ITF

03 Welcome to the 2024 Annual Report and audited consolidated Financial Statements of the ITF Trust. The consolidated financial statements of the ITF Trust ('ITF') make a dis nc on between Opera ng Ac vi es, Strategic Ac vi es and Inves ng Ac vi es. Opera ng Ac vi es represent the ongoing ac vi es of the ITF whereas Strategic Ac vi es cons tute discrete projects aimed specifically at delivering the objec ves of the ITF's ITF2024+4 strategy. Inves ng Ac vi es represent the performance of the investment por olios which underpin the ITF's reserves. The comprehensive result for the year is a deficit of $11.5m (2023: surplus of $3.1m) of which $3.7m represents investment in Strategic Ac vi es (2023: $3.9m) offset by posi ve net returns from the investment por olio of $2.1m (2023: $3.6m). The comprehensive result is required to recognise a nega ve adjustment arising from the revalua on of cash flow hedges held at the Balance Sheet date of $1.9m (2023: posi ve $2.8m). Net Assets of $31.9m as of 31 December 2024 (2023: $43.3m) remain at a level considered to be acceptable by the Board. Total Income Total income for 2024 was $104.2m (2023: $120.0m) with commercial revenues of the Davis Cup contribu ng $46.6m (2023: $38.8m). As in 2023, commercial revenues for the Billie Jean King Cup are accounted for in the financial statements of Billie Jean King Cup Limited and only consolidated into these accounts as part of the overall result of the Joint Venture as detailed in Note 27. Sponsorship, compe on, and television income has decreased from $73.9m in 2023 to $56.1m in 2024 as 2023 included a Cash Security Deposit of $25.4m. Excluding the impact of the Cash Security deposit revenues increased by $7.6m in the year with Davis Cup partners for 2024 including Rolex, Unicredit, Haier, Stake, Mapfre, Quiron Salud and Lexus. The Hopman Cup, which was planned to take place in France, was postponed due to its proximity to the Paris 2024 Olympic Games. The compe on returns in July 2025 in Bari, Italy resuming its place in the calendar as the ITF's combined men's and women's interna onal team event. Revenues from ITF Tours and Player Pathway increased from $6.4m in 2023 to $7.2m in 2024 reflec ng con nued growth in World Tennis Tour events with 11,004 men and women compe ng during the year in 53,973 main draw and 38,343 qualifying matches across 1,200 tournaments in 72 countries (2023: 10,617 men and women compe ng during the year in 50,605 main draw and 36,492 qualifying matches across 1,135 tournaments in 73 countries). The Wheelchair Tennis Tour, Wheelchair Masters and World Team Cup con nue to grow through key partnerships with Uniqlo, NEC, BNP Paribas and Cruyff Founda on and the ITF con nues to be supported by corporate partnerships with Tennis-Point, Dwight Global and OFX. Data Sales income grew to $31.3m (2023: $24.3m), an increase of $7.0m which enabled the ITF to distribute increased levels of payments to Na onal Associa ons. This income reflects record levels of tournaments on the ITF World Tennis Tour, with increased playing opportuni es across the world, a direct result in the ITF's investment in the player pathway through the Balanced Calendar Fund, a key Strategic project funded from reserves. Opera ng income also includes Grand Slam Player Development Programme ('GSPDP') contribu on of $3.0m (2023: $3.0m) which provides compe ve opportuni es in developing tennis around the world and helps talented individuals to succeed where finances may otherwise prove a barrier to their success. Report of the Chairman of the Finance Committee

• Cover