Sports Entertainment Group Surges with 94% EBITDA Growth in H1 FY26

Sports Entertainment Group Limited (SEG) has revealed their financial performance for the half-year ended 31 December 2025, reporting a 94% surge in underlying EBITDA to $9.7 million. The result signals a “tipping point” for the organisation, as its aggressive “Whole of Sport” strategy translates high-volume revenue into significant margin expansion.

The highlights of the half were led by a 28% increase in Group revenue, which climbed to $73.7 million. This growth was underpinned by a revitalised balance sheet following the divestment of the Perth Wildcats, with the final $12 million tranche received in January 2026.

On another note, the board has rewarded shareholders with a 1.0 cent interim dividend and a 3.0 cent special dividend, returning a total of $11.2 million.

Racing and TV Production

The half-year saw SEG aggressively expand its footprint in high-growth verticals. The commercial integration of RSN (acquired in September 2025) has provided the organisation with newfound scalability in the racing sector, bolstered by a fresh regional programming slate including the launch of SEN Goulburn Valley.

In the TV Production segment, revenue jumped 61% to $3.6 million. The division’s expansion includes:

• Flagship Programming: Production of Channel 7’s Agenda Setters and Unfiltered.

• Infrastructure Investment: Commissioning of a second TV studio with an 80-person audience capacity and the purchase of an additional 4K production truck.

• Rights Expansion: New production contracts for the WNBL and Harness Racing Victoria.

Financial Position and Upgraded Outlook

SEG’s balance sheet has been significantly de-risked, with senior bank debt reduced to $11.4 million and a net cash position of $15.3 million (as of 31 December). The group reported a remarkable 122% operating cashflow conversion, reflecting the lean nature of its scaled-up operations.

The organisation now expects FY26 EBITDA growth of at least 40%, doubling its previous guidance of 20%.

Following the dividend payments, SEG expects to remain in a net cash positive position of $9 million, with further positive operating cash flow projected for the second half of the year.

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