Slides
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SCA 26 Investor Presentation SOUTHERN CROSS MEDIA GROUP
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Disclaimers Basis of preparation The material in this presentation has been prepared by Southern Cross Media Group Limited (SCA) and contains summary information about SCA's activities as current as at 11 August 2026. The information is of a general nature and does not purport to be complete. It should be read in conjunction with SCA's other periodic and continuous disclosure announcements, which are available at www.sca.com.au/investors/. SCA does not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document. SCA does not undertake to revise this presentation to reflect any future events or circumstances after the date above. Pro forma information Unless stated otherwise, the figures in this release are presented on a pro forma basis, as if the merger of SCA and Seven West Media Limited (SWM) had been in place for the full period and have been prepared on a basis consistent with SCA accounting policies. Footnotes Several slides in this presentation contain footnotes. The relevant explanations relating to those footnotes can be found on page 32. Non-IFRS statements This presentation contains certain non-IFRS financial measures, including pro forma revenue, EBITDA, significant items, net debt and leverage. "Significant items" refers to costs and gains that management considers do not reflect the underlying operating performance of the Group, including transaction and integration costs associated with the SCA/SWM merger, restructuring and redundancy costs, impairment of assets, and other one- off items. These measures are used internally by management to assess the performance of the business and have been included to provide investors with a meaningful basis for comparison of the merged Group's performance across periods. Non-IFRS measures have not been prepared in accordance with Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS), are unaudited, and should not be considered as an indication of, or substitute for, statutory measures prepared in accordance with AAS. They may be calculated differently from similar measures used by other companies and may not be directly comparable. Past performance Past performance information in this presentation is for illustrative purposes only and should not be relied upon and is not an indicator of future performance. Forward-looking statements This presentation contains certain “forward-looking statements”. Forward- looking statements, opinions and estimates provided in this presentation are based on assumptions and estimates which are subject to change without notice, as are statements about industry and market trends, which are based on interpretation of market conditions, including changes in advertising market conditions, audience and ratings trends, regulatory and licensing matters (including ACMA requirements), content costs, competitive and digital market dynamics, and integration of the SCA/SWM merger. Although due care has been used in the preparation of forward-looking statements, actual results and performance may vary materially because events and actual circumstances frequently do not occur as forecast. Investors should form their own views as to these matters and assumptions on which any forward-looking statements are based. No offer of securities Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information, you should consider the appropriateness of the information having regard to your particular objectives, financial situation and needs, any relevant offer document and in particular, you should seek independent financial advice. Data preparation Certain data in this presentation has been prepared by SCA management and has not been subject to the same level of review as the Group's audited financial statements. This data is provided for indicative purposes only and neither SCA nor its employees warrant its accuracy or accept liability for its use by any party. Rounding of amounts Certain financial data presented in this presentation has been rounded for ease of presentation. Any discrepancies between totals and the sum of individual figures are due to rounding. 2
