Management confident in operational excellence, innovation, and long-term value creation entering FY2027.