Blue Ant Media Corporation · TSX:BAMI
Blue Ant Media — Investor Presentation (November 2025)
40 slides from Blue Ant Media's investor presentation, Nov 5, 2025
Slide 1: A Modern Media Company for an Evolving Industry
A Modern Media Company for an Evolving Industry TSX: BAMI Investor Presentation | November 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 | November 2025 4
Slide 5: Key Investment Considerations
Key Investment Considerations Profitable, Very strong Opportunistic Scaled Diverse Proven growing cash & time for distribution revenue shareholder media liquidity sector M&A capacity to streams value company position to Fragmented small-cap monetize Diversity among creators play offense media landsc
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 ad-supported streaming channels produce content for streamers and content to streamers and Ad sales business broadcasters globally broad
Slide 7: Market Overview
2 Market Overview Investor Presentation | November 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 | November 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 sizeable cash reserve and ‘peak tv’ era starting in the 2010s including linear modest leverage decline, streaming dominance, and mass ● With man
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 | November 2025 14
Slide 15: Reporting Segments: Global Channels & Streaming
Reporting Segments: Global Channels & Streaming Subscription & Advertising Advertising Connected 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
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 95% ● content Evergreen content that travels well internationally Owned ● Distribute the channel globally as a free Content streaming, pay channel, or branded block ● Distribute content to other
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 196 Canada 169 136 22% Revenue CAGR from F20-F24 100 16% Return on Ca
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 31% Recent Price1: $8.57 Michael MacMillan* 23% Institutional Market Cap: ~$185 million 4.7% Fairfax 27.3% Shares Outstand
Slide 22: Strong Balance Sheet with Low Leverage
Strong Balance Sheet with Low Leverage $25.5M cash Up to an $12.3M cash / received on additional $30.8M net Aug. 1, ’25 & ~$48.3M cash corporate debt ~$16M from sale as part of the at May 31, ‘25 of TIG shares1 RTO2 Expected between November ‘25 and March ‘26 1. Pursuant to a Value Assurance Agreeme
Slide 23: Our Growth Strategies
4 Our Growth Strategies Investor Presentation | November 2025 23
Slide 24: 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 25: M&A Target Characteristics
M&A Target Characteristics Synergies Scale M&A Target Strategic IP Fit Investor Presentation | November 2025 25
Slide 26: 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 An
Slide 27: Demonstrated Ability to Create and Harvest Value: Omnia Media
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 28: Going Forward: Organic Growth
Going Forward: Organic Growth Launch new global Expand digital strategy (ad sales, free streaming on brands across demand) 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 inventor
Slide 29: Our Team
5 Our Team Investor Presentation | November 2025 29
Slide 30: 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 31: 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 32: Board of Directors
Board of Directors Brad Martin Phyllis Yaffe Richard Wernham Michael MacMillan Robb Chase Kathryn Houlden Board Chair Chair, HR & Corporate Chair, Audit Committee Co-Founder, CEO & CFO & Director Director Governance Committee Director Served as Vice President of Chairman of the Soutterham Blue Ant M
Slide 33: Summary
6 Summary Investor Presentation | November 2025 33
Slide 34: Investment Highlights
Investment Highlights A Modern Media Company for an Evolving Industry Profitable, Very strong Opportunistic Scaled Diverse Proven growing cash & time for distribution revenue shareholder media liquidity sector M&A capacity to streams value company position to monetize creators play offense owned-IP
Slide 35: Appendix
7 Appendix Investor Presentation | November 2025 35
Slide 36: Financial Summary
Financial Summary $M F2020 F2021 F2022 F2023 F2024 Strong growth through Revenues1 Global Channels and Streaming 14 16 30 48 56 challenging industry Production and Distribution 28 32 52 63 81 conditions Canadian Media 54 60 67 73 69 Inter-segment Eliminations (8) (8) (14) (15) (10) o 22% CAGR in rev
Slide 37: Reconciliations of Nine Months Adjusted EBITDA to Net Income
Reconciliations of Nine Months Adjusted EBITDA to Net Income $M F2020 F2021 F2022 F2023 F2024 Revenues1 87 100 136 169 196 Less: Direct content, production and delivery expense 43 42 63 81 107 General and administrative expenses 27 36 40 50 52 Adjusted EBITDA 18 22 33 37 37 Less: Pro Forma Adjusted
Slide 38: Financial Summary - Three Months Ended May 31, 2025
Financial Summary - Three Months Ended May 31, 2025 3 months ended May 31, M$ 2025 2024 Revenues Global Channels and Streaming 21.4 13.0 Canadian Media 22.2 23.5 Production and Distribution 15.1 17.6 Inter-segment eliminations (3.0) (2.3) Revenues 55.7 51.8 Segment Profit & Adjusted EBITDA Global Ch
Slide 39: Reconciliation of Three Month Adjusted EBITDA to Net Income
Reconciliation of Three Month Adjusted EBITDA to Net Income 3 months ended May 31, M$ 2025 2024 Revenues 55.7 51.8 Less: Amortization of programming assets 8.3 16.6 Other direct content, production and delivery expense 20.1 11.0 Direct content, production and delivery expense 28.4 27.6 Sales, genera
Slide 40: Thank you
Thank you TSX: BAMI Investor Presentation | November 2025
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