Slide 1: ARN Media Full Year Results 2025
ammnecia ARN MEDIA FULL YEAR a RESULTS 2025
Slide 2: Agenda
AGENDA 01 FY25 Highlights and Result 02 Financial results 03 > Ourvision for the future Q4 Summary and outlook arnnedia
Slide 3: FY25 Highlights and Result
FY25 HIGHLIGHTS AND RESULT MICHAEL STEPHENSON | CEO
Slide 4: Three Key Takeaways
THREE KEY TAKEAWAYS. TRANSFORMATION SUPPORTS LOWER COST BASE AND LONG-TERM REVENUE GROWTH. TRANSFORMATION FY25 was a year of transformation COSTS We will continue to reduce operating costs REVENUE We have a clear plan to grow revenue and EPS arnmnedia
Slide 5: FY25 Highlights
FY25 HIGHLIGHTS. DISCIPLINED COST MANAGEMENT AND CONTINUED REGIONAL STRENGTH. SIMPLIFIED FAST TRACKED DISCIPLINED BRAND ARCHITECTURE BUSINESS TRANSFORMATION COST & CAPITAL MANAGEMENT" $24 million cost out delivered in FY25 Organisational re-design Created two Metro radio networks. 2 KIIS and Gold. O
Slide 6: FY25 Results
FY25 RESULTS. TRANSFORMATION AND PRODUCTIVITY SUPPORTS LOWER COST BASE. REVENUE * Total Audio revenue declined by 10%, impacted by a softer advertising market and Metro radio headwinds $ 2 85 m * 10% of revenues now delivered from digital platforms * Share growth in regional markets EBITDA! EBITDA -
Slide 7: Creating Strong Foundations
CREATING STRONG FOUNDATIONS. BUILDING A BUSINESS FOR THE FUTURE. DIVESTMENT OF IMPLEMENTATION OF $55 MILLION OF NON-CORE ASSETS BRAND SAFETY INITIATIVES COST OUT IDENTIFIED Majority of SCA shares sold Editorial charter and content frameworks Structural re-design nearing completion Commenced divestme
Slide 8: Our New Executive Leadership Team
OUR NEW EXECUTIVE LEADERSHIP TEAM AN INVESTMENT IN CONTENT AND DIGITAL EXPERIENCE. - Executive team re-build complete - Broad industry experience - Investment in content, digital and data capability - Senior leaders with a proven track record MICHAEL STEPHENSON Chief Executive Officer CORPORATE SERV
Slide 9: ARN. An Entertainment Company.
Slide 10: Financial Results
FINANCIAL RESULTS ALEXIS POOLE | CFO
Slide 11: FY25 Results
" FY25 RESULTS. TRANSFORMATION AND PRODUCTIVITY SUPPORTING LOWER COST BASE FOR FUTURE GROWTH. REVENUE . Total Audio revenue declined by 10%, impacted by a softer advertising market and Metro market headwinds * 10% of revenues now delivered from digital platforms $ 2 8 5 m * $24m cost out delivered i
Slide 12: EBITDA
EBITDA COST-OUT EXECUTION FUNDING INVESTMENT AND OFFSETTING REVENUE DECLINE (424 Ceseam 7, -17 a 86 | | 2 omer t (-31%) (10) Lr 69 5) 62 (5) (2) Investment in data, $24M cost out tech and talent to 48 delivered as apart supportdigital = §§§ (RR of AYR +$55M cost transformation (21) out Program FY24
Slide 13: Revenue
REVENUE REGIONAL STRENGTH AND DIGITAL DIVERSIFICATION — FY25 Continued FY24 Continued Var % A$ Million . 4 Operations Operations $% Change Metro 147.3 175.6 (28.3) (16%) Regional 110.5 115.8 (5.3) (5%) Digital 27.4 25.7 1.8 7% Revenue from ordinary activities 285.2 317.1 (31.9) (10%) ----------- ee
Slide 14: Digital Revenue and Earnings
DIGITAL REVENUE AND EARNINGS GROWTH IN DIGITAL REVENUE & EARNINGS DIGITAL INCREASED SHARE OF REVENUE* DIGITAL INCREASED EARNINGS CONTRIBUTION" Fv24 ated Se aad +5 a \ (481%) 2023 2024 2025 HB Digital MB Regional Metro WB Digital Revenue [Mi Digital EBITDA 14 sconna ooatonenyCenpatie ies ravebensesus
