News Corporation · NASDAQ:NWS
News — Investor Day (March 2026)
100 slides from News's investor day presentation, Mar 17, 2026
Slide 1: For Announcement to the ASX
16 March 2026 For Announcement to the ASX News Corporation (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is submitting the attached March For personal use only 16, 2026 Dow Jones Investor Briefing Presentation. The attached copy was authorized for release to the ASX by the undersigned: Michael L. Bunder Seni
Slide 2: Investor Briefing
For personal use only Investor Briefing March 16, 2026 1
Slide 3: Cautionary Statement Regarding Forward-Looking Statements and Non-GAAP Measures
Cautionary Statement Regarding Forward-Looking Statements and Non-GAAP Measures This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements and information that are not historical fact are forward-looking
Slide 4: Agenda
Agenda Welcome and Introduction Dow Jones Risk Michael Florin | Senior Vice President & Global Head Joel Lange | Executive Vice President & General Manager, of Investor Relations, News Corp Dow Jones Risk Opening Remarks Dow Jones Energy Lachlan Murdoch | Chair, News Corp Sarah Cottle | Executive Vi
Slide 5: Video Reel: News Corp
For personal use only Video Reel: News Corp
Slide 6: Lachlan Murdoch, Chair
For personal use only Lachlan Murdoch Chair 5
Slide 7: Robert Thomson, Chief Executive
For personal use only Robert Thomson Chief Executive 6
Slide 8: Total Segment EBITDA Growth
+14% 11 Consecutive Quarters of +14% For personal use only Year-Over-Year $1.4B (2) Total Segment $1.2B (2) $1.1B (2) EBITDA Growth On Track for Record (1) Profitability in Fiscal 2026 FY23 FY24 FY25 Note: (1) On a continuing operations basis. (2) See Appendix for Reconciliation to the most comparab
Slide 9: Growth Engines
For personal use only Growth Engines 8
Slide 10: Transformation
Transformation Digital 22% 62% For personal use only Revenue FY14 (1) FY25 Advertising Revenue 48% (1, 2) 16% FY14 FY25 Total Segment EBITDA Margin 11% (1) 17% FY14 FY25 Notes: (1) Revenues and Total Segment EBITDA do not include Digital Education, which was classified as discontinued operations beg
Slide 11: News Corp and AI companies
é : oe en Core | my ‘OpenAl “ee Coney + + Meta ? . ° 2 a + Le “Ses. 5 . <. News Corp *| 10
Slide 12: News Corp is an AI Inputs Company
is an AI Inputs Company $$$ For personal use only Horizontal LLMs New AI $$$ Products Vertical Specialists 11
Slide 13: For personal use only
For personal use only 12
Slide 14: Video Reel: Dow Jones
For personal use only Video Reel: Dow Jones
Slide 15: Unlocking Value in the Age of AI
For personal use only Unlocking Value in the Age of AI Almar Latour Chief Executive Officer, Dow Jones & Publisher, The Wall Street Journal 14
Slide 16: Three Key Takeaways for Today
Three Key Takeaways for Today For personal use only 01 02 03 Dow Jones is a News, Outsized Growth in Risk Road to $1 Billion EBITDA Data and Intelligence and Energy, Underpinned Within 5 Years (1) Powerhouse by the Value Creation of News Note: (1) Forward-looking view of EBITDA is not a profit forec
Slide 17: Dow Jones FY25 Revenue: $2.3B
Dow Jones FY25 Revenue: $2.3B News Risk Energy For personal use only Consumer Enterprise (1) $1.4B $352M $337M $278M Note: Company data for fiscal year ended June 30, 2025. (1) Enterprise revenue is comprised of Factiva, Newswires, and enterprise news subscriptions. In the publicly reported Circulat
Slide 18: How We Deliver Across Our Verticals: Iran
How We Deliver Across Our Verticals: Iran For personal use only February 26, 2026 Today Before the Strike Strike on Iran Khamenei’s Death Impact on Energy Ripple Effects The Wall Street Journal Dow Jones news sources Dragonfly and WSJ provide Markets reports combat aircraft being confirm U.S. strike
Slide 19: U.S. Strike on Iran: Increased Customer Engagement
U.S. Strike on Iran: Increased Customer Engagement News Risk Energy Audience spike Audience Audience • WSJ: +41% unique user • +32% AI Assistant questions • Chemicals research +100% increase vs. 12-week average for Oxford Analytica since Iran traffic vs. week prior conflict began • Google Search +58
