Arn Media Limited · ASX:A1N
Arn Media — H1 FY2026 Earnings Presentation
39 slides from Arn Media's earnings presentation, Aug 21, 2026
Slide 1: ARN Media Half Year Results 2026
ARN MEDIA HALF YEAR RESULTS 2026 AUGUST 21, 2026
Slide 2: Agenda
AGENDA 01 1HFY26 Highlights and Results 02 Financial Results 03 Our Vision for the Future 04 Summary and Outlook
Slide 3: 1HFY26 Highlights and Results
1HFY26 HIGHLIGHTS AND RESULTS MICHAEL STEPHENSON | CEO
Slide 4: Three Key Takeaways
THREE KEY TAKEAWAYS COST BASE HAS BEEN RE-SET. FOCUSED ON RE-GAINING LOST RADIO SHARE TRANSFORMATION We have stabilised the core business COSTS On track to deliver $55m in cost savings REVENUE Revenue share is well below our audience share 4
Slide 5: We Have Stabilised the Core Business
WE HAVE STABILISED THE CORE BUSINESS CREATING STRONG FOUNDATIONS TO BUILD ON DIVESTMENT OF SETTLEMENT CODY HONG KONG1 WITH KYLE SANDILANDS2 ARN has entered into an agreement to sell Cody HK to DFI Retail Group. $12.1m settlement paid over a 3-year term ending in 2029 Simplifies the portfolio and all
Slide 6: Creating Strong Foundations
CREATING STRONG FOUNDATIONS BUILDING A BUSINESS FOR THE FUTURE DISCIPLINED METRO RADIO READY ONGOING STRENGTH IN COST & CAPITAL MANAGEMENT1 FOR REVENUE GROWTH REGIONAL MARKETS $11.8m of cost-out actioned in 1HFY26 25% metro audience share Strong audience performance 2 across KIIS, Gold and DAB Netwo
Slide 7: 1HFY26 Results
1HFY26 RESULTS COST AND CAPITAL DISCIPLINE OFFSETTING REVENUE HEADWINDS TOTAL REVENUE1 • 1HFY26 revenue declined by 14%, driven by residual impact of brand safety issues and election in PCP $127.9m • • Metro radio revenue share of 18.5% 11% of revenues now delivered from digital platforms vs 9% in 1
Slide 8: Total Audio Advertising Market Flat
TOTAL AUDIO ADVERTISING MARKET FLAT DIGITAL REVENUE GROWTH OFFSETTING LOW SINGLE DIGIT RADIO DECLINES Market revenue forecast (�m) 1% p.a. 1,116 1,123 1,128 1,133 1,139 Digital Audio 110 130 150 172 197 Regional Radio 382 379 374 368 361 Metro Radio 624 615 605 593 581 FY26 (F) FY27(F) FY28(F) FY29(
Slide 9: ARN Reaches 15.3 Million Australians
ARN REACHES 15.3 MILLION AUSTRALIANS ARN IS AUSTRALIA’S NUMBER 2 RADIO NETWORK SHARE OF COMMERCIAL RADIO (NATIONAL)1 SHARE OF COMMERCIAL PODCAST DOWNLOADS 2 37% 33% 28% 23% 24% SHARE % SHARE % 8% 7% 6% 3% SCA ARN NOVA TAPT SEN iHeart Comp 1 Comp 2 Comp 3 ARN REACHES 12 MILLION iHEART REACHES 7 MILLI
Slide 10: Metro Revenue Share Below Audience Share
METRO REVENUE SHARE BELOW AUDIENCE SHARE EVERY METRO SHARE POINT EQUALS �6M. FOCUS IS ON REGAINING OUR LOST SHARE Revenue Growth Opportunity ($38.4M) 24.9 25.1 22.1 • ARN has a 25% share of +6.4 audience. 18.5 • ARN has a 19% share of revenue. Share Point • ARN revenue share is 6.4pts below our audi
Slide 11: ARN. An Entertainment Company.
ARN. AN ENTERTAINMENT COMPANY.
