News Corp - Ordinary Shares - Class B

Strong Q4 + record profitability; full-year momentum - Q4 revenues: almost $2.6B (+6% YoY). - Q4 total segment EBITDA: $380M (+11% YoY); margins +70 bps to 14.7%. - Q4 EPS: $0.09 vs -$0.01 prior year; adjusted EPS $0.17 vs $0.14. - FY2024 profitability: $1.54B (+8% YoY) (called the second-best year on record); company emphasizes transformation toward Book Publishing, Digital Real Estate Services, and Dow Jones. - Good: profitability improving even with headwinds from high interest rates in some businesses.

Digital Real Estate (REA + realtor.com) is the growth engine; housing recovery hoped for 2025 - Digital Real Estate Q4 revenues: $448M (+21% YoY); segment EBITDA $135M (+25%) (adjusted EBITDA +28%). - REA Q4: revenues +37% YoY, driven by listing growth, yield increases, and favorable mix/contract upgrades; national and Australian buy-listing growth called out (e.g., Sydney +26%, Melbourne +32%). - Move (US listings/lead gen): revenues down ~2% YoY as referral/lead generation is still constrained; traffic users ~flat YoY but +3% sequentially. - Outlook for 2025 (expectations): management expects results to benefit from housing normalization if interest rate cuts arrive; also noted new buyer agent rule implementation will be monitored but they believe they’re well-positioned. - Opportunity: sell-side offerings (e.g., rentals, new home solutions) are diversifying revenue (called 19% of Q4 revenues and growing). - Surprising/positive: despite stagnant broader US housing conditions, realtor.com showed sequential improvement and “sell-side” improvements as a priority.

Dow Jones continues stable, high-margin growth led by B2B; digital/subscribers improving - Q4 Dow Jones revenues: $566M (+4% YoY); digital revenue 81% of total (+2pp). - B2B strength: Risk & Compliance +12% YoY, Dow Jones Energy +14% YoY; management stresses B2B renewal rates >90% and “more than 50% of profitability” driven by B2B in FY2024. - Q4 circulation/digital: digital-only subscriptions +16% YoY and +158k sequentially; ARPU stable sequentially due to pricing step-ups and migration. - Advertising: +2% YoY in Q4 (first YoY growth since early FY2023); digital ads +12%, print still pressured (-13%). - Outlook for 2025: continued focus on B2B upsell/new products, expects improved circulation growth via digital step-up pricing, and expects mid-single-digit expense growth while targeting cost efficiencies. - Risk/challenge: ad market described as mixed; print remains structurally challenged.