GTN LIMITED — Interim / Quarterly Report 2025

Feb 23, 2025

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GTN Limited ABN 38 606 841 801 ASX Half-year information 31 December 2024

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GTN Limited Half-year ended 31 December 2024 (Previous corresponding period: Half-year ended 31 December 2023)

Results for Announcement to the Market

				$ (,000’s)
Revenue from ordinary activities	up	2.0%	to	96,699
Net profit for the period attributable to members	up	10.8%	To	4,856

Dividends/distributions	Amount per security	Franked amount per security
Final dividend – Year ended 30 June 2024	$0.0170	$0.00
Interim FY2025 dividend	$0.0247	$0.00

Ex-dividend date: 6 March 2025 Record date: 7 March 2025 Payment date: 27 March 2025

Net tangible assets / (liabilities) per security

	31 December 2024	31 December 2023
Net tangible assets / (liabilities) per security (cents per share)	$0.53	$0.49

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Directors’ Report

The Directors of GTN Limited (the “Company”) submit the following report for GTN Limited and its subsidiaries (the “Group”) for the half-year ended 31 December 2024. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:

Directors

The following people were Directors of the Company during the half year ended 31 December 2024 and otherwise indicated, up to the date of this report:

• Peter Tonagh (Chair)

• ○ David Ryan (resigned November 29, 2024) ○ Corinna Keller

• Craig Coleman

• ○ Alexandra Baker (resigned November 29, 2024)

• Jason Korman (appointed November 29, 2024)

• Rob Martino (appointed November 29, 2024)

• William Brown (appointed January 9, 2025)

Principal Activities

The principal activity of the Group during the financial half year was that of provider of an advertising platform to advertisers in Australia, United Kingdom, Canada and Brazil.

Review and Results of Operations

The Group reported revenue of $96.7 million for the six-month period ended 31 December 2024, an increase of 2.0% from $94.8 million for the same period in the prior year. Revenue increased in local currency in all operating segments with the exception of Canada compared to the corresponding period, with both the United Kingdom and Brazilian market experiencing double digit growth. Australia made up 45% of the Group’s revenue for 1H FY25 compared to 46% in 1H FY24.

Revenue		31 December	31 December
		2024	2023	%
		’000	’000	**Change **
Australia		43,986	43,861	0.3%
United Kingdom		27,882	24,523	13.7%
Canada		15,914	16,953	(6.1)%
Brazil		8,917	9,440	(5.5)%
Total		96,699	94,777	2.0%

Changes in foreign exchange rates had a positive impact on the revenue reported from the Groups United Kingdom market but a negative impact on both the Canadian and Brazilian market.

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Revenue: Local Currency		31 December	31 December
		2024	2023	%
		$’000	$’000	Change
Australia	AUD	43,986	43,861	0.3%
United Kingdom	GBP	14,279	12,772	11.8%
Canada	CAD	14,534	14,962	(2.9)%
Brazil	BRL	33,532	30,317	10.6%

Non-IFRS measurements

• EBITDA is earnings before interest, tax, depreciation and amortisation.

Management uses EBITDA to evaluate the operating performance of the business without the non-cash impact of depreciation and amortisation and before interest and tax charges, which are significantly affected by the capital structure and historical tax position of the Group.

EBITDA can be useful to help understand the cash generation potential of the business because it does not include the non-cash charges for depreciation and amortisation. However, management believes that it should not be considered as an alternative to net free cash flow from operations and investors should not consider EBITDA in isolation from, or as a substitute for, an analysis of the Group’s results of operations;

• Adjusted EBITDA is EBITDA adjusted to include the non-cash interest income arising from the long-term prepaid Southern Cross Austereo Affiliate Contract and excludes foreign exchange gains or losses, losses on refinancings, gains and losses on asset disposals, gains on lease forgiveness and transaction costs.

Management considers that Adjusted EBITDA is an appropriate measure of GTN's underlying EBITDA performance. Otherwise, the EBITDA would reflect significant non-cash station compensation charges without offsetting non-cash interest income arising from the treatment of the Southern Cross Austereo contract as a financing arrangement.

