Reach PLC

First-pass take

Reach is a structurally declining print-centric news publisher navigating near-term headwinds (Google referral traffic down 46% H2 2025, on-platform volumes down 8% YoY). While management delivered cost discipline (operating margin +120bps to 20.2% despite 3.7% revenue decline) and secured AWS content licensing, AI exposure is modest and largely internal. Material pension obligations (£59m annually through 2027) and a recent £223m impairment charge limit downside cushion despite low leverage (0.3x).