Southern Cross Media Group Limited · ASX:SXL
Southern Cross Media — H1 FY26 Earnings Presentation
35 slides from Southern Cross Media's earnings presentation, Feb 24, 2026
Slide 1: FY26 H1 Results
FY26 H1 RESULTS 6 MONTHS TO 31 DEC 2025 1
Slide 2: Agenda
AGENDA Merger Update SWM H1 FY26 Highlights SCA H1 FY26 Results Pro Forma Group H1 FY26 Results Guidance & Outlook 2
Slide 3: Merger Update
SCA + dl / MERGER UPDATE tT
Slide 4: Leading integrated multi-media platform
Leading integrated multi-media platform HOME OF AUSTRALIAN CONTENT ACROSS ALL PLATFORMS NATIONWIDE TV COVERAGE Attracting and growing high value audiences METRO & REGIONAL AUDIO COVERAGE Digital, video, audio and publishing content across LIVE AND ON combined platforms DEMAND NEWS & PUBLISHING Seaml
Slide 5: FY26 H1 Results Highlights
FY26 H1 RESULTS HIGHLIGHTS PRO FORMA FINANCIALS $338.2m Non-Revenue Revenue Capital Revenue Related (NRR) EBITDA NPAT Net Debt2 Related Costs Costs Management FY26 H1 $1,008.0m $160.8m $740.4m $106.9m $34.7m $338.2m No interim dividend declared as Movement (1.5%) (1.2%) +0.6% (14.5%) (16.5%) (4.8%)
Slide 6: H1 FY26 SWM Overview
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Slide 7: FY26 H1 Results Highlights
FY26 H1 RESULTS HIGHLIGHTS RECORD TOTAL TV REVENUE SHARE CONTINUED OPERATING COST & CAPITAL DISCIPLINE Non-Revenue Revenue Revenue Related (NRR) EBITDA NPAT Net Debt2 Related Costs Costs FY26 H1 $792.2m $117.0m $608.3m $66.9m $21.9m $277.4m Movement (2.7%) (2.2%) 1.3% (28.7%) (42.2%) (3.3%) FY25 H1
Slide 8: H1 FY26 SWM Highlights
H1 FY26 SWM HIGHLIGHTS • Total TV audiences are growing, with BVOD audience growth offsetting broadcast declines - Total people +2.6% and +4.3% across the 25-54 demographic • Seven’s TV audience growth has outperformed the market, +3.4% (total ppl) and +4.7% (25-54) • Total TV revenue has outperform
Slide 9: 7plus is Market Leading
7PLUS IS MARKET LEADING • Record revenue share 44.2%, (+7.4 points), with 7plus revenue +15% on pcp DAILY ACTIVE USERS (000’s) • Market-leading BVOD platform 600 +20% CAGR 551 • Audience growth +55% (all people) and +51% (25-54) 478 • Audience share 44.6% (all people) and 43.7% (25-54)¹ 500 • DAUs +
Slide 10: The West – Delivering Digital Growth
THE WEST – DELIVERING DIGITAL GROWTH STRONG DIGITAL MOMENTUM: INNOVATION DRIVING REVENUE PRINT READERSHIP REMAINS DISCIPLINED FINANCIAL & ENGAGEMENT: STRONG: MANAGEMENT: • Digital platforms generating 56.8m page views and collective • Revenue opportunities continue to • Over 900k paid titles are pri
Slide 11: H1 FY26 Audio Overview
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Slide 12: FY26 H1 Results Highlights
