Slide 1: Interim Results 2025
INTERIM RESULTS 2025. Half Year Results Presentation | 24 July 2025 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 | 24 July 2025
Slide 4: Reach plc strengths
Reach plc strengths. Our digital Broad brand Strategic Strong financials strength portfolio progress 37m Global reach, national CVS strategy delivered Print resilient FY24 >230m copies sold UK audience c.70% of UK scale and local increase in yield growth and print revenues £407m relevance RPM FY20-2
Slide 5: Digital progress
Digital progress. 2020 2024 2012 2015 Rev Rev Rev Rev £118m £130m £41m £58m Programmatic adv. YOY growth 2010-2015 2021-2024 2025 + Early transition years +58% +62% RPM growth engine Three priorities +44% +42% Digital revenues first 1. Connecting with Improved monetisation reported 2013 +26% audienc
Slide 6: Our three priorities to drive growth
Our three priorities to drive growth. CONNECTING ACCELERATING DIVERSIFYING with audiences the use of tech and AI revenues HY25 Reach plc Priorities Underpinned by efficient cost & cash management Optimising print contribution | Simplifying the organisation | Reducing operating costs 6
Slide 7: Connecting with audiences
Connecting with audiences. CONNECTING Stable news audience market Social media growing source of news 79% Stable 74% 73% with audiences average 47m UK 59% 50% news audience 37% 50m 20% 14% Putting video and audio content at the centre of our newsrooms 2014 2024 Jan 22 Jan 23 Jan 24 Jan 25 Online TV
Slide 8: Accelerating the use of tech and AI
Accelerating the use of tech and AI. Speed, scalability and personalisation Status ACCELERATING Organisational productivity and efficiency Increased operational AI adoption AI Mantis in-house tool unlocking the use of tech Unlocks 2.5x ad inventory advertising inventory and AI Back end automation en
Slide 9: Diversifying revenues
Diversifying revenues. Meaningful and growing market for news subscriptions DIVERSIFYING Proportion UK consumers paying for online news 10% revenues 8% 5% 2020 2021 2022 2023 2024 2025 Developing and rolling out Source: Reuters Digital News Report 2025 digital subscriptions Driving continued growth
Slide 10: Reach is Where People Live
Reach is Where People Live We understand where they live in terms of their location, the town or city they live in, whether they are local or global Our trusted brands meet them where they live both on and offline, in their devices, their technology and social feeds We connect with where they live i
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Slide 12: HY25 Performance
HY25 Performance. Half Year Results Presentation | 24 July 2025
Slide 13: Audience highlights
Audience highlights. On-platform highlights Attracting new Increased scale. Growing audience +6% v. HY24 audiences, on One-time content and off platform creation using 9m sign-ups and 3.1m receiving Content hub, central content on WhatsApp & driving deeper dedicated expertise. audience-focused team
Slide 14: Celebrating brilliant journalism
Celebrating brilliant journalism. HY25 Reach plc Performance 14
Slide 15: Diversified revenues +6.5% growth YOY
Diversified revenues +6.5% growth YOY. Affiliates Beauty Box Yimbly Experimenting with new channels with two Optimising marketing access across Increasing number of specialists and special beauty boxes - print & digital improved data analysis driving content TikTok no. 1 selling product decisions HY
Slide 16: Advertising case studies
Advertising case studies. brought to you by Awareness of Boots Increase visibility of games, Commercial partnership First-party data share ‘pharmacist first’ women's teams and New Reach platform delivering stadium tours football video/podcast content Personalised targeting Multi format campaign incl
Slide 17: Darren Fisher, Chief Financial Officer
Darren Fisher Chief Financial Officer Half Year Results Presentation | 24 July 2025
Slide 18: Financial highlights
Financial highlights. Revenue Adj. operating Adj. operating Adj. operating Adj. EPS per profit profit margin cash flow share £256m £45m 17.5% £46m 10.7p HY24: £265m HY24: £44m HY24: 16.8% HY24: £58m HY24: 10.1p HY25 Reach plc Financial Review £61m 6.5% 4.2% 102% 2.88p HY24: £60m HY24: 10.8% HY24: 9.
