MBC GROUP REPORTS 29% REVENUE GROWTH TO SAR 5.4 BILLION IN FY 2025

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On a quarterly basis, revenues in 4Q 2025 reached SAR 1.5 billion, up 25.0% YoY, while net profit for the quarter amounted to SAR 9.7 million. These results reflect the timing of project deliveries and increased investment in content ahead of the Ramadan season, together with related accounting recognition during the period.

Waleed bin Ibrahim Al Ibrahim, Chairman of MBC GROUP, commented: “In 2025 MBC Group’s progress reaffirms the strength and resilience of our operating model and in the relevance of our assets across broadcasting, digital platforms, and production. That confidence is further reinforced by our long-standing contribution to the development of the media and entertainment sector in Saudi Arabia and beyond. During the year, the completion of the Public Investment Fund’s majority shareholding was a defining milestone in the Group’s evolution, reinforcing alignment with national priorities and establishing a stable, long-term ownership framework anchored in the Kingdom’s long-term economic vision. This milestone enhances our ability to plan, invest, and grow with a long-term perspective.”

Mike Sneesby, Chief Executive Officer of MBC GROUP, added: “FY 2025 was a year of disciplined execution as we strengthened our operations, optimised our cost base, and continued investing in the content and platforms that strategically drive our growth. MBC GROUP delivered 28.5% revenue growth to SAR 5.4 billion, supported by continued expansion in MBC SHAHID and significant progress across our production platform. While net profit reflected content portfolio reviews, and one-off write-downs recorded in 2024, the underlying fundamentals of our business remain solid, anchored by diversified regional revenue streams.”

“BOCA continued to deliver scale and maintain its market leadership, supported by broadcast and technical service contracts alongside resilient performance in TV advertising. MBC SHAHID delivered strong double-digit growth across both SVOD and AVOD, with improving unit economics and a continued narrowing of losses, demonstrating solid progress toward sustainable profitability. At the same time, MBC SHAHID’s international subscriber base continues to grow, reflecting the increasing global resonance of Arabic storytelling. Within M&E, milestone recognition on major productions and growing management-fee income highlighted the increasing role of our production ecosystem in supporting both the Group and the wider media and entertainment sector. Our ongoing partnerships with government and institutional stakeholders continue to advance the Kingdom’s cultural and media ambitions, while expanding the foundations for future growth.” Sneesby added.

The Broadcasting & Other Commercial Activities (BOCA) segment recorded FY 2025 revenues of SAR 2,831.2 million, up 16.8% YoY. Growth was mainly driven by higher rebate revenues, alongside continued execution of broadcast and technical service contracts. Gross profit declined to SAR 806.3 million compared to SAR 871.5 million in FY 2024, as direct costs rose disproportionately, including non-recurring content write-downs and higher amortisation of content. In addition, FY 2024 included non-recurring compensation income related to loss of business which did not recur in FY 2025, contributing to the variance at the net profit level. Accordingly, BOCA net profit declined to SAR 492.9 million from SAR 533.2 million in the prior year. In 4Q 2025, BOCA revenues amounted to SAR 693.5 million versus SAR 653.2 million in 4Q 2024, with the year-on-year variance reflecting lower advertising revenues following the conclusion of the SSC contract. The segment recorded a gross profit of SAR 54.4 million and a net profit of SAR 61.6 million in the quarter.

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MBC SHAHID delivered strong full-year performance, with revenues increasing 28.2% YoY to SAR 1,383.5 million. Subscription revenues (SVOD) rose 25.4% to SAR 1,088.2 million, supported by solid subscriber growth across MENA and international markets, improved retention, and traction earlier in the year from the password-sharing policy. Advertising revenues (AVOD) grew 27.1% to SAR 236.1 million, driven by new ad formats, expanded digital inventory, and a growing client base. Gross profit increased to SAR 243.2 million, with margin expanding to 17.6% from 13.3% in FY 2024, reflecting improving unit economics and operating leverage. Net loss narrowed to SAR 78.7 million from SAR 129.1 million in the prior year. In 4Q 2025, MBC SHAHID revenues grew 34.1% YoY to SAR 366.4 million, with continued improvement in gross profit and a further narrowing of net losses to SAR 55.4 million, underscoring sustained momentum toward net profit breakeven in FY 2027.

The Media & Entertainment (M&E) segment recorded FY 2025 revenues of SAR 1,176.1 million, up 69.6% YoY, reflecting milestone recognition on major initiatives and growing management-fee income. Direct costs increased significantly due to large-scale productions, which accounted for a substantial portion of the increase in consolidated direct costs during the year. Net profit increased modestly to SAR 23.3 million compared to SAR 22.0 million in FY 2024, consistent with the segment’s project-based accounting model. In 4Q 2025, M&E revenues rose 56.2% YoY to SAR 489.2 million, while profitability remained aligned with project cost recognition cycles. 

Content remained a key performance driver across the Group during FY 2025, reinforcing MBC’s position as the leading producer and distributor of Arabic entertainment. During the year, the Group continued building a more diverse and responsive portfolio across genres and formats, addressing evolving viewer habits while balancing reach, monetisation, and long-term brand value. 

Established flagship brands such as The Voice and Top Chef continued to anchor mass-market scheduling and deliver dependable scale. The Group also accelerated its investment in originals and adaptations, launching a strong slate of new scripted titles including Aser, Al Dariya, Trad, Aysheen Ma’Ana, Share’ Al A’sha, Salma, and Ommi. These productions reflect a deliberate focus on culturally resonant Pan-Arab storytelling capable of travelling across markets and deepening engagement among regional and international Arabic-speaking audiences. In sports, MBC sustained strong audience engagement through a diversified portfolio of premium rights and original formats. MBC SHAHID Sports maintained momentum following the conclusion of the Saudi Pro League rights, supported by major European competitions including Germany’s Bundesliga, Italy’s Coppa Italia, and Spain’s Copa del Rey, alongside high-engagement sports programming. Nadina returned in a refreshed format and maintained its position as one of the Kingdom’s leading sports talk shows, reinforcing MBC’s leadership in high-interest categories. On the international stage, MBC STUDIOS continued expanding the Group’s global footprint. The Voice of Hind Rajab, executive produced by MBC STUDIOS, won the Silver Lion Grand Jury Prize at the Venice Film Festival, reinforcing the Group’s growing reputation for culturally resonant storytelling. 

“Despite ongoing geopolitical uncertainty, our business continues to demonstrate the resilience of our operating model as we manage with discipline while investing selectively in content and platforms. As we enter 2026, our focus remains on scaling MBC SHAHID through disciplined monetisation, strengthening our content pipeline and deepening strategic partnerships that extend our reach beyond the region. With strong audience momentum entering Ramadan and a more integrated operating model now in place, we remain well positioned to navigate near-term uncertainty while delivering sustainable long-term value.” Sneesby concluded.

MBC Group’s consolidated financial statements and full earnings release for the year ended 31 December 2025 are available for download at www.mbc.net.