Television Broadcasts (511) H2 2025 earnings summary

Executive summary

• Achieved EBITDA of HK$365 million, up 24% year-over-year, and net profit of HK$18 million, reversing a HK$541 million loss in 2024.

• Profit attributable to equity holders was HK$59 million, compared to a HK$491 million loss last year; EPS was HK$0.13 versus a loss per share of HK$1.09.

• No dividend was recommended for the year.

• Maintained leading TV viewership in Hong Kong with a 79% market share and strong digital engagement, reaching 180 million monthly active visitors.

Financial highlights

• Group revenue was HK$3,192 million, down 2% year-over-year due to declines in Chinese Mainland and International segments.

• Cost of sales decreased by 5% to HK$1,824 million, and total operating costs fell 6% to HK$3,068 million.

• EBITDA improved by HK$70 million year-over-year; net profit improved by HK$559 million.

• Interest income dropped to HK$5 million from HK$106 million due to prior year one-off recognition.

• Gearing ratio improved to 59.9% from 66.7% year-over-year.

Outlook and guidance

• Expect modest growth in TV advertising income in 2026, supported by Greater Bay Area initiatives.

• Digital Media segment to drive growth through new products, revamped apps, and increased monetization of content IP.

• Five co-production drama titles scheduled for release in Chinese Mainland in 2026; revenue expected to match or exceed 2025.

• Cautious on advertising and drama co-production outlook due to global uncertainties.