Slides
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Investor Presentation | January 2026 A Modern Media Company TSX: BAMI For An Evolving Industry
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Investor Presentation | January 2026 Cautionary Statement Regarding Forward-Looking Information To the extent any statements in this presentation contain information that is not historical, such statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking information”). Forward-looking information includes information regarding Blue Ant Media Corporation's (the "Company") objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including statements regarding the Company’s expectations regarding: the Company’s near-term liquidity, future growth in demand for digital video consumption and ad spend; the expected completion of the acquisition of Thunderbird Entertainment, including the expected synergies from such acquisition; expected synergies from the acquisition of Magellan TV, the nature and mix of revenue sources and re-occurrence; anticipated growth drivers in international and domestic markets; the Company’s ability to perform in challenging sector dynamics and to adapt to changing market and industry conditions, build scale and accelerate growth; the Company's expected cash position; the Company's focus on growth by acquisition; and the Company’s ability to be profitable and execute on its growth plan and access capital. Forward-looking information can generally be identified by the use of words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may”, “might”, “would”, “should” and “could”, or the negatives of these terms and other similar expressions, and can include statements that refer to projections or other characterizations of future events or circumstances. Forward-looking information is based on a number of assumptions which have been used to develop such statements but which may prove to be incorrect. Information contained in the forward-looking statements is based on certain material assumptions that were applied by Company management in drawing a conclusion or making a forecast or projection, including: that demand for digital video consumption and ad spend will continue to grow; that unscripted content production will continue to be low cost; the Company’s anticipated degree of reliance on new content for revenue growth; the Company’s ability to monetize its content and other IP assets; the Company’s ongoing ability to align its revenue drivers with changing market needs; the ability of management to accurately anticipate trends; the Company’s ability to grow by acquisition; the Company's ability to satisfy the conditions to closing of the acquisition of Thunderbird Entertainment on the terms contemplated, or at all; the Company’s ability to obtain further capital on reasonable terms; the profitability of the Company's operations; and the Company’s ability to execute on its planned activities. Although the Company believes that the assumptions reflected in the forward-looking information are reasonable based on information currently available to management as of the date hereof, such assumptions, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to various risks and uncertainties that affect the Company and its business causing actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. Such risks and uncertainties include, among others: consumer content consumption preferences may change; advertisers may find more desirable areas for spending than currently anticipated; the Company may not be able to monetize its intellectual property in the manner or to the extent expected; lack of audience acceptance of its content, including any new, re-branded or re-programmed offerings; changes to licensing status or conditions; unanticipated programming costs; changes impacting the media industry generally; rising competition; inability to find suitable acquisition targets on acceptable terms; the impact of domestic and foreign competitors that may not be regulated in the same manner as the Company; potential third party challenges to its IP rights; inflation and interest rates; changes to (including the imposition of new) tariffs, taxes and fees; changes in any applicable laws, including statements or positions by regulators such as the CRTC; the availability of skilled personnel and other employees; the availability of expected programs, tax credits, government subsidies or funding; changes to its key facilities; cybersecurity threats; a significant interruption of business or failure of delivery of services by a key supplier or vendor; the impact of epidemics, pandemics and other public health and safety crises; potential challenges in attracting, retaining and managing fluctuations in advertising and consumer demand, supply and revenue; the ability to maintain relationships with key suppliers, clients and end users on expected financial and other terms; the inability to access sufficient capital on favourable terms; the ability to source, produce and sell desirable content; litigation and the ability to successfully defend against litigation; the ability manage costs or business impacts if it is not successful; adverse changes in general economic, market and business conditions, including changes in financial markets; and risks associated with acquisitions, including historical liabilities and ability to realize the anticipated benefits of any acquisitions. For additional information with respect to these and other factors and assumptions underlying the forward-looking information, readers are urged to consult the Company's most recent MD&A and Annual Information Form, dated November 26, 2025 which are available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. Disclaimer and Forward-Looking Information 2