Slide 20: Augmented Demand for Reliable Data in an Era of Misinformation
Augmented Demand for Reliable Data in an Era of Misinformation Exclusive, Proprietary Regulatory Embedded in Perpetually Data Requirements Workflows Updated News For personal use only Trusted Brand 19
Slide 21: Dow Jones Today: Winning in Media & Information Services
Dow Jones Today: Winning in Media & Information Services >3x 82% 80% Growth in Digital Digital Revenue (2) Recurring Revenue (2) For personal use only Subscriptions (1) >3x ~2x >50% EBITDA from B2B (3) EBITDA EBITDA Margin FY25 vs FY18 FY25 vs FY18 Note: Based on Company filings and other data. (1)
Slide 22: Dow Jones Road to $1 Billion EBITDA
Dow Jones Road to $1 Billion EBITDA Dow Jones is focused on being the undisputed leader in providing premium news, data, intelligence and convening power to the business world. For personal use only Strategic Enablers Technology Data Cross-Selling Adjacent Verticals Cost Discipline Modern, scalable
Slide 23: Track Record of Disciplined and Value-Based M&A and Partnerships
Track Record of Disciplined and Value-Based M&A and Partnerships Proprietary Data Capabilities Global Pricing Benchmarks for Oil & Gas Predictive Technologies & Analytics and Energy for Fuel Pricing For personal use only OPIS (2022) A2i (2024) Leading Analytics, Pricing and News Enhanced AI-Powered
Slide 24: Dow Jones Today
Dow Jones Today News Risk Energy For personal use only Consumer Enterprise (1) Note: (1) Enterprise is comprised of Factiva, Newswires and enterprise news subscriptions. 23
Slide 25: World's Most Trusted News Brands Positioned for Accelerating Growth
World’s Most Trusted News Brands Positioned for Accelerating Growth News: Consumer For personal use only #1 ~67M global news source for C-suite average unique users (1) (2) executives reached per month per month Note: (1) Per 2025 Ipsos Global Influentials Study. Data for Dow Jones reflects WSJ and
Slide 26: Serving the Business Community to Inform Decision-Making
Serving the Business Community to Inform Decision-Making News: Enterprise For personal use only 25
Slide 27: Growing Demand for Enterprise News and Data in the Age of AI
Growing Demand for Enterprise News and Data in the Age of AI News: Enterprise Hyperscalers & Financial Financial Tech Platforms Corporations FinTech Institutions Platforms For personal use only VIA NEWS CORP ~20 ~4,000 8,000+ GenAI deals signed with API accounts across our licensed sources enterpris
Slide 28: Large and Growing Market for Our Risk Vertical
Large and Growing Market for Our Risk Vertical… Risk Risk Market (1) $3.7B For personal use only 11%-13% 2025-2028 Projected Market Growth Rate (2) Note: (1) Third-party revenue data. Refers to market for screening & monitoring tools, enhanced due diligence services and data products. (2) Third-part
Slide 29: …and for Our Energy Vertical
…and for Our Energy Vertical Energy Energy Market (1) $8.0B For personal use only 8%-10% 2025-2028 Projected Market Growth Rate (2) Note: (1) Third-party revenue data. (2) Third-party data analysis completed in November 2025; revenue growth shown on a calendar-year basis. 28
Slide 30: World-Class Team of Experts Working Seamlessly Together
World-Class Team of Experts Working Seamlessly Together News Enterprise For personal use only 1K+ Journalists 200+ Newswires Journalists Energy Risk 350+ Subject- 375+ Data Experts Matter Experts 1.5K+ Oxford Analytica Network Note: Company data as of February 2026. 29
Slide 31: World-Class Leadership Team
World-Class Leadership Team For personal use only Emma Tucker M. Scott Havens Lisa Fitzpatrick Joel Lange Sarah Cottle Editor in Chief, Chief Growth Officer General Manager, Executive Vice President Executive Vice President The Wall Street Journal & Global Head, Consumer, Industries, Dow Jones & Gen
Slide 32: Premium News
For personal use only Premium News Emma Tucker Editor in Chief, The Wall Street Journal 31
