Broadcast media advertising giant GTN (ASX:GTN) has released its financial results for the half-year ended Dec. 31, 2025, revealing a period defined by significant structural "resets" and challenging market conditions.
Despite experiencing downward pressure on its top and bottom lines, the company maintained a heavy focus on cash management and shareholder returns.
Revenue for the period hit $82.5 million, while adjusted EBITDA landed at $5.8 million, representing sharp declines of 15% and 53% respectively compared to the prior corresponding period.
The figures were largely impacted by a difficult first quarter and broader macroeconomic volatility.
GTN recognised a non-cash impairment charge of $41.5 million related to its Australian and United Kingdom operations, citing revised financial forecasts.
Net operating cash flow saw a turnaround to $16.5 million, up from a loss in the previous year.
This allowed the company to return $43.9 million (23 cents per share) to shareholders via a capital return in August 2025.
Furthermore, the board declared an unfranked interim dividend of $0.01 per share.
GTN has exited aviation operations, renegotiated affiliate contracts, and implemented a cost-base reset intended to yield results by the second half of 2026.
At the time of reporting, GTN's share price was $0.26.