Slide 15: Disciplined Cost Management
DISCIPLINED COST MANAGEMENT IMPROVING FUTURE OPERATING LEVERAGE +1.1 “7.1 193.200 5.6 6.5 20 4x} 6 187.2 rr 21 24.2 5.0 OPEX WR een 10.0 =_— I -— fi _— 2023 Opex Cost out Investment Inflation 2024 Opex Cost Out Talent Data, Tech Inflation 2025 & Digital Underlying Capability Opex' BD) scorcmindopnio
Slide 16: Disciplined Cost Management
DISCIPLINED COST MANAGEMENT CONTINUED PRODUCTIVITY TO DELIVER ~$55M In 4 YEARS, ENABLING FUTURE REVENUE & EPS GROWTH Already Delivered In Progress 54.7 ™ Multi Year Cost Out & Productivity Program: Enabling investment in data — and digital capability to drive revenue and EPS growth." 24.2 17.5 6.5 2
Slide 17: Strong Cash Flow Generation
7 STRONG CASH FLOW GENERATION IMPROVEMENT IN OPERATING CASH DRIVEN BY IMPROVEMENT IN WORKING CAPITAL 2 Operating cash conversion’ Free cash conversion (Operating cash/EBITDA) (Coe) 60 4 108% oe) 55 5 10.1 3 50 4 13.5 457000 SO; _~ Ce 40.2 40 4 96 jbo rm . 7. 35 1 34.7 3 14.3 30 4 | 8 5 7 207 WO RRR
Slide 18: Stronger Balance Sheet
STRONGER BALANCE SHEET LOWER LEVERAGE. GREATER RESILIENCE 18 ' Net as sets relating to discontinued operations (Emotive and Cody) are presentedas a sirgle\ine item. * Property, plantand equipment balances have been restated to align with ARNs Usefullite accounting policy . Divestment on non-core ass
Slide 19: Operating Leverage
19 OPERATING LEVERAGE BELOW TARGET, SIGNIFICANT HEADROOM ) (23) 140 | | Drawn Net Debt 82.2 88.4 Hh Limit 63.8 2023 2024 2025 Debt Faciliaties TARGET NET DEBT / EBITDA T FACILITI No Debt Maturing until Dec 2028 NET DEBT/ EBITDA ON CONTINUED OPERATION BASIS. 1.66X Significant Headroom | oS | Scena sc
Slide 20: Our Vision for the Future
OUR VISION FOR THE FUTURE MICHAEL STEPHENSON | CEO
Slide 21: ARN. An Entertainment Company.
Slide 22: We Have a Clear Strategy
WE HAVE A CLEAR STRATEGY MAXIMISING THE RETURN FROM THE CONTENT WE CREATE. AMBITION ARN. AN ENTERTAINMENT COMPANY. CREATE DISTRIBUTE AMPLIFY CONNECT WITH AUDIENCES GREAT CONTENT ACROSS EVERY PLATFORM ON SOCIAL AND ADVERTISERS arnnedia 22
Slide 23: Long-Term Strategic Partnership With iHeart
LONG-TERM STRATEGIC PARTNERSHIP WITH IHEART LONG TERM LICENSE AGREEMENT WITH NO CAPITAL EXPENDITURE. The world’s largest free Product & engineering iHeart brands and audio streaming platform. investment. ms commercial products. Global z Leading live experienc 1,000+ 250,000+ development Radio Statio
Slide 24: Our Next Generation Data Technology Stack
24 OUR NEXT GENERATION DATA TECHNOLOGY STACK 5 MILLION REGISTERED USERS AND 800 CUSTOM AUDIENCE SEGMENTS. COLLECT LISTENER SIGNALS Data from podcasts, radio streaming, music streaming, competition entries RESOLVE + ENRICH IDS iHeart identity spine, enriched with 800+ audience attributes & ad SEGMENT
Slide 25: The Convergence of Audio and Video
THE CONVERGENCE OF AUDIO AND VIDEO CREATES A MATERIAL GROWTH OPPORTUNITY _ tear VIDEO PRODUCTION, DISTRIBUTION AND MONETISATION Studio facilities. Video content production. Video podcast distribution. Use existing studio facilities with high- Video production of Distribution of video quality cameras
Slide 26: Competing in High Growth Digital Markets
