News Corporation · NASDAQ:NWS
News — Investor Day (March 2026)
99 slides from News's investor day presentation, Mar 16, 2026
Slide 1: Investor Briefing
Investor Briefing March 16, 2026 1
Slide 2: 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 3: 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 4: Video Reel: News Corp
Video Reel: News Corp
Slide 5: Lachlan Murdoch
News Corp Lachlan Murdoch Chair
Slide 6: Robert Thomson
Robert Thomson Chief Executive 6
Slide 7: 11 Consecutive Quarters of Year-Over-Year Total Segment EBITDA Growth
+14% 11 Consecutive Quarters of +14% 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 comparable GAAP measure. 7
Slide 8: Growth Engines
Neurs Growth Engines @ REAGroup dda ft realtorcom: HarperCollins , Publishers DOW JONES Mews Corp | 8
Slide 9: Transformation
Transformation Digital Revenue 22% 62% 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 beginning in the first qu
Slide 10: OpenAI and News Corp
é : oe en Core | my ‘OpenAl “ee Coney + + Meta ? . ° 2 a + Le “Ses. 5 . <. News Corp *| 10
Slide 11: New AI Products
is an AI Inputs Company $$$ Horizontal LLMs New AI $$$ Products Vertical Specialists 11
Slide 12: News Corp Dow Jones
LJ News Compe DOW JONES
Slide 13: Video Reel: Dow Jones
Video Reel: Dow Jones
Slide 14: Unlocking Value in the Age of AI
Unlocking Value in the Age of AI Almar Latour Chief Executive Officer, Dow Jones & Publisher, The Wall Street Journal 14
Slide 15: Three Key Takeaways for Today
Three Key Takeaways for Today 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 forecast. 15
Slide 16: Dow Jones FY25 Revenue: $2.3B
Dow Jones FY25 Revenue: $2.3B News Risk Energy 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 Circulation and Subscription R
Slide 17: How We Deliver Across Our Verticals: Iran
How We Deliver Across Our Verticals: Iran 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. strikes on Iran. early infor
Slide 18: 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 19: 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 Trusted Brand 19
Slide 20: 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) 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) From fiscal year ended
Slide 21: 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. Strategic Enablers Technology Data Cross-Selling Adjacent Verticals Cost Discipline Modern, scalable Proprietary Higher sha
Slide 22: 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 OPIS (2022) A2i (2024) Leading Analytics, Pricing and News Enhanced AI-Powered Risk Screening for Che
Slide 23: Dow Jones Today
Dow Jones Today News Risk Energy Consumer Enterprise (1) Note: (1) Enterprise is comprised of Factiva, Newswires and enterprise news subscriptions. 23
Slide 24: World's Most Trusted News Brands Positioned for Accelerating Growth
World’s Most Trusted News Brands Positioned for Accelerating Growth News: Consumer #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 Wealth & Investing. (2
Slide 25: Serving the Business Community to Inform Decision-Making
Serving the Business Community to Inform Decision-Making News: Enterprise 25
Slide 26: 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 VIA NEWS CORP ~20 ~4,000 8,000+ GenAI deals signed with API accounts across our licensed sources enterprise customers (1) Factiv
Slide 27: Large and Growing Market for Our Risk Vertical
Large and Growing Market for Our Risk Vertical… Risk Risk Market (1) $3.7B 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-party data analysis comple
Slide 28: And for Our Energy Vertical
…and for Our Energy Vertical Energy Energy Market (1) $8.0B 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 29: World-Class Team of Experts Working Seamlessly Together
World-Class Team of Experts Working Seamlessly Together News Enterprise 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 30: World-Class Leadership Team
World-Class Leadership Team 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 & General Manager, & Genera
Slide 31: Premium News
Premium News Emma Tucker Editor in Chief, The Wall Street Journal 31
Slide 32: Video Reel: News
Video Reel: News
Slide 33: Dow Jones Premium News
