GTN LIMITED — Interim / Quarterly Report 2025

Feb 23, 2025

GTN Limited 1H FY25 Results Presentation v Release Date 24th February

Today’s Presenters

Peter Tonagh Chairman

Brent Henley Global CFO

Vic Lorusso CEO, ATN

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Sections Sections

01> 02> 03>	01> Key business highlights 02> Group financial performance 03> Financial performance by operating segment 04> Capital management Key business highlights GTN Company overview and 1H Group operational Group financial performance	4 9 12 17 highlights	4 6 11
04>	05> Trading update Financial performance by operating segment	19	16
05>	A> Additional financial information Capital management	21	21
06> A>	B> GTN Company Overview and Business model Trading update Additional financial information	23	23 25

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1H FY25 Key Messages

• ➢ 1H FY25 revenue of $96.7 million, an increase of 2% compared to 1H FY24

• ➢ International operations have grown to represent 55% of GTN’s revenue

• ➢ Adjusted EBITDA of $12.5 million, down 7% compared to 1H FY24, inclusive of non-recurring costs of $1.45m

• ➢ NPAT of $4.9 million, up 11% compared to 1H FY24

➢ Strong Balance sheet

o 1H FY25 Net Cash position of $14.5 million, due to seasonal net working capital build which has unwound in early 2025 o Net Cash as of 17th February of $29.7 million

➢ Total shareholder return of $12.3m in 1H FY25

• Dividend of $3.4m, Share buyback of $1.9m and debt repayment of $7m

• ➢ Announced 1H FY25 dividend of $0.0247 per share (unfranked), 100% of 1H FY25 NPAT

o Reflective of annualised dividend yield of 9.1% based on GTN’s last closing share price

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GTN Company Overview

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CTN
UKTN
BTN
ATN
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GTN currently operates in Australia, Canada, the United Kingdom and Brazil, four of the 10 largest advertising markets in the world. GTN began operations in Australia in 1997 and has selectively and successfully expanded into other attractive markets. GTN provides a broad reach advertising platform that enables advertisers to reach large audiences frequently and effectively .

GTN is one of the largest suppliers of traffic information reports to radio stations in its operating geographies. In exchange for providing these reports and cash compensation in most instances, GTN receives commercial advertising spots adjacent to traffic, news and information reports from its large network of radio and television stations. The spots are bundled together by GTN and sold to advertisers on a national, regional or specific market basis.

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GTN’s advertising platform provides advertisers with high impact campaigns because advertisements are ideally placed during peak audience times and are aired frequently across large audiences. GTN’s advertisements are short in duration, adjacent to engaging information reports and are often read live on the air by well-known radio and television personalities. This product is designed to create high audience engagement and high recall among listeners, leading to a high return on investment for advertisers.

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atn: Re-aligns business to drive growth

Expanded product range to leverage audience reach

A simple traffic network is now a ‘critical information’ network with sports, news, weather, entertainment, and fuel reports in addition to traffic providing the information Australians need to maximise their day.

Tapped into the multi-cultural DNA of Australia in major markets

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Unlocking new audiences with multicultural audio offer in major markets – tapping the 22.3% of Australians who speak a language other than English at home (2021)*.

Company rebrand to align with expanded product offering and strategy

atn brand repositioned as the media that ‘gets attention’ through a refreshed brand strategy, visual identity and messaging. Engagement and attention are considered critical metrics when advertisers plan and buy campaigns. New branding reinforces ‘quality of engagement’ with ‘speed to reach’ and cost efficiency.

Introduced a breakthrough attention metric to further quantify product

atn is first publisher in Australia to undergo a comprehensive ‘attention audit’ with Adelaide Metrics demonstrating that atn’s unique combination of high reach and attention correlates strongly to improved results.

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In the past 6 months atn has launched strategic initiatives to deepen and broaden market potential

*Source: ABS 2021 Census Data - CALD Australians – Includes people who were born overseas, speak a language other than English at home, or are of indigenous descent:

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CTN is the largest independent network of radio stations delivering content driven traffic reports in Canada to more than 100 radio stations and selected TV broadcasters. CTN reaches over 10M adults weekly.