Slide 33: Video Reel: News
For personal use only Video Reel: News
Slide 34: Dow Jones Premium News
Dow Jones Premium News 01 02 03 For personal use only Trusted Strong Consumer Accelerating Source Revenue Pathway Future Growth Successfully increasing For business news Embedding in enterprise volume & price benefitting & information workflows and entering from growing audience & new markets premiu
Slide 35: Our Newsroom Investment has Strengthened Trust in Our Brand
Our Newsroom Investment has Strengthened Trust in Our Brand Distinctive News & Information Brand Trust Leader EXCLUSIVE For personal use only 2024 2025 EXCLUSIVE EXCLUSIVE #1 #1 most trusted global print and digital news EXCLUSIVE for two straight years (1) Note: (1) YouGov Trust in Media Survey 202
Slide 36: Our Audience is Increasingly Younger, More Affluent and Successful
Our Audience is Increasingly Younger, More Affluent and Successful +57% 58% #1 For personal use only growth in share of new of our subscribers have global news source for subscribers under 40 net worth of $1M+ (2) C-suite executives(2) since 2018 (1) Note: (1) Based on Company demographics data for
Slide 37: Using AI to Increase Productivity
Using AI to Increase Productivity For personal use only Orca monitors 300+ podcasts 1.2K+ episodes per week Note: Orca is an in-house tool built to analyze audio. 36
Slide 38: Our News Platform is Driving Deeper Engagement
Our News Platform is Driving Deeper Engagement (1) (2) WSJ Engagement Metrics are Growing… …and Visits are Increasingly Direct 464M Percentage of WSJ traffic 8% through direct visits +6 % 129M For personal use only 4 2 + 276M 91M FY18 FY25 57% 70% Average Monthly Visits Average Monthly Page Views Re
Slide 39: We Have More Than Tripled Digital Subscriptions Since 2018
We Have More Than Tripled Digital Subscriptions Since 2018 Digital Subscriptions (1) 5.7M For personal use only >3x growth 1.8M FY18 FY25 Note: (1) Based on average Dow Jones digital subscriptions for the fiscal quarters ended June 30, 2018, and June 30, 2025, as publicly reported in Company filings
Slide 40: Consumer News
For personal use only Consumer News M. Scott Havens Chief Growth Officer & Global Head, Consumer, Dow Jones 39
Slide 41: Delivering a Premium Experience
Delivering a Premium Experience For personal use only 40
Slide 42: Premium Product, Engagement and Data Drive Pricing
Premium Product, Engagement and Data Drive Pricing FY24 FY26 Digital List Price $38.99 $44.99 For personal use only Print List Price $54.99 $64.99 ARPU Drivers ✔ Shortened Promotional Offers ✔ Higher Introduction Offers ✔ Data-Driven Retention & Pricing Note: Company data. 41
Slide 43: Our Initiatives are Driving Higher Digital Direct ARPU
Our Initiatives are Driving Higher Digital Direct ARPU with a Long Runway for Growth +12% +6% +7% For personal use only Digital Subscriptions Digital Direct Digital Circulation Year-on-Year Growth Subscription ARPU Revenue Year-on-Year to 6M Year-on-Year Growth Growth (1) (2) (3) Second quarter FY26
Slide 44: Accelerating Advertising Growth Through Higher-Value Formats
We are Accelerating Advertising Growth Through Higher-Value Formats Advertising Revenue Custom Content Increased Increasingly Digital & Direct Growth CPMs 65% ~3x 1.5x For personal use only FY25 Advertising Revenue Custom, Video & Audio since FY18 from Digital Advertising Revenue Growth since FY18 L
Slide 45: Expanding Our Offering Enhances Value and Attracts New Subscribers
Expanding Our Offering Enhances Value and Attracts New Subscribers New Premium …Delivering Strong IBD’s MarketSurge: Wealth-Focused Products… Subscription Growth (1) Rebranded, Replatformed, Relaunched (2) ~200% For personal use only Growth in Subscriptions to 1.5M since June 2018 $1,411 ~600% Subsc
Slide 46: Expanding into New Regions, Verticals and Formats
Expanding into New Regions, Verticals and Formats International Verticals Formats Growth through regionalized Launching new coverage Increasing video, audio and products, automated translation, areas with editorial team events to drive engagement localized content and monetization For personal use o