Slide 19: Summary
Summary. Improved operating profit margin and healthy cash conversion Adjusted Results HY25 £m HY24 £m Var £m Var % Digital 61.1 60.0 1.1 1.8% Print 194.1 204.0 (9.9) (4.8)% • Revenue down 3.4% Other 0.8 1.0 (0.2) (24.8)% • HY24 comparative period benefited Revenue 256.0 265.0 (9.0) (3.4)% from high
Slide 20: Revenue
Revenue. Revenue performance delivering to plan +2% (4)% (15)% +3% (25)% (3)% • Increase in audience, +6% page views drove strong performance in indirect digital revenues • Print circulation remains resilient, revenue declining (3.7)% with CPI increases mitigating 19% decline in volume £265m £256m •
Slide 21: Digital revenue
Digital revenue. Despite challenging backdrop digital remains in growth £60m (7.9)% +9.2% £61m Direct revenues (7.9)% • Advertising or commercial revenues generated from direct £23magency or consumer engagement with the advertiser, £26m £24m • Impacted by the local advertising market and strong prio
Slide 22: Operating costs
Operating costs. Focus on managing overheads Operating costs declined 4.2% • Labour costs are broadly flat, in line with inflation offsetting £222m headcount reduction £212m • Newsprint costs have reduced from lower production volumes • Production and sales related costs declined 6.2%, these include
Slide 23: Group profit
Group profit. Delivering sustainable levels of profitability £102m £97m • Consistently strong operating margin performance £61m £57m • Profits typically H2 weighted due to seasonality of advertising and diversified revenues HY25 Reach plc Financial Review £36m £45m £45m £36m £45m £45m 12.9% 16.8% 17
Slide 24: HY25 use of cash
HY25 use of cash. Maintaining strong cash discipline £56m £(32)m • Pension scheme payments per agreed funding schedule including £2m pension payments into Escrow and £2m payment to the West Ferry Printers Pension Scheme £(14)m • Pension payments materially unwind in 2028 £(14)m £(26)m • HLI estimate
Slide 25: Capital allocation
Capital allocation. Continuing to drive returns for our shareholders Resilient print profits, sustainable cash generation and robust balance sheet 1 2 3 4 Organic Pension Returns to M&A HY25 Reach plc Financial Review investment funding shareholders 25
Slide 26: Outlook unchanged
Outlook unchanged. Full year 2025 Revenue: Deliver in line with market expectations Expect the macro environment to remain uncertain Digital revenue growth Costs: 4-5% reduction in adjusted operating costs Depreciation: Expect similar charge to FY24 (£20m) Cash: Pension contributions broadly similar
Slide 27: Piers North, Chief Executive Officer
Piers North Chief Executive Officer Half Year Results Presentation | 24 July 2025
Slide 28: Connecting, accelerating and diversifying
Connecting, accelerating and diversifying. Embed our three priorities - setting us up for growth: - Connecting with audiences - Accelerating tech and AI - Diversifying revenues Underpinned by efficient cost and cash management, 4-5% YOY reduction in adjusted operating costs Trends in audience behavi
Slide 29: Q&A
Q&A Half Year Results Presentation | 24 July 2025 29
Slide 30: Appendix
Appendix Reach
Slide 31: 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 32: Direct v indirect digital revenues
Direct v 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 ● Direct advertising
Slide 33: Group income statement
Group income statement. Statutory Operating Pension Adjusted ● Operating adjusted items results adjusted items finance results relates to the items charged or £m £m charge £m £m credited to statutory not HY25 adjusted operating profit Revenue 256.0 - - 256.0 ● Pension finance charge relates to the d
Slide 34: Profit to cash measure
Profit to cash measure. HY25 HY24 Depreciation & amortisation Profit to cash ● £m £m in line with prior year Adj. Operating Profit 44.8 44.5 ● Working capital impacted by Depreciation & amortisation 9.7 9.7 payment and receipt timing differences Adj. EBITDA 54.5 54.2 ● Other includes the add back Wo
Slide 35: Operating adjusted items
Operating adjusted items. HY25 HY24 £m £m ● Other adjusted items include Restructuring charges (4.2) (2.7) the adviser costs in relation to the defined benefit Pension administration expenses and past service costs (4.9) (2.4) pension schemes (£3.0m) and other Property-related items (0.4) 2.0 restru
Slide 36: Provisions
Provisions. Share-based Historical Property Restructuring Other Total payments legal issues £m £m £m £m £m £m As at 31 December 2024 (0.7) (18.4) (4.2) (9.1) (2.9) (35.3) Charged to income statement (0.2) - (4.2) - - (4.4) Utilisation of provision - 0.9 5.9 1.1 0.2 8.1 As at 30 June 2025 (0.9) (17.5
Slide 37: Pensions
Pensions. ● The estimated committed HY25 FY24 Change pension payments are based £m £m £m on the current funding schedule and are subject to future Fair value of scheme assets 1,572.6 1,571.0 1.6 valuations and movements in the underlying assets and Present value of scheme liabilities (1,599.7) (1,61
Slide 38: HY25 delivery: Executing and delivering
HY25 delivery: Executing and delivering. Priorities FY25. Extract FY24 - presented Mar 25 HY25 Delivery. Strategy evolution, prioritising: - Connecting with audiences Continue to deliver our Customer Value Strategy - Accelerating tech and AI - Diversifying revenue Audience growth +6% Audience growth