Ann: Presentation of Half Year Results, page-15

@Giz I’ll have a go.

• Is it that SWM reduced net debt by over $40m in the half?

• Is it that SWM achieved a ridiculously good 1H Total TV market share of 41.5% despite not having the Paris Olympics broadcast rights and cutting costs by $108m (on top of the prior year cost cuts)?

• Is it that SWM is ambitiously targeting flat FY26 costs meaning that this business will start printing mountains of free cash flow from 1 July 2025 thanks to the positive operating leverage that was flagged in the Q&A by the CFO Craig Haskins?

• Is it the fact that the Total Tv ad market is already rebounding even before the Australian interest rate cutting cycle begins?

• Is it that 7plus grew its summer audiences by 79% YoY and thanks to the new digital sports rights (AFL and Cricket) SWM now has effectively no onerous contracts which previously cost the business circa $38m per year?

• Is it that you can buy this business which has one of the best CEO operators (Jeff Howard) while it trades for 1.5x mid cycle earnings of $155m NPAT?

• Is it the fact that ‘’prevailing market conditions’’ are now improving which means that all prerequisites stated by SWM management are met and therefore the likelihood of a dividend being paid in August 2025 has increased dramatically?

• Is it that the SWM business is making smart decisions to continue to drive revenue and profitability (such as when Jeff Howard announced that the FTA players (Channel 7,9 and 10) are looking at new ways to reduce duplicate and triplicate costs by collaborating)?

• Is it that this was the first financial result in over 2 and a half years in which analysts heavily participated in the Q&A and used words such as ‘’pleasantly surprised’ by the strength of SWMs market share and how well SWM did in the half?

• Is it that SWM management confirmed that the latest testing of Project Phoenix has demonstrated that a significant amount of ad inventory will be freed up through inventory optimisation from its launch on 2nd March 2025 which will deliver more revenue and profit for SWM?

• Is it that the business has already flagged that it will likely issue an earnings upgrade for 2H FY25 as its current forecast is for ‘’modest growth based on current expectations and market conditions’ and this conservative forecast factors in very little Federal Election ad spending and no beneficial upswing from interest rate cuts likely to start next week?

Seems obvious to me that anyone would want to be a buyer not a seller of SWM while it trades at these extremely cheap prices.