Slide 12: Financial Results
FINANCIAL RESULTS ALEXIS POOLE | CFO
Slide 13: 1HFY26 Results
1HFY26 RESULTS BUSINESS FUNDAMENTALS STRONGER. BALANCE SHEET STRENGTHENED. DIGITAL SHIFT PROGRESSING. • Resilient EBITDA and cash flow despite revenue down 14%, reflecting residual brand safety REVENUE1 impacts, the election in the PCP and our deliberate exit from unprofitable podcast deals. • Cost
Slide 14: Revenue
REVENUE BRAND SAFETY IMPACT ON METRO, REGIONAL STRENGTH, DIGITAL GAINS MOMENTUM 1HFY25 1 1HFY26 Continued 1HFY25 Continuing Var A$ Million Var 25 Election & ATN Normalised Var Operations Operations2 $ % Revenue3 % Metro 60.0 79.1 (24%) (4.5) 74.6 (14.6) (20%) Regional 54.2 56.8 (5%) (2.1) 54.7 (0.5)
Slide 15: EBITDA
EBITDA COST-OUT EXECUTION FUNDING INVESTMENT AND OFFSETTING REVENUE DECLINE +11.8 +5.3 -19.0 -4.9 (+17%) (+48%) (-13%) (-51%) 36.7 37.2 (1.7) 5.3 (3.2) 31.9 11.8 (19.0) 24.9 Investment in data $’Millions and tech to support 18.2 digital transformation 1HFY25 EBITDA YTD Cost out 1HFY26 EBITDA Inflati
Slide 16: Digital Revenue and Earnings Growth
DIGITAL REVENUE AND EARNINGS GROWTH DIGITAL REVENUE AND EARNINGS CONTINUE TO GROW DIGITAL INCREASED SHARE OF REVENUE1 DIGITAL INCREASED EARNINGS CONTRIBUTION1 +10% 1HFY25 1HFY26 +55% +20% +2% 11% 9% 13.5 13.7 11.2 47% 2.1 53% 38% 1.4 42% (1.9) Metro Regional Digital H1 2024 H1 2025 H1 2026 Normalise
Slide 17: Disciplined Cost Management
DISCIPLINED COST MANAGEMENT IMPROVING FUTURE OPERATING LEVERAGE -12.2 (-13%) 96.7 (11.8) 84.5 1.7 (5.3) 3.2 1HFY25 Operating Costs YTD Cost Out Talent Savings Data, Digital and Inflation 1HFY26 Operating Costs1 Tech Investment 17 1 Continuing operation only.
Slide 18: Cost Out Tracking
COST OUT TRACKING DISCIPLINED COST MANAGEMENT; CONTINUED PRODUCTIVITY TO DELIVER ~55M IN 4 YEARS ALREADY DELIVERED TO BE DELIVERED $18.6M 54.7 COST OUT IN FY26 49.3 42.5 Delivered $42.5M cost out by 1HFY26 30.7 24.2 On track to deliver $54.7M cost out by 2027 11.8 6.5 6.5 6.8 5.4 2024 2025 1HFY2026
Slide 19: Strong Cash Flow Generation
STRONG CASH FLOW GENERATION IMPROVEMENT IN OPERATING CASH DRIVEN BY IMPROVEMENT IN WORKING CAPITAL Free cash conversion2 (Free cash/EBIT) 202% 18.6 18.2 Operating cash conversion1 3.2 (Operating cash/EBITDA) (2.0) 145% (5.7) 9.5 (0.3) 13.3 (3.6) (0.6) EBITDA NCI/Related party Working Capital Signifi
Slide 20: Stronger Balance Sheet
STRONGER BALANCE SHEET A STRONG BALANCE SHEET CREATING CAPACITY FOR GROWTH A$ Million 30-Jun-26 31-Dec-25 Var $ Var % • Net assets of $239.3m – a $36m reduction driven Cash 17.6 10.2 7.4 72% by non-cash impairment and litigation settlement; excluding these, net assets grew $1m. Other current assets2
Slide 21: Financial Leverage
FINANCIAL LEVERAGE BELOW TARGET, SIGNIFICANT HEADROOM 73.0 Limit -44% (-39.0) 140.0 Drawn Net Debt 88.4 67.0 77.5 49.4 1HFY24 1HFY25 1HFY26 Debt Faciliaties DEBT FACILITIES TARGET NET DEBT / EBITDA <3X Debt Maturing in Dec 2028 NET DEBT / EBITDA ON CONTINUING OPERATION BASIS 1.5X $73M undraw 21 1 Co
Slide 22: Our Vision for the Future
OUR VISION FOR THE FUTURE MICHAEL STEPHENSON | CEO
Slide 23: ARN. An Entertainment Company.
ARN. AN ENTERTAINMENT COMPANY.