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Investor Presentation | January 2026 Cautionary Statement Regarding Forward-Looking Information, continued The foregoing list of assumptions and risk factors is not exhaustive, and there are other risks and uncertainties, including those that the Company does not yet know about or that it currently deems immaterial, that could materially adversely affect its business, financial condition or results of operations. Forward-looking statements are not guarantees of performance and no assurances can be given as to future results, levels of activity and achievements. There can be no assurance that these forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Unless otherwise specified, all forward-looking information in this presentation speaks as of January 14, 2026, being the date of this presentation and, except as otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events, results or circumstances, except as may be required by applicable laws. Non-IFRS Measures This presentation makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. Such measures may not be comparable to similar measures presented by other companies. The Company uses non-IFRS measures in this presentation as additional information to complement IFRS measures by providing further understanding of the Company’s historical and anticipated results of operations from management’s perspective, including “Adjusted EBITDA”, which is calculated as net income before: gain or loss from discontinued operations; income taxes; net finance expenses: net gains or losses on sale of subsidiaries, assets, investment in securities, and warrants; impairment of assets; depreciation and intangible amortization; share-based compensation; withholding tax expenses, restructuring costs; transaction costs; and, foreign exchange gains/losses. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the "Reconciliation Adjusted EBITDA to Net Income" section of this presentation for a reconciliation of Adjusted EBITDA to net income calculated in accordance with IFRS. MVS, SVS and RVS SVS refers to subordinate voting shares of the Company. MVS refers to multiple voting shares of the Company, with each MVS carrying 5,000,000 votes per MVS. RVS refers to restricted voting shares of the Company, with each RVS carrying 0.1 votes per RVS. RVS cannot be converted into SVS and have nominal economic rights. Currency Unless otherwise noted, all $ refer to Canadian dollars. Reliability of Third-Party Information Certain information contained herein is based on, or derived from, information provided by independent third-party sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable, however, the Company has not independently verified such information and does not assume any responsibility for the accuracy or completeness of such information. Disclaimer and Forward-Looking Information 3
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Investor Presentation | January 2026 4 Company Overview and Investment Summary 1
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Investor Presentation | January 2026 Diverse revenue streams Diversity among geographies, type, platforms, and content genres Opportunistic time for sector M&A Fragmented small-cap media landscape = attractive entry prices We leverage owned distribution and Smart TV ad sales to unlock and scale synergies Acquired US-based Magellan TV (Oct. ‘25) Announced proposed acquisition of Thunderbird Entertainment (Nov. ‘25) Very strong cash & liquidity position to play offense $34M cash at Q1 ‘26 Up to an additional $34.7M capital contribution expected by March ‘262 Cash used to fund organic growth and disciplined M&A Model derives re-occurring revenue & strong cash conversion Scaled distribution capacity to monetize owned-IP Profitable, growing media company aligned with today’s shift to digital content $204M revenue $37.1 Adj. EBITDA1 18% revenue CAGR (2020–2025) 5 straight years of positive operating cash flow Proven shareholder value creators Accomplished management with major prior exits (≈ $2.3B equity value) and a clear, disciplined capital-allocation playbook Key Investment Considerations 5 1 FY2025. Adjusted EBITDA is a Non-IFRS measure. For more information on non-IFRS financial measures, see “Non-IFRS Measures” and “Reconciliation Table” in the MD&A dated November 26, 2025 for the three months and year ended August 31, 2025 available under the Company’s profile on SEDAR+ (www.sedarplus.ca). 2 Pursuant to a Value Assurance Agreement dated March 23, 2025, between (among others) the Company and Fairfax Financial Holdings Limited and certain of its affiliates (the "Value Assurance Agreement"), Fairfax and/or its affiliates agreed to, among other things, provide a capital contribution of up to $34.7 million if the businesses retained by the Company as part of the RTO (being Jam Filled Entertainment, Proper Television and Insight Productions) (the "Retained Businesses") do not meet certain Adjusted EBITDA targets in the 2025 calendar year. Blue Ant anticipates that the full amount of the value assurance payment will be payable based on financial performance to date. In addition to the value assurance payment, the Company may receive an additional cash amount from Fairfax or may owe a cash amount to Fairfax if actual net working capital of the Retained Businesses at closing of the RTO is less than or greater than the amount of net working capital in the Retained Businesses that was estimated at closing of the RTO. The Company currently anticipates that actual net working capital at closing of the RTO exceeds the estimated amount, such that the Company received excess net working capital at closing of the RTO and as a result, the working capital adjustment would result in the Company owing a cash amount to Fairfax and/or its affiliates, which is expected to be netted off against the cash payment owing by Fairfax and/or its affiliates pursuant to the Value Assurance Agreement. For further details regarding the Value Assurance Agreement and the net working capital adjustment, please refer to the management information circular dated May 9, 2025, which is available on Blue Ant's profile on SEDAR+.