Slide 47: Enterprise News
For personal use only Enterprise News Lisa Fitzpatrick General Manager, Industries, Dow Jones 46
Slide 48: Expanding and Scaling Our Enterprise News Business
Expanding and Scaling Our Enterprise News Business For personal use only $352M FY25 Revenue (1) Note: Company data for fiscal year ended June 30, 2025. (1) Enterprise revenue is comprised of Factiva, Newswires and enterprise news subscriptions. In the publicly reported Circulation and Subscription R
Slide 49: Enhanced Approach to Enterprise News Subscriptions
Enhanced Approach to Enterprise News Subscriptions Market Opportunity International GenAI Targeting the Russell Only ~10% of current ~20 GenAI deals signed For personal use only 3000, where we have revenue comes from with enterprise customers (1) relationships with less outside the U.S. 8000+ licens
Slide 50: AI: Accelerating Enterprise News Products & Revenue
AI: Accelerating Enterprise News Products & Revenue Hedge Funds, Financial Platforms + & Large Corporates For personal use only First-of-its-kind digital media Trusted sources required for Factiva content integrated into news service for professionals investment decision-making and ChatGPT for verif
Slide 51: Driving Growth in News
Driving Growth in News 01 02 03 For personal use only Trusted Strong Consumer Accelerating Source Revenue Pathway Future Growth 50
Slide 52: Joel Lange, Dow Jones Risk
For personal use only Joel Lange Executive Vice President & General Manager, Dow Jones Risk 51
Slide 53: Video Reel: Risk
For personal use only Video Reel: Risk
Slide 54: Geopolitical Disruption Drives Demand for Risk Intelligence
Geopolitical Disruption Drives Demand for Risk Intelligence 2022 Invasion of Ukraine For personal use only 53
Slide 55: Dow Jones Risk
Dow Jones Risk 01 02 03 Proprietary Large and Profitable For personal use only Data in a Growing Market Growth Engine Complex for Risk & Outpacing the Regulatory Compliance Market Environment Products 54
Slide 56: Our Fundamental Proposition: Keep Customers Safe
Our Fundamental Proposition: Keep Customers Safe Dow Jones Global Team of Experts The Cost of Non-Compliance is High (1) Strengthen Customer Confidence (2) $3B $950M 375+ For personal use only Major bank fined for Defense contractor fined In-house subject-matter experts compliance lapses for pricing
Slide 57: A Growing and Complex Regulatory Environment
A Growing and Complex Regulatory Environment Regulator Dow Jones Risk Data Solutions Department of Dow Jones Trade Restricted Commerce BIS Associated Entities For personal use only Department of Dow Jones Sanctions Treasury (OFAC) Control & Ownership Chinese Ministry Dow Jones China of Finance Dual
Slide 58: Trusted Provider to Leading Companies
Trusted Provider to Leading Companies Dow Jones Risk provides premium solutions for global financial institutions and corporations to monitor world developments, mitigate risk, comply with regulations and transact confidently. 5,800+ 46 of 50 ~90% For personal use only Clients (1) Top Global Banks (
Slide 59: Dow Jones Risk Powers Financial Crime Prevention, Compliance and Decision-Making
Dow Jones Risk Powers Financial Crime Prevention, Compliance and Strategic Decision-Making Financial Sanctions & Trade Third-Party Geopolitical Crime Compliance Risk Risk For personal use only 2M+ 100% Coverage 300K+ 1,500+ Politicians and of Major Global Companies with Network of Experts Associates
Slide 60: Transforming Complex Global Data into Trusted Risk Intelligence
Transforming Complex Global Data into Trusted Risk Intelligence Trusted Inputs for Proprietary Sourcing Intelligence Daily Proprietary Process Customers to Transact Original Dow Jones Content Regulatory Confidence Expert Intelligence Translating loose, unwritten 375+ Dow Jones Experts audit guidance
Slide 61: Case Study 1: Human-in-the-Loop Research
