Total Revenues

-17% (from $2,423M to $2,009M)

Total Revenues declined due to significant losses in core segments, notably the sharp 33% drop in Circulation & Subscription Revenues and a 14% fall in Advertising Revenues, with only modest offsets in Consumer and Real Estate Revenues. " " "

Circulation and Subscription

-33% (from $1,121M to $755M)

This steep decline likely reflects ongoing market challenges such as print circulation losses and digital subscription churn, critically undermining a previously stronger revenue base and driving a major part of the overall revenue contraction. " "

Advertising Revenues

-14% (from $358M to $308M)

The decrease in Advertising Revenues is attributable to weaker print advertising and stagnant digital performance in a challenging advertising environment, continuing a trend seen in prior periods albeit with less mitigating factors. " "

Consumer Revenues

+1.7% (from $484M to $492M)

Consumer Revenues remained relatively stable with only a slight increase, indicating a consistent performance in this segment despite broader market pressure. " "

Real Estate Revenues

+5.6% (from $301M to $318M)

The modest growth in Real Estate Revenues signals resilience, possibly due to stronger listing volumes and market positioning, which continued a positive trend from previous periods. " "

Operating Expenses

-27% (from $1,238M to $904M)

Operating Expenses dropped significantly driven by efficiency measures and cost-cutting initiatives, reflecting company efforts to reduce costs and improve margins relative to prior period performance. " "

Net Income

+226% (from $42M to $137M)

Net Income surged dramatically as the impact of reduced costs (notably the 27% decline in Operating Expenses) more than compensated for lower revenues, indicating a strong turnaround in profitability compared to previous periods. " "

Capital Allocation

Q2 emphasized a focus on long‐term shareholder value with a $1B buyback provision, 70% free cash flow return and investment grade upgrades. " Q1 did not include notable discussion.

Q3 reinforced focus on the three core pillars, highlighted the AUD 592M Foxtel loan repayment and implemented a $1B buyback with a 32%+ share price gain. "

Consistent emphasis with enhanced financial flexibility and clearer shareholder returns.

Dynamic Pricing Strategy

Q2 referenced early benefits from the dynamic pricing system; Q1 noted the acquisition of A2i Systems powering AI‐driven pricing. " "

Q3 stressed converting promotional subscribers to standard pricing, marked by a 7% circulation revenue increase and deeper AI integration. " "

Recurring focus with improved execution and positive revenue impact.

Churn Management

Q1 mentioned churn reduction efforts in subscription video services " ; Q2 did not mention this topic.

Q3 combined churn management with dynamic pricing, using advanced AI to identify price elasticity and reduce churn. " "

Re-emerged with stronger strategic emphasis through enhanced AI tools.

Digital Subscription Growth

Q1 reported 15% growth in digital-only subscriptions and strong conversion from promotional tiers " " " ; Q2 highlighted accelerated YoY digital growth and ARPU improvements. " "

Q3 showed continued momentum with 7% higher total subscriptions and a 14% rise in digital subscriptions, with digital revenue representing around 82% of the segment. "

Consistent robust growth with improving subscriber conversion and digital dominance.

AI Integration

Q1 discussed AI’s role in revenue generation—including details on the OpenAI deal and integration in professional information services " ; Q2 emphasized an AI partnership that boosted digital advertising and outlined ethical safeguards. "

Q3 applied AI explicitly in dynamic pricing and pricing execution to reduce churn, further validating its strategic role. "

Evolving application with broader use in pricing and revenue optimization, while managing execution risk.

Pricing Execution Risk

Q1 mentioned AI-enhanced pricing execution; Q2 noted the dynamic pricing system was starting to yield benefits amid some advertising challenges and cost pressures. " "

Q3 acknowledged pricing execution risk within the dynamic pricing strategy but showed improved confidence and clearer metrics. " "

Steady focus with improved outlook despite inherent risks.

Asset Rationalization

Q1 featured active discussions on the future of Foxtel and mentioned repayment of shareholder loans. " " "

Q3 confirmed the completion of the Foxtel deal with the transfer of USD 724M in debt and a 6% stake in DAZN, marking strategic simplification. " " "

From ongoing discussion to successful execution, promising significant long-term impact.

Dow Jones and Professional Information Performance

Q1 noted solid revenue (up 3%), digital circulation gains, and margin improvements " " " ; Q2 reported revenue growth and margin expansion with strong digital focus. " " "

Q3 continued this pattern with 6% revenue growth, a 14% surge in digital circulation, and 12% EBITDA growth, reinforcing strong performance in both segments. " "

Consistently robust performance with continued gains in digital and profitability.

Decline in Print Circulation

Q1 explicitly reported a 16% decline in print volume and a heavy shift toward digital solutions " " ; Q2 highlighted falling print revenue offset by digital gains. " "

Q3 did not explicitly mention print declines but implied a reduced role as digital channels (75% of circulation revenue) dominate. " "

Ongoing transition away from print with strategic digital emphasis.

Factiva Dispute

Q1 detailed a roughly 6% negative impact on Professional Information and efforts toward resolution " ; Q2 stressed a 300+ basis point adverse impact on revenue. " "

Q3 discussed a diminishing emphasis on the dispute, expecting its impact to be smaller in the near future. "

Gradually waning negative impact, signaling progress toward resolution.

Book Publishing

Q1 showed strong growth (4% revenue rise, 25% EBITDA improvement) " " ; Q2 indicated concerns about moderation due to frontlist phasing. " "

Q3 reported moderated revenue growth due to the phasing of frontlist titles, although strong contributions from backlist and key markets helped offset the decline. " "

Shifting from robust expansion to moderated growth due to timing issues, yet overall resilient.

Realtor.com and U.S. Mortgage Market

Q1 evidenced stable performance with a 1% decline in revenue but diversified revenue streams and product enhancements " " ; Q2 highlighted strong growth in adjacencies despite challenging mortgage market conditions. " "

Q3 delivered modest 2% revenue growth amid a 17% decline in lead volumes and an 8% drop in unique users, with persistent challenges from the U.S. mortgage market but offset by new revenue streams. " "

Stable overall performance constrained by external mortgage market pressures, though diversification mitigates risks.