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Investor Presentation | January 2026 Streamer Own and operate paid & free streaming channels Ad sales business Producer Produce owned content and service produce content for streamers and broadcasters globally Distributor Distribute owned and third-party content to streamers and broadcasters globally 6 Blue Ant Media (TSX: BAMI) At a Glance ● $204M Revenue FY25 ● $37.1M Adj. EBITDA FY25 ● 18% Rev CAGR F20-F25 ● 18% ROCE FY25 ● 300+ corporate employees ● Employees in 9 cities globally ● 8,000+ hours in catalogue ~½ owned IP ● Content sold to 100+ countries and 300+ platforms
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Investor Presentation | January 2026 7 Market Overview 2
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Investor Presentation | January 2026 Video consumption remains strong 2023 Hours spent weekly watching TV by average American1 Where consumers are watching is changing 1 Neilsen 2 Neilsen, “Streaming Reaches Historic TV Milestone…”, https://www.nielsen.com/news-center/2025/streaming-reaches-historic-tv-milestone-eclipses-combined-broadcast-and-cable-viewing-for-first-time/. 2011 33 Share of U.S. TV viewing, January 20252 Other 11% Broadcast 20% Cable 24% Streaming 45% 8 Total engagement with TV viewing remains strong, highlighting endurance and diversified platform growth led by streaming TV Consumption is as Strong as Ever
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Investor Presentation | January 2026 The global streaming market (e.g. Netflix, Amazon Prime, Disney+, Y ouTube, etc.) is projected to grow from USD$129.26 billion in 2024 to USD$416.8 billion by 20301 ● Growth CAGR of 21.5% The streaming market includes: ● Subscription Video on demand (SVOD) ● Free Ad-supported Streaming TV (FAST) ● Ad-supported Video on Demand (AVOD) Blue Ant operates across the streaming market, including SVOD, FAST, and AVOD Global streaming is expanding rapidly across subscription and ad-supported models, creating multiple high-growth pathways for diversified companies like Blue Ant 9 Global Streaming 1 Al statistics on this slide are sourced from Grandview Research, “Video Streaming Market (2025 - 2030), https://www.grandviewresearch.com/industry-analysis/video-streaming-market. $416.8
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Investor Presentation | January 2026 As viewing shifts to Smart TVs, advertisers follow, fueling a dynamic and fast-growing revenue stream ● Smart TVs (internet connected TVs or CTVs), will make up over half of the time spent with digital video, surpassing mobile and desktop video combined1 ● 90% of U.S. households have a smart TV and the International Smart TV market is expected to grow to USD $436.4B by 2030 ● US smart TV ad spend is estimated to grow 63% from USD $25.09 billion in 2023 to USD $40.90 billion in 2027 ● Smart TVs enable advertisers to target ads to key demographics ● MediaPulse is Blue Ant’s fast growing smart TV ad sales offering Smart TV 10 1 All industry statistics on this slide are sourced from Grandview Research, “ Smart TV Market (2018 - 2030),” https://www.grandviewresearch.com/industry-analysis/smart-tv-industry#:~:text=The%20global%20smart%20TV%20market,streaming%20services%20and%20internet%20connectivity.