Slide 24: We Have a Clear Strategy
WE HAVE A CLEAR STRATEGY MAXIMISING THE RETURN FROM THE CONTENT WE CREATE AMBITION ARN. AN ENTERTAINMENT COMPANY. CREATE DISTRIBUTE AMPLIFY CONNECT STRATEGY GREAT CONTENT ACROSS EVERY PLATFORM ON SOCIAL WITH AUDIENCES AND ADVERTISERS DRIVERS ADVERTISING EXPERIENCES RETAIL AUDIO SUBSCRIPTION ENABLERS
Slide 25: Long-Term Strategic Partnership With iHeart
LONG-TERM STRATEGIC PARTNERSHIP WITH IHEART LONG TERM LICENSE AGREEMENT WITH NO CAPITAL EXPENDITURE The world’s largest free Global Development iHeart brands and audio streaming platform. teams. commercial products. Leading live experience, branded 1,000+ 250,000+ Global podcasts and digital content
Slide 26: Our Next Generation Data Technology Stack
OUR NEXT GENERATION DATA TECHNOLOGY STACK 5 MILLION REGISTERED USERS AND 800 CUSTOM AUDIENCE SEGMENTS COLLECT BUILD AUDIENCE MATCH WITH ACTIVATE SMARTER . LISTENER DATA SEGMENTS CUSTOMER DATA TARGETING Data Lakehouse REGISTERED Reserved IO LISTENERS Radio Music Insights & intelligence Podcasts strea
Slide 27: Video Is a Material Growth Opportunity
VIDEO IS A MATERIAL GROWTH OPPORTUNITY ALLOWING ARN TO ENTER THE �5BN DIGITAL VIDEO MARKET Short-form video. Video podcasts. Catch up radio shows. Clips of radio shows, long-form iHeart Original video podcasts Catch up Metro radio shows podcasts and iHeart live events. distributed on podcast platfor
Slide 28: Competing in High Growth Digital Markets
COMPETING IN HIGH GROWTH DIGITAL MARKETS THE SHAPE OF OUR REVENUE WILL CHANGE Video revenue Video streaming Social video Live radio streaming Live radio streaming Digital revenue Digital revenue 11% of revenue is digital 45% of audience is digital Live radio streaming Live radio streaming (4%) (11%)
Slide 29: Summary and Outlook
SUMMARY AND OUTLOOK MICHAEL STEPHENSON | CEO
Slide 30: Now, New, Next
NOW, NEW, NEXT SHORT-TERM DISCIPLINE, LONG-TERM STRATEGIC ADVANTAGE 2026-2030 2027 STRATEGIC DIFFERENTIATION 2026 ACCELERATE DIGITAL TRANSFORMATION • Develop high growth digital adjacencies • Diversify revenue and earnings as we STRATEGIC FOUNDATIONS • Investment in digital capability transition to
Slide 31: Trading Outlook
TRADING OUTLOOK CONTINUED COST MANAGEMENT AS REVENUE SHARE IMPROVES • Total audio advertising market expected to be broadly flat in FY26 (excl election revenues from pcp), low single digit declines in radio market, offset by growth in digital market. • ARN Metro revenue share expected to improve in
Slide 32: Three Key Takeaways
THREE KEY TAKEAWAYS COST BASE HAS BEEN RE-SET. FOCUSED ON RE-GAINING LOST RADIO SHARE TRANSFORMATION We have stabilised the core business COSTS On track to deliver $55m in cost savings REVENUE Revenue share is well below our audience share 32
Slide 33: Appendix
APPENDIX arnnedia
Slide 34: 1HFY26 Financial Results
1HFY26 FINANCIAL RESULTS $18.2M OF UNDERLYING EBITDA DELIVERED 1HFY26 Continuing 1HFY25 Continuing A$ Million1 Variance Change Operations Operations2 $ % Revenue2,3 127.9 149.5 (21.5) (14%) Variable Contribution2 100.9 119.9 (19.0) (16%) Wages & contractors (50.4) (59.5) 9.1 15% Talent Investment (1
Slide 35: AASB 15 Revenue Reclassification
AASB 15 REVENUE RECLASSIFICATION 1HFY26 1HFY26 1HFY25 1HFY25 Updated 1 AASB 15 Updated AASB 15 Var % A$ Million Continuing Continuing Continuing Reclass2 Continuing Reclass2 $ Change Operations Operations Operations Operations Metro 58.0 1.3 59.4 75.3 3.1 78.4 (19.1) (24%) Regional 51.4 2.4 53.7 53.
Slide 36: Reconciliation of Results to Statutory Result
RECONCILIATION OF RESULTS TO STATUTORY RESULT Result before significant items Significant items Statutory result A$ million1 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 Revenue before other income 126.8 147.8 - - 126.8 147.8 Other income 1.2 1.7 0.1 (0.3) 1.2 1.4 Total revenue and other income 127.9 1
Slide 37: Significant Items
SIGNIFICANT ITEMS A$ million1 1HFY2026 1HFY2025 Transformation costs 2.2 2.8 Restructuring costs 1.4 3.6 Disposal of properties (0.1) 0.3 Legal settlement costs2 11.6 - Other costs related to litigation 5.5 - Impairment losses on intangible assets 25.0 - Significant items from continuing operations,
Slide 38: 1HFY26 AASB 16 Leases
1HFY26 AASB 16 LEASES Continuing Discontinued ARN Hong Kong Operations Operations AASB 16 Leases AASB 16 Leases Result without Result without Continuing Discontinued A$ million1 Adjustment4 Adjustment4 adoption of adoption of Operations Operations AASB 16 AASB 16 ARN 18.2 - (3.6) - 14.6 - Hong Kong
Slide 39: 1HFY25 AASB 16 Leases
1HFY25 AASB 16 LEASES Continuing Discontinued ARN Hong Kong Investments Operations Operations AASB 16 Leases AASB 16 Leases AASB 16 Leases Result without Result without Continuing Discontinued A$ million1 Adjustment4 Adjustment4 Adjustment adoption of adoption of Operations Operations AASB 16 AASB 1