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Investment Overview AUSTRALIA’S LEADING MULTI -PLATFORM MEDIA BUSINESS Unmatched reach across the channels that matter No Australian media company connects with more people — across broadcast, streaming, digital, audio and publishing >20M AUSTRALIANS REACHED Content advertisers trust and audiences choose Premium live sport, news and entertainment — the categories most resistant to fragmentation and AI substitution Strong social license and trust — Telethon, Good Friday Appeal #1 TV NETWORK AUDIO 25 –54 WA PUBLISHER High impact digital assets 7plus – audiences up 53% 3 — Australia’s fastest growing BVOD service LiSTNR revenues out -running broadcast revenue runoff — a first Three million readers of The Nightly 4 11% DIGITAL REVENUE GROWTH Attractive market opportunity Digital ad segment under -penetrated by broadcasters Increasing need for our product by advertisers Underpinned by 17.8 million first party data records 6 ~$25B AUSTRALIAN DIGITAL AD MARKET Financial base reset $30 million synergies delivered early $145 - $150 million cost -out program underway 7 $569 million refinanced bank facility in place ~$145M ANNUALISED COST BENEFITS 1 2 5 3
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Open ROHAN LUND GROUP MANAGING DIRECTOR AND CEO 4
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Key Messages BUSINESS RESET BUILDING FOR GROWTH AND VALUE UNDERPINNED BY CULTURE AND TRUST 01 Results reflect market headwinds, revenue share gains, cost down • Revenue $1,870M • EBITDA (exc onerous) $192M • EBITDA (inc onerous) $200M 02 Financial reset is underway • $30M cost synergies achieved • ~$145M cost program started1 • $569M new bank facility in place • Ventures exit 03 Business position strengthened • #1 TV and Audio networks2 • #1 Publisher in WA3 • $320M digital revenue, up 11% 04 Clear strategy to leverage our unique multiplatform offering • Trusted, live and local content • Build audiences – on and off network • Connecting advertisers • Leveraging combined portfolio • Reshape culture, increase trust 5
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Financial Outcomes DIFFICULT TRADING CONDITIONS DISCIPLINED MANAGEMENT REVENUE $1,870M DOWN $87M / 4.4% $125M market contraction impact Offset by share growth impact of $41M1 TOTAL EXPENSES $1,678M DOWN $51M / 3.0% Variable costs lower in line with revenue $30M merger cost synergies EBITDA (excl / incl onerous contracts) $192M / $200M DOWN 15.8% / DOWN 12.8% Reflects market conditions Margin of 10.3% 2, down 1.4 ppt NPAT3 $10M DOWN $13M / 58% Lower operating earnings Significant items of $33M due to merger and restructuring NET DEBT4 $363M UP $6M / 1.6% New $569M cross-Group syndicated facility in place Available for rvice $41M REPORTED LEVERAGE5 1.8x UP 0.3x Movement primarily reflecting lower earnings 6
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41.2% 42.5% FY25 FY26 National audience share TV ad revenue share #1 rated TV network | Fastest growing BVOD | Consumption 6.30 hrs pw, up 14 mins TV 1Audio2 Metro 25-54 audience share Audio ad revenue share LiSTNR registered users 35.2% 36.8% FY25 FY26 28.3% 30.0% FY25 FY26 Triple -M - #1 for 25 -54M | HIT #1 25 -54F | Consumption 6.27 hrs pw, up 15 mins Publishing3 Business Outcomes LEADING POSITIONS HELD GROWING SHARE WHERE IT MATTERS The Game registered usersThe West Australian monthly audience The Nightly digital edition opens 105k 123k FY25 FY26 2.4M 2.7M FY25 FY26 7 3.2M 3.5M Jun-25 Jun-26 7plus registered users 1.0 1.2 FY25 FY26 The Nightly avg 2’31” per visit, up 9.4% | VIC +2.5% & NSW +1.0% audience growth 40.4% 41.6% FY25 FY26 15.8M 16.7M FY25 FY26