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Investor Presentation | January 2026 11 The Investment Opportunity 3
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Investor Presentation | January 2026 Headwinds ● The media sector has been in transition from the ‘peak tv’ era starting in the 2010s including linear decline, streaming dominance, and mass consolidation ● Many legacy media companies are saddled with debt and underperforming assets ● A period of content inflation from the 2010s has right-sized with new content spend flattening ● Ad volatility goes hand-in-hand with content spend decline ● The market remains fragmented as players struggle to find scale and middlemen get squeezed Our Edge ● Strong balance sheet with surplus cash, minimal debt, and substantial undrawn credit capacity to support growth ● With many companies struggling, it has become a buying opportunity ● Attractive valuation pricing across multiple asset types ● Experienced management team has done +15 acquisitions and dispositions ● Well positioned in rapidly growing Smart TV ad market ● Stable business through distributing, producing, promoting, and selling ads; not overly reliant on production/content spend to grow 12 An Industry in Flux = Ample Opportunity Market Overview: 1 As of January 14, 2026. 2Expected for the Value Assurance Payment in connection with the RTO.
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Investor Presentation | January 2026 Licensing Acquire and Produce Content Monetize IP catalogue in multiple ways simultaneously ● Sell content to hundreds of streamers and broadcasters internationally in multiple windows and territories ● Own 7 Canadian Pay TV channels ● Own Love Nature (global channel) and Magellan (global SVOD service) ● Sell owned ad inventory on 7 Canadian Pay TV channels ● Sell ads on 16 owned free streaming channels ● Sell ads on third party free streaming channels directly and programmatically Subscriptions Advertising 13 = Multiple Methods of Monetization Controlling Content Our content IP model unlocks multiple, re-occurring revenue streams across global platforms
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Investor Presentation | January 2026 14 14 North America International Acquire and Produce Content Monetization Opportunities: Our Global Customers Licensing Monetize IP catalogue in multiple ways simultaneously Subscriptions Advertising North America and International North America International
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Investor Presentation | January 2026 ● Blue Ant distributes channels across platforms in 100+ countries ● We operate streaming and broadcast platforms (including SVOD, digital, Y ouTube, Pay TV, etc.) ● Media Pulse, our Smart TV ad sales business, delivers 150+ million monthly ad impressions across North America which we monetize through our owned channels and platform partners (e.g. Roku, Vizio, Paramount+, etc.) Subscription & Advertising Advertising Smart TV Ad Sales 15 Reporting Segments: Global Channels & Streaming
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Investor Presentation | January 2026 For streamers and broadcasters internationally, we: ● Produce content that we own ● Produce content owned by third-parties ● License owned and third-party content ● Operate across genres with a specialization in the ownership of lower cost, lower risk, unscripted TV (lifestyle, reality, crime, documentary, etc.) ● Continue to grow our catalogue of owned IP for international monetization: ○ 2014: 1,500 hours, the majority of which was third party-representation ○ 2024: 8,000+ hours, almost half of it owned 16 Reporting Segments: Production and Distribution
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Investor Presentation | January 2026 ● We own and operate 7 Pay TV channels in targeted genres ● We own and operate live event consumer shows catered to targeted audiences with content tie-ins to Canadian and global channels ● We monetize through channel subscription fees, ad sales, exhibitor booth sales and ticket sales ● Our Canadian Media business drives a high conversion of segment profit to free cash, enabling investments in global growth areas Pay TV Channels Consumer Shows 17 Reporting Segments: Canadian Media
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Investor Presentation | January 2026 18 Available in 100+ countries across multiple platforms Leading global channel of original 4K natural history programming Monetize Across Multiple Platforms ● Commission, produce and own original content ● Evergreen content that travels well internationally ● Distribute the channel globally as free streaming, pay channel, or branded block ● Distribute content to other streamers and broadcasters globally ● Exhibit on owned Canadian channel Our Model at Work: Love Nature 95% Owned Content Controlling Content = Monetization Opportunities
