Reach plc - Trading Update

Growing digital audience with print remaining resilient

Q1 YOY %

Digital revenue grew 1.6% over the quarter, supported by growing audience numbers and increased trading activity. Year-on-year page views grew 9% and this supported the strong performance across our programmatic advertising. Data-driven revenue has had a softer start to the year to make up 43% of digital revenues. This is attributable to the strong prior year performance and a weaker local advertising market.

In Print, circulation revenues remain a predictable and reliable revenue stream with the expected volume decline mitigated by actions on cover prices, one-off specials and promotional activity. Print advertising performed ahead of the decline in circulation volumes.

We remain confident in delivering the reduction in operating costs of 4-5%, in line with previous guidance.

Outlook

We have started 2025 in line with our expectations. Whilst there are no immediate direct impacts from the recent tariff announcements we recognise the heightened levels of macroeconomic uncertainty. We remain on track to deliver in line with market expectations for the full year.1

Piers North, Chief Executive

"While I've been with Reach for over a decade, I've enjoyed spending much of the past month speaking with more people across the company and gaining a deeper understanding of our opportunities.

We remain focused on delivering our plans, supported by impactful journalism that continues to attract a growing audience - a trend that gained momentum at the end of 2024.

While we can't ignore the current market uncertainty, we're pleased with the progress we're making and believe there's significant opportunity ahead. By building on our strategy, leveraging our strong products, and reaching audiences worldwide, we're well-positioned for the future."

Notes

Kingdom