Fox Corporation - Ordinary Shares - Class B

Strong quarter + full-year execution (good; beats expectations) - Fiscal 2026 revenue +5% to >$17B; EBITDA +8% to record $3.9B. - Fiscal Q4: revenue +28% to $4.2B and EBITDA +27% to ~$1.2B. - Key drivers: advertising +78% in Q4 (World Cup + Tubi acceleration) and distribution +5%. - Advertising revenue (full year) +7% led by World Cup plus Tubi strength, despite an “especially strong” prior-year comparison (Super Bowl + presidential election).

Digital momentum (Tubi + FOX One) is real—moderating spend, improving returns (good/opportunity) - Tubi Q4 revenue +35% YoY, driven by +17% total viewing time; 110M monthly active users at fiscal year-end. - World Cup Hub drove >20M viewers; simulcasts generated some of Tubi’s highest-traffic days—and helped acquisition/engagement. - Digital investment discipline improved: fiscal ’25 digital investments just under $300M vs < $200M in fiscal ’26, and management expects continued improvement into ’27. - FOX One: already exceeding expectations and appears to have minimal cannibalization of traditional pay TV; incremental subscribers and churn well below expectations (and still trending that way into early ’27).

Sports/news engine working; next big recurring cycle begins (surprising; opportunity + operational risk) - FOX used the entire portfolio (linear + digital + streaming) to amplify the entire FIFA World Cup; management emphasizes scale/complexity and “mobilizing the whole company.” - Sports monetization credibility reinforced: FOX topped networks in live event sports consumption in fiscal ’26. - NFL rights: FOX won’t amend its NFL contract through the completion of the 2029 season; FOX will engage on opt-out seasons later (closer to ~2030). - Outlook implication: expect World Cup benefit in fiscal ’27 Q1 (revenues weighted more to ’26 overall), then a knockout-stage-heavy revenue shift toward TV in ’27.