GTN (GTN) investor relations material

Executive summary

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

• The first half of FY26 was challenging, with tough market conditions and significant business reset actions, including decisive cost reductions, renegotiation of affiliate arrangements, and a complete exit from aviation operations in Australia and Canada.

• Net loss attributable to members was AUD 40.9 million, compared to a profit of AUD 4.9 million in the prior period, driven by a AUD 41.5 million impairment charge.

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

• A AUD 43.9 million return of capital was executed, funded by a full drawdown of a AUD 35 million debt facility and operating cash surplus.

Financial highlights

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

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

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

• Cash and cash equivalents at period end were AUD 28.1 million, up from AUD 21.1 million at 30 June.

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

Outlook and guidance

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

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

• Board remains committed to further shareholder returns as conditions allow.

• Management remains confident that tightened radio advertising market conditions will not persist.