($m)(1)	1H FY25	1H FY24
Reconciliation of EBITDA and Adjusted EBITDA to Profit before
income tax
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 currencytransaction loss	0.2	0.1
(Gain) /Loss on fixed asset disposal	(0.9)	0.8
Adjusted EBITDA	12.5	13.3
(1) Amounts in tables maynot add due to rounding.

• NPATA is net profit after tax adjusted to add-back the tax effected impact of amortisation of intangible assets related to the purchase accounting arising from GTCR’s acquisition of Global Traffic Network, Inc. in September 2011.

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Management considers it appropriate to disclose NPATA because the amortisation of the intangibles related to purchase accounting is both a non-cash charge and there will be no future cash outlays to “replace” these assets once fully amortised .

($m)(1)	1H FY25	1H FY24
Reconciliation of Net profit after tax (NPAT) to NPATA
Profit for theperiod(NPAT)	4.9	4.4
Amortisation of intangible assets
(tax effected)	2.3	2.3
NPATA	7.1	6.7

(1) Amounts in tables may not add due to rounding.

Non-IFRS information has not been reviewed.

EBITDA for the six months ended 31 December 2024 increased 10% to $9.3 million compared to $8.4 million for the six months ended 31 December 2023, bolstered by a $0.87 million gain on sale of assets this year versus a loss on sale of assets of $0.85 million in the corresponding period. Adjusted EBITDA decreased 7% to $12.5 million for the current period compared to $13.3 million for the prior half-year period, largely driven by the $1.9 million revenue increase offset by a $2.7 million increase in operating expenses. Combined network operations and station compensation expenses, non-cash compensation and selling and general and administrative expenses (“operating expenses”) increased 3.2% to $88.1 million compared to $85.4 million for the six months ended 31 December 2023.

The increase in operating expenses included a $4.1 million (7.8%) increase in station compensation and a $1.4 million (12.8%) decrease in network operations expense. The increase in station compensation is primarily related to increased costs relating to the United Kingdom market, consisting primarily of additional variable expense based on the revenue increase in the period, as well as an initiative to acquire additional premium inventory in the Australian market from existing affiliates.

The Company is looking to exit the Drones business by selling the ATN fleet in 2H FY25. As a result of this planned scaling back, Drone revenue was $0.03 million, operating expenses were $0.2 million, EBITDA was $(0.17). For the half year ended 31 December 2023, revenue was $0.3 million, operating expenses were $1.2 million, EBITDA was $(1.8) million and Adjusted EBITDA (after adding back the casualty loss related to the drone incident) was $(1.0) million.

Operating metrics

The Group has been able to increase its advertising inventory in all operating regions outside of Canada which saw a reduction of 8.5% year on year (YonY). We believe that there is an opportunity to continue to increase revenue by higher sell-out of our existing inventory across all our operating regions.

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Operating metrics by jurisdiction (local currency)

Notes Australia Radio spots inventory ('000s) 1 Radio sell-out rate(%) 2 Average radio spot rate(AUD) 3 Canada Radio spots inventory ('000s) 1 Radio sell-out rate(%) 2 Average radio spot rate(CAD) 3 United Kingdom Total radio impacts available('000) 4 Radio sell-out rate(%) 5 Average radio net impact rate(GBP) 6 Brazil Radio spots inventory ('000s) 1 Radio sell-out rate(%) 2 Average radio spot rate(BRL) 3,7	1H FY25 1H FY24
	566 546
	59% 59%
	128 129
	292 319
	65% 59%
	72 78
	12,028 11,085
	83% 85%
	1.7 1.4
	294 277
	61% 60%
	212 212

1. Available radio advertising spots (primarily adjacent to traffic, news and information reports).

2. The number of radio spots sold as a percentage of the number of radio spots available.

3. Average price per radio spot sold net of agency commission.

4. The UK market measures inventory and units sold based on impacts instead of spots. An impact is a thousand listener impressions.

