TVB swings to HK$59.29 million profit in 2025; EBITDA rises 24% on stronger Hong Kong broadcasting

Bulletin Express03-25

Television Broadcasts Limited (TVB) reported a turnaround for the year ended 31 December 2025, posting profit attributable to shareholders of HK$59.29 million versus a HK$491.05 million loss in 2024. Group EBITDA advanced 23.90% year-on-year to HK$365.31 million, supported by revenue recovery in its core Hong Kong TV Broadcasting segment and a 6.43% reduction in operating costs.

Group revenue slipped 2.02% to HK$3.19 billion as growth in Hong Kong broadcasting (+9.30%) and digital media (+3.47%) was offset by declines in Chinese Mainland Operations (-27.10%) and International Operations (-3.13%). Advertising income from Hong Kong terrestrial channels expanded 15%, lifting TV Broadcasting EBITDA to HK$215.12 million (2024: HK$66.38 million).

Digital Media revenue reached HK$387.97 million, boosted by a 22% jump in advertising across streaming and social platforms, though EBITDA contracted to HK$43.27 million after a revised cost-allocation policy. Chinese Mainland Operations recorded revenue of HK$620.68 million and EBITDA of HK$74.19 million following a smaller drama co-production slate. International Operations held largely steady at HK$287.49 million revenue, while segment EBITDA improved to HK$32.74 million on lower content cost allocations.

Total operating expenses fell to HK$3.07 billion (-6.43%), driven by lower content spending, distribution, and administrative costs. Depreciation and amortisation declined 22.46% to HK$224.25 million. Finance costs eased 23.68% to HK$112.47 million, reflecting lower borrowings and rates.

Cash and cash equivalents stood at HK$794.07 million, up HK$93.07 million year-on-year. Net debt to equity improved to 59.9% from 66.7%. The board proposed no dividend.

Management expects modest advertising growth in Hong Kong broadcasting for 2026, further digital monetisation following the March launch of a revamped TVB News app, and at least five co-production dramas in Mainland China. The Group is also pursuing new revenue streams from micro-dramas, merchandising, and other IP-based initiatives.

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