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Combined Platform POWERFUL AND RESONATING 0.0 2.0 4.0 6.0 8.0 10.0 12.0 5.30AM-9AM 9AM-12NN 12NN-4PM 4PM-7PM 7PM-12MN National cumulative reach by day-part by platform (# million) SCA radio Seven TV 25% Don’t feel confident planning, executing or measuring cross- media campaigns 90% Likely to plan campaigns with audio and screen in next 6 months 40% Feel overwhelmed by the number of platforms available What advertisers tell us 1 Health insurer Cross-promotion across Triple M and Seven AFL properties → $1.2M campaign Direct Bank Extended customer outreach with joint Sunrise and LiSTNR campaign → $1.4M campaign Early wins 8 → 38% of audience members both listen to SCA and watch Seven → 14% of advertisers buy from both SCA and Seven
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9 Meet our Audiences where they are Meet our Advertisers where they are Reimagine the way we work Keep Fire Burning the Culture of trust to carry the torch HEADWINDS TO TAILWINDS TRUSTED, LIVE & LOCAL Our Strategy We connect Australians with what matters to them
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10 Seven and 7plus HIT, Triple M, LiSTNR The West, The Nightly Multi -platform capability Talent, content, cross -promotion, Phoenix, RediQ Live sport and news Entertaient Metro, regions, fans On and off network Who they are What they want & do Audience-led Proven outcomes Legacy and digital Agency and direct We bring Australians together through content they love and trust We turn that connection into audiences that work for advertisers Margin Cashflow Leverage Dividends Financial discipline Yield, cost base, capital allocation, balance sheet Do what you say Go together Put your heart into it Make it happen Our people and culture One team, clear accountabilities, reward tied to delivery, values Audiences at scale Content people love First party insight Advertiser solutions Every brief Creating Value From Strategy STRENGTHENING AUSTRALIA THROUGH TRUSTED MEDIA
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Refreshed Team EXPERIENCED EXECUTIVE TEAM – STRONG LEADERS, DEEP MEDIA, DIGITAL AND TECHNOLOGY EXPERTISE 11 Rohan Lund MD & CEO ~12 years media Previous: CEO, NRMA Angus Ross MD Television & Streaming ~27 years media Previous: Group MD, Seven John Kelly MD Audio ~28 years media Previous: CEO, SCA Maryna Fewster CEO SWM WA ~10 years media Previous: COO, iiNet Rebecca Ackland Chief People and Culture Officer ~8 years media Previous: CPO, SCA Stephen Haddad Chief Operating Officer ~14 years media Previous: COO, SCA Natalie Harvey1 Chief Revenue Officer ~20 years media Previous: CEO, Mamamia Scott Butterworth Chief Financial Officer ~17 years finance Previous: CFO, PEXA Operating businesses Group enablement
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Financial Results SCOTT BUTTERWORTH CFO 12
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Group Earnings • Revenue outcome (down 4.4%) primarily reflects soft advertising market, particularly in TV, offset by share gains and digital revenue growth • Revenue related costs (down 5.0%) declining faster than sales, mainly due to tighter commission management • Operating expenses (down 2.6%) benefited from merger synergies, general spend discipline and relief of the CBT 2 • Onerous contract provision release ($8.1M) relates to legacy arrangements reviewed upon acquisition of SWM • D&A increase (up 21.6%) relates to resetting of PPE balances upon acquisition of SWM, partially offset by lower capex (down 22.3%) • Finance charges (down 2.5%) benefiting from lower average rate, offset by increase in average debt • Lower effective tax (down 4.1 ppt) mainly due to TV production