CTN maintained a high share of agency spend despite challenging market conditions, demonstrating the resilience of our product and strong client relationships.

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BTN continues to lead the way in information broadcasting, delivering real time, relevant content through a powerful network of 105 affiliated stations across 9 key Brazilian markets reaching over 27M adults weekly.

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GTN UK is the largest independent radio network, delivering Traffic & Travel and Entertainment News content to 31+ million adults weekly.

GTNUK regular delivers 80%+ sell out and increased rates thanks to an efficient operation and extremely loyal and growing customer base.

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1H FY25 Revenue and ADJ. EBITDA

Includes non-recurring costs of $1.45 million plus investment in growth initiatives

1H FY25 revenue of $96.7 million, an increase of 2% compared to 1H FY24

• Strong revenue growth in both the UK (+12%) and Brazil (+11%), flat in Australia with Canada declining 3% (all in local currency)

• Brazil’s revenue growth more than offset in AUD terms by a 17% devaluation of the Brazilian Real (BRL)

1H FY25 Adjusted EBITDA of $12.5 million is a decrease of 7%, inclusive of non-recurring costs and investments in growth initiatives

• Result includes:

• $0.75 million non-recurring takeover defence costs

• $0.7 million non-recurring ATN rebranding and re-launch costs

• Profitable expansion into a new Brazilian market

• $1.7 million increase in costs relating to the purchase of committed premium station inventory. This is part of an investment in longer term inventory, with a payoff expected in future periods

• As a result of significantly scaling back Drone activity, the EBITDA loss for the Drones business was contained to $(0.17) million

• 1H FY25 NPAT of $4.9 million increased 11% compared to 1H FY24

• NPATA of $7.1 million increased 7% compared to 1H FY24

Notes:

(1) EBITDA is defined as net profit after tax before the deduction of interest expense/income, income taxes, depreciation and amortisation

(2) Adjusted EBITDA is EBITDA adjusted to include the non-cash interest income arising from the Southern Cross Austereo Affiliate Contract and excluding transaction costs, foreign exchange gains/losses, gains and losses on asset disposing, gains on lease forgiveness and losses on refinancing

(3) NPATA is defined as net profit after tax adjusted for the tax effected amortisation arising from acquisition related intangible assets

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(4) All figures in A$m unless otherwise stated. Amounts in tables may not add due to rounding. Percentage changes are based on actual amounts prior to rounding

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Strong Balance Sheet

Net cash of $14.5 million, meaningful unwind of working capital post balance date

• Net free cash flow before financing, tax and dividends of $0.6 million

• Driven by Working Capital build of $11.8 million in 1H FY25, which has unwound in 2025

• Net Cash as of 17[th] February of $29.7 million

• The 1H FY25 balance sheet also reflects a significant shareholder return including:

• $3.4 million payment of FY24 final dividend; and

  • $1.9 million repurchase of shares via the on-market buy-back

• $7.0 million repayment of bank debt, resulting in gross debt of $1 million at balance date

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Strategy and Capital Management

Announced 1H FY25 dividend of 100% of NPAT

• $0.0247 dividend per share (unfranked)

• Reflects an annualised dividend yield of 9.1% based on GTN’s last closing share price (unfranked) (1)

• The Board confirms an intended dividend policy of up to 100% of NPAT

We are seeking to grow operating earnings and optimise capital management

• Operating plan focused on opportunities to enhance our existing business and profitability

• Capital plan focused on:

• Improving working capital management and optimising treasury

• Optimising growth capital allocation e.g. 1H scale back of lossmaking drone activity; self funded expansion in the strongly growing Brazilian business

• Assessing available capital management options (incl. dividends, buy-backs and other initiatives)

• Documenting our new CBA facility and engaging with our external advisors to meaningfully progress capital management options in 2H FY25

