EXCLUSIVE: Sister Group is entering its “next phase” after turning a profit for the first time in a decade.

Chris Fry, CFO at the Black Doves and The Woman in Cabin 10 producer, told Deadline Sister “refocused on our strengths” in 2025 after shutting down its U.S. hub, and is now looking to the future. The “next phase” will be driven by “delivering best-in-class storytelling from a UK base to a global audience” while potential acquisitions in the vein of docs indie Dorothy Street and digital-first label After Party Studios could be incoming, he added.

Deadline has seen Sister Group’s financial filing for the year to December 31 2025 and it showed adjusted EBITDA in the black for the first time, rising by around £7M ($9.4M) to £3.8M. Overall profit for the year was £3.3M. Net assets rose sharply to £12.4M.

Launched in 2016 by Jane Featherstone and Liz Murdoch, Sister Group incorporates the likes of drama indie Sister, New York-based independent publisher Zando, Richard Bacon’s Yes Yes Media and live music venue Koko. Its constituent parts including Sister have turned a profit in the past but this year is the first time the overall Sister Group hasn’t been in the red.

Revenue in 2025 did slip, however, by 22% to £56.6M, which the filing said “reflects smaller budgets on the productions completed in 2025, with a larger proportion being sold to public sector broadcasters versus the prior year.”

Sister has made numerous shows and movies for streamers down the years including the likes of Black Doves and Eric for Netflix, but last year saw well-regarded series for public broadcasters like the BBC’s Waiting for the Out and ITV’s Coldwater starring Andrew Lincoln. These lower-budget shows generate less revenue upfront but Sister holds the IP, which is beneficial further down the road. Revenue in the TV division dipped, according to the filing, while it rose in movies, mainly due to Netflix’s hit The Woman in Cabin 10. Big streamer projects are to come in the shape of Black Doves Season 2 and Apple TV’s Prodigies starring Will Sharpe and Ayo Edebiri.

Closure of U.S. office “substantially complete”

Sister’s “next phase” is seeing the rapid continuation of the closure of the U.S. office, which was run by ex-Netflix TV boss Cindy Holland but shuttered in late 2024 after a review amid tough market conditions. Holland and fellow high-profile execs like Jane Wiseman and Efrain Miron exited. Sister Group’s results revealed that the U.S. wind-down is now “substantially complete” and will be fully done by 2027, with a loss of just £2.5M taken last year compared to £34.5M the prior one. Sister executives have always stressed they will continue to seek work from American buyers and have a footprint there in the shape of Zando and podcast maker Campside Media.

“We’ve refocused on our strengths – delivering best-in-class storytelling from a UK base to a global audience – and it’s great to see this strategy validated by the numbers,” said Fry.

The results indicated a number of potential bumps in the road going forwards including “the costs of production having risen to a point whereby UK public sector broadcasters… are funding smaller proportions of budgets” and the “continued shift in consumer viewing habits towards content on social platforms.” “Rapid advancement of AI capabilities combined with uncertainty around audience appetite, legal and ethical guardrails” was also cited.

Many of Sister’s scripted rivals are now part of the enormous combined Banijay-All3Media operation but there is no suggestion the group is looking for a buyer or to become part of a larger group.

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