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Investor Presentation | January 2026 19 Leading global catalogue Distributed in 40+ countries Overview ● Acquired Mike Holmes content catalogue in 2023 ● Recognizable, evergreen content that travels well internationally ● Monetize library across multiple platforms: ○ Sell to streamers and broadcasters globally ○ Marquee content for Blue Ant’s Homeful free streaming channel ○ Commissioned new content for Blue Ant channels that is also sold to third-parties ● Consistently dominates the top programming across Homeful channels in the U.S., Canada, and Internationally Our Model at Work: The Mike Holmes Catalogue 275 Hours of Owned Content Controlling Content = Monetization Opportunities
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Investor Presentation | January 2026 20 Multi-Faceted Business that Performs in Challenging Sector Times Return on Capital Employed in 2025 Revenue CAGR from F20-F25 F20-F25 cumulative IFRS net income Adjusted EBITDA CAGR from F20-F25 Canadian Media Production & Distribution Global Channels & Streaming Revenues and AEBITDA $M Revenue Mix by Geography Increasing international presence Canada International 18% 18% $61.9M 15% F2020 F2021 F2022 F2023 F2024 F2025 87 100 136 169 196 18 22 33 37 37 204 37 F2020 F2025
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Investor Presentation | January 2026 21 Capital Markets Summary Founded in 2011 Went public August 1, 2025 via RTO *Trading before August 1 reflective of old public vehicle Trading Symbol TSX: BAMI Recent Price1: $7.95 Market Cap: ~$176 million Shares Outstanding: 21,900,166 Other Securities2: 2,129,332 Fully Diluted3: 24,029,498 52-week Low/High: $5.40 - $9.80 Y ear End August 31 IR Contact: IR@blueantmedia.com *Michael MacMillan controls 77.3% of the vote via MVS and RVS shares in accordance with Canadian regulatory rules on Canadian control/ownership Michael MacMillan* Other Institutional Ownership Fairfax Insiders (excl. MM) 1 As of January 13, 2025. 2 Includes warrants, options, RSUs, DSUs and PSUs. 3As of September 30, 2025. 14% 30.5% 4.7% 27.3% 22.7%
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Investor Presentation | January 2026 22 1. For the monetization of a vendor take-back note in connection with the RTO; received November 27, 2025. 2. Pursuant to a Value Assurance Agreement dated March 23, 2025, between (among others) the Company and Fairfax Financial Holdings Limited and certain of its affiliates (the "Value Assurance Agreement"), Fairfax and/or its affiliates agreed to, among other things, provide a capital contribution of up to $34.7 million if the businesses retained by the Company as part of the RTO (being Jam Filled Entertainment, Proper Television and Insight Productions) (the "Retained Businesses") do not meet certain Adjusted EBITDA targets in the 2025 calendar year. Blue Ant anticipates that the full amount of the value assurance payment will be payable based on financial performance to date. In addition to the value assurance payment, the Company may receive an additional cash amount from Fairfax or may owe a cash amount to Fairfax if actual net working capital of the Retained Businesses at closing of the RTO is less than or greater than the amount of net working capital in the Retained Businesses that was estimated at closing of the RTO. The Company currently anticipates that actual net working capital at closing of the RTO exceeds the estimated amount, such that the Company received excess net working capital at closing of the RTO and as a result, the working capital adjustment would result in the Company owing a cash amount to Fairfax and/or its affiliates, which is expected to be netted off against the cash payment owing by Fairfax and/or its affiliates pursuant to the Value Assurance Agreement. For further details regarding the Value Assurance Agreement and the net working capital adjustment, please refer to the management information circular dated May 9, 2025, which is available on Blue Ant's profile on SEDAR+. $34M cash at Q1 ‘26 Up to an additional $34.7M cash expected by March ‘26 as part of the RTO2 $34M cash on hand Sold Vendor Takeback Promissory Note1 for net proceeds of $13.6M Paid $19.1M of corporate debt, leaving minimal balance and $63.2M undrawn capacity Strong Balance Sheet (Q1 2026) with Low Leverage In excess of $100M to fuel growth
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Investor Presentation | January 2026 23 Our Growth Strategies 4
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Investor Presentation | January 2026 24 Going Forward: Organic Growth Launch new global brands across multiple platforms Expand digital strategy (ad sales, free streaming channels) outside of North America and on new platforms Scale streaming ad sales (via Smart TVs) with more inventory from new publishers and adding more buyers Increase content production for owned channels and third parties Growth Drivers