rebates received • Significant items mainly reflect restructuring costs and adjustments and fees relating to the acquisition of SWM – see slide 29 for details Group Financials $M FY26 FY251 YoY Change Advertising revenue 1,666.7 1,750.9 (4.8%) Other revenue 202.9 207.3 (2.1%) Total revenue 1,869.6 1,958.2 (4.5%) Revenue related costs (254.3) (267.7) (5.0%) Operating costs (1,423.5) (1,463.1) (2.7%) EBITDA (exc onerous contracts) 191.9 227.6 (15.8%) Onerous contracts provision release 8.1 1.7 n.m. EBITDA (inc onerous contracts) 200.0 229.3 (12.8%) D&A (88.3) (72.6) 21.6% EBIT 111.7 156.5 (28.7%) Finance charges (56.4) (57.9) (2.5%) Tax (12.5) (26.4) (52.5%) NPAT before significant items 42.8 72.3 (40.9%) Significant items net of tax (32.9) (49.0) (32.9%) NPAT 9.9 23.3 (57.6%) Digital revenue 320.3 289.3 10.7% EBITDA margin 10.3% 11.6% (1.4 ppt) Capex (27.5) (35.4) (22.3%) MARKET CONDITIONS OFFSETTING BENEFITS OF COST MANAGEMENT AND DIGITAL GROWTH 13
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Group Revenue SHARE GAINS OFFSET BY IMPACT OF AD MARKET CONTRACTION Group revenue movement FY25 to FY26 ($M) 14 • Group revenue primarily impacted by declines in the TV and audio advertising markets, partly offset by share gainsdriven by strong content and sales effectiveness - total TV 41.6%1 (+1.2% pts); Metro Audio 30%2 (+1.7% pts) • Digital revenues performed well overall – up 10.7% (full year of AFL on BVOD, strong LiSTNR growth, digital publishing subscriptions) • Other revenue decline 1.2% reflects reduction for one re-negotiated spectrum fee contract – all other components held flat 1,956 1,870 116 34 4 7 6 2 FY25 Total TV Market Total TV Share Audio Market Audio Share WAN Other FY26 Digital growth outpaced Audio decline – for the first time Refreshed formats and rosters Ratings (sport, mornings, tentpoles, news). Sales effectiveness Economic softness, PCP activity run-off
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Group Expenses INFLATION IMPACTS MANAGED WITH SYNERGY AND OTHER COST ACTIONS Group expense movement FY25 to FY26 ($M) 15 1,461 1,423 22 50 21 30 15 FY25 Synergies realised Other cost actions Contracted cost growth General inflation Other FY26 Procurement scale benefits and duplication removalInitial operating model improvements resulting from the Expense Program Scheduled AFL increase above CPI Unavoidable CPI increases from content, personnel and other operating costs Commercial Broadcasting Tax relief • Group costs reduced 2.6% to $1,423M with merger synergies and cost reduction actions offsetting general inflation • Annualised synergies from SCA/SWM merger of $30M have been delivered a year ahead of schedule • Expanded cost out program commenced Q4 FY26 targeting $145M of annualised savings • AFL cost increase reflects year one step up in rights fee with future years held to inflation • Benefit from the Commercial Broadcast Tax (CBT) relief ~$15M
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Expense Program LEANER AND MORE FLEXIBLE COST BASE Simplify operating model Clear organisational design – TV, Audio, Publishing Leverage Group-wide scale Remove duplication, procurement advantage Clear accountabilities Reduce middle management and corporate overhead Redesign work Process enhancement, offshoring, automation • Program builds on momentum created by merger synergy realisation • Targeting run-rate savings of $145 - 150M upon conclusion • Substantially delivered by end FY27 • Progress broadly in line with expectations − 250 FTE (~8%) departed during FY26 − Renegotiating key contracts such as insurance, purchased content and technology 16