COMPETING IN HIGH GROWTH DIGITAL MARKETS. THE SHAPE OF OUR REVENUE WILL CHANGE . 8 3 > a Live radio streaming 9 g Live radio streaming & Live radio streaming (3%) é 5 ° (10%), = z a 2 a Podcast Ef g 2 FeseeSTKeH3) 6 6 Podcas! 3 Podcast J (30%) 2 s 8 2 z : 3 = g H 2 5 : 8 3 é a s 5 « i i : g 3 8 Audi
Slide 27: Summary and Outlook
SUMMARY AND OUTLOOK MICHAEL STEPHENSON | CEO
Slide 28: Now, New, Next
NOW, NEW, NEXT. SHORT-TERM DISCIPLINE, LONG-TERM STRATEGIC ADVANTAGE. STRATEGIC DIFFERENTIATION ACCELERATE DIGITAL TRANSFORMATION * Develop high growth digital adjacencies : Diversify revenue and earnings as we STRATEGIC FOUNDATIONS Investment in digital capability transition to an Entertainment com
Slide 29: Trading Outlook
TRADING OUTLOOK. CONTINUTED COST MANAGEMENT AS REVENUE RECOVERS. * Total audio advertising market expected to be flat in FY26, low single digit declines in radio market, offset by growth in digital market « ARN Metro revenue share expected to improve, regional share expected to remain stable in FY26
Slide 30: Three Key Takeaways
30 THREE KEY TAKEAWAYS. TRANSFORMATION SUPPORTS LOWER COST BASE AND LONG-TERM REVENUE GROWTH. TRANSFORMATION FY25 was a year of transformation COSTS We will continue to reduce operating costs REVENUE We have a clear plan to grow revenue and EPS arnmnedia
Slide 31: Appendix
APPENDIX
Slide 32: FY25 Financial Results
FY25 FINANCIAL RESULTS $47.5M OF UNDERLYING EBITDA DELIVERED A$ Million Byes Continued FY24 Continued Variance Change perations Operations $ % Revenue 289.1 319.5 (30.4) (10%) Variable Contribution 231.2 251.3 (20.1) (8%) Wages & contractors (112.5) (125.5) 13.0 10% Talent Investment (30.5) (20.5) (
Slide 33: Reconciliation of Results to Statutory Result
33 RECONCILIATION OF RESULTS TO STATUTORY RESULT Result before significant items Exceptional items Statutory result A$ million 2025 2024 2025 2024 2025 2024 Revenue before finance income 285.2 317.1 285.2 317.1 Other income 4.0 25 0.2 42 25 Share of associate profits 3.6 48 3.6 48 Costs (247.0) (261
Slide 34: Significant Items
34 SIGNIFICANT ITEMS A$ million 2025 2024 Transformation costs 5.2 - Restructuring, redundancy and termination costs 6.9 3.6 Disposal of properties (0.2) - Impairment of investments 1.6 - Regulatory fees and costs associated with proposed SXL acquisition 0.1 45 Software (SaaS) implementation costs -
Slide 35: AASB Revenue Reclassification
35 AASB 15 REVENUE RECLASSIFICATION FY25 FY25 Updated . FY24 Updated A$ Mition continued IFRS18, “Continued FY24Continued IFRS18. "Continued VAT Operations Operations Operations’ Metro 142.4 48 147.3 170.3 5.3 175.6 (28.3) (16%) Regional 106.4 44 110.5 112.2 3.6 115.8 (5.3) (5%) Digital 27.1 0.3 27.
Slide 36: FY25 AASB Leases
FY25 AASB 16 LEASES AASB 16 AASB 16 AASB 16 Continuing ops - Discontinued ops - A$ million Continuing Discontinued Leases Leases Leases Result without Result without operations operations Adjustment Adjustment Adjustment —_ adoption of adoption of ARN Hong Kong? __ Investments. AASB 16 AASB 16 ARN 4
Slide 37: FY24 AASB Leases
37 FY24 AASB 16 LEASES AASB 16 Leases AASB 16 Leases Continuing ops- Discontinued AASB 16 Leases A$ million co nung Pisconres Adjustment Adjustment Adjustment ee enter ot witheeut esoption ARN Hong Kong‘ Investments ‘AASB 16 of AASB 16 ARN 61.8 (7.3) 0.0 0.0 54.5 0.0 Hong Kong 29.6 0.0 (36.8) 0.0 0.