Financial Data and Key Metrics Changes - For FY 2025, net revenues decreased by 2% to $180.2 million, while adjusted EBITDA fell to $16.6 million from $22.3 million in FY 2024, reflecting market pressures and one-off costs [4][8] - The company reported a net loss after tax (NPAT) of CAD 6.1 million compared to a profit of CAD 5.7 million in FY 2024, primarily due to a non-cash impairment of a subsidiary amounting to approximately CAD 10.3 million [9] Business Line Data and Key Metrics Changes - BTN's local currency revenues grew by 2%, but Australian dollar revenues declined by 8% due to foreign exchange movements [5] - GTN UK AUD revenues increased by 2% supported by a stronger sterling, while local currency revenues fell by 2% [5] - CTN revenues declined by 5% in local terms and 7% in Australian dollars, impacted by trade policy and uncertainty [5] Market Data and Key Metrics Changes - The advertising market faced significant macroeconomic challenges, including geopolitical uncertainty and trade tensions, which affected global advertising revenues [4][6] - Despite these challenges, the diversified geographic footprint provided a natural hedge against local market volatility [4] Company Strategy and Development Direction - The long-term strategy remains focused on nurturing and growing core radio and television affiliate relationships, delivering unique propositions to advertising partners, and managing the cost structure through new technologies, including AI [2] - The company aims to strengthen its platform through expanded affiliate agreements and enhanced sales systems [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain near-term conditions but expressed confidence in the company's strengthened operations, scalable cost base, and diversified portfolio as a solid foundation for future growth [7] - The corporate transformation is largely complete, positioning the company to continue delivering shareholder value in FY 2026 and beyond [3] Other Important Information - The company held net cash of CAD 21.1 million at year-end, after paying CAD 8.2 million in dividends, retiring CAD 8 million of bank debt, and returning CAD 5.2 million through share buybacks [1][10] - A capital return of CAD 0.23 per share was executed in August 2025, funded through available cash balances and a drawn-down on the bank facility [10] Q&A Session Summary Question: How does the company manage inventory to increase yields in a tough advertising market? - The company actively manages the balance between audience reach, inventory levels, and sellout ratios, and is prepared to reduce inventory if necessary to maintain appropriate yield levels [14] Question: What are the key advertising sectors for the company compared to other media spaces? - The automotive sector has shown significant activity and growth in advertising, along with consistent support from major furniture retailers in the Australian market [16][17]