Case Study 1: Human-in-the-Loop Research Customer Need: An EU industrial manufacturer requested an investigation into two Dubai-registered entities and their CEOs due to concerns of ties with Russia. Data Layer Expert Layer For personal use only Our team conducted database checks: Our team conducted
Slide 62: Case Study 2: Proprietary Archives
Case Study 2: Proprietary Archives Customer Need: A customer ordered a standard due diligence report on a small venture capital firm. Data Layer Expert Layer For personal use only Our team’s research yielded limited results, except for a From the blog post, our team researched social platforms remov
Slide 63: Case Study 3: Proprietary Data
Case Study 3: Proprietary Data Customer Need: Identify subsidiaries for a specific company in compliance with Department of Commerce guidance. Data Layer Expert Layer For personal use only Research team uncovered over 20,000 companies through Dow Jones Proprietary Watchlist brought together these op
Slide 64: Dow Jones Risk has Delivered 18% Revenue CAGR
Dow Jones Risk has Delivered 18% Revenue CAGR Over 7 Years $337M Growth Drivers 18% $294M CAGR Growing Market For personal use only $253M $228M Value-Based Pricing $193M New Products $157M M&A $131M $106M Partnerships FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Note: Financials based on publicly reporte
Slide 65: Large Market Opportunity for Dow Jones Risk
Large Market Opportunity for Dow Jones Risk $3.7B 11%-13% For personal use only Market (1) 2025-2028 Projected Market Growth Rate (2) Note: (1) Third-party data as of November 2025. (2) Third-party data 2025 through 2028; revenue growth shown on a calendar-year basis. 64
Slide 66: Higher Exposure to the Faster-Growing Corporate Segment
Dow Jones Risk has Higher Exposure to the Faster-Growing Corporate Segment Customer Segment 2025-2028 Share of Revenue Projected Market Growth Rate (3) For personal use only Financials Financials 70% 56% +9%-12% Corporates 44% Corporates 30% +15% (1) (2) Market Dow Jones Note: (1) Third-party data a
Slide 67: Higher Exposure to the Faster-Growing International Segment
Dow Jones Risk has Higher Exposure to the Faster-Growing International Segment Regional 2025-2028 Share of Revenue Projected Market Growth Rate (3) For personal use only U.S. 38% 27% U.S. +10%-12% 73% Outside U.S. 62% Outside U.S. +12%-14% (1) (2) Market Dow Jones Note: (1) Third-party data as of No
Slide 68: Dow Jones Risk's Unique Value Proposition
Dow Jones Risk’s Unique Value Proposition Foundational & Proprietary Data Differentiated Comprehensive Original reporting Expert-led Dow Jones & third-party news sources Real-time Client & regulator interaction For personal use only Integrated Critical Systems Trusted Platform agnostic 25-year histo
Slide 69: Sarah Cottle, Dow Jones Energy
For personal use only Sarah Cottle Executive Vice President & General Manager, Dow Jones Energy 68
Slide 70: Video Reel: Energy
For personal use only Video Reel: Energy
Slide 71: Dow Jones Energy is a Trusted Provider to Leading Companies
Dow Jones Energy is a Trusted Provider to Leading Companies Valued by executives, experts, traders, producers, investors and consultants, we provide comprehensive subscriptions for supply and demand intelligence. Key value chains include downstream energy, chemicals and metals & mining. 5,400+ 20/20
Slide 72: Dow Jones Energy
Dow Jones Energy 01 02 03 For personal use only Benchmarks Our Experts The Energy are Essential Deliver Information Market Proprietary Sector is Large Infrastructure Data & Insights & Growing 71
Slide 73: Benchmarks are Essential Market Infrastructure
Benchmarks are Essential Market Infrastructure Pricing Benchmarks 150+ Exchange-Listed Benchmarks Standardized data that Used for Contracts helps clients determine For personal use only true value of transactions Quantitative context to 60+ help buyers and sellers Industry-Adopted Benchmarks Used to
Slide 74: Experts Build Proprietary Data That Brings Pricing Clarity