Dow Jones Premium News 01 02 03 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 premium products 33
Slide 34: 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 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 2024 and 2025. 34
Slide 35: Our Audience is Increasingly Younger, More Affluent and Successful
Our Audience is Increasingly Younger, More Affluent and Successful +57% 58% #1 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 WSJ and Barron's Group
Slide 36: Using AI to Increase Productivity
Using AI to Increase Productivity Orca monitors 300+ podcasts 1.2K+ episodes per week Note: Orca is an in-house tool built to analyze audio. 36
Slide 37: 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 4 2 + 276M 91M FY18 FY25 57% 70% Average Monthly Visits Average Monthly Page Views Referral sources include
Slide 38: We Have More Than Tripled Digital Subscriptions Since 2018
We Have More Than Tripled Digital Subscriptions Since 2018 Digital Subscriptions (1) 5.7M >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. 38
Slide 39: Consumer News
Consumer News M. Scott Havens Chief Growth Officer & Global Head, Consumer, Dow Jones 39
Slide 40: Delivering a Premium Experience
Delivering a Premium Experience 40
Slide 41: Premium Product, Engagement and Data Drive Pricing
Premium Product, Engagement and Data Drive Pricing FY24 FY26 Digital List Price $38.99 $44.99 Print List Price $54.99 $64.99 ARPU Drivers ✔ Shortened Promotional Offers ✔ Higher Introduction Offers ✔ Data-Driven Retention & Pricing Note: Company data. 41
Slide 42: Our Initiatives are Driving Higher Digital Direct ARPU with a Long Runway for Growth
Our Initiatives are Driving Higher Digital Direct ARPU with a Long Runway for Growth +12% +6% +7% 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 results Note: Company
Slide 43: We are 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 FY25 Advertising Revenue Custom, Video & Audio since FY18 from Digital Advertising Revenue Growth since FY18 Less than 3% 179 events
Slide 44: 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% Growth in Subscriptions to 1.5M since June 2018 $1,411 ~600% Subscription ARPU Growth in
Slide 45: 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 45
Slide 46: Enterprise News
Enterprise News Lisa Fitzpatrick General Manager, Industries, Dow Jones 46
Slide 47: Expanding and Scaling Our Enterprise News Business
Expanding and Scaling Our Enterprise News Business $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 Revenues table, Factiva
Slide 48: 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 3000, where we have revenue comes from with enterprise customers (1) relationships with less outside the U.S. 8000+ licensed sources than 20% co
Slide 49: AI: Accelerating Enterprise News Products & Revenue
AI: Accelerating Enterprise News Products & Revenue Hedge Funds, Financial Platforms + & Large Corporates First-of-its-kind digital media Trusted sources required for Factiva content integrated into news service for professionals investment decision-making and ChatGPT for verified customers in Japan
Slide 50: Driving Growth in News
Driving Growth in News 01 02 03 Trusted Strong Consumer Accelerating Source Revenue Pathway Future Growth 50
Slide 51: Joel Lange
Joel Lange Executive Vice President & General Manager, Dow Jones Risk 51
Slide 52: Video Reel: Risk
Video Reel: Risk
Slide 53: Geopolitical Disruption Drives Demand for Risk Intelligence
Geopolitical Disruption Drives Demand for Risk Intelligence 2022 Invasion of Ukraine 53
Slide 54: Dow Jones Risk Proprietary Data in a Growing Market
Dow Jones Risk 01 02 03 Proprietary Large and Profitable Data in a Growing Market Growth Engine Complex for Risk & Outpacing the Regulatory Compliance Market Environment Products 54
Slide 55: 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+ Major bank fined for Defense contractor fined In-house subject-matter experts compliance lapses for pricing, bribery, working in
Slide 56: 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 Department of Dow Jones Sanctions Treasury (OFAC) Control & Ownership Chinese Ministry Dow Jones China of Finance Dual Use Goods Feed 56
Slide 57: 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% Clients (1) Top Global Banks (2) Retention Rate (3)
