TNL Mediagene (NASDAQ TNMG) Publicly Files H1 2025 Earnings Release Supplement Presentation

TOKYO, Oct. 21, 2025 /PRNewswire/ -- TNL Mediagene (Nasdaq: TNMG) (the "Company"), a Tokyo-based next-generation digital media and data group in Asia, today publicly announced its H1 2025 Earnings Release Supplement, a supplemental presentation of the Company's H1 2025 earnings results highlighting certain aspects of the business and providing additional information on non-IFRS measures that the Company's management uses to compare business performance between H1 2024 and H1 2025.

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The H1 2025 Earnings Release Supplement presentation includes information pertaining to H1 2025 revenue and H1 2025 margins, including:

Revenue Cyclicality:

The Company's business is cyclical, with a larger portion of annual revenues weighted to H2 historically, both on a consolidated basis and at the business unit level:

• In FY2024, 42% of revenue was earned in H1 and 58% was earned in H2
• In FY2024 of 50% of Media & Branded Content revenue, 63% of Technology revenue and 59% of Digital Studio revenue was generated in H2 2024
• H1 2025 revenue grew 5.7% to $21.8 million; as with FY2024 the Company expects cyclicality to result in more revenue being generated in H2 2025 vs. H1 2025

Margin Comparability:

4 main factors impacted the comparability of H1 2025 margins vs. H1 2024 margins:

• During H1 2024, $2.6 million non-recurring transaction costs, primarily in connection with the preparation for the Company's NASDAQ public listing in December 2024, were incurred
• During H1 2025, $1.8 million public company compliance and related costs, including professional services fees, listing maintenance fees and others, were incurred, impacting the comparability against H1 2024 when the Company was still a private company
• During H1 2025 on a non-cash accounting basis, the Company experienced a $1.5 million gain on financial liabilities measured at fair value through profit or loss primarily connected to stock-based M&A contingent consideration and warrants assumed in deSPAC closing, which is a non-recurring gain that impacts comparability with H1 2024
• During H1 2025, $0.8 million of stock-based employee compensation expenses were incurred

After adjusting for these factors, the Company's H1 2025 performance over H1 2024 is as follows:

H1 2025 Improvement vs. H1 2024

• Revenue grew +5.7%
• Management Adjusted EBITDA margin expanded +0.1%
• SG&A margin contracted -8.7%
• Operating margin expanded +0.5%
• Total non-operating cost margin contracted by -0.6%
• Net Profit margin expanded by +1.5%

H1 2025 Weakness vs. H1 2024

• COGS margin expanded +7.6%
• Gross margin contracted -7.6%
• R&D margin expanded +0.6%

"On an IFRS basis our H1 2025 earnings showed strength in our business. From an internal management perspective, when comparing our performance between H1 2025 and H1 2024, we choose to view our revenues through the lens of seasonal cyclicality and choose to enhance comparability in our margins by normalizing the financials for both non-recurring charges and H1 2025 public company costs that were not present in H1 2024 when the Company was still private. We believe these adjustments provide a clearer view of the performance of our underlying business in H1 2025 vs. H1 2024. Through this lens, in H1 2025 our underlying business outperformed H1 2024 by most performance metrics including revenue, management adjusted EBITDA, operating margin and net profit margin. In the period, we had some elevated COGS expenses that impacted our COGS margin and gross margin, however, these were more than offset with lower SG&A expenses resulting in overall margin improvement vs. H1 2024. H1 2025 represents a strong financial result for us in our first 6 months as a NASDAQ-listed public company and we see a lot of good things on the horizon," Co-Founder and CEO Joey Chung commented.

The presentation including disclosures, can be found in the attached file.

About TNL Mediagene

Headquartered in Tokyo, TNL Mediagene was formed in May 2023 through the merger of Taiwan's The News Lens Co., Ltd. and Japan's Mediagene Inc., two of the region's leading independent digital media groups. The company's operations span original and licensed media brands in Japanese, Chinese, and English, covering topics such as news, business, technology, science, food, sports, and lifestyle. It also offers AI-driven advertising services, marketing technology platforms, e-commerce, and innovative solutions tailored to the needs of advertising agencies. Known for its political neutrality, appeal to younger audiences, and high-quality content, TNL Mediagene has approximately 500 employees across Asia, with offices in Japan, Taiwan, and Hong Kong.

https://www.tnlmediagene.com/ 

Financial Data

The condensed financial information presented in this press release should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 included in TNL Mediagene's annual report on Form 20-F filed with the SEC on April 30, 2025, which provides a more complete discussion of its accounting policies and certain other information, as well as the unaudited condensed consolidated financial results for the six months ended June 30, 2025 included in TNL Mediagene's Report of Foreign Private Issuer on Form 6-K furnished on October 8, 2025.

Use and Reconciliation of Non-IFRS Financial Measures

This press release includes Adjusted EBITDA, Management Adjusted EBITDA and their respective margins, financial measures not presented in accordance with the International Financial Reporting Standards ("IFRS"). These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing TNL Mediagene's financial results. Therefore, Adjusted EBITDA, Management Adjusted EBITDA and their respective margins should not be considered in isolation or as an alternative to net income, cashflows from operations or other measures of profitability, liquidity or performance under IFRS. We believe Adjusted EBITDA, Management Adjusted EBITDA and their respective margins provide useful information to management regarding certain financial and business trends relating to TNL Mediagene's financial condition and results of operations. You should be aware that TNL Mediagene's presentation of Adjusted EBITDA, Management Adjusted EBITDA and their respective margins may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and Management Adjusted EBITDA are our preferred metrics for profitability because we believe they facilitate operating performance and profit performance comparisons on a period-to-period basis and exclude items that we do not consider to be indicative of our core operating performance. 

Our management does not consider Adjusted EBITDA or Management Adjusted EBTIDA (or their respective margins) in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS measures is that they exclude significant expenses that are required by IFRS to be recorded in TNL Mediagene's financial statements. In addition, these non-IFRS measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining such non-IFRS financial measures.

For more details on the definitions of Adjusted EBITDA, Management Adjusted EBITDA and their respective margins and reconciliations of these non-IFRS measures to IFRS financial measures, see "Reconciliation of Non-IFRS Financial Measures" in the attached H1 2025 Earnings Release Supplement.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to TNL Mediagene. Forward-looking statements generally relate to future events or TNL Mediagene's future financial or operating performance. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements in this communication include, but are not limited to, statements about TNL Mediagene's future business plan and growth strategies and statements by TNL Mediagene's management. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for TNL Mediagene to predict these events or how they may affect TNL Mediagene. In addition, risks and uncertainties are described in TNL Mediagene's filings with the Securities and Exchange Commission, including the risks and uncertainties set forth under the heading "Risk Factors" in TNL Mediagene's Annual Report on Form 20-F filed on April 30, 2025, as may be supplemented or amended by the TNL Mediagene's Reports of a Foreign Private Issuer on Form 6-K. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TNL Mediagene cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that TNL Mediagene presently does not know or that TNL Mediagene currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by TNL Mediagene, its directors, officers or employees or any other person. Except as required by applicable law, TNL Mediagene does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of TNL Mediagene as of any date subsequent to the date of this communication.

SOURCE TNL Mediagene