GTN (GTN) investor relations material

Executive summary

• Revenue for the half-year ended 31 December 2025 declined 14.7% year-over-year to $82.5 million, with all segments except Brazil experiencing local currency revenue decreases.

• Significant business reset actions included cost reductions, renegotiation of affiliate arrangements, and a complete exit from aviation operations in Australia and Canada.

• Net loss attributable to members was $40.9 million, driven by a $41.5 million impairment charge for Australian and UK businesses.

• $43.9 million was returned to shareholders via capital return, funded by a full drawdown of a $35 million debt facility and operating cash surplus.

• Leadership emphasized a clear plan focused on core partnerships, advertising proposition, and cost management through technology.

Financial highlights

• Revenue for the half was $82.5 million, down 14.7% year-over-year, with Australia contributing 47% of group revenue.

• Adjusted EBITDA was $5.8 million, a 53% decline compared to the prior corresponding period.

• Non-cash impairment charge of $41.5 million recognized for Australian and UK businesses.

• Cash on hand increased to $28.1 million at 31 December 2025, up from $21.1 million at 30 June 2025.

• Net operating cash flow improved to $16.5 million from negative $2.8 million year-over-year.

Outlook and guidance

• Targeted recurring cost reductions of $12–$17 million annualized by FY27, with $5–$7.5 million expected in H2 FY26.

• Board targets a dividend payout of approximately 100% of NPAT for FY26, subject to liquidity and performance.

• Benefits from cost actions, affiliate renegotiations, and market repositioning expected to materialize in the second half of FY26.

• Board intends to pursue further shareholder returns, subject to capital requirements and prudent balance sheet management.