Slide 58: Dow Jones Risk Powers Financial Crime Prevention, Compliance and Strategic Decision-Making
Dow Jones Risk Powers Financial Crime Prevention, Compliance and Strategic Decision-Making Financial Sanctions & Trade Third-Party Geopolitical Crime Compliance Risk Risk 2M+ 100% Coverage 300K+ 1,500+ Politicians and of Major Global Companies with Network of Experts Associates Sanctions Lists Adver
Slide 59: 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 60: 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 Our team conducted database checks: Our team conducted a manual review of se
Slide 61: 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 Our team’s research yielded limited results, except for a From the blog post, our team researched social platforms removed blog post that indi
Slide 62: 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 Research team uncovered over 20,000 companies through Dow Jones Proprietary Watchlist brought together these open-source and password
Slide 63: Dow Jones Risk has Delivered 18% Revenue CAGR Over 7 Years
Dow Jones Risk has Delivered 18% Revenue CAGR Over 7 Years $337M Growth Drivers 18% $294M CAGR Growing Market $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 reported Company filings. 63
Slide 64: Large Market Opportunity for Dow Jones Risk
Large Market Opportunity for Dow Jones Risk $3.7B 11%-13% 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 65: Dow Jones Risk has 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) Financials Financials 70% 56% +9%-12% Corporates 44% Corporates 30% +15% (1) (2) Market Dow Jones Note: (1) Third-party data as of November 2025. (2
Slide 66: Dow Jones Risk has 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) 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 November 2025. (2) Compa
Slide 67: 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 Integrated Critical Systems Trusted Platform agnostic 25-year history of client relations
Slide 68: Sarah Cottle
Sarah Cottle Executive Vice President & General Manager, Dow Jones Energy 68
Slide 69: Video Reel: Energy
Video Reel: Energy
Slide 70: 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 71: Dow Jones Energy Benchmarks are Essential
Dow Jones Energy 01 02 03 Benchmarks Our Experts The Energy are Essential Deliver Information Market Proprietary Sector is Large Infrastructure Data & Insights & Growing 71
Slide 72: 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 true value of transactions Quantitative context to 60+ help buyers and sellers Industry-Adopted Benchmarks Used to Settle Contracts unde
Slide 73: Dow Jones Energy 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… …evaluating and reviewing pricing data… 150+ Exchange-Listed Benchmarks …and generating market-reflective prices 60+ and breaking news. Industry Benchmarks Thousand
Slide 74: 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 Year Based on OPIS Prices Note: Company data as of February 2026. 74
Slide 75: Dow Jones Energy is a 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 Chemicals & Derivatives Note: Company data as of February 2026. 75
Slide 76: Global Coal Trade Relies on Dow Jones Energy
Global Coal Trade Relies on Dow Jones Energy 200+ 75+ Price Assessments Global Locations Covered Note: Company data as of February 2026. 76
Slide 77: 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, Points Measured Biofuels & Renewables Note: Company data as of February 2026. 77
Slide 78: U.S. Fuel Prices Before the Start of the Iran War
U.S. Fuel Prices Before the Start of the Iran War 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 ship fuel from the re
Slide 79: U.S. Fuel Prices Post-Iran Strike: Pricing Goes Up Due to Supply Demand
U.S. Fuel Prices Post-Iran Strike: Pricing Goes Up Due to Supply Demand 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 United States used to shi
Slide 80: Since Dow Jones's Acquisition, We Have 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 Value-Based Pricing $217M New Products M&A FY23 FY24 FY25 Note: Financials based on publicly reported Company filings. Fiscal year ended June 30, 2023, was th