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Investor Presentation | January 2026 25 Focused on Growth by M&A Going Forward: Positioned to Capitalize in a Dynamic Market Pipeline of opportunities at attractive valuations as over-leveraged and sub-scale competitors are challenged by market conditions Experienced leadership team able to execute on strategy Production capacity Complementary IP catalogues Expand global brands Increase ad sales New markets and delivery platforms Channels & Streaming Up to an additional ~$48.3M cash as part of the RTO3 Production capacity Complementary IP catalogues Studios New live event consumer shows Expand media sales offerings Canadian Media Media-Adjacent Sectors Our Focus:
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Investor Presentation | January 2026 26 M&A Target Characteristics Synergies Scale Strategic Fit IP M&A Target
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Investor Presentation | January 2026 27 Thunderbird Entertainment Group Ltd. (TSXV: TBRD) Acquisition Announced November 26, 2025 About Thunderbird Thunderbird is a global content creation studio focused on creating premium, award-winning content. Headquartered in Vancouver, with a team in Los Angeles, the company produces premium scripted, unscripted, kids & family, and animated content for the world’s leading digital platforms, as well as Canadian and international broadcasters. Strategic Rationale Synergies: Expect to realize cost synergies of $7 million in the first 12 months; will continue to explore additional optimization opportunities Scale: Enhances earnings, cash flow, Blue Ant’s public float (which is expected to positively impact trading liquidity) and capital markets profile IP: Expands IP opportunities, strengthening Blue Ant’s content portfolio and supports the creation and growth of global brands Strategic Fit: Highly complementary; expected to significantly expand Blue Ant’s Studio business by adding production capacity in unscripted, animation, and kids & young adult. It will also expand distribution, licensing, and merchandising capabilities Synergies Scale Strategic Fit IP
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Investor Presentation | January 2026 28 Thunderbird Entertainment Group Ltd. (TSXV: TBRD) Acquisition Deal Summary 1. Based on Thunderbird Management’s expectations and financial forecasts. Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-IFRS Measures” section in Thunderbird’s management’s discussion and analysis for the quarter ended September 30, 2025 for more information regarding how Thunderbird calculates and uses this metric. 2. Subject to the satisfaction of customary closing conditions, including court approval, approval of the Competition Bureau of Canada, the Toronto Stock Exchange, and Thunderbird Shareholder approval. Total Consideration ~$89M, payable in cash and shares Premium 28% to the 45-day VWAP or a 50% spot premium to Thunderbird shares as of November 25, 2025. Deal Terms Under a definitive arrangement agreement (the “Arrangement Agreement”) Blue Ant will acquire all of the issued and outstanding common shares of Thunderbird (“Thunderbird Shares”) (the “Transaction”). Under the terms of the Arrangement Agreement, each Thunderbird shareholder will have the option to elect to receive, for each Thunderbird Share, (i) 0.2165 Blue Ant SVS, (ii) $1.77 in cash, or (iii) a combination thereof, subject to rounding and proration based on a maximum cash consideration of $40 million. Synergies Expect to realize cost synergies of $7 million in the first 12 months; will continue to explore additional optimization opportunities. Voting Support Agreements Voting support agreements with Thunderbird shareholders representing ~37% in favour of the transaction. Thunderbird FY26 Outlook Productions representing approximately 76% of the revenue associated with Thunderbird’s current slate are approved and underway. Based on management’s current visibility, they expect full-year revenue growth in the mid- to high-single-digit range year over year. They also anticipate a corresponding increase in Adjusted EBITDA1 2025 Adjusted EBITDA of $18.3 million and revenue of $185.7 million. Expected Close First quarter of calendar 2026.2 Shareholder vote scheduled for January 22, 2026
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Investor Presentation | January 2026 29 MagellanTV Acquisition, Oct. 2, 2025 Aligns with M&A Target Attributes Synergies Operational efficiencies Improves margins through adding owned IP Cross-promotion opportunities Scale Accelerates international growth Expands monetization channels Adds streaming platforms Strategic Fit Extends Blue Ant’s leadership in factual content A broader, more compelling genre-based offering IP New pipelines for content Additional content creation and monetization opportunities