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Divisional Outcomes STAND-OUT AUDIO PERFORMANCE Divisional performance FY26 ($M) 1 TV Audio Publishing Corporate2 Group Revenues 1,251.5 429.9 187.0 1.2 1,869.6 Costs (1,141.9) (329.5) (160.8) (45.5) (1,677.7) EBITDA (exc onerous contracts) 109.6 100.4 26.2 (44.3) 191.9 EBIT 60.3 74.4 21.3 (44.3) 111.7 Digital revenue 240.8 51.6 27.9 - 320.3 EBITDA margin 8.8% 23.4% 14.0% n.m. 10.3% Capex (10.9) (9.6) (7.0) - (27.5) vs FY25 (%) TV1 Audio Publishing Corporate Group Revenues (6.6%) 1.4% (3.1%) (11.2%) (4.5%) Costs (3.1%) (2.2%) (3.2%) (8.2%) (3.1%) EBITDA (32.3%) 15.5% (2.4%) 8.1% (15.8%) EBIT (51.8%) 30.6% (6.4%) 8.2% (28.7%) Digital revenue 10.6% 14.3% 5.7% - 10.7% EBITDA margin (3.3 ppt) 2.8 ppt 0.1 ppt - (1.4 ppt) Capex (40.8%) (3.0%) (1.4%) - (22.3%) • TV result primarily impacted by soft advertising markets, partly offset by expense control • Stand out result for Audio, with digital revenue growth out-pacing broadcasting decline, and disciplined expenses • Publishing earnings impacted by softer advertising, offset by expense management 17
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Balance Sheet SCOTT BUTTERWORTH CFO 18
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Group Cashflows LOWER CASH GENERATION REFLECTING REDUCED EARNINGS AND TRANSACTION AND RESTRUCTURING IMPACTS Cashflow $M` FY26 FY25 YoY Change EBITDA 200.0 233.9 (14.5%) Non-cash items (29.6) (21.7) 36.4% Movement in working capital (29.0) (13.1) 122.4% Capex (27.5) (35.4) (22.5%) Cash tax (13.4) (14.8) (9.4%) Total lease payments (38.3) (43.1) (11.3%) Other1 (21.2) (19.0) 11.9% Cashflow available for rvice2 41.0 86.8 (52.7%) Net financing costs (27.3) (33.4) (18.3%) Net debt drawdown 2.0 25.0 n.m. - Transaction / merger costs (22.0) - n.m. - Sale of assets net of dividends paid 2.5 2.5 n.m. - Net Cash Movement (3.7) 80.9 (104.6%) Cash balance 142.2 146.0 (2.6%) Net Debt3 362.8 357.0 1.6% EBITDA cash conversion 4 71% 85% 14 ppt • Cash conversion impacted by increase in non-cash items (mainly onerous contracts) and working capital impact of unwinding leave provisions for departing staff • Lower FY26 capex reflects higher spend incurred in FY25, primarily due to TV office move in Melbourne • Reduced cash taxes mainly due to lower earnings • Lease payment reduction reflects space compression – efficiency and synergies • Reduced financing costs are due to lower interest rates, offset by higher average loan balance • 1H26 SCA dividend effectively funded by asset sales 19
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Debt Metrics NEW DEBT FACILITY PROVIDES ADDITIONAL FLEXIBILITY AND NO MATURITIES UNTIL FY30 • Separate SCA and SWM facilities refinanced into a single Group-wide $569M syndicated facility, arranged by ANZ, Commonwealth Bank and Westpac as Mandated Lead Arrangers and Bookrunners • Total syndicated debt commitments reduced by $116M, and short-term facilities increased by $15M to $60M • The new facilities are split across three- and four-year tranches, with no syndicated maturities until July 2029 • Covenants remain in line with previous SWM debt facilities, requiring a Net Leverage Ratio3 of below 3.25x and Interest Cover Ratio4 of greater than 3.0x 1.5 1.6 1.8 FY25 1H26 FY26 7.6 7.3 7.1 FY25 1H26 FY26 Reported Leverage (x)1 Reported Interest Cover (x)2 Debt maturity profile ($M) 685 190 379 FY27 FY28 FY29 FY30 FY31 20 Existing FY28 maturities refinanced to FY30 / FY31
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Close ROHAN LUND GROUP MANAGING DIRECTOR AND CEO 21
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FY27 Priorities Play to our strengths • Trusted, live and local content Audience • Maintain and extend gains from FY26 – TV, Audio, Publishing • Expand engagement – off platform, short-form, cross-brand Advertisers • Embed Total TV and Total Audio market propositions • Productise first-party data assets • Convert advertisers from single to multi-platform Ways of working • Deliver $145M - $150M cost reduction program Reputation and engagement • Build trust – Audiences, advertisers, team, partners • Culture – Common values, working in unity 22
