• Adjusted Underlying EBITDA at upper end of guided range
• Successful contract wins, with $38M of incremental annualised revenue starting from 2025
• Restructuring to simplify operations and drive stronger performance, with ~$15M net cost reduction program implemented in CY25

oOh!Media Ltd reported its 2024 full year results, with revenue of $635.6M, flat on the prior year. However, the company saw momentum building in the second half of 2024, with revenue up 3% compared to a 3% decline in the first half. Adjusted Underlying EBITDA was $128.9M, at the upper end of the guided range. The company retained strong contract discipline and took action to preserve robust margins, with adjusted gross margin improving 0.4 percentage points to 44.7%. Successful contract wins during the year will provide $38M of incremental annualised revenue starting from 2025. The company also continued the momentum of its reo retail media business, signing three new contracts with Petbarn, Officeworks, and a pilot with Australia Post. To drive stronger performance, oOh!Media is implementing a ~$15M net cost reduction program in CY25, including process optimisation, restructuring of roles and teams, and technology investments to improve speed-to-market and customer satisfaction. Looking ahead, the company expects Q1 2025 media revenue growth of 14% and a CY2025 adjusted gross margin broadly in line with CY2023/24, while the right-sizing of the cost base is expected to deliver net cost savings of ~$15M and an opex base of $150-155M.

CY2025 adjusted gross margin is expected to be broadly in line with CY2023/24. Right-sizing of operating cost base is expected to deliver net cost savings of ~$15M and an opex base of $150-155M in CY2025. CY2025 capex is expected to be between $45M and $55M, contingent upon development approvals. Gearing is expected to remain below 1.0X adjusted underlying EBITDA.

oOh!Media's strong momentum has continued, with 14% growth February 2025 YTD achieved and pacing up 14% on the prior corresponding period for the whole of Q1. The company expects Out of Home to continue taking revenue share from other media sectors, benefitting from tailwinds of future interest rate cuts and the launch of MOVE 2.0. The sector is expected to see mid to high single digit growth for CY2025.