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Investor Presentation | January 2026 30 Demonstrated Ability to Create and Harvest Value Case Study: Omnia Media ● Blue Ant acquired minority stake in Omnia Media, a music-focused Y ouTube multi-channel network (MCN) in 2013 and full ownership in 2016 ● Under Blue Ant, Omnia developed into North America’s largest global gaming content network ● Gaming/eSports MCN deemed non-core, Omnia sold in 2020 1 Omnia was sold to Enthusiast Gaming for $37M in a combination of cash and shares in Enthusiast Gaming. The shares were ultimately sold for $78M, resulting in total aggregate proceeds of approximately $115M. Cash deployed into core growth areas and returned to shareholders Aggregate gross sale proceeds1 $115M Acquisition cost and cumulative capital invested $33M
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Investor Presentation | January 2026 31 Our Team 5
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Investor Presentation | January 2026 32 Leadership With a Proven Track Record of Building Media Businesses Atlantis Films co-founded by Michael MacMillan, now Blue Ant CEO Built a global media company from a small film and TV production house Organic growth and multiple M&A including RTO of Alliance Comm. in 1998 Initiated by MacMillan, sold in 2007 to Canwest Global and an affiliate of Goldman Sachs Equity Value Received ~$2.3B Shareholders’ Equity~$0.7B Shareholder Return Multiple successful exits driving shareholder returns Production Distribution Broadcasting
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Investor Presentation | January 2026 33 Leadership Michael MacMillan Co-Founder, CEO & Director Co-founded Blue Ant in 2011. Former Co-founder of Atlantis Films Limited, which became Alliance Atlantis Communications. Robb Chase CFO & Director Blue Ant’s former COO and has been with Blue Ant since its inception in 2011. Was previously the President of Famous Players Inc. Jamie Schouela COO Previously served as President, Global Channels and Media for Blue Ant, and has been with Blue Ant since 2013. Prior, served as Vice-President, Marketing for Shaw Media. Astrid Zimmer Chief Legal Officer Has been with Blue Ant since 2014 and was previously with Maple Leaf Sports & Entertainment. Dervla Kelly Chief Marketing and Comms Officer Prior to joining Blue Ant in 2025, led Marketing and Digital at Corus Entertainment. Surani Adamesco Chief Technology Officer Prior to joining Blue Ant in 2025, was SVP of Information Technology at SiriusXM Canada. Megan Atkinson EVP, Human Resources Has been with Blue Ant since 2013 and previously held positions at Canwest. Mark Bishop Co-President, Blue Ant Studios Joined Blue Ant in 2023 after its acquisition of marblemedia and D360, which he co-founded and served as co-CEO for over 20 years. Matthew Hornburg Co-President, Blue Ant Studios Joined Blue Ant in 2023 after its acquisition of marblemedia and D360, which he co-founded and served as co-CEO for over 20 years. Mitch Dent President, Canadian Media Previously EVP, Consumer Shows, Media Sales and Publishing and has been with Blue Ant since 2017. Prior leadership roles at Rogers Media. Carlyn Staudt President, Channels & Streaming Has been with Blue Ant since 2017 and previously held numerous leadership roles at National Geographic.
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Investor Presentation | January 2026 34 Board of Directors Brad Martin Board Chair Served as Vice President of Fairfax Financial Holdings from 1998 to 2024. Previously a partner at Torys LLP, specializing in M&A and securities law. Phyllis Yaffe Chair, HR & Corporate Governance Committee Chair of Cineplex Entertainment. Previously Chief Executive Officer of Alliance Atlantis Communications Inc. Richard Wernham Chair, Audit Committee Chairman of the Soutterham Group, a financial services firm. Previously founder of mutual fund firm Global Strategy Financial Inc. and lawyer with Torys LLP. Michael MacMillan Co-Founder, CEO & Director Co-founded Blue Ant Media in 2011 and is its CEO. Former Co-founder of Atlantis Films Limited, which became Alliance Atlantis Communications. Robb Chase CFO & Director Blue Ant Media’s CFO and former COO. He has been with Blue Ant since its inception in January 2011. Lisa Hsia Director Former Executive Vice President, Audience Acquisition and Growth, NBCUniversal Entertainment. Kevin Johnson Director CEO, GroupM Canada and President of WPP in Canada. Previously CEO of MediaCom Canada. Lisa Knutson Director Now retired, former COO and CFO of The E.W. Scripps Company. Kent Sobey Director Founder and President of Farmhouse Productions, a film, television and digital media production company. Ellis Jacob Director CEO of Cineplex Entertainment. Previously co-founder and CEO of Galaxy Entertainment Inc.