5. The number of impressions sold as a percentage of the number of impressions available.

6. Average price per radio impact sold net of agency commission.

7. Not adjusted for taxes or advertising agency incentives that are deducted from net revenue.

Foreign exchange rates

A significant portion of the Group’s revenue and expenses are in a currency other than Australian dollars. The actual exchange rates used in preparing the half-year consolidated statement of profit or loss and other comprehensive income are as follows:

	1H FY25	1H FY24
	Actual	Actual
AUD:USD	0.66	0.65
AUD:CAD	0.91	0.88
AUD:GBP	0.51	0.52
AUD:BRL	3.76	3.21

Cash Resources and Liquidity

The Group continues to maintain significant cash resources with $15.5 million of cash and cash equivalents at 31 December 2024 and net cash of $11.6 million. Debt consists of a $1 million bank debt facility (fully drawn) and $2.9 million of leases that are considered debt under AASB 16.

The repayment date of the bank debt facility is 22 December 2025 and there are no scheduled mandatory principal payments prior to that date. During 1H FY25, the Company made $7 million

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of voluntary repayments under the bank debt facility and intends to make further repayments in the future.

Net cash from operating activities for the period was ($2.8) million. Working capital was a $11.8 million use of funds for the period. This was primarily due to a $9.0 million increase in accounts receivable from 30 June 2024 to 31 December 2024. The increase in accounts receivable relates to the seasonal revenue increase during 2Q FY25 and is expected to be collected primarily during 3Q FY25. We expect, should revenue continue to grow compared to previous periods in the future, that accounts receivable will continue to grow and act as a use of cash provided from operating activities.

Bank debt facility

On 22 December 2022, the Group extended its current debt facility to 22 December 2025. In June 2024, the Group negotiated the removal of financial covenants from the existing facility agreement.

Share buyback

On 29 August 2024, the Company announced a new on-market share buyback of up to 10% of its outstanding shares for a period of up to twelve months. No target share price or minimum repurchase amount has been set. During 1H FY25, the Company repurchased and retired 4,000,000 shares for $1.88 million, which is an average price per share repurchased of $0.47.

Dividend Policy

The Board has established a dividend target of approximately 100% of NPAT for FY25. We plan to distribute 100% of 1H NPAT as an interim dividend, with the final dividend approximating annual NPAT less the interim dividend. The policy can be altered at any time based on the liquidity needs and performance of the Company and is subject to adjustment for non-recurring or noncash items that may impact NPAT.

The interim FY25 dividend is consistent with the target dividend policy.

Distributions and Dividends

The directors have declared an interim dividend in the current period of $0.0247 per share for holders of record on 7 March 2025. The interim dividend will be unfranked.

Rounding of amounts

The Company is of a kind referred to in ASIC Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the ‘rounding off’ of amounts in the directors’ report and annual report. Amounts in the directors’ report and annual report have been rounded off in accordance with that ASIC Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

Directors Holdings of Shares

The aggregate number of fully paid ordinary shares in the Company held directly, indirectly or beneficially by Directors of the Company as at 14 February 2025 and 30 June 2024 is as follows:

Director	14 February 2025	30 June 2024
David Ryan (2)	150,000	150,000
Corinna Keller	223,450	223,450
Peter Tonagh	567,287	567,287

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56,142

Alexandra Baker (2)

Rob Martino (3)

Jason Korman (3)

Craig Coleman (1) Total	107,109,030 71,127,448
	108,049,767 72,124,327

• (1) Craig Coleman appointed 28[th] May 2024

• (2) Alexi Baker and David Ryan resigned 29[th] November 2024

• (3) Rob Martino and Jason Korman appointed 29[th] November 2024

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 9.

This report is made in accordance with a resolution of directors.