Slide 81: The Energy Information Sector is Large & Growing
The Energy Information Sector is Large & Growing $8.0B 8%-10% 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 82: 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 Integrated Critical Systems Trusted Seamless data access for clients Decades-long
Slide 83: Positioned for Strong Financial Growth
Positioned for Strong Financial Growth Jared DiPalma Deputy Chief Financial Officer, News Corp 83
Slide 84: 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 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 publicly reported Comp
Slide 85: and Delivered Strong EBITDA Growth & Significant Margin Expansion
…and Delivered Strong EBITDA Growth & Significant Margin Expansion EBITDA Growth $588M >3x vs. FY18 +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 data. (1) Cash conversion
Slide 86: Cost Discipline: Mitigates Inflation, Enables Investment & 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 +1% +1% +3% Leveraging News Corp scale to increase $1.3B $1.3B $1.4B $1.4B
Slide 87: Financial Growth Going Forward
Financial Growth Going Forward 87
Slide 88: Risk & Energy: High-Margin Businesses with Strong Secular Tailwinds
Risk & Energy: High-Margin Businesses with Strong Secular Tailwinds Risk & Energy Revenue +14% $615M CAGR ✔ 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 Rates 90%+ Risk $253
Slide 89: Digital Circulation Revenue: Growth Through New Products, New Markets, Pricing & Enterprise News
Digital Circulation Revenue: Growth Through New Products, New Markets, Pricing & Enterprise News +11% $700M CAGR $700M Growth Drivers 2pts of growth from M&A / partnerships Enterprise news $336M Direct-to-consumer $336M • New products Digital Circulation • Price Revenue • International FY18 FY25 Dig
Slide 90: Accelerating Digital Direct-to-Consumer ARPU Growth
Accelerating Digital Direct-to-Consumer ARPU Growth ARPU Drivers ✔ Higher-Priced Products 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: Company data. Growth
Slide 91: 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 $352M 15% Lower performance marketing Lower content spend = Higher margin ✔ AI Delivering Incremental Revenue for Premium News Note: Company data for fi
Slide 92: Dow Jones Road to $1 Billion EBITDA
Dow Jones Road to $1 Billion EBITDA $1B Drivers to $1B + Accelerating Risk & Energy growth delivers margin expansion $588M + Accelerating direct-to- consumer with new products & pricing + Focusing on high-margin $193M enterprise news + Continuing cost discipline & operating leverage (1) FY18 FY25 Wi
Slide 93: Accelerating Growth in the Age of AI
Accelerating Growth in the Age of AI Almar Latour Chief Executive Officer, Dow Jones & Publisher, The Wall Street Journal 93
Slide 94: Three Key Takeaways for Today
Three Key Takeaways for Today 01 02 03 Dow Jones is a News, Outsized Growth in Risk Road to $1 Billion EBITDA Data and Intelligence and Energy, Underpinned Within 5 Years (1) Powerhouse by the Value Creation of News Note: (1) Forward-looking view of EBITDA is not a profit forecast. 94
Slide 95: Q&A with Leadership
Q&A with Leadership Almar Latour Jared DiPalma Chief Executive Officer, Deputy Chief Financial Officer, Dow Jones & Publisher, News Corp The Wall Street Journal M. Scott Havens Lisa Fitzpatrick Joel Lange Sarah Cottle Chief Growth Officer & General Manager, Executive Vice President & Executive Vice
Slide 96: Notes and Disclaimers
Notes and Disclaimers Certain information contained in this presentation has been obtained from, or is based on or derived from, third-party sources that the Company deemed reliable. However, no representations are made as to the accuracy or completeness thereof, and none of News Corporation, Dow Jo
Slide 97: Appendix
LJ News Compe DOW JONES Appendix
Slide 98: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Total Segment EBITDA and Total Segment EBITDA Margin Reconciliation (1) Total Segment EBITDA: ($ in millions) FY 2014 FY 2023 FY 2024 FY 2025 Net income from continuing operations $436 $228 $379 $648 Income tax (benefit) expense from continuing (614) 152 2
Slide 99: 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 Net cash provided b