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Trading and Outlook FY27 Q1 Trading • Television revenue tracking flat year-on-year, share gains from Commonwealth Games and AFL finals offsetting a market down mid-single digits • Audio revenue up low single digits • Publishing revenue stable year-on-year Outlook The advertising market remains short and volatile with consumer and advertiser sentiment variable Cost program well underway • Total operating expenses expected to grow below inflation • Cost out actions tracking to plan for FY27 delivery • One-off costs for major Sport events – Commonwealth Games and Rugby League World Cup 23
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Appendices 24
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TV Performance TV FY26 FY251 YoY Change TV audience share2 42.5% 41.2% 1.3 ppt TV Advertising share3 41.6% 40.4% 1.2 ppt TV Financials $M Advertising revenue 1,165.0 1,247.3 (6.6%) Other revenue 86.5 92.8 (6.8%) Total revenue 1,251.5 1,340.2 (6.6%) Revenue related costs (159.2) (173.8) (8.4%) Operating costs (982.7) (1,004.3) (2.2%) EBITDA (exc Onerous) 109.6 162.1 (32.3%) Onerous Contracts (8.1) (1.7) n.m. EBITDA (inc Onerous) 117.7 163.8 (28.1%) D&A (57.4) (38.5) 49.0% EBIT 60.3 125.3 (51.8%) Digital revenue 240.8 217.8 10.6% EBITDA margin 8.8% 12.1% (3.3 ppt) Capex (10.9) (18.4) (40.8%) Revenue • Total TV audiences up 2.8%, driving a record 42.5% share (up 1.3% ppts) outside an Olympics year, reflecting stronger content and scheduling performance. Total revenue share up 1.2 ppts to 41.6% • However, overall TV ad market was down 9.9% reflecting macroeconomic conditions • Other revenue down 6.8% reflects a reduction for one renegotiated spectrum fee contract, with all other components flat Expenses • Revenue related costs down 8.4%, declining faster than revenue due to tighter commission management • Operating costs down 2.2% reflecting the Groups cost out program and Commercial Broadcast Tax (CBT) relief, offsetting inflationary pressure including year one step-up of the new AFL agreement and acquired content Other • Digital revenue growth 10.6%, reflects 7plus Daily Active Users +17% and streaming minutes +53%. Record 7plus BVOD share 41.6% • D&A increase 49.0% due to asset value reset following SWM acquisition by SCA. Underlying D&A down 14% reflecting lower capex 25
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Audio Performance Audio FY26 FY25 YoY Change Metro radio audience share1 36.8% 35.2% 1.6 ppt Metro radio advertising share2 30.0% 28.3% 1.7ppt Audio Financials $M Advertising revenue 411.5 408.2 0.8% Other revenue 18.4 15.6 18.0% Total revenue 429.9 423.8 1.4% Revenue related costs (68.6) (66.7) 2.9% Operating costs (260.9) (270.2) (3.5%) EBITDA 100.4 86.9 15.5% D&A (26.1) (30.0) (13.1%) EBIT 74.4 56.9 30.6% Digital revenue 51.6 45.1 14.3% EBITDA margin 23.4% 20.6% 2.8 ppt Capex (9.6) (9.9) (3.0%) Revenue • Metro radio revenue share up 1.7 pts to 30%, driven by 25-54 audience leadership and strong sales execution; offset by market contraction of 6.8% • National regional spend fell 9.3% on automotive, government and retail weakness, while local grew 3.2% driven by renewed local sales strategies • Other revenue up sharply, mainly reflecting the first full year of local sales representation fees Expenses • Revenue related costs increase reflects increased ad sales and new contra arrangements • Strong expense discipline arising from staff efficiencies and automation, and lower technology costs and discretionary spend Other • Digital reached 12% of Group revenue (FY25: 10.7%) and offset the decline in broadcast revenues for the first time • D&A reduction reflects reduction in capex as the core LiSTNR platform build runs down, together with an extension in the useful lives of key assets 26
