Blue Ant Media (BAMI) investor relations material

Executive summary

• Q2 2026 marked a transformation period with three strategic acquisitions, including Thunderbird Entertainment, more than doubling the revenue base and expanding studio and rights operations.

• The company streamlined its studio branding, strengthened leadership, and aligned operations by genre to enhance global content monetization.

• Integration efforts and costs, along with a softer advertising market, impacted near-term margins, but results are expected to ramp up in the back half of the year.

• The company remains well-capitalized, with strong liquidity and modest leverage, supported by a $34.7 million capital contribution from Fairfax Financial.

Financial highlights

• Q2 2026 revenue was CAD 70 million, up 82% year-over-year from CAD 38.4 million, driven by acquisitions and strong production and distribution performance.

• Adjusted EBITDA was CAD 3.8 million, down from CAD 4.1 million in Q2 2025, reflecting integration and restructuring costs and product mix.

• Net loss was CAD 6.2 million, compared to a loss of CAD 5 million in the prior year, impacted by CAD 7.4 million in acquisition-related, restructuring, and share-based compensation costs.

• Cash at quarter-end was CAD 50.7 million, with CAD 41.7 million in bank indebtedness and CAD 41.3 million in undrawn credit facility capacity.

Outlook and guidance

• Margins are expected to improve as CAD 7 million in synergies from Thunderbird are realized within 12 months of closing.

• Results are typically weighted to the back half of the fiscal year due to industry seasonality, with Q3 and Q4 expected to be stronger.

• Management remains optimistic for a strong full year but notes continued uncertainty in the advertising market.