GTN Limited reported a modest 2% revenue decline and a sharper 26% drop in adjusted EBITDA for FY25, while maintaining strong cash flow and delivering solid shareholder returns.
- FY25 revenue down 2% to AUD 180.2 million
- Adjusted EBITDA declined 26% to AUD 16.6 million due to one-off costs and subdued macro conditions
- Positive operating cash flow of AUD 13 million and AUD 8 million bank debt repayment
- Share price rose 48% with ~5% share buyback and AUD 44 million capital return
- Strategic reviews underway for affiliate networks and aviation businesses targeting over AUD 10 million annualized cost savings
Financial Performance Overview
GTN Limited’s 2025 Annual General Meeting revealed a year marked by operational challenges and strategic recalibration. The company reported a 2% decrease in revenue to AUD 180.2 million, reflecting subdued macroeconomic conditions and one-off costs that also contributed to a 26% fall in adjusted EBITDA to AUD 16.6 million. Despite these headwinds, GTN maintained a positive operating cash flow of AUD 13 million and successfully repaid AUD 8 million in bank debt, underscoring a resilient balance sheet.
Segment Performance and Market Dynamics
Regional performance was mixed across GTN’s key markets. Australia experienced a slight revenue dip of 2%, impacted by a lower sell-out rate of radio spots despite a 4% increase in average spot rates. Brazil’s revenue in local currency grew by 4%, but unfavorable foreign exchange movements led to an 8% decline in AUD terms. Canada faced a 7% revenue decline, driven by lower spot inventory and rates, while the UK segment bucked the trend with a 2% revenue increase in AUD, despite a lower sell-out ratio.
Strategic Initiatives and Cost Management
GTN is actively reviewing its affiliate networks at ATN and CTN to optimize commercial partnerships and maintain strong affiliate relationships. Additionally, the company is evaluating its aviation businesses, which have historically supported its proposition but are now being scaled back to reduce costs. These initiatives are expected to deliver over AUD 10 million in annualized operational and capital savings, signaling a clear focus on efficiency and long-term sustainability.
Shareholder Returns and Governance
Shareholders have seen tangible benefits, with the company’s share price rising 48% over the fiscal year. GTN executed a share buyback representing approximately 5% of issued capital and returned AUD 44 million through a capital return in August 2025. Dividend yields remained robust at over 9%. Governance matters were also addressed with strong shareholder support for the re-election of directors and the approval of a 1 million option grant to Chairman Peter Tonagh under the company’s Long Term Incentive Plan.
Looking Ahead
While FY25 presented challenges, GTN’s strategic reviews and cost-saving measures position the company to navigate evolving market conditions. The focus on affiliate partnerships and aviation cost rationalization, combined with solid cash flow and shareholder returns, suggest a cautious but constructive outlook as GTN prepares for FY26.
Bottom Line?
GTN’s FY25 results reflect a balancing act between managing near-term pressures and investing in strategic efficiencies that could shape its next growth phase.
Questions in the middle?
- How will GTN’s affiliate network review impact future revenue streams and partnerships?
- What are the anticipated timelines and risks associated with the aviation business restructuring?
- Can GTN sustain its strong shareholder returns amid ongoing revenue and EBITDA pressures?