Peter Tonagh Chairman GTN Limited Sydney, Australia 24 February 2025

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Grant Thornton Audit Pty Ltd Level 26 Grosvenor Place 225 George Street Sydney NSW 2000 Locked Bag Q800 Queen Victoria Building NSW 1230 T +61 2 8297 2400

Auditor’s Independence Declaration

To the Directors of GTN Limited

In accordance with the requirements of section 307C of the Corporations Act 2001 , as lead auditor for the review of GTN Limited for the half-year ended 31 December 2024. I declare that, to the best of my knowledge and belief, there have been:

• a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b no contraventions of any applicable code of professional conduct in relation to the review.

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Grant Thornton Audit Pty Ltd Chartered Accountants

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L M Worsley Partner – Audit & Assurance

Sydney, 24 February 2025

www.grantthornton.com.au ACN-130 913 594

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.

GTN Limited For the half year ended 31 December 2024

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Contents

	Page
Consolidated Statement of Profit or Loss and Other Comprehensive Income	11
Consolidated Statement of Financial Position	12
Consolidated Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Financial Statements	15
Directors’ Declaration	20

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by GTN Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

GTN Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is at Level 42, Northpoint, 100 Miller Street, North Sydney, NSW. Its shares are listed on the Australian Securities Exchange.

GTN Limited For the half year ended 31 December 2024

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Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the half year ended 31 December 2024

Notes Revenue 3 Other income 3 Interest income on long-term prepaid affiliate contract 3 Network operations and station compensation expenses Selling, general and administrative expenses Equity based compensation expenses Depreciation and amortisation Finance costs Gain / (Loss) on asset disposal Foreign currency transaction loss Profit before income tax Income tax expense 5 Profit for the half year Other comprehensive loss for the half year, net of income tax: Items that may be reclassified to profit or loss Foreign currency translation reserve Total other comprehensive loss for the half year Total comprehensive income for the half year Earnings per share attributable to the ordinary equity holders: Basic earnings per share (cents) Diluted earnings per share (cents)	31 December 31 December 2024 2023 $’000 $’000 96,699 94,777 272 348 3,878 3,940 (66,761) (64,105) (21,309) (21,039) (48) (247) (5,928) (6,549) (260) (877) 871 (845) (186) (115)
	7,228 5,288
	(2,372) (907)
	4,856 4,381
	1,606 (1,108)
	1,606 (1,108)
	6,462 3,273
	Cents Cents 2.5 2.2 2.5 2.2

Total profit for the year and other comprehensive income are fully attributable to members of the Group

This statement should be read in conjunction with the notes to the financial statements.

GTN Limited For the half year ended 31 December 2024

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Consolidated Statement of Financial Position

As at 31 December 2024

Notes Assets Current Cash and cash equivalents Trade and other receivables Current tax asset Other current assets Current assets Non-current Property, plant and equipment 7 Intangible assets 6 Goodwill 6 Deferred tax assets Other assets Non-current assets Total assets Liabilities Current Trade and other payables Contract liabilities Current tax liabilities Financial liabilities Provisions Current liabilities Non-current Trade and other payables Financial liabilities Deferred tax liabilities Provisions Non-current liabilities Total liabilities Net assets Equity Share capital Reserves Accumulated losses Total equity	31 December 30 June 2024 2024 $’000 $’000 15,488 31,556 48,191 39,181 2,873 2,440 7,734 5,564
	74,286 78,741
	8,575 9,258 17,608 20,670 96,491 96,303 4,838 5,058 88,410 89,271
	215,922 220,560
	290,208 299,301
	40,138 42,936 968 1,552 622 157 1,288 1,541 1,282 1,242
	44,298 47,428
	83 71 2,549 10,098 23,727 23,441 444 392
	26,803 34,002
	71,101 81,430
	219,107 217,871
	429,180 430,336 6,662 6,420 (216,735) (218,885)
	219,107 217,871

This statement should be read in conjunction with the notes to the financial statements.

