Blue Ant Media Corporation · TSX:BAMI
Blue Ant Media — Investor Presentation (December 2025)
42 slides from Blue Ant Media's investor presentation, Dec 2, 2025
Slide 1: A Modern Media Company For An Evolving Industry
A Modern Media Company For An Evolving Industry TSX: BAMI Investor Presentation | December 2025
Slide 2: Disclaimer and Forward-Looking Information
Disclaimer and Forward-Looking Information Cautionary Statement Regarding Forward-Looking Information To the extent any statements in this presentation contain information that is not historical, such statements are forward-looking statements and may be forward-looking information within the meaning
Slide 3: Disclaimer and Forward-Looking Information, continued
Disclaimer and Forward-Looking Information Cautionary Statement Regarding Forward-Looking Information, continued The foregoing list of assumptions and risk factors is not exhaustive, and there are other risks and uncertainties, including those that the Company does not yet know about or that it curr
Slide 4: Company Overview and Investment Summary
1 Company Overview and Investment Summary Investor Presentation | December 2025 4
Slide 5: Key Investment Considerations
Key Investment Considerations Profitable, Very strong Opportunistic Model Diverse Proven growing cash & time for sector derives revenue shareholder media liquidity M&A re-occurring streams value company position to Fragmented small-cap revenue & Diversity among creators play offense media landscape
Slide 6: Blue Ant Media At a Glance
Blue Ant Media (TSX: BAMI) At a Glance Streamer Producer Distributor Own and operate paid & free Produce owned content and service Distribute owned and third-party streaming channels produce content for streamers and content to streamers and Ad sales business broadcasters globally broadcasters globa
Slide 7: Market Overview
2 Market Overview Investor Presentation | December 2025 7
Slide 8: TV Consumption is as Strong as Ever
TV Consumption is as Strong as Ever Total engagement with TV viewing remains strong, highlighting endurance and diversified platform growth led by streaming Video consumption remains strong Where consumers are watching is changing Hours spent weekly watching TV by Share of U.S. TV viewing, January 20
Slide 9: Global Streaming
Global Streaming Global streaming is expanding rapidly across subscription and ad-supported models, creating multiple high-growth pathways for diversified companies like Blue Ant The global streaming market (e.g. Netflix, Amazon Prime, Disney+, YouTube, etc.) is projected to grow from USD$129.26 billi
Slide 10: Smart TV
Smart TV As viewing shifts to Smart TVs, advertisers follow, fueling a dynamic and fast-growing revenue stream ● Smart TVs (internet connected TVs or CTVs), will make up over half of the time spent with digital video, surpassing mobile and desktop video combined1 ● 90% of U.S. households have a smar
Slide 11: The Investment Opportunity
3 The Investment Opportunity Investor Presentation | December 2025 11
Slide 12: Market Overview: An Industry in Flux = Ample Opportunity
Market Overview: An Industry in Flux = Ample Opportunity Headwinds Our Edge ● The media sector has been in transition from the ● Healthy balance sheet with modest leverage, $54.4M ‘peak tv’ era starting in the 2010s including linear of cash1, an additional $13.6M received and up to decline, streamin
Slide 13: Controlling Content = Multiple Methods of Monetization
Controlling Content = Multiple Methods of Monetization Our content IP model unlocks multiple, re-occurring revenue streams across global platforms Licensing ● Sell content to hundreds of streamers and broadcasters internationally in multiple windows and territories Acquire Monetize IP and catalogue
Slide 14: Monetization Opportunities: Our Global Customers
Monetization Opportunities: Our Global Customers North America International Licensing Acquire Monetize IP North America International and catalogue in Subscriptions Produce multiple ways Content simultaneously Advertising North America and International Investor Presentation | December 2025 14
Slide 15: Reporting Segments: Global Channels & Streaming