Dow Jones Energy Experts Build Proprietary Data That Brings Pricing Clarity Experts connect with hundreds of market participants daily… For personal use only …evaluating and reviewing pricing data… 150+ Exchange-Listed Benchmarks …and generating market-reflective prices 60+ and breaking news. Indust
Slide 75: Dow Jones Energy is a Leader in Fuels Pricing
Dow Jones Energy is a Leader in Fuels Pricing 2,500+ 100B Gallons Purchased Each Price Assessments For personal use only Year Based on OPIS Prices Note: Company data as of February 2026. 74
Slide 76: Leader in Chemicals Supply and Demand Forecasting
Dow Jones Energy is a Leader in Chemicals Supply and Demand Forecasting 300+ 200+ Core Building-Block In-House Experts For personal use only Chemicals & Derivatives Note: Company data as of February 2026. 75
Slide 77: Global Coal Trade Relies on Dow Jones Energy
Global Coal Trade Relies on Dow Jones Energy 200+ 75+ Price Assessments Global Locations For personal use only Covered Note: Company data as of February 2026. 76
Slide 78: World's Largest Companies Trust Dow Jones Energy Transition Data
World’s Largest Companies Trust Dow Jones Energy Transition Data 500+ ~2M Price Assessments Global EV Charging Covering Carbon, For personal use only Points Measured Biofuels & Renewables Note: Company data as of February 2026. 77
Slide 79: U.S. Fuel Prices Before the Start of the Iran War
U.S. Fuel Prices Before the Start of the Iran War For personal use only Color of circle: possible supply concern Size of circle: magnitude of difference As of February 28, 2026 Note: Company data. Dow Jones Energy's RackPro product monitors the fuels pipeline network across the United States used to
Slide 80: U.S. Fuel Prices Post-Iran Strike
U.S. Fuel Prices Post-Iran Strike: Pricing Goes Up Due to Supply Demand For personal use only Color of circle: possible supply concern Size of circle: magnitude of difference As of March 9, 2026 Note: Company data. Dow Jones Energy's RackPro product monitors the fuels pipeline network across the Uni
Slide 81: Nearly Doubled Revenue Growth for Energy to 13%
Since Dow Jones's Acquisition, We Have Nearly Doubled Revenue Growth for Energy to 13% 13% CAGR (1) $278M Growth Drivers Growing Market $251M For personal use only Value-Based Pricing $217M New Products M&A FY23 FY24 FY25 Note: Financials based on publicly reported Company filings. Fiscal year ended
Slide 82: The Energy Information Sector is Large & Growing
The Energy Information Sector is Large & Growing $8.0B 8%-10% For personal use only Market 2025-2028 Projected (1) Market Growth Rate (2) Note: (1) Third-party data as of November 2025. (2) Third-party data 2025 through 2028; revenue growth shown on a calendar-year basis. 81
Slide 83: Dow Jones Energy's Unique Value Proposition
Dow Jones Energy’s Unique Value Proposition Foundational & Proprietary Data Differentiated Daily fuel supply chain prices, chemicals outlooks Dow Jones network effect Price benchmarking status Seamless API integration For personal use only Integrated Critical Systems Trusted Seamless data access for
Slide 84: Positioned for Strong Financial Growth
For personal use only Positioned for Strong Financial Growth Jared DiPalma Deputy Chief Financial Officer, News Corp 83
Slide 85: Dow Jones has Delivered Strong, High-Quality Revenue Growth
Dow Jones has Delivered Strong, High-Quality Revenue Growth… $2.3B Digital Revenue 60% 82% Total +6.5% CAGR FY18 FY25 For personal use only Digital Revenue (1) +11% $1.5B CAGR Recurring Revenue 69% 80% FY18 FY25 Total Revenue Advertising Revenue 27% 17% FY18 FY25 FY18 FY25 Note: Financials based on
Slide 86: Strong EBITDA Growth & Significant Margin Expansion
…and Delivered Strong EBITDA Growth & Significant Margin Expansion EBITDA Growth $588M >3x vs. FY18 For personal use only +17% CAGR Margin ~2x vs. FY18 EBITDA $’s $193M Cash Conversion (1) FY18 FY25 ~70% Margin % 12.9% 25.2% Note: Financials based on publicly reported Company filings and Company dat
Slide 87: Cost Discipline: Drives Margin Expansion
