Slide 1: Interim Results 2026
INTERIM RESULTS 2026. Half year results presentation | 22 July 2026 1
Slide 2: Disclaimer
Disclaimer. This presentation has been prepared by Reach plc (the “Company”) Forward-looking statements speak only as of the date of such and its subsidiaries or associated companies or its or their affiliates statements reflecting the knowledge and information available and, (the “Group”) in connec
Slide 3: Piers North, Chief Executive Officer
Piers North Chief Executive Officer Half year results presentation | 22 July 2026
Slide 4: H1 2026 summary
H1 2026 summary. Resilient performance and disciplined execution in a disrupted market External change impacting digital performance. ● Material changes to how our content is being discovered. Lower referral volumes, mainly from Google, with on-platform audiences measured by page views declining 40%
Slide 5: Darren Fisher, Chief Financial Officer
Darren Fisher Chief Financial Officer Half year results presentation | 22 July 2026
Slide 6: H126 Financial highlights
H126 Financial highlights. Revenue Adj. operating Adj. operating Adj. operating Adj. EPS per profit profit margin cash flow share £233m £43m 18.5% £49m 11.1 p H125: £256m H125: £45m H125: 17.5% H125: £46m H125: 10.7p H126 Reach plc Financial Review £54m 2.5% 10.3% 113% 1.44p H125: £61m H125: 6.5% H1
Slide 7: H1 Summary
H1 Summary. Navigating the challenges Adjusted Results H126 £m H125 £m Var £m Var % Digital 54.2 61.1 (6.9) (11.4) • Revenue declined 9% Print 178.0 194.1 (16.1) (8.3) • Digital revenues down 11%, Other 0.7 0.8 (0.1) (15.9) despite a 40% decline in on-platform page views Revenue 232.9 256.0 (23.1) (
Slide 8: Digital revenue
Digital revenue. Despite growth in priority areas, results impacted by market headwinds £61m £(1)m £(6)m Direct revenues (3.9)% £54m • Advertising or commercial revenues generated from direct engagement with the advertiser, agency or consumer £23m £24m £23m • Three priorities have delivered positive
Slide 9: Print revenue
Print revenue. Print revenues account for c.75% of our revenue base £(10)m £(3)m £(3)m £(16)m • Print circulation remains resilient, revenue declining 6.6% with two cover price increases mitigating an elevated 22% volume decline • Print advertising declining 11.1%, outperforming volume decline, supp
Slide 10: Operating costs
Operating costs. Decisive cost action and strong financial discipline Operating costs declined 10% £212m • Labour costs reflect headcount savings, net of the company-wide pay rise. The majority of these savings £190m came from the restructure undertaken in H225 along with rigorous vacancy controls a
Slide 11: Print operations delivery ahead of plan
Print operations delivery ahead of plan. Simplifying our business Progress update • Northern transfers: ○ Delivered plan ahead of time and ahead of budget ○ Small portion outsourced & majority transferred to Oldham ○ Successfully executed with no operational disruption ○ Site decommissioned ○ 2026/2
Slide 12: H126 use of cash
H126 use of cash. £145m RCF facility in place to the end of 2029 £57m £(28)m • Pension scheme payments have reduced versus the agreed funding £(35)m £(48)m schedule following the £(14)m successful buy-in of Trinity Retirement Benefit Scheme £(8)m • HLI estimates remain £(6)m unchanged £(1)m £(13)m •
Slide 13: Capital allocation
Capital allocation. Expect to maintain leverage <1x EBITDA Resilient print profits, sustainable cash generation and robust balance sheet Leverage 0.4x EBITDA 1 2 3 4 Organic Pension Returns to M&A investment funding shareholders H126 Reach plc Financial Review 13
Slide 14: On track to deliver 2026 market expectations
On track to deliver 2026 market expectations. Outlook Revenue: Retain cautious outlook for remainder of this year Costs: Operational cost savings expected to be broadly similar to H1 Depreciation: c.£13-15m charge Adj. operating profit: On track to deliver market profit expectations Cash: Print clos
Slide 15: Piers North, Chief Executive Officer
Piers North Chief Executive Officer Half year results presentation | 22 July 2026
Slide 16: Three priorities essential to navigating the market
Three priorities essential to navigating the market. OUR PURPOSE OUR AMBITION We connect with people where they live, on and offline, Deliver sustainable growth for the good of our content, our through their locations, passions and values communities, our customers and our colleagues OUR PRIORITIES
Slide 17: H126 Digital overview
H126 Digital overview. Headwinds validate our three priorities Digital headwinds Content summarised Priority progress reducing referral volumes ● Changing referral environment - ● Brand focus, strengthening brand through Google decline of 55% YOY original content creation with 1,950 journalists and
