• Total revenue of $285m, down 10%
• Operating costs reduced by 4%, excluding reinvestments down 12%
• Underlying EBITDA from continuing operations $47.5m, down 23%
• $31m in cost savings realized since FY24, on track for $55m by FY27

ARN Media Limited has released its results for the full year ended 31 December 2025, reporting continued progress across its transformation program, solid digital revenue growth, disciplined cost management, stronger cash flow, and a further strengthening of its balance sheet. The FY25 results were impacted by a challenging advertising market and changing advertiser expectations, during a period in which the company reset its strategy to position ARN as an entertainment business with digital and radio at its core. ARN Media revenues from ordinary activities were $285 million, down 10% on the prior period. Underlying EBITDA was $47.5 million, down 23% year on year, but marginally ahead of the Trading Update provided to the market in November 2025. The transformation and productivity program is aligning the company's cost structure to revenues, with operating costs reduced by 4% to $187 million. Since FY24, $31 million of savings have been realized, including $24 million in FY25, and the company remains on track to deliver $55 million in total savings by FY27. ARN Media continues to generate solid cash flows, with free cash flow increasing 6% to $40 million, supported by disciplined working capital management and strong operating leverage. The balance sheet further strengthened during the period, with net debt reduced by $24 million to $64 million as the company continued to deleverage.

• Total audio advertising market expected to be flat in FY26, with low single digit declines in radio market offset by growth in digital market
• ARN Metro revenue share expected to improve, regional share expected to remain stable in FY26, digital revenues expected to grow mid-high teens
• $55m of cost out identified FY24-FY27, driving growth in profitability and EPS
• Divestment of non-core assets remains a focus