• FY25 performance impacted by macro headwinds and one-off costs
• Positive operating cash flow and strong balance sheet maintained
• Shareholder returns of $13.4M through dividends and buybacks
• Strategic initiatives underway to reduce costs and improve efficiency

In the Chairman's Address at GTN Ltd's 2025 Annual General Meeting, the key points highlighted were: FY25 presented significant challenges for the company, with revenue declining 2% to $180.2 million and Adjusted EBITDA falling 26% to $16.6 million. These results were affected by approximately $4 million in one-off corporate costs, including a takeover at the end of 2024 and an atn rebranding initiative, as well as investment in affiliate inventory adjustments. Beyond these items, subdued advertising markets across all geographies created a difficult operating environment. Despite these challenges, the business generated positive operating cash flow of $13 million and maintained a strong balance sheet, repaying $8 million in bank debt and refinancing facilities on improved terms. The Board remained focused on returning value to shareholders, delivering total returns of $13.4 million through dividends and share buybacks. The company's share price improved by 48% from July 2024 to June 2025, reflecting the market's recognition of the value embedded in the business. To address the challenges, the company is conducting a strategic and operational review of the affiliate networks at atn and CTN to right-size the inventory envelope and reduce costs. Additionally, the company is restructuring its aviation operations across atn, CTN and BTN, as audience delivery requirements have evolved, and the cost of maintaining helicopter operations is no longer justified. These initiatives are expected to deliver over $10 million in annualized operational and capital savings with no material impact on the advertiser proposition. The Chairman acknowledged the dedication and commitment of the management team and all GTN employees, and thanked shareholders for their continued support and patience as the company navigates this period of transition and implements changes to improve performance.

While FY25 was undoubtedly challenging, the operational improvements now being implemented position GTN for a stronger performance trajectory once market conditions improve. The core business model remains sound, providing valued traffic and news information to metro and regional audiences across four countries, and the contracts renegotiated during FY25 will continue adding to the company's value proposition in future years.