Reporting Segments: Global Channels & Streaming Subscription & Advertising Advertising Smart TV Ad Sales ● Blue Ant distributes channels across platforms in 100+ countries ● We operate streaming and broadcast platforms (including SVOD, digital, YouTube, Pay TV, etc.) ● Media Pulse, our Smart TV ad s
Slide 16: Reporting Segments: Production and Distribution
Reporting Segments: Production and Distribution For streamers and broadcasters internationally, we: ● Produce content that we own ● Produce content owned by third-parties ● License owned and third-party content ● Operate across genres with a specialization in the ownership of lower cost, lower risk,
Slide 17: Reporting Segments: Canadian Media
Reporting Segments: Canadian Media Pay TV Channels Consumer Shows ● We own and operate 7 Pay TV channels in targeted genres ● We own and operate live event consumer shows catered to targeted audiences with content tie-ins to Canadian and global channels ● We monetize through channel subscription fee
Slide 18: Our Model at Work: Love Nature
Our Model at Work: Love Nature Monetize Across Multiple Platforms ● Commission, produce and own original content 95% ● Evergreen content that travels well internationally Owned ● Distribute the channel globally as free Content streaming, pay channel, or branded block ● Distribute content to other st
Slide 19: Our Model at Work: The Mike Holmes Catalogue
Our Model at Work: The Mike Holmes Catalogue Overview Acquired Mike Holmes content catalogue in 275 ● 2023 ● Recognizable, evergreen content that travels well Hours internationally of Owned ● Monetize library across multiple platforms: ○ Sell to streamers and broadcasters globally Content ○ Marquee
Slide 20: Multi-Faceted Business that Performs in Challenging Sector Times
Multi-Faceted Revenues and AEBITDA $M Revenue Mix by Geography Business that Increasing international presence Performs in Production & Distribution Challenging Canadian Media International Sector Times Global Channels & Streaming Canada 204 196 169 18% Revenue CAGR from 136 F20-F25 18% 100 Return o
Slide 21: Capital Markets Summary
Capital Markets Summary Founded in 2011 Went public August 1, 2025 via RTO *Trading before August 1 reflective of old public vehicle Ownership Trading Symbol TSX: BAMI 14% Other 30.5% Recent Price1: $8.50 Michael MacMillan* 22.7% Institutional Market Cap: ~$189 million 4.7% Fairfax 27.3% Shares Outs
Slide 22: Strong Balance Sheet with Low Leverage
Strong Balance Sheet with Low Leverage $13.6M cash received from Up to $34.7M $54.4M cash at monetization of cash expected Aug. 31, ‘25 vendor takeback by March ‘26 as promissory note1 part of the RTO2 1. For the monetization of a vendor take-back note in connection with the RTO; received November 2
Slide 23: Our Growth Strategies
4 Our Growth Strategies Investor Presentation | December 2025 23
Slide 24: Going Forward: Organic Growth
Going Forward: Organic Growth Launch new global Expand digital strategy (ad sales, free streaming brands across channels) outside of multiple platforms North America and on new platforms Growth Drivers Scale streaming ad Increase content sales (via Smart TVs) production for owned with more inventory
Slide 25: Going Forward: Focused on Growth by M&A
Going Forward: Focused on Growth by M&A Pipeline of opportunities at Our Focus: attractive valuations Canadian Media-Adjacent as over-leveraged Media Sectors and sub-scale Studios New live event competitors are consumer shows challenged by Channels & Production capacity market conditions Streaming P
Slide 26: M&A Target Characteristics
M&A Target Characteristics Synergies Scale M&A Target Strategic IP Fit Investor Presentation | December 2025 26
Slide 27: Thunderbird Entertainment Group Acquisition Announced November 26, 2025
Thunderbird Entertainment Group Ltd. Synergies Scale (TSXV: TBRD) Acquisition Announced November 26, 2025 Strategic Fit IP About Thunderbird Thunderbird is a global content creation studio focused on creating premium, award-winning content. Headquartered in Vancouver, with a team in Los Angeles, the
Slide 28: Thunderbird Entertainment Group Acquisition Deal Summary
