• Group revenue up 9% to $365.6 million and EBITDA up 30% to $93.1 million
• Australian operations delivered strong cash generation of $27.5 million
• Commenced 3-year transformation program to deliver $40 million in cost savings

ARN Media Limited [ASX: A1N] today announced its financial results for the year ended 31 December 2024. Group revenue reached $365.6 million, an increase of 9% over the prior year, driven by a solid performance in the Australian operations and the revitalised Hong Kong 'Cody' business. EBITDA before significant items was $93.1 million, up 30% compared to the prior period. The company's Australian operations generated strong free cash flow of $27.5 million after lease payments, interest and tax, with stringent cost management resulting in flat People and Operating costs. ARN was the top-ranking network group in the Sydney market, with KIIS the #1 national network. Digital audio revenues grew 28%, becoming EBITDA and cash flow positive in the second half of the year. In Hong Kong, the Cody Outdoor business secured two new contracts, with the investment phase now complete and the business targeting to be cash flow positive in 2025. The company has commenced a 3-year transformation program to deliver $40 million in cost savings and transition to a fully digitised audio business.

ARN expects total revenue growth to build during the year, with low single digit growth forecast for the full year. Digital audio revenues are expected to outpace 2024 growth levels, with recently launched live streaming commercialisation to drive accelerated growth. The company is targeting flat people and operating costs in 2025 despite investment for sustained growth.

ARN is accelerating the commercialisation of streaming live radio broadcasts in digital formats, confident in maintaining the digital audio growth experienced in 2024. The company's 3-year transformation program is expected to deliver $40 million in cost savings to drive new commercial opportunities. In Hong Kong, the Cody business is targeting to be cash flow positive in 2025 as revenue at the KMB bus body and Trams contracts continues to build.