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Publishing Performance Publishing FY26 FY25 YoY Change West Australian monthly audience1 3.5m 3.2m 8.1% The Nightly Digital edition opens2 1.2m 1.0m 24.6% Publishing Financials $M Advertising revenue 90.2 95.4 (5.4%) Other revenue 96.8 97.5 (0.8%) Total revenue 187.0 192.9 (3.1%) Revenue related costs (26.3) (27.1) (2.9%) Operating costs (134.5) (138.9) (3.2%) EBITDA 26.2 26.9 (2.4%) D&A (4.9) (4.1) 20.1% EBIT 21.3 22.8 (6.4%) Digital revenue 27.9 26.4 5.7% EBITDA margin 14.0% 13.9% 0.1 ppt Capex (7.0) (7.1) (1.4%) Revenue • The West Australian’s weekday and Saturday editions maintain the highest market reach of any major metropolitan masthead in Australia, at 10.3% and 14.4%3 respectively • Advertising revenue down 5.4% mainly due to the impact of macro conditions on print advertising partially offset by digital growth • Other revenue slightly down by 0.8%, with circulation and subscription revenue flat year-on-year and third-party printing revenues declining Expenses • Revenue related costs down 2.9% resulting from the lower revenue base • Non-revenue operating costs down 3.2% from targeted cost management in personnel, printing and pagination Other • Digital revenue grew by 5.7% due to growth in The Nightly and The Game • Increased depreciation due to asset value reset following SWM acquisition by SCA. Underlying D&A was up 8.5% primarily due to new native app developments for The West and The Nightly • Continued outstanding community engagement with charity partner Telethon, raising >$90 million and supporting 147 beneficiaries 27 27
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Depreciation & Amortisation ASSET VALUE INCREASES AS A RESULT OF PPA HAS INCREASED DEPRECIATION EXPENSE 73 88 4 4 64 24 FY25 Useful Life Amendments Capex reductions Underlying FY26 PPA FY26 Group D&A expense movement FY25 to FY26 ($M) 28 Increase in Depreciation & lease amortisation associated with PPA adjustments to asset values Reduction in Amortisation relating to reassessment of the useful life of intangible assets • Group D&A has increased from $73M in FY25 to $88M in FY26. • Asset value increases as a result of PPA is the driving force behind the increase year over year, with underlying D&A cost reducing as a result of the reassessment of intangible software assets, and ongoing reductions in capital expenditure across the Group Reduction in Depreciation associated with reductions in capital expenditure
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Significant Items Group Significant Items $M FY26 FY25 YoY Transaction Costs 28.6 - n.m. Restructuring Costs 15.6 9.7 (61.0%) Investment Revaluations (5.9) 29.1 120.2% Lease Modifications (5.0) - n.m. PPCA Back Payment 1.8 - n.m. Special Projects 3.2 14.5 77.6% Other 4.8 5.1 (67.5%) Significant items 43.2 58.4 26.0% Tax benefit (10.3) (9.4) 10.1% Post tax significant items 32.9 49.0 32.9% PRIMARILY DRIVEN BY SCA/SWM MERGER COSTS AND RESTRUCTURING ACTIVITY 29 • Transaction fees reflect advisor and professional fees paid by SCA and SWM • Restructuring costs primarily relate to redundancy payments made to staff exiting because of cost programs executed during the year • Investment revaluations relate to extinguishment of an investment contra agreement, partly offset by fair value losses recognised • Lease modifications primarily relate to a gain recognised on the change of lease term for the Sydney office • PPCA 1 costs reflect settlement of outstanding music copyright fees • Special projects relate to payroll replacement system. FY25 costs included the Phoenix total TV trading platform.
