GTN Limited

For H1 FY26, GTN reported revenue of $82.5 million and adjusted EBITDA of $5.8 million, down 15% and 53% versus the prior corresponding period. The company recorded a noncash impairment charge of $41.5 million tied to its Australian and U.K. businesses. Cash on hand was $28.1 million at 31 December, up from $21.1 million at 30 June, and net operating cash flow was $16.5 million versus negative $2.8 million in the prior corresponding period. The company returned $43.9 million, or $0.23 per share, via a return of capital in August 2025, and net debt was approximately $7 million. Looking ahead, management said annualized cost-out for FY27 is targeted at $12 million to $17 million, with $7 million to $9 million from affiliate changes largely executed, $3 million to $5 million from exiting aviation, and $2 million to $3 million from operating efficiencies. The board declared an interim dividend of $0.01 per share, unfranked.

Victor Lorusso framed H1 as a difficult reset period and emphasized that management chose to act on costs, affiliate arrangements, and go-to-market strategy rather than wait for markets to improve. He said the company is focusing on direct client relationships, better use of unsold inventory, and agency partnerships to improve margins. His tone was cautious but constructive, saying the second half is where the benefits of H1 actions should begin to show through.

Ben Brooks said the half was tough, especially the first quarter, but conditions stabilized as the period progressed. He highlighted revenue of $82.5 million, adjusted EBITDA of $5.8 million, and the $41.5 million noncash impairment, noting it has no bearing on day-to-day liquidity. On the balance sheet, he pointed to $28.1 million in cash, $16.5 million in net operating cash flow, a $43.9 million return of capital, and net debt of about $7 million, and he said the board is comfortable with the balance sheet and committed to further shareholder returns as conditions allow.

The only analyst question asked whether there had been any change in affiliate relationship agreements after the Southern Cross merger with Channel 7. Victor Lorusso said there was no change in relation to that affiliate, noting it remains a long-term agreement. No other questions were taken, so there was limited additional color beyond that point.