FY26 H1 RESULTS HIGHLIGHTS SCA DELIVERS STRONG EARNINGS GROWTH STRONG GROWTH IN BOTH DIGITAL AND BROADCAST AUDIO COST OUT PROGRAMS CONTINUE TO DELIVER SAVINGS Non-Revenue Revenue Revenue Related (NRR) EBITDA NPAT Net Debt2 Related Costs Costs FY26 H1 $216.5m $43.7m $132.7m $40.1m $12.8m $60.8m Movem
Slide 13: Our Earnings Growth Journey
OUR EARNINGS GROWTH JOURNEY SCA EBITDA1 • Strong earnings growth trajectory, with EBITDA $78m - $83m CAGR of 15% FY24 through FY262 $2m • LiSTNR achieved EBITDA breakeven in FY25 and is $69m contributing strongly to earnings – H1 EBITDA $64m +$2.7m on pcp • Cost management a significant focus, with
Slide 14: SCA H1 Key Performance Measures
SCA H1 KEY PERFORMANCE MEASURES Metro Radio Commercial LiSTNR Signed Up Users 25-54 Audience Share1 2.5m 34.3% SCA leads the Audience That 2.5m signed up users achieved in 4.5 2.2m 29.8% Matters for 36 consecutive surveys years — Seven cross promotion and 1.8m — representing 70%+ of all sales audien
Slide 15: FY26 H1 Financial Results
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Slide 16: Result Structure
RESULT STRUCTURE Walk through from: 1. FY26 H1 REPORTED SCA RESULTS: SCA results inclusive of NRI’s and SWM earnings from 24 to 31 December 2026 2. FY26 H1 UNDERLYING AUDIO RESULTS: SCA results excluding NRI’s and 8 days of SWM earnings 3. Breakdown of Underlying results between Broadcast & Digital
Slide 17: FY26 H1 Reported SCA Results
FY26 H1 REPORTED SCA RESULTS $ millions FY26 H1 FY25 H1 Var $ Var % • Group Revenue up $6.8m or 3.2% to $216.5m Revenue 216.5 209.7 6.8 3.2% • Total Expenses up $2.5m or 1.3% to $188.1m Revenue Related Expenses 43.7 43.1 0.6 1.3% • EBITDA of $28.4m, up $4.2m from $24.1m Non-Revenue Related 144.4 142
Slide 18: FY26 H1 Underlying Audio Results
FY26 H1 UNDERLYING $ millions FY26 H11 FY25 H11 Var $ Var % AUDIO RESULTS Revenue 216.5 209.7 6.8 3.2% Revenue Related Expenses 43.7 43.0 0.7 1.5% • Revenue was up $6.8m or 3.2%, with growth across both Non-Revenue Related 132.7 135.4 (2.7) (2.0%) digital and broadcast Expenses • Total Expenses of $
Slide 19: FY26 H1 Broadcast Radio Results
FY26 H1 BROADCAST $ millions FY26 H1 FY25 H1 Var $ Var % RADIO RESULTS Revenue 191.3 187.6 3.7 2.0% Revenue Related Expenses 37.3 37.4 (0.1) (0.3%) • Revenue has outperformed the declining market with broadcast Non-Revenue Related 101.3 104.4 (3.1) (3.0%) radio revenue up $3.7m (2.0%) to $191.3m Exp
Slide 20: FY26 H1 Digital Results
FY26 H1 DIGITAL $ millions FY26 H1 FY25 H1 Var $ Var % RESULTS Revenue 25.2 22.1 3.1 14.0% Revenue Related Expenses 6.4 5.6 0.8 13.8% • Digital audio EBITDA growth accelerates finishing Non-Revenue Related 16.0 16.4 (0.4) (2.5%) Expenses the half at $2.8m, up $2.7m v. H1 FY25 Total Expenses 22.4 22.