Slide 18: Connecting with audiences
Connecting with audiences. CONNECTING Reaching people where they live CONNECTING with audiences with audiences Digital strengths ● Scale: Reaching 66% of UK population ● Value of over 120 recognisable brands ● US monthly audience 17m ● Social followers 115m+ ● Video capability improved, social video
Slide 19: Accelerating the use of tech and AI
Accelerating the use of tech and AI. Boosting digital subscriptions and community brands ACCELERATING the use of tech and AI Providing the platforms to support our priorities: What goes into Launchpad? What Launchpad brings together into one place ● Launched 15 new digital subscriptions with ad-lite
Slide 20: Diversifying revenues
Diversifying revenues. Subscriptions roll-out on track DIVERSIFYING revenues Nov Jan Feb Mar Apr May June 2025 2026 2026 2026 2026 2026 2026 Yorkshire Leicestershire Live Live Belfast Live Delivered Subscriptions in numbers ● Simple, clear promise for subscribers ● 15 brands launched H126 Reach plc
Slide 21: Video strategy in action
Video strategy in action. Offering more to our commercial partners Direct sponsorship & branded Optimising social and Opportunities for big content partnerships off-platform multi-platform campaigns Studio revenues> 70% YOY growth Make Football Great Again Nestle ‘Made by Britain’ Improve trust and
Slide 22: Home of football
Home of football. Editorial highlights H126 Reach plc 22
Slide 23: Original content, distinctive brands
Original content, distinctive brands. Re-focused, brand-led business as we move away from volume OUR PRIORITIES £9m organic investment FY26 CONNECTING ACCELERATING DIVERSIFYING with audiences the use of tech and AI revenues ● Digital subscriptions ● Video ● Tech & AI (including Launchpad) Underpinne
Slide 24: Confidence to navigate the uncertainty
Confidence to navigate the uncertainty. Continued delivery against our three priorities and renewed focus on original content and distinctive brands as we move away from volume for better returns Disciplined and strategic cost actions which supports delivery and will simplify the Group On-platform a
Slide 25: Q&A
Q&A
Slide 26: Appendix
Appendix Reach
Slide 27: Definitions
Definitions. Metric Description Adjusting items Items are adjusted on the basis that they materially distort the underlying performance of the business or they are not expected to recur in future years. Adjusted operating cash flow Aligned with the definition of adjusted operating profit to exclude
Slide 28: Direct and indirect digital revenues
Direct and indirect digital revenues. Direct revenues Indirect revenues Advertising or commercial revenues that are generated from direct Advertising or commercial revenues that are engagement with the advertiser, agency or consumer: generated indirectly such as revenue on social platforms (off-plat
Slide 29: Group income statement
Group income statement. Operating Pension Adjusted Statutory Adjusted adjusted finance results Operating adjusted items results £m interest £m ● items £m charge £m £m relate to the items charged or credited to statutory, not H126 adjusted, operating profit Revenue 232.9 - - - 232.9 Operating (loss)/
Slide 30: Profit to cash measure
Profit to cash measure. H126 H125 Profit to cash £m £m Adj. Operating Profit 43.0 44.8 ● Depreciation and amortisation lower reflecting the FY 2025 impairment Depreciation & amortisation 7.1 9.7 charge and print site closures Adj. EBITDA 50.1 54.5 ● Working capital impacted by payment and receipt ti
Slide 31: Operating adjusted items
Operating adjusted items. H126 H125 £m £m Restructuring charges (18.9) (4.2) ● Defined benefit pension related costs include external pension Defined benefit pension related costs (5.1) (8.1) administrative expenses of £3m, pension adviser costs of £2m Amortisation of publishing rights and titles (2
Slide 32: Provisions
Provisions. Share-based Historical legal Property Restructuring Other Total payments issues £m £m £m £m £m £m As at 31 December 2025 (0.5) (19.1) (3.9) (4.7) (2.8) (31.0) Charged to income statement - - (18.9) - (0.1) (19.0) Utilisation of provision 0.1 1.1 8.2 0.6 0.3 10.3 As at 30 June 2026 (0.4)
Slide 33: Pensions
Pensions. ● In February 2026 TRBS scheme H126 H125 purchased an insurance policy to Change £m £m £m cover its remaining uninsured liabilities, a “buy-in”. This has resulted Fair value of scheme assets 1,402.7 1,572.6 (169.9) in the Group no longer needing to make the remaining scheduled Present valu