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Investor Presentation | January 2026 35 Summary 6
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Investor Presentation | January 2026 36 Investment Highlights Diverse revenue streams Opportunistic time for sector M&A Very strong cash & liquidity position to play offense Model derives re-occurring revenue & strong cash conversion Profitable, growing media company aligned with today’s shift to digital content Proven shareholder value creators A Modern Media Company for an Evolving Industry
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Investor Presentation | January 2026 37 Appendix 7
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Investor Presentation | January 2026 38 Financial Summary Strong growth through challenging industry conditions o Consistent revenue growth from 2020-2025 o Positive net cash provided by operating activities in each of past five years o Minimal leverage employed $M F2020 F2021 F2022 F2023 F2024 F2025 Revenues1 Global Channels and Streaming 14 16 30 48 56 76 Production and Distribution 28 32 52 63 73 67 Canadian Media 54 60 67 73 67 61 Inter-segment Eliminations (8) (8) (14) (15) Total 87 100 136 169 196 204 Segment profit and Adj. EBITDA1 Global Channels and Streaming 2 3 12 18 18 19 Production and Distribution (0) (0) 3 0 4 4 Canadian Media 20 24 27 26 21 19 Corporate and Eliminations (4) (5) (9) (7) (6) (5) Total 18 22 33 37 37 37 Net Income (loss) (14) 60 13 (27) 18 14 Net cash provided by operating activities 15 2 4 6 21 19 Cash interest paid2 3 1 1 4 7 4 Repayment of lease liability 2 1 1 2 2 2 Additions to property and equipment 1 3 1 2 1 2 Additions to intangible assets 0 0 1 1 2 4 As at: F2020 F2021 F2022 F2023 F2024 F2025 Bank indebtedness and promissory notes less cash2 50 24 1 33 29 (31) Lease liabilities 1 19 18 17 15 25 1 Revenues from continuing operations. Revenues for F2020 to F2023 include inter-segment sales, where eliminations are separately classified below. Inter-segment sales are excluded from F2024 and F2025 presentation to conform with financial statement presentation. 2 Excludes interim production financing.
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Investor Presentation | January 2026 39 3 months ended Nov 30 Change M$ 2025 2024 $ % Revenues Global Channels and Streaming 22.7 21.1 1.6 8% Canadian Media 14.4 15.5 (1.1) (7)% Production and Distribution 43.4 12.1 31.3 259% Segment Revenues 80.5 48.7 31.8 65% Adjusted EBITDA Global Channels and Streaming 3.3 6.3 (3.0) (47)% Canadian Media 4.8 4.8 (0.05) (1)% Production and Distribution (0.1) (3.6) 3.4 95% Corporate (2.9) (1.2) (1.7) (135)% Adjusted EBITDA 5.0 6.4 (1.4) (21)% Financial Summary - Q1 2026
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Investor Presentation | January 2026 40 Reconciliation of Adjusted EBITDA to Net Income (Q1 2026) 3 months ended Nov 30 $Thousands 2025 2024 Net income / (loss) (6,750) 1,218 Add back: Depreciation and intangible amortization 2,711 1,362 Interest expense, net of interest income (133) 948 Income taxes 1,954 1,100 EBITDA (2,128) 4,628 Adjustments Share-based compensation1 257 585 Other finance costs2 330 253 Net losses on foreign exchange3 243 818 Loss on sale of assets4 3,054 – Transaction and other related costs5 2,540 68 Restructuring costs6 788 – Adjusted EBITDA 4,994 6,352 1 Non-cash expenses associated with share-based compensation granted to certain officers, directors and employees. 2 Amortization of deferred financing costs and other finance-related costs outside the normal course of business. 3 Realized and unrealized net losses on foreign currency exchange. 4 Loss on sale of VTB Note. 5 Professional fees associated with the acquisition of Magellan, the proposed acquisition of Thunderbird and the RTO in the current year period, and with other non-recurring similar costs in the comparative period. 6 Restructuring charges primarily relating to personnel costs in the Global Channels and Streaming segment.
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Investor Presentation | January 2026 TSX: BAMI Thank you