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Reconciliations RECONCILIATION TO STATS 30 FY26 Reported Result SWM Result 1-7-25 to 22-12-25 Onerous Contracts Proforma FY26 Result Proforma FY25 Result2 Var % Revenue 1,109.0 760.6 - 1,869.6 1,958.2 (4.5%) Revenue Related Costs (133.8) (104.9) - (254.3) (267.7) (5.0%) Operating Costs (824.8) (590.6) (8.1) (1,423.5) (1,463.1) (2.7%) Total Expenses (974.1) (695.5) (8.1) (1,677.7) (1,730.7)0 (3.1%) EBITDA 134.9 65.1 (8.1) 191.9 227.5 (15.7%) Onerous Contracts - - 8.1 8.1 1.7 n.m. EBITDA exc Onerous 134.9 65.1 - 200.0 229.2 (12.7%) Depreciation & Amortisation (70.3) (18.0) - (88.3) (72.6) 21.6% Finance Costs (37.8) (18.6) - (56.4) (57.9) (2.5%) Tax (7.0) (5.6) - (12.5) (26.4) (52.5%) NPAT before Sig. Items 19.9 22.9 - 42.8 72.3 (40.9%) Significant Items (23.6) (9.3) - (32.9) (49.0) (32.9%) NPAT (3.8) 13.6 - 9.9 23.3 (57.6%)
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Reconciliations RECONCILIATION TO STATS – FY25 31 FY25 Reported Result SWM Result Onerous Contracts BUs purchased by SWM from SCA Elim. Affiliation Fees paid to SWM Corp. Allocation in Disc. Ops Proforma Result Revenue 423.8 1,514.4 - 32.3 (12.2) - 1,958.2 Revenue Related Costs 66.7 197.2 - 16.0 (12.2) - 267.7 Operating Costs 286.1 1,158.6 1.7 13.8 - 2.9 1,463.1 Total Expenses 352.8 1,355.8 1.7 29.8 (12.2) 2.9 1,730.7 EBITDA 71.0 158.6 (1.7) 2.5 - (2.9) 227.5 Onerous Contracts - - (1.7) - - - (1.7) EBITDA exc Onerous 71.0 158.6 - 2.5 - (2.9) 229.2 Depreciation & Amortisation 30.0 42.4 - 0.2 - - 72.6 Finance Costs 18.3 39.6 - - - - 57.9 Tax 7.7 18.9 - (0.2) - - 26.4 NPAT before Sig. Items 14.7 57.7 - 2.5 - (2.9) 72.3 Significant Items 8.7 40.3 - - - - 49.0 NPAT 6.3 17.4 - - - (2.9) 23.3
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Notes Slide 3 1. Nielsen CMV 2. OzTAM VOZ : Avg audience 0600 – 2400 total people share / GFK Radio Share, 5 Cap Cities, P25-54, 0530 – 2400 3. OzTAM VOZ : Avg audience 0600 – 2400 total people 4. Ipsos iris Online Audience Measurement Service 5. IBISWorld 6. Supported by RediQ and Domo 7. Includes $30 million of merger synergies already achieved Slide 5 1. Ref note 7 – slide 3 2. Ref note 2 – slide 3 3. Roy Morgan Single Source / Ipsos Iris Online Audience Measurement Service Slide 6 1. Free TV (KPMG) advertising revenue 2. EBITDA excluding onerous contracts divided by revenue 3. Net profit after tax and significant items 4. Excluding unamortised costs 5. Net debt excluding unamortised costs divided by EBITDA including onerous contracts Slide 7 1. OzTAM VOZ : Avg audience 0600 – 2400 total people share; Free TV (KPMG) advertising revenue numbers; RediQ and Domo 2. GFK Radio Share Ratings. Survey 1-4 Average 2025/2026. 5 Cap Cities. P25- 54, Mon-Sun 0530-2400, Commercial AM/FM/DAB+; SCA Metro Radio Revenues / CRA Metro Radio Market Size 3. Ipsos iris Online Audience Measurement Service, June 2026 and June 2025; Google Analytics; Monthly audience is for Jun-26 and Jun-25 Slide 8 1. SCAiQ Trade Perceptual June 2026 Slide 11 1. Natalie Harvey commences in September 2026 Slide 13 1. Excluding Discontinued operations (SCA TV assets divested to Paramount) 2. CBT – Commercial Broadcast Tax – Goverent agreed to suspend this tax Slide 17 1. Proforma, including Regional TV assets acquired by Seven from SCA 2. Corporate overhead costs accounted separately and not allocated to divisions Slide 19 1. Other includes redundancy and restructuring costs 2. Cash available for rvice 3. Excluding unamortised costs 4. EBITDA less working capital less non-cash items divided by EBITDA Slide 20 1. Ref note 3 – slide 5 2. EBITDA including onerous contracts divided by net interest expense Slide 25 1. Proforma, including Regional TV assets acquired by Seven from SCA 2. OZTAM VOZ : 0600 – 2400 total people 3. Ref note 1 - slide 6 Slide 26 1. GFK Radio Share Ratings. Survey 1-4 Average 2025/2026. 5 Cap Cities. P25- 54, 0530-2400, Commercial 2. Refer note 2 – slide 14 Slide 27 1. Monthly audience is June 2026 compared to June 2025 2. Google Analytics. FY26 vs FY25. Edition Opens 3. Roy Morgan Single Source. All people 14+; 12 mths to Mar 2026 Slide 29 1. Phonographic Performance Company of Australia 32