Fox Corporation - Ordinary Shares - Class A

Strong topline + profit delivery (headline “good”): record year with acceleration in Q4 - FY26: Revenue up 5% to $17B+; EBITDA up 8% to a record $3.9B. - Q4 FY26: Total revenue up 28% to $4.2B; EBITDA up 27% to $1.2B. - Advertising was the key driver: Q4 advertising revenue +78% YoY (World Cup + Tubi momentum). - FY26 adjusted profitability: Adjusted EPS $5.42 (+13% vs FY25 $4.78); adjusted net income $2.4B.

Segment momentum: sports/news and digital scale are doing most of the heavy lifting - Cable Network Programming: Revenue +9%, but EBITDA -3% (higher sports rights/production costs; content & other revenue -39% from sports sublicensing timing). - Television: Revenue +45% and EBITDA +129% (World Cup + higher political ads + studios/content; Tubi in TV segment EBITDA positive in each quarter). - Tubi (major “good surprise”): Q4 revenue +35% YoY, driven by +17% total viewing time; 110M monthly active users by fiscal year-end. - FOXN (FOX One): Management says FOX One continues to exceed expectations and is supporting distribution revenue.

Outlooks/expectations: near-term ad strength + cyclical tailwinds, but less “headline” visibility on magnitude - FY27: Expected benefit from World Cup in Q1 (tournament revenue weighted more to FY26 overall, but still a help at start of FY27). - Midterm elections: Expected to boost ad revenues—especially local stations and Tubi—and management expects a record midterm cycle. - Digital investment discipline improving: Digital investments fell to < $200M in FY26 vs just under $300M in FY25; management expects continued improvement into FY27 (i.e., less investment tailwind required to sustain growth). - Ad market health: Management reports strong ad demand across sports, news, local, Tubi, and entertainment, with double-digit volume growth in upfronts and rates of change “leading peers.” CTV remains competitive/price-sensitive, but Tubi is not needing to cut rates to win.