Notes:

(1) Annualised dividend yield is calculated by dividing the projected annual dividend per share by the market value per share, based on GTN’s last closing share price (unfranked)

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Key KPI’s by Market

Key KPI’s by Market	Key KPI’s by Market	Key KPI’s by Market	Key KPI’s by Market	Key KPI’s by Market	Key KPI’s by Market
ATN CTN UKTN BTN
1H FY25 Revenue	A$m	44.0	15.9	27.9	8.9
1H FY24 Revenue	A$m	43.9	17.0	24.5	9.4
1H FY25 vs 1H FY24	%	(0)%	(6)%	14%	(6)%
Number of Radio Stations	#	201	104	242	105
Number of TV Stations	#	9	6	-	-
GTN Radio Audience	million	11.7	12.4	31.2	27.0
GTN TV Audience	million	3.5	9.7	-	-
1H FY25 radio spots inventory / Radio Impacts (UK)	‘000’s	566	292	12,005(1)	294
1H FY25 sell-out rate (radio)	%	59%	65%	83%	61%
1H FY25 average spot rate (radio)	Local ccy	A$128	C$72	£1.70	BRL 212

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(1) See page 20 for explanation of UKTN metrics

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ATN

ATN Adjusted EBITDA of $9.8m Reflecting a strategic investment in committed premium inventory

ATN revenue performance (AUD $m)

1H FY24	1H FY24	1H FY24	1H FY24
1H FY25
ATN KPIs 1H FY25 1H FY24 % chg
Radio spots inventory ('000s)(1)	566	546	3.7%
Radio sell-out rate (%)(2)	59%	59%	+0% points
Average radio spot rate (AUD)(3)	128	129	(0.8)%

43.9 44.0

0.3%

• ATN revenue was flat compared to 1H FY24 based on increased inventory, a flat sell out ratio but a reduced average radio spot rate

• • ATN total operating expenses increased $0.8m or 2% compared to 1H FY24

Commentary:

• Station compensation increased $1.7m due to a strategic investment in committed premium inventory, offset by savings in sales commission $0.2m and other sales expenses of $0.7m

• Radio spots inventory increased 3.7% compared to 1H FY24

• Radio sell-out rate was flat compared to 1H FY24

• Average spot rate decreased by 0.8% from 1H FY24

• As a result of significantly scaling back Drone activity, the EBITDA loss for the Drones business was contained to $(0.17)m

• Australian Traffic Network rebrands after three decades

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o atn gets ATTENTION

• Segment Adjusted EBITDA of $9.8m AUD, compared to $10.5m in 1H FY24

• Includes abovementioned $1.7m investment in committed premium inventory

Note 1: Available radio advertising spots adjacent to traffic, news and information reports Note 2: The number of radio spots sold as a percentage of the number of radio spots available Note 3: Average price per radio spot sold net of agency commission

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BTN

BTN posted a strong 11% increase in revenue AUD performance impacted by a 17% decrease in the BRL exchange rate

BTN revenue performance (AUD $m)

1H FY24 9.4 1H FY25 8.9 BTN revenue performance (BRL $m) 1H FY24 30.3 1H FY25 33.5

(5.5)%

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+10.6%
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BTN KPIs 1H FY25 1H FY24 % chg	BTN KPIs 1H FY25 1H FY24 % chg	BTN KPIs 1H FY25 1H FY24 % chg	BTN KPIs 1H FY25 1H FY24 % chg
Radio spots inventory ('000s)(1)	294	277	6.1%
Radio sell-out rate (%)(2)	61%	60%	+1% points
Average radio spot rate (BRL)(3)	212	212	(0)%

• 1H FY25 revenue increased by 10.6% compared to 1H FY24, in local currency

Commentary:

• Despite strong revenue growth in local currency, revenue decreased 5.5% in AUD terms due to a 17% devaluation of the Brazilian Real

• Local currency revenue growth driven by multiplier effect of increased inventory and improved sell-out rate.

