News Corp - Ordinary Shares - Class A

Strong continuing-ops results; margins expanding - Revenues (continuing ops, excluding Foxtel) up 5% YoY to $2.24B; segment EBITDA up 20% YoY to $478M. - Net income from continuing ops up 58% YoY to $306M; EPS $0.40 vs $0.28 prior year. - Margin expanded from 18.7% to 21.4% (implies cost discipline + progress in digital development). - Adjusted EPS (continuing) $0.33 vs $0.27 prior year (incremental profitability improvement beyond GAAP).

Core pillar performance: “good” segment drivers (digital real estate, Dow Jones, book publishing) - Digital Real Estate: Revenue +$13% YoY to $473M; segment EBITDA +26% to $185M (adjusted EBITDA +25%). - REA revenues +17% YoY to $343M with quarterly revenue record; residential yield +14%; listing volumes +4%; strong momentum in Australia; India also “healthy.” - Realtor.com first YoY revenue improvement since Q4 FY22: +2% YoY to $130M, though housing market remains hostile (mortgage rates >7% mentioned). - Dow Jones: Revenue +$3% YoY to $600M; EBITDA +7% to $174M, margins up 110 bps. - Digital is dominant: 81% of Dow Jones segment revenue; consumer digital circulation +8%; circulation revenue +3% overall despite print pressure. - Risk & Compliance +11% YoY and Dow Jones Energy +10% YoY (demand supported by regulation/sanctions complexity and energy forecasting). - Book Publishing: Revenue +$8% YoY to $595M; EBITDA +19% to $101M (margins up 150 bps to 17%). - Growth supported by Bible sales, HarperCollins strong performance, and audio revenue +13% YoY.

Foxtel sale is the major “surprising/strategic” event; impacts balance sheet and portfolio simplification - News Corp agreed to sell Foxtel to DAZN for AUD 3.4B (~7x Foxtel FY24 EBITDA); expected close in 2H of FY (subject to regulatory approvals). Foxtel now reported as discontinued operations. - Shareholder loan repayment at closing: News Corp gets AUD 574M (plus other shareholder loan repayment), and DAZN assumes/receives Foxtel business with third-party debt transferred. - News Corp also to receive ~6% stake in DAZN. - Management framed this as evidence they actively simplify portfolio and re-focus on higher-return “pillars”; also cited improved capital structure as part of achieving investment grade upgrades (S&P Global and Moody’s).