News Corp - Ordinary Shares - Class A

Record Q1 financial performance (good surprise) - Revenue: $2.58B, +3% YoY (record first quarter). - Profitability: $415M segment EBITDA, +14% YoY; profit margin up to 16.1% from 14.6%. - Net income/EPS: Net income $144M vs $58M prior year; EPS $0.21 vs $0.05 prior year. - Adjusted EPS: $0.21 vs $0.16 prior year. - Note: Results included $12M REA deal-related costs (Rightmove bid costs) which reduced EBITDA growth by ~3 percentage points.

Segment momentum: REA strong; Dow Jones strong but advertising soft (mixed) - Digital Real Estate (REA): Revenues +$13% (segment); REA revenues $318M, +22% YoY to record quarterly level; residential yield +15%; national listings +7% in the quarter and momentum continued into October. - UK Rightmove bid: REA submitted a “reasonable” offer but refused to overpay; Rightmove didn’t engage constructively; deal withdrawn (but the quarter still benefited from REA strength). - Dow Jones: Revenues $552M, +3% YoY; digital is 82% of segment revenue. - B2B / Professional Information: +8% YoY to record levels (with Factiva dispute as a drag). - Energy: +11% YoY to $68M; acquisition A2i (AI-powered fuel pricing) announced as a growth complement to Opus. - Advertising challenge: Dow Jones digital ad revenue down ~5%; overall Dow Jones advertising down 7% (investor question suggested election-period caution and softer tech/finance categories).

Foxtel/Subscription Video: streaming mix improving; profitability slightly down - SVS revenue: $501M, +3% YoY (adjusted +1% YoY). - EBITDA: $92M, slightly down vs last year (reported down due to $11M Hubble launch/device/marketing costs). - Adjusted EBITDA: down ~3%. - Strategic trajectory: Foxtel streaming now ~70% of paid subscribers, ARPU rising, streaming ad revenue up >45% and >40% of Foxtel ad revenue. - Guidance/expectation: Hubble-related investment expected to continue falling sequentially through the rest of FY.