Thunderbird Entertainment Group Ltd. (TSXV: TBRD) Acquisition Deal Summary Total Consideration ~$89M, payable in cash and shares Premium 28% to the 45-day VWAP or a 50% spot premium to Thunderbird shares as of November 25, 2025. Deal Terms Under a definitive arrangement agreement (the “Arrangement Ag
Slide 29: MagellanTV Acquisition, Oct. 2, 2025
MagellanTV Synergies Scale Acquisition, Operational efficiencies Accelerates international growth Oct. 2, 2025 Improves margins Expands monetization Aligns with through adding owned IP channels M&A Target Cross-promotion opportunities Adds streaming platforms Attributes Strategic Fit IP Extends Blue A
Slide 30: Demonstrated Ability to Create and Harvest Value
Demonstrated Ability to Create and Harvest Value Case Study: Omnia Media ● Blue Ant acquired minority stake in Omnia Media, a music-focused YouTube multi-channel network (MCN) in 2013 and full ownership in 2016 ● Under Blue Ant, Omnia developed into North America’s largest ● global gaming content ne
Slide 31: Our Team
5 Our Team Investor Presentation | December 2025 31
Slide 32: Leadership With a Proven Track Record of Building Media Businesses
Leadership With a Proven Track Record of Building Media Businesses Shareholder Return Production Distribution Broadcasting ~$0.7B ~$2.3B Shareholders’ Equity Equity Value Atlantis Films co-founded by Michael MacMillan, now Blue Ant CEO Received Built a global media company from a small film and TV pr
Slide 33: Leadership
Leadership Michael MacMillan Robb Chase Jamie Schouela Astrid Zimmer Dervla Kelly Surani Adamesco Co-Founder, CEO & CFO & Director COO Chief Legal Officer Chief Marketing and Chief Technology Director Comms Officer Officer Blue Ant’s former COO and Previously served as President, Has been with Blue
Slide 34: Board of Directors
Board of Directors Brad Martin Phyllis Yaffe Richard Wernham Michael MacMillan Robb Chase Board Chair Chair, HR & Corporate Chair, Audit Committee Co-Founder, CEO & CFO & Director Governance Committee Director Served as Vice President of Chairman of the Soutterham Blue Ant Media’s CFO and Fairfax Fi
Slide 35: Summary
6 Summary Investor Presentation | December 2025 35
Slide 36: Investment Highlights
Investment Highlights A Modern Media Company for an Evolving Industry Profitable, Very strong Opportunistic Model Diverse Proven growing cash & time for derives revenue shareholder media liquidity sector M&A re-occurring streams value company position to revenue & creators play offense strong cash a
Slide 37: Appendix
7 Appendix Investor Presentation | December 2025 37
Slide 38: Financial Summary
Financial Summary $M F2020 F2021 F2022 F2023 F2024 F2025 Strong growth through Revenues1 challenging industry Global Channels and Streaming 14 16 30 48 56 76 Production and Distribution 28 32 52 63 73 67 conditions Canadian Media 54 60 67 73 67 61 Inter-segment Eliminations (8) (8) (14) (15) o Consi
Slide 39: Financial Summary - Three Months Ended Aug. 31, 2025
Financial Summary - Three Months Ended Aug. 31, 2025 Three Months Ended Year Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Revenues Global Channels and Streaming 16,854 14,519 76,483 56,012 Production and Distribution 32,945 27,599 66,756 72,964 Canadian Media 11,038 12,054 6
Slide 40: Reconciliations of Adjusted EBITDA to Net Income
Reconciliations of Adjusted EBITDA to Net Income Three Months Ended Year Ended August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Income / (loss) from continuing operations 29,179 (13,904) 14,281 12,411 Add back: Depreciation and intangible amortization 1,962 1,208 6,268 5,097 Interest
Slide 41: Reconciliations of Adjusted EBITDA to Net Income, Endnotes
Reconciliations of Adjusted EBITDA to Net Income, Endnotes 1. Non-cash expenses associated with share-based compensation granted to certain officers, directors and employees. 2. Impairment of certain program rights and owned content titles, and goodwill in the Canadian Media group of CGUs in both th
Slide 42: Thank you
Thank you TSX: BAMI Investor Presentation | December 2025
Blue Ant Media — Investor Presentation (December 2025) on 6ix