News Corp - Ordinary Shares - Class A

Strong first-quarter financial performance; profit growth ahead of revenue - Revenue: $2.3B, +6% YoY - Total segment EBITDA: $403M, +19% YoY (implies strong operating leverage) - Margins: 17.7% vs 15.9% prior-year (+180 bps) - EPS: $0.29 vs $0.20; adjusted EPS $0.28 vs $0.22 - Management emphasized “14th consecutive quarter” of YoY total segment EBITDA growth (continuing ops), with 13 consecutive quarters of YoY revenue growth.

Growth engines are driving upside (Dow Jones, Digital Real Estate, Book Publishing) - Dow Jones: Revenue $630M (+8%); EBITDA $160M (+11%); 15th consecutive quarter YoY EBITDA growth; margin 25.4% (+80 bps). - Risk & Compliance revenue $104M (+11%) with growth from customer/product expansion and pricing; focus on screening/monitoring/investigative research. - Dow Jones Energy: Revenue $79M (+8%); pipeline improving; net new bookings strongest since acquisition in FY2022; retention ~90%. - Digital Real Estate (REA + Realtor.com): Segment revenue $529M (+10%); EBITDA $212M (+34%). - REA: Revenue +13%; growth driven by yield/pricing/add-ons; partially offset by lower listings (national new buy listings -2%; Sydney/Melbourne -16%). - Realtor.com: Revenue +5%, 8 straight quarters of top-line growth; profitability improved via AI-integration into workflow; engagement 4.9 visits per unique user (Q1, Comscore). - Book Publishing (HarperCollins): Revenue $582M (+9%); EBITDA $75M (+29%); margin 12.9% vs 10.9%. - Audiobooks revenue +13%, supported by Spotify partnership and higher-yield audio.

AI is both an opportunity and a competitive/legal battleground - Management’s core message: created content is the “essential input” for AI, and they expect agents to seek trusted, high-quality sources. - AI deal progress (but not quantified): they’re in active negotiations with multiple platforms; management expects deal impacts to show up in results once concluded. - Litigation/settlement expectations (notably with Anthropic): - They expect the first tranche of a $1.5B Anthropic settlement in the near term (management calls out “commencement… in the near term”). - Still pursuing actions related to unlicensed use and also against platforms they say knowingly benefit from stolen content (named examples included Perplexity and Brave; referenced other publisher action as well). - Surprising/important stance: they argued publishing should not “tolerate” tactics that undermine subscriber value (e.g., making cancellations difficult)—signals stronger consumer trust framing around AI-era monetization.