SEG Surpasses A$100M Valuation on 28% Revenue Growth
Sports Entertainment Group hits A$100M market cap with 28% revenue growth and 94% EBITDA surge. Strategic Perth Wildcats divestment signals shift to pure-play audio infrastructure over team ownership.
Sports Entertainment Group (ASX:SEG) has crossed the A$100 million market capitalization threshold after reporting H1 FY26 revenue of A$73.7 million, up 28% year-on-year, with EBITDA growth of 94% for the six months ending December 2025.
SEG Posts Strong Half-Year Results Driven by RSN Integration
The revenue surge is attributed in part to SEG's integration of RSN (Racing and Sports Network) into its SEN audio ecosystem. RSN's addition strengthened SEG's position across radio, app, and podcast formats under the SEN brand, which operates SEN 1116, SEN WA, and the SEN App.
SEG returned A$11.2 million to shareholders in H1 FY26 through a 3.0-cent special dividend and a 1.0-cent interim dividend, signaling management confidence in the company's cash generation. Full-year 2024 net sales reached A$125 million, with the company recording a net income of A$3.12 million after a prior-year loss.
SEG's enterprise value stands at approximately A$101 million against a market capitalization range of A$63.66 million to A$103.92 million, indicating the company is using debt to fund its audio expansion. SEG trades at a forward price-to-sales ratio of 0.7x, above the peer average of 0.5x but below the global media industry average of 1.1x.
Perth Wildcats Sale Marks Strategic Shift Toward Pure-Play Audio
In January 2026, SEG completed a A$12 million tranche divestment of the Perth Wildcats NBL basketball franchise. The move signals a deliberate exit from sports team ownership in favor of media and audio content infrastructure.
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The divestment clarifies SEG's strategic direction: owning the broadcast relationship with sports fans rather than owning the sports teams themselves. The capital freed from the transaction supports SEG's continued investment in audio platforms and content rights.
ARN Media Faces Revenue Decline as Competitive Gap Widens
SEG's growth stands in contrast to ARN Media (ASX:A1N), the incumbent Australian audio broadcaster. ARN Media carries a larger market capitalization of A$115.8 million but faces an estimated revenue decline of 5.38%. SEG's estimated revenue growth sits at 4.18%.
ARN Media trades at a forward price-to-sales ratio of 0.3x, compared to SEG's 0.7x, reflecting the market's diverging view of each company's growth outlook.
Vinyl Group (ASX:VNL), a separate ASX-listed audio company focused on music technology and e-commerce, reported FY25 revenue of A$14.4 million, up 190% year-on-year, with Q1 FY26 revenue of A$4.9 million, up 37%. While Vinyl Group operates in a different audio segment from SEG, its growth adds to investor appetite for ASX-listed audio companies.
APAC Media Trends Provide Broader Context for Sports Audio Growth
Across Asia-Pacific, content investment reached A$15.8 billion in 2025, down 2% from A$16.1 billion in 2024, with sports rights identified as the primary growth driver, particularly in India and Korea. Streaming spend in the region crossed US$5 billion in 2025, surpassing pay-TV for the first time.
Programmatic advertising across APAC grew 24% in the same period, a trend that benefits digital audio platforms with measurable ad inventory such as SEG's SEN App.
In India, JioHotstar built a base of 300 million subscribers using Indian Premier League cricket rights as its primary audience acquisition tool, illustrating the regional scale that sports rights can deliver for media platforms.
SEG's next scheduled financial update is expected to cover full-year FY26 results later in 2026.
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