• Group revenues up 9% to $365.6 million
• Underlying EBITDA up $21.5 million to $93.1 million
• ARN digital audio revenues up 28% to $25.3 million

ARN Media Ltd has delivered growth and strengthened its position as Australia's leading audio company in challenging market conditions. The group reported revenues from ordinary activities of $365.6 million, an increase of $31.4 million over the prior year. Underlying group earnings before significant items, interest, tax, depreciation, and amortisation (EBITDA) increased by $21.5 million to $93.1 million. At ARN, revenues in 2024 were up $0.9 million on the prior year to $307.9 million, despite a challenging market due to subdued consumer and advertiser sentiment. Total broadcast advertising revenues were down 1.6%, while regional advertising performance grew market share during the year and finished flat on the prior year. Digital audio continued its strong growth trajectory and finished up 28% to $25.3 million. ARN's total costs before significant items of $241.3 million were limited to a 1% increase, with people and operating costs before significant items remaining flat. EBITDA before significant items was slightly down on the prior year at $71.5 million, but the company generated strong cash conversion with operating free cash flow after leases, capital expenditure, interest, and tax of $27.0 million. Cody Outdoor (Cody), the company's out-of-home advertising business, reported revenue of $47.0 million, up from $15.8 million in 2023 due to two significant new advertising concession contracts in Hong Kong. The group's statutory profit attributable to ARN Media shareholders was $3.9 million, impacted by significant items and increased depreciation and amortisation expense before significant items attributable to Cody. While 2024 delivered mixed audience results nationally, ARN maintained leadership in key demographics, with the KIIS network remaining the #1 national network and The Kyle & Jackie O Show continuing to be Australia's most listened to radio show.

The company expects to deliver $40 million in cost savings over the next 3 years through a business transformation programme, positioning ARN as the most profitable audio business in Australia.

ARN Media is well-placed to capitalise on the enduring power of radio and the growing demand for personalised and immersive audio experiences, with a clear strategic focus on creating a digitised audio business, growing audiences, and positioning ARN as the leading 'All Audio' commercial platform.