• A surplus helicopter was sold, delivering ongoing Opex savings and self-funding expansion into new Brazilian markets

• Segment Adjusted EBITDA of $1.8m AUD in 1H FY25, compared to $2.1m in 1H FY24

Note 1: Available radio advertising spots adjacent to traffic, news and information reports Note 2: The number of radio spots sold as a percentage of the number of radio spots available Note 3: Average price per radio spot sold net of agency commission. Not adjusted for taxes or advertising agency incentives that are deducted from net revenue

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CTN had a challenging 1H FY25 with revenue decreasing 3% in local currency and 6% in AUD compared to 1H FY24

CTN revenue performance (AUD $m)

1H FY24 1H FY25

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(6.1)%
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CTN revenue performance (CAD $m)

1H FY24 1H FY25

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(2.9)%
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CTN KPIs 1H FY25 1H FY24 % chg	CTN KPIs 1H FY25 1H FY24 % chg	CTN KPIs 1H FY25 1H FY24 % chg	CTN KPIs 1H FY25 1H FY24 % chg
Radio spots inventory ('000s)(1)	292	319	(8.4)%
Radio sell-out rate (%)(2)	65%	59%	+6% points
Average radio spot rate (CTN)(3)	72	78	(7.7)%

• CTN revenue decreased in both AUD and CAD

Commentary:

• FY25 revenue in AUD decreased 6.1% compared to 1H FY24

• FY25 revenue in CAD decreased 2.9% compared to 1H FY24

• Radio Spots inventory decreased 8.4% compared to 1H FY24 with some stations closed by owners

• Radio Sell out ratio increased 6% points compared to 1H FY24, while Average radio spot rate declined 7.7% to $72 CAD

• Segment Adjusted EBITDA of $1.8m AUD in 1H FY25, compared to $2.9m in 1H FY24

Note 1: Available radio advertising spots adjacent to traffic, news and information reports. Note 2: The number of radio spots sold as a percentage of the number of radio spots available. Note 3: Average price per radio spot sold net of agency commission.

CTN

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17.0
15.9
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15.0
14.5
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UKTN

UKTN Adjusted EBITDA improved 36% compared to 1H FY24

UKTN revenue performance (AUD $m)

1H FY24 1H FY25	1H FY24 1H FY25	1H FY24 1H FY25
	1H FY24 1H FY25	24.5 27.9

+13.7%

UKTN revenue performance (GBP $m)

1H FY24	1H FY24	1H FY24	1H FY24
1H FY25
UKTN KPIs 1H FY25 1H FY24 % chg
Total radio impacts available ('000s)1	12,005	11,085	8.3%
Radio sell-out rate (%)(2)	83%	85%	-2% points
Cost per Thousand - CPT (GBP)(3)	£1.70	£1.40	+21.4%

12.8 14.3

+11.8%

• UKTN revenue increased in both local currency and AUD

Commentary:

• FY25 revenue in AUD Increased 13.7% compared to 1H FY24

• FY25 revenue in GBP increased 11.8% compared to 1H FY24

• Revenue performance driven by an increase in available impacts and increase in CPT to £.1.70

• Segment Adjusted EBITDA improved 36% to $1.9m AUD compared to 1H FY24

Note 1: The UK market measures inventory and units sold based on impacts instead of spots. An impact is a thousand listener impressions Note 2: The number of impressions sold as a percentage of the number of impressions available Note 3: Average price per radio impact sold net of agency commission

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Capital Management

We are seeking to grow operating earnings and optimise capital management

As of 31 December 2024, GTN held a Net cash balance of $14.5 million

($11.6 million after including lease liabilities under AASB16)

• Net Cash as of 17th February - $29.7 million

Company announced new share buyback program starting 29 August 2024 for up to 10% of outstanding shares for up to twelve months

• No minimum share repurchase, or target purchase price has been set

Debt Facility

• During 1H FY25 company repurchased over 4.0 million shares for $1.88 million

• Group has repaid $59 million of outstanding bank debt since FY21 o Outstanding bank debt $1 million as of 31 December 2024

