Nexxen’s FY25 results show FY25 net revenue in line with guidance of $350-360m, Q4 adjusted EBITDA +1% ahead of consensus, FY25 EFCF +8% ahead of our previous forecast, and a promising outlook that leads us to reiterate FY26E net revenue and EBITDA. As highlighted at Q3 results, Q4 net revenue growth yoy of -7% or -1% excluding political ad spend, reflects the Q4 25 impact of one third-party DSP lowering spend after a strong Q4 24. As expected, the DSP has increased its yoy spend with Nexxen to ....