Slide 21: Cashflow
$ millions H1 FY26 H1 FY25 Var $ Net Debt Start of Period (67.6) (107.5) 39.9 CASHFLOW Net Cash from Operations 31.6 30.5 1.0 Principal lease payments (4.0) (3.9) (0.1) • Strong operating cash conversion of 111.1%, ~91% once normalised for accrued transaction costs not Capex net of sales proceeds (4
Slide 22: Pro Forma Financials
PRO FORMA / FINANCIALS SCA+ GI SA “W tT
Slide 23: H1 FY26 Pro Forma Financials
H1 FY26 PRO FORMA FINANCIALS SCA + SEVEN WEST MEDIA Proforma SCA SWM Result SCA Underlying Proforma H1 FY25 Reported 24-12-25 to NRIs Underlying SWM Eliminations SCA + SWM Var % SCA + SWM Result 31-12-25 Result Result1 Result Result2 Revenue 254.7 (38.3) 216.5 792.2 (0.6) 1,008.0 1,023.8 (1.5%) Reve
Slide 24: Proforma Consolidated Cashflow
PROFORMA CONSOLIDATED $ millions Net Debt Start of Period H1 FY26 (354.2) H1 FY25 (408.9) Var $ 54.7 CASHFLOW Net Cash from Operations 79.8 116.4 (36.7) Principal lease payments (8.9) (12.0) 3.1 • Strong cash conversion of 92.8% Capex net of sales proceeds (13.3) (13.6) 0.2 • Capex of $13.3m targete
Slide 25: Debt & Capital Management
DEBT & CAPITAL PRO FORMA GROUP CONSOLIDATED NET DEBT MANAGEMENT $408.5m • Pro forma net debt at consolidation of $338.2m, $352.9m $354.2m $338.2m down $16.4m from 30 June 2025: • SCA Net Debt of $60.8m, down $6.8m from 30 $301.0m June 2025, leverage of 0.88x $260.0m $286.6m $277.4m • SWM Net Debt of
Slide 26: FY26 H2 Outlook & Trading Update
FY26 H2 OUTLOOK & TRADING UPDATE 26
Slide 27: Outlook & Guidance
OUTLOOK & GUIDANCE1 Q3 Trading Update: • Audio revenue: January revenues +4% on pcp with strong growth in digital offsetting the ongoing challenges in national regional radio, we currently expect revenue for Q3 to be broadly flat on the prior year • Total TV revenue: January revenues +3% on pcp driv
Slide 28: Q&A
Q&A
Slide 29: Appendix
APPENDIX SCA WwW
Slide 30: SCA Significant and Non-Recurring Items
APPENDIX SCA SIGNIFICANT AND NON-RECURRING ITEMS H1 FY26 H1 FY25 TV Restructuring Restructuring $ millions M&AQ2 Other Total $ millions Divestment Other Total Charges Q1 H1 Charges Costs $'000s Actual Actual Actual Broadcast Radio Project 2.3 Trident 2,708 0.03,175 0.0 5,883 2.3 Broadcast Radio 4.6
Slide 31: SCA Corporate Results
APPENDIX SCA CORPORATE RESULTS $ millions FY26 H1 FY25 H1 Var $ Var % Revenue 0.0 0.0 nm nm • FY26 H1 Corporate segment costs have increased 5.6% due to the costs that were previously allocated to the now discontinued TV Total Expenses 15.5 14.6 0.8 5.6% segment. EBITDA (15.5) (14.6) (0.8) (5.6%) 1
Slide 32: Seven West Media Results Reconciliation
APPENDIX SEVEN WEST MEDIA RESULTS RECONCILIATION H1 FY26 H1 FY25 Accounting Accounting SCA TV SWM SWM SWM SWM Policy & 3 Policy & Assets 3 Reported Presentation NRIs Underlying Var % Reported Presentation NRIs Underlying sold to Result1 Alignment2 Result Result4 Alignment2 Result SWM5 Revenue 712.0
Slide 33: H1 FY25 Proforma Financials
APPENDIX H1 FY25 PROFORMA FINANCIALS INCLUDING SEVEN WEST MEDIA Proforma SCA Reported SCA Underlying Underlying SWM NRIs H1 FY25 Result Result Result1 SCA + SWM Result Revenue 209.7 209.7 814.1 1,023.8 Revenue Related Cost 43.0 43.0 119.7 162.8 Non-Revenue Related Cost 142.6 (7.2) 135.4 600.6 736.0
Slide 34: Pro Forma Consolidated Cashflow
APPENDIX PRO FORMA CONSOLIDATED CASHFLOW H1 FY26 H1 FY25 Pro Forma Pro Forma $ millions SCA SWM $ millions SCA SWM Consolidated Consolidated Net Debt Start of Period (67.6) (286.6) (354.2) Net Debt Start of Period (107.5) (301.4) (408.9) Net Cash from Operations 31.6 48.2 79.8 Net Cash from Operatio
Slide 35: Disclaimer
SUMMARY INFORMATION The material in this presentation has been prepared by Southern Cross Media Group Limited ABN 91 116 024 536 (SCMG) and contains summary information about SCMG’s activities current as at 24 February 2026. The information in this presentation is of a general background nature and
Southern Cross Media Group — H1 FY26 Earnings Presentation on 6ix