Fox Corporation - Ordinary Shares - Class B

Strong topline + record profitability (core message “momentum continues”) - Fiscal Q3 FY26 revenue: ~$4.0B; adj. EBITDA: ~$954M (+11% YoY) — described as a record Q3. - Distribution revenue +3% YoY; advertising revenue down 24% YoY mainly because Super Bowl LIX was absent (management says ex-Super Bowl, underlying ad growth would be double digits). - Expenses down 14% YoY, largely due to NFL schedule/postseason timing differences and lower amortization/production costs tied to the Super Bowl comp.

Segment performance: Cable steady, Television sharply affected by Super Bowl comp - Cable segment: revenue +6% YoY, adj. EBITDA +1% YoY to ~$884M. - Cable distribution up 5% (pricing gains outpaced stable-to-declining subscribers; third-party sub erosion <6.5%, with Fox One providing additional positive contribution). - Cable advertising up 5%, supported by FOX News national pricing strength and sports benefits (e.g., World Baseball Classic). - Cable content/other +24% driven by higher sports sublicensing revenue; but expenses +13% (noted as higher sports rights amortization). - Television segment: revenue ~$2.2B; advertising -30% YoY (Super Bowl absence outweighed underlying strength including Tubi and NFL scheduling benefits). - TV distribution -1%, management expects ~flat full-year and return to growth in FY27. - TV EBITDA ~$191M, >3x prior year quarter, helped by lower sports rights amortization/production costs.

Advertising + political + FOX News “share gains / pricing power” - Management highlights FOX News as the standout ad engine: highest third-quarter ad revenue ever; finished quarter as most-watched cable network in total day and Prime. - Sequential momentum: FOX News April YoY total audience growth; also cited strong prime performance in Mon–Fri weekday prime. - Digital strength: FOX News Digital with YouTube + social views up double digits YoY. - Outlook on ad market: management expects a healthy upfront (low options taken, minimal cancellations, “healthy scatter prices”). - Category call-outs: pharma, tech, finance expected to grow; plus midterm political ads could be a large tailwind (management referenced a market estimate around ~$11B for the midterms). - Risk/offset to watch: overall advertising is still volatile quarter-to-quarter due to major sports/event comps (Super Bowl/NFL calendar).