GTN Limited For the half year ended 31 December 2023

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Consolidated Statement of Changes in Equity

Notes Balance at 30 June 2023 Total comprehensive income: Net profit Other comprehensive loss Total comprehensive income Transactions with owners in their capacity as owners: Shares repurchased and retired Dividends Reclass expired stock options Option exercise Equity based compensation Balance at 30 June 2024 Total comprehensive income: Net profit Other comprehensive loss Total comprehensive income Transactions with owners in their capacity as owners: Shares repurchased and retired Dividends Reclass expired stock options Option exercise Equity based compensation Balance at 31 December 2024	Issued Capital Common Control Reserve Foreign Currency Translation Reserve Equity Based Payments Reserve Accumulated Losses Total Equity $’000 $’000 $’000 $’000 $’000 $’000
	432,128 (24,655) 31,072 1,742 (222,911) 217,376
	- - - - 5,663 5,663 - - (1,523) - - (1,523)
	- - (1,523) - 5,663 4,140 (1,939) - - - (1,939) - - - (2,217) (2,217) - - - (580) 580 - 147 - - (147) - - - - 511 - 511
	(1,792) - (1,523) (216) 4,026 (495)
	430,336 (24,655) 29,549 1,526 (218,885) 217,871
	- - - - 4,856 4,856 - - 1,606 - - 1,606
	- - 1,606 - 4,856 6,462 (1,888) - - - (1,888) - - - (3,386) (3,386) - - - (681) 681 - 732 - - (732) - - - - 48 - 48
	(1,156) - 1,606 (1,365) 2,151 1,236
	429,180 (24,655) 31,155 161 (216,735) 219,107

This statement should be read in conjunction with the notes to the financial statements.

GTN Limited For the half year ended 31 December 2023

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Consolidated Statement of Cash Flows

For the half year ended 31 December 2024

Notes Operating activities Receipts from customers Payments to suppliers and employees Interest received Finance costs Income tax paid Net cash from operating activities Investing activities Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Net cash used in investing activities Financing activities Debt repayment Principal element of lease payments Shares repurchased Dividends Net cash used in financing activities Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Exchange differences on cash and cash equivalents Cash and cash equivalents, end of half year Property acquired under leases	31 December 31 December 2024 2023 $’000 $’000 98,976 98,064 (99,876) (93,754) 272 348 (250) (849) (1,894) (2,570)
	(2,772) 1,239
	(1,128) (2,734) 865 131
	(263) (2,603)
	(7,000) (4,000) (882) (802) (1,883) (842) (3,400) -
	(13,165) (5,644)
	(16,200) (7,008) 31,556 30,606 132 28
	15,488 23,626
	92 1,996

This statement should be read in conjunction with the notes to the financial statements.

GTN Limited For the half year ended 31 December 2024

Notes to the Consolidated Financial Statements

1 Basis of preparation of half year report

This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2024 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Act 2001.

This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by GTN Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period except for the adoption of new and amended standards as set out below:

2 Changes in accounting policies

2.1 New and revised standards that are effective for these financial statements

Standards adopted during the period

The Group has adopted all new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group. As such, no significant changes are required to the Group’s current accounting policies from those disclosed in the financial report for the year ended 30 June 2024.

2.2 Accounting Standards issued but not yet effective and have not been adopted early by the Group

At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published, but are not yet effective, and have not been adopted early by the Group. Management anticipates that all the relevant pronouncements will be adopted in the Group’s accounting policies for the first period beginning after the effective date of the pronouncement. None of these new standards and interpretations are expected to have a material impact on the Group’s financial statements.

3 Revenue

3 Revenue
Sales revenue Sale of advertising commercials – net of agency commissions Other income Interest on cash balances Interest income on long-term prepaid affiliate contract	31 December 31 December 2024 2023 $’000 $’000 96,699 94,777
	96,699 94,777
	272 348
	272 348
	3,878 3,940

GTN Limited For the half year ended 31 December 2024

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4 Expenses

Profit before income tax includes the following specific expenses: Defined contribution superannuation expenses Depreciation Amortisation Finance costs of bank loan and leases Rental expenses relating to leases Foreign exchange losses	31 December 31 December 2024 2023 $’000 $’000 713 629
	2,724 3,341
	3,204 3,208
	260 877
	333 220
	186 115

