Announcement PDF 2 March 2026 Prepared by Josh Simons ACQUISITION OF VAL MORGAN DIGITAL & STRATEGY UPDATE INVESTOR PRESENTATION This presentation has been prepared by Vinyl Group Ltd ACN 106 513 580 (Vinyl Group or the Company). The material contained in this presentation is intended to be summary information only about Vinyl Group and its activities, current as at the date of this presentation. This presentation should be read in conjunction with other Vinyl Group periodic and continuous disclosure announcements filed with the Australian Securities Exchange, available at www.asx.com.au. This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire or dispose of any securities in Vinyl Group. It has been prepared without taking into consideration the objectives, financial situation or particular needs of any individuals. 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The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any non-compliance with such restrictions may contravene applicable securities laws. Disclaimer 2 Acquisition to significantly expand cultural assets, national audience reach and scalability 3 Val Morgan Digital has an extensive portfolio of cultural digital assets ● Val Morgan Digital is the publishing arm of Val Morgan Group. Assets include ANZ licenses to premium lifestyle, gaming, food & entertainment platforms including BuzzFeed, Fandom, POPSUGAR, Vox Media and LADbible. ● These assets, integrated into Vinyl Media, materially accelerate Vinyl Group’s strategy of building Australia’s leading Adaptive Media company, combining premium cultural assets with distribution scale. Vinyl to acquire the assets of Val Morgan Digital for $10.5m ● Comprising $7m cash and $3.5m VNL shares, subject to 24-month escrow. ● Val Morgan Digital delivered CY25 revenue of $10.7m, with expected pro forma annualised EBITDA contribution of approx $2.5m post integration. ● The HOYTS Group (owner of Val Morgan) will continue to operate outdoor and cinema advertising and have entered into a commercial cooperation agreement with VNL to access these assets. ● The Company will fund the transaction through a facility of up to $10 million provided by existing shareholders to fund the cash consideration and additional working capital. Documentation of the facility is being finalised and will be confirmed prior to completion. On completion, Vinyl will have a national audience reach comparable with Australia’s largest media organisations, materially strengthening the scalability of the business HOYTS Group CEO & President, Damian Keogh, to join the VNL Board of Directors HOYTS Group CEO, Damian Keogh, with Vinyl Group CEO, Josh Simons PUBLISHING Expanding our premium cultural assets PLATFORMS + more 4 PUBLISHING Selected Australian Media Organisations (Illustrative Comparison1 ) Entertainment Category Organisations Internet Audience Reach in Australia (total 22.1M) News Category Organisations Internet Audience Reach in Australia (total 22.1M) Alphabet (Google) 96% News Corp Australia 63% Spotify 59% Nine 55% Apple 59% ABC 55% Vinyl Media combined audience (including Val Morgan Digital) 47% Vinyl Media combined audience (including Val Morgan Digital) 51% News Corp Australia 22% Seven West Media 40% Source: Ipsos iris, January 2026. De-duplicated online audience reach (%) across PC/Laptop, Smartphone and Tablet for Australians aged 14+. Vinyl Media figures represent a combined Brand Group audience including Vinyl Media and Val Morgan Digital entities. Comparisons are shown for contextual scale within relevant Ipsos iris content categories and do not represent an official Ipsos organisation ranking. Vinyl combined audience achieves national scale across Australia’s News and Entertainment categories 5 1 Illustrative Comparison showing Vinyl Media’s combined digital audience reach relative to selected Australian media organisations within Ipsos iris category classifications. See Appendix 1 for Brand Groups included in Vinyl Media combined organisation. Ushering in a new era of Adaptive Media. 6 Adaptive Media is an integrated advertising model where cultural assets, technology and distribution work together to deliver meaningful brand connections, at scale for the first time. /əˈdaptɪv ˈmiːdiə/ Cultural outcomes, not just content. Adaptive Media delivers better outcomes for advertisers 7 Advertising on these channels at scale Legacy Media (1950-) Social Media (2003-) Adaptive Media (Present) Broadcast Platform algorithms Embedded in cultural assets Outcome for advertisers Mass audience reach Niche targeting Meaningful brand connections Advertising on these channels at scale Legacy Media Social Media Adaptive Media Broadcast Platform algorithms Embedded in cultural assets Key factors affecting ROI Broad brand awareness Cheap brand awareness Enables advertisers meaningful brand connection, through a mix of distribution channels, in an integrated and immersive ecosystem, to deliver a higher ROI on spend Fragmenting audiences Ad feeds are interruptive by nature Lower viewership under 40 Microtargeting now regulated Adaptive Media delivers higher ROI on advertising spend 8 Campaigns utilise both existing channels (legacy and social) and emerging channels (AI and cultural assets) to target niche audiences at scale 2025 CASE STUDY Sponsorship Weekly Sponsorship of Best New Music Dedicated campaign website Fresh Sounds Hub Goal: A multi-layered discovery platform that positioned Mentos as the true champion of new Australian music through the “Fresh Sounds” Adaptive Media campaign. Fresh Sounds ● Delivered 9.7M impressions and 7M reach, exceeding booked benchmarks ● Drove 961 artist submissions vs 300 expected, demonstrating active participation, not passive exposure ● Achieved engagement materially above benchmark, including 19.6% video engagement vs 5% target ADAPTIVE MEDIA COMPONENTS Editorial & social content Fresh Features on Rolling Stone Video series Fresh Faces Live Event Fresh Sounds @ SXSW Content collaboration with music creators Fresh Sounds Portal 9 Vinyl executes Adaptive Media campaigns Vinyl is a leader in Adaptive Media, and pioneer at scale Advertising on these channels at scale Legacy Media Social Media Adaptive Media Broadcast Platform algorithms Embedded in cultural assets Mass audience reach Niche targeting Meaningful brand connections 10 ATTRACTING BRANDS The scale of Vinyl’s ecosystem offers a compelling option for advertisers Self-reinforcing momentum to accelerate scale 11 EXPANDING ECOSYSTEM Vinyl combines premium cultural assets into an integrated and immersive ecosystem, utilising all distribution channels ADAPTIVE MEDIA DELIVERS SUPERIOR ROI FOR ADVERTISERS The value of the ecosystem compounds with every successful campaign through expanded audience reach ACQUIRE ASSETS VNL becomes the acquirer of choice for international cultural assets and sub-scale operators 2 1 3 4 5 GROWING AUDIENCE Vinyl expands audience reach and maintains viewership through its premium content, technology- enabled best practice and unique cultural assets Defensibility of the Adaptive Media business model 12 Hard to replicate: Difficult to combine a large number of cultural assets into an integrated and immersive ecosystem Need scale to be profitable: Meaningful brand connections at a competitive price point is difficult to deliver - requires scale Requires technology as core capability: Internal processes aligned to current technology - internally developed AI publishing suite Requires both mass & bespoke content creation capability: Social media is a small component of Adaptive Media campaigns, not a direct competitor Not platform dependent: Adaptive Media is not dependent on any single social media platform, publisher or algorithm Self-reinforcing flywheel effect: Consumers/fans, creators and brands all win as the ecosystem grows; value compounds rather than resets with each campaign cycle Damian Keogh to join the board following completion 13 Damian has been CEO of The HOYTS Group since 2014, overseeing 60 cinemas across Australia and New Zealand, along with Val Morgan, the group’s cinema, outdoor and digital advertising arm operating locally and across the Middle East. During his tenure, HOYTS has undergone a major transformation, including a $300 million investment program that delivered powered recliners across mainstream cinemas, 15 new or acquired sites, and more than 30 refurbishments. Market share in Australia has grown from 18 percent to 27 percent, alongside the relaunch of premium cinema as HOYTS LUX and the introduction of the Treat City concept. Previously, Damian held senior roles at Channel Seven and Foxtel before becoming CEO of Val Morgan in 2011, where he helped grow revenue from $50 million to over $180 million by 2024. Before his corporate career, he was a professional basketballer with a 16 year NBL career, captaining the Sydney Kings and representing Australia more than 200 times, including three Olympic Games and three World Championships. He also served as Chairman of the Cronulla Sharks from 2012 to 2017, overseeing their first premiership in 2016. Accelerating scalability and profitability FY26 (e) ● Continued organic revenue growth, complemented by Val Morgan Digital (VMD) revenues starting in Q4 FY26. ● Q2 FY26 was a positive operating cash flow quarter. We continue to refine our cost structure as well as add further growth to make returns consistent. ● We expect Q4 FY26 to deliver positive EBITDA and operating cash flow and start the path of consistent positive earnings on a quarterly basis. FY27 (e) ● The synergies from the combined teams bring further savings to improve our revenue per FTE. ● Full year results from the VMD integration, including further $2M in synergy realisation on an annual basis. ● Full year impact on cost optimisation implemented by Vinyl in H1 FY26. 14 M&A revenue growth & diversification Optimise operations Scale Upcoming catalysts Global growth potential Q3 FY26 Q4 FY26 1H FY27 FY27 & beyond 15 Further expansion of cultural assets through M&A Integration of new assets Relevant technology acquisitions to further enhance the flywheel For more information please contact investors@vinyl.group or Katie Mackenzie at kmackenzie@belleviewir.com.au ASX: VNL 11 Wilson St, South Yarra, VIC, 3141 https://vinyl.group This presentation was authorised by the Board of Vinyl Group Ltd Thank you Appendix 1: Brand Groups Included in Vinyl Media Combined Organisation Audience Calculations (Ipsos iris, January 2026) Entertainment List Brand Group: TheBrag, Genius, Bgr, Billboard, Variety, Pmc, Deadline, Rolling Stone, TV Line, Indiewire, Goldderby, Vibe Media, ComingSoon, Musicfeeds, Rottentomatoes, Fandom, LADbible, UNILAD, Buzzfeed, Gamespot, Vulture Other Distributed Content: Val Morgan Digital News List Brand Group: TheBrag, Genius, Bgr, Billboard, Variety, Pmc, Deadline, Rolling Stone, TV Line, Indiewire, Goldderby, Vibe Media, ComingSoon, Musicfeeds, Rottentomatoes, Fandom, LADbible, UNILAD, Buzzfeed, Gamespot, Vulture, SPORTbible, Tyla, GAMINGbible, Vox Media, The Verge, New York Magazine, Thrillist, Popsugar Australia, SB Nation, The Cut, The Strategist, Concrete Playground, Refinery29, Stylecaster, Wwd, Sheknows Other Distributed Content: Val Morgan Digital