• The business has received a credit approved commitment from GTN’s existing lender Commonwealth Bank of Australia for a new four-year, $35 million facility to provide balance sheet flexibility and support capital management initiatives in 2025

Capital Management update

• We continue to engage with our advisors to progress available capital management options

1H FY25 interim dividend of $0.0247 per share for 1H FY25 (unfranked)

• Reflects an annualised dividend yield of 9.1% based on GTN’s last closing share price (unfranked) (1)

• The Board confirms an intended dividend payout policy of up to 100% of NPAT

• Record date set at 7th March 2025 with payment date of 27th March 2025

• Looking to meaningfully progress this initiative in the 2H FY25

Notes:

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(1) Annualised dividend yield is calculated by dividing the projected annual dividend per share by the market value per share, based on GTN’s last closing share price (unfranked)

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GTN FY25 Outlook

Market continues to have a short sales cycle, with January 2025 revenue finishing slightly ahead of FY24

Effectively exited Drone business with final asset sale underway

• Exited Drones business in Canada and sold Drone swarm to local provider

Continued expansion into new regions in Brazil, internally funded by sale of redundant helicopter asset

Unable to forecast future revenue due to short lead times of the Group’s sales cycle

• Results beyond February are likely to be highly dependent on market conditions

• Looking to exit Drones business by selling ATN fleet in 2H FY25

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Appendix A>

Appendix A>

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Reconciliation of non-IFRS measurements back to IFRS EBITDA, Adjusted EBITDA & NPATA

Reconciliation of EBITDA, and Adjusted EBITDA to Profit before income tax

($m) (1) 1H FY25 1H FY24	($m) (1) 1H FY25 1H FY24	($m) (1) 1H FY25 1H FY24
Profit before income tax	7.2	5.3
Depreciation and amortisation	5.9	6.5
Finance costs	0.3	0.9
Interest on bank deposits	(0.3)	(0.3)
Interest income on long-term prepaid affiliate contract	(3.9)	(3.9)
EBITDA	9.3	8.4
Interest income on long-term prepaid affiliate contract	3.9	3.9
Foreign currency transaction loss	0.2	0.1
(Gain) / Loss on asset disposal	(0.9)	0.8
Adjusted EBITDA	12.5	13.3
Reconciliation of EBITDA, and Adjusted EBITDA to Profit before income tax
Profit for the year (NPAT)	4.9	4.4
Amortisation of intangible assets (tax effected)	2.3	2.3
NPATA	7.1	6.7

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Disclaimer and important information

The information contained in this document is general background information about GTN Limited (ACN 606 841 801) (the “Company”) and its activities as at the date of this document. It is in summary form and does not purport to be complete. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements. It is not financial product advice and does not take into account the investment objectives, financial situation or particular needs of individual investors. These should be considered, with or without professional advice, before deciding if an investment in the Company is appropriate.

The information contained in this document may include information derived from publicly available sources that has not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information in this document or any assumptions on which it is based. All amounts are in Australian dollars unless otherwise indicated.

This document may contain forward-looking statements, including the Company’s expectations about the performance of its business. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believe", "estimate", "plan", "project", "anticipate", "expect", "intend", “likely”, "may", "will", “could” or "should" or, in each case, their negative or other variations or other similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.

Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company and which may cause actual results to differ materially from those expressed or implied in such statements. Readers are cautioned not to place undue reliance on any forwardlooking statements. Actual results or performance may vary from those expressed in, or implied by, any forward-looking statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements. The Company does not undertake to update any forward-looking statements contained in this document, to the maximum extent permitted by law.

Certain financial information in this document is prepared on a different basis to the Company’s Annual Financial Report, which is prepared in accordance with Australian Accounting Standards. Where financial information presented within this document does not comply with Australian Accounting Standards, a reconciliation to the statutory information is provided.

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