5 Income tax expense

The major components of tax expense and the reconciliation of the expected tax expense based on the statutory tax rate at 30% (2023: 30%) and the reported tax expense in profit or loss are as follows:

Profit before tax Tax rate: 30% Taxes on foreign earnings Tax effect of permanent differences (Recognition of previously unrecognised tax losses)/unrecognised tax losses Under provision for income taxes in prior years Impact of tax rate changes Other Income tax expense Expense Current Deferred Income tax expense		31 December 31 December 2024 2023 $’000 $’000 7,228 5,288 2,168 1,586 (148) (162) 144 196 (4) (756) (11) 29 - - 223 14 2,372 907 31 December 31 December 2024 2023 $’000 $’000 2,879 1,657 (507) (750)
		2,372 907

The recognition of deferred tax assets is limited to the extent that the Group anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. The Group has an unrecognised net deferred tax asset of $22,779 thousand (30 June 2024: $24,141 thousand) in relation to the tax losses as management does not anticipate the Group will make sufficient taxable profits in the foreseeable future to utilise this asset in those jurisdictions.

GTN Limited For the half year ended 31 December 2024

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The Australia tax group had franking credits of $1.98 million at 31 December 2024. It is expected that the franking credits will be offset by the FY24 tax refund that is expected to be received prior to the end of the fiscal year.

6 Intangible assets

Detail of the Group’s intangible assets and their carrying amounts are as follows:

Gross carrying amount Balance at 1 July 2024 Net exchange differences Balance at 31 December 2024 Amortisation Balance at 1 July 2024 Amortisation Net exchange differences Balance at 31 December 2024 Carrying amount 31 December 2024	Goodwill $’000	Trade names Station contracts Advertising contracts Total $’000 $’000 $’000 $’000
	96,303 188	12,634 89,306 66,223 168,163 137 978 726 1,841
	96,491	12,771 90,284 66,949 170,004
	-	- (81,270) (66,223) (147,493)
	- -	- (3,204) - (3,204) - (973) (726) (1,699)
	-	- (85,447) (66,949) (152,396)
	96,491	12,771 4,837 - 17,608

The Group expects to either renew or replace its advertiser contracts and renew its station contracts beyond their expected life. Amortisation expense for the half-years ended 31 December 2024 and 31 December 2023 was $3.2 million and $3.2 million, respectively.

Due to the long term and indefinite nature of goodwill and trade names, amortisation expense is not reflected and the Group annually reviews goodwill and trade names for impairment or more frequently should there be indicators of possible impairment.

Management is not currently aware of any other reasonably possible changes in key assumptions that would result in an impairment.

7 Property, plant and equipment

Details of the Group’s property, plant and equipment and their carrying amount are as follows:

Gross carrying amount Balance at 1 July 2024 Additions during period Disposals Net exchange differences Balance at 31 December 2024 Depreciation and impairment Balance at 1 July 2024 Disposals Net exchange differences Depreciation Balance at 31 December 2024 Carrying amount 31 December 2024	Helicopters, fixed wing and drone aircraft Recording, broadcasting and studio equipment Furniture, equipment and other Right of use assets – real property Total $’000 $’000 $’000 $’000 $’000
	38,735 1,054 4,178 5,996 49,963
	1,941 6 255 97 2,299 (3,652) - - (436) (4,088) 618 3 60 130 811
	37,642 1,063 4,493 5,787 48,985
	(33,948) (1,002) (3,140) (2,615) (40,705)
	3,358 - 0 436 3,794 (571) (4) (34) (156) (765) (1,631) (11) (245) (847) (2,734)
	(32,792) (1,017) (3,419) (3,182) (40,410)
	4,850 46 1,074 2,605 8,575

Right of use assets consist of leases of premises.

GTN Limited For the half year ended 31 December 2024

8 Segment information

The Group’s management analyses the Group’s performance by geographic area and has identified four reportable segments: Australia, Brazil, Canada and United Kingdom.