Cost Discipline: Mitigates Inflation, Enables Investment & Drives Margin Expansion +4% OPIS & CMA Acquired CAGR FY22 (partial year) FY23 (first full year) Disciplined everyday +6% +2% +3% productivity to offset +15% inflation For personal use only +1% +1% +3% Leveraging News Corp scale to increase $
Slide 88: Financial Growth Going Forward
For personal use only Financial Growth Going Forward 87
Slide 89: Risk & Energy: High-Margin Businesses with Strong Secular Tailwinds
Risk & Energy: High-Margin Businesses with Strong Secular Tailwinds Risk & Energy Revenue +14% $615M CAGR For personal use only ✔ Large Addressable & Growing Markets $470M $278 High single to low double-digit growth +13% Energy CAGR $217 ✔ Value-Based Pricing +15% $337 ✔ Customer Loyalty → Retention
Slide 90: Digital Circulation Revenue Growth
Digital Circulation Revenue: Growth Through New Products, New Markets, Pricing & Enterprise News +11% $700M CAGR $700M Growth Drivers For personal use only 2pts of growth from M&A / partnerships Enterprise news $336M Direct-to-consumer $336M • New products Digital Circulation • Price Revenue • Inter
Slide 91: Accelerating Digital Direct-to-Consumer ARPU Growth
Accelerating Digital Direct-to-Consumer ARPU Growth ARPU Drivers ✔ Higher-Priced Products For personal use only Digital Direct Examples: WSJ+, MarketSurge Subscription ARPU +6% ✔ Higher List Prices $38.99 in FY24 $44.99 in FY26 Q2 FY26 vs. Q2 FY25 ✔ Data-Driven Pricing ✔ Shorter Duration Offers Note
Slide 92: Enterprise News has Significant Runway for Growth
Enterprise News has Significant Runway for Growth $2.3B Total Dow Jones Revenue ✔ Attractive Economic Model Enterprise News Revenue (1) Lower churn For personal use only $352M 15% Lower performance marketing Lower content spend = Higher margin ✔ AI Delivering Incremental Revenue for Premium News Not
Slide 93: Dow Jones Road to $1 Billion EBITDA
Dow Jones Road to $1 Billion EBITDA $1B Drivers to $1B + Accelerating Risk & Energy growth delivers For personal use only margin expansion $588M + Accelerating direct-to- consumer with new products & pricing + Focusing on high-margin $193M enterprise news + Continuing cost discipline & operating lev
Slide 94: Accelerating Growth in the Age of AI
For personal use only Accelerating Growth in the Age of AI Almar Latour Chief Executive Officer, Dow Jones & Publisher, The Wall Street Journal 93
Slide 95: Three Key Takeaways for Today
Three Key Takeaways for Today For personal use only 01 02 03 Dow Jones is a News, Outsized Growth in Risk Road to $1 Billion EBITDA Data and Intelligence and Energy, Underpinned Within 5 Years (1) Powerhouse by the Value Creation of News Note: (1) Forward-looking view of EBITDA is not a profit forec
Slide 96: Q&A with Leadership
Q&A with Leadership For personal use only Almar Latour Jared DiPalma Chief Executive Officer, Deputy Chief Financial Officer, Dow Jones & Publisher, News Corp The Wall Street Journal M. Scott Havens Lisa Fitzpatrick Joel Lange Sarah Cottle Chief Growth Officer & General Manager, Executive Vice Presi
Slide 97: Notes and Disclaimers
Notes and Disclaimers Certain information contained in this presentation has been obtained from, or is based on or derived from, third-party sources that the Company deemed reliable. However, no representations are made as to the accuracy or completeness thereof, and none of News Corporation, Dow Jo
Slide 98: Appendix
For personal use only Appendix 97
Slide 99: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Total Segment EBITDA and Total Segment EBITDA Margin Reconciliation (1) Total Segment EBITDA: ($ in millions) FY 2014 FY 2023 FY 2024 FY 2025 For personal use only Net income from continuing operations $436 $228 $379 $648 Income tax (benefit) expense from
Slide 100: Cash Flow Reconciliation
Cash Flow Reconciliation FY 2025 (In USD millions) Dow Jones Free Cash Flow: Net cash provided by operating activities from continuing operations - News Corp $978 Less: Net cash provided by operating activities from continuing operations - (429) non- Dow Jones reportable segments For personal use on