The segments’ revenues are as follows:

Australia United Kingdom Canada Brazil	31 December 31 December 2024 2023 $’000 $’000 43,986 43,861 27,882 24,523 15,914 16,953 8,917 9,440
	96,699 94,777

Management tracks performance primarily by Adjusted EBITDA which is defined as EBITDA adjusted for any foreign exchange profit or loss, interest income on the long-term prepaid affiliate agreement, gains or losses on asset disposals, gains on lease forgiveness, losses on refinancings, transaction costs and other unusual non-recurring items.

Adjusted EBITDA by Segments Australia United Kingdom Canada Brazil Other Adjusted EBITDA Foreign exchange loss Gain (Loss) on asset disposal Less: Interest income on long-term prepaid affiliate contract EBITDA Depreciation and amortisation Interest income on long-term prepaid affiliate contract Financing costs net of interest income Profit before income tax Income tax expense Profit	31 December 31 December 2024 2023 $’000 $’000 9,789 10,536 1,911 1,410 1,820 2,867 1,823 2,094 (2,884) (3,581)
	12,459 13,326 (186) (115) 871 (845) (3,878) (3,940)
	9,266 8,426 (5,928) (6,549) 3,878 3,940 12 (529)
	7228 5,288
	(2,372) (907)
	4,856 4,381

GTN Limited For the half year ended 31 December 2024

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Segment assets and liabilities are classified by their physical location.

Segment assets Total Assets: Australia UK Canada Brazil Total segment assets Unallocated: Deferred tax assets Others Total assets Segment liabilities Total liabilities: Australia UK Canada Brazil Total segment liabilities Unallocated: Deferred tax liabilities Borrowings Intercompany eliminations Others Total liabilities	31 December 30 June 2024 2024 $’000 $’000 219,788 221,144 30,212 33,172 24,661 29,991 7,132 6,204
	281,793 290,511 4,838 5,058 3,577 3,732
	290,208 299,301 82,665 80,715 8,885 10,238 5,469 5,187 3,562 3,879
	100,581 100,019 23,727 23,441 3,837 11,639 (73,611) (70,098) 16,571 16,429
	71,105 81,430

9 Events subsequent to the reporting period

Subsequent to the end of the half-year period, on 21 February 2025, the Directors have declared the payment of an interim fiscal year 2025 dividend of $0.0247 per share (0% franked). This dividend will be paid to holders on record as of 7 March 2025.

Other than the matters referred to above, no matters or circumstances have arisen since the end of the financial half year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

GTN Limited For the half year ended 31 December 2024

20

Directors’ declaration

In the directors’ opinion:

1. The financial statements and notes set out on pages 11 to 19 are in accordance with the Corporations Act 2001, including:

(a) complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

(b) giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the half-year ended on that date and

1. There are reasonable grounds to believe that GTN Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors.

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Peter Tonagh Chairman GTN Limited Sydney, Australia

Dated 24[th] day of February 2025

21

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Independent Auditor’s Review Report

Grant Thornton Audit Pty Ltd Level 26 Grosvenor Place 225 George Street Sydney NSW 2000 Locked Bag Q800 Queen Victoria Building NSW 1230 T +61 2 8297 2400

To the Members of GTN Limited

Report on the half-year financial report

Conclusion

We have reviewed the accompanying half-year financial report of GTN Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2024, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, including material accounting policy information, other selected explanatory notes, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of GTN Limited does not comply with the Corporations Act 2001 including:

• a giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the half-year ended on that date; and

• b complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

www.grantthornton.com.au

ABN-41 127 556 389 ACN-127 556 389

Grant Thornton Australia Ltd ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.

13225330v3

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Directors’ responsibility for the half-year financial report

The Directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2024 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Grant Thornton Audit Pty Ltd Chartered Accountants

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L M Worsley Partner – Audit & Assurance Sydney, 24 February 2025

Grant Thornton Audit Pty Ltd