Townsquare Media, Inc. · NYSE:TSQ
Townsquare Media — Q4 2025 Earnings Presentation
37 slides from Townsquare Media's earnings presentation, Mar 16, 2026
Slide 1: Investor Presentation
INVESTOR Investor PRESENTATION Presentation March 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains, and our other communications may contain, 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.
Slide 3: Community-Focused Digital and Broadcast Media and Digital Marketing Solutions Company
IS A COMMUNITY-FOCUSED DIGITAL AND BROADCAST MEDIA AND DIGITAL MARKETING SOLUTIONS COMPANY PRINCIPALLY FOCUSED OUTSIDE THE TOP 50 MARKETS IN THE UNITED STATES Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience
Slide 4: An Introduction to Townsquare (NYSE: TSQ): Facts & Stats
AN INTRODUCTION TO TOWNSQUARE (NYSE: TSQ): FACTS & STATS KEY STATS ▪ Townsquare is a community-focused digital and broadcast media and digital marketing solutions company, principally focused on hundreds of underserved small and mid- sized local markets outside the Top 50 markets across the U.S. $23
Slide 5: Townsquare's Transformation
TOWNSQUARE’S TRANSFORMATION From 2010 → To 2025 From local, ingrained teams in 13 local markets to 74 local markets From <1M UVs per Month to 39M UVs Per Month From No Social Platform to 45M Social Media Followers From No Video Platform to 4.9B YouTube Lifetime Views From 100% Broadcast Only Clients
Slide 6: Townsquare: A View From the Top
TOWNSQUARE: A VIEW FROM THE TOP DIGITAL BROADCAST $236M 2025 Net Revenue $182M 2025 Net Revenue (1) $61M 2025 Segment Profit $47M 2025 Segment Profit (1) 26% 2025 Segment Profit Margin 26% 2025 Segment Profit Margin (1) 55% / 56% 2025 Net Revenue / Segment Profit Contribution 43% / 43% 2025 Net Reve
Slide 7: We Are a Digital First Local Media Company and Digital Is Our Growth Engine
WE ARE A DIGITAL FIRST LOCAL MEDIA COMPANY AND DIGITAL IS OUR GROWTH ENGINE • In 2025, Digital contributed 55% of total net revenue and 56% of total Segment Profit • Strong digital margins (26% in 2025) are in-line with our broadcast radio, cash-cow business (also 26% in 2025) • Townsquare Interacti
Slide 8: Only Local Media Company Solely Focused on Markets Outside the Top 50
TOWNSQUARE IS THE ONLY LOCAL MEDIA COMPANY SOLEY FOCUSED ON MARKETS OUTSIDE THE TOP 50 Leading Presence in 74 Small & Mid-Sized Markets More Attractive Competitive Landscape – Portfolio of 400+ local community websites, 380 mobile apps, and 340 radio − Very limited focus from larger media players, d
Slide 9: Being a Digital First Local Media Company Is the Right Position to Be In
BEING A DIGITAL FIRST LOCAL MEDIA COMPANY IS THE RIGHT POSITION TO BE IN • In 2025, radio advertising was ~4% of all advertising dollars spent in the United States, while digital advertising solutions contributed ~74% • Radio is a mature and cash flow generative business – a quintessential “cash cow
Slide 10: Townsquare Digital Revenue vs Local Media Industry
TOWNSQUARE DIGITAL REVENUE VS LOCAL MEDIA INDUSTRY DIGITAL AS % OF TOTAL REVENUE 54% 55% 34% Average: 30% Average: 24% 24% 21% 16% Note: FY 2025 Digital as % of Total Revenue per Company filings for Saga, iHeart and Townsquare. YTD September 2025 for Cumulus and Beasley. For Lee Enterprises, represe
Slide 11: Digital Advertising (Townsquare Ignite)
DIGITAL ADVERTISING (Townsquare Ignite) Our Digital Advertising segment’s products and solutions are a combination of our owned and operated digital properties, our proprietary digital programmatic advertising platform, and an in-house demand and $161M 2025 net revenue data management platform colle
Slide 12: Townsquare Interactive: Organically Built Subscription Digital Marketing Solutions
TOWNSQUARE INTERACTIVE: ORGANICALLY BUILT SUBSCRIPTION DIGITAL MARKETING SOLUTIONS 100% owned, subscription-based business that provides an all-in-one SAAS Key Stats solution that provides a suite of digital marketing services to underserved SMBs ✓ Employ ~320 dedicated professionals $75M 2025 net s
Slide 13: Townsquare Interactive's Addressable Market
TOWNSQUARE INTERACTIVE’S ADDRESSABLE MARKET # of Viable Client Prospects 28,283,495 Businesses nationwide 11,571,443 Exclude largest 50 metro areas 10,633,051 Include only companies with 20 or fewer employees 9,788,501 Include only companies with $5M of revenue or less 9,480,816 Exclude Auto dealers
Slide 14: Townsquare Interactive: Helping Our Clients Succeed
TOWNSQUARE INTERACTIVE: HELPING OUR CLIENTS SUCCEED My experience has been nothing but wonderful. The traffic that has flown through the website because of its presence, its professionalism, has taken me to a next level… Some of my biggest contracts have come directly through the website. The fact t
Slide 15: Broadcast Advertising: The Power of Local Radio Brands, Personalities, and Sales Teams
BROADCAST ADVERTISING: THE POWER OF LOCAL RADIO Key Stats BRANDS, PERSONALITIES, AND SALES TEAMS $182M 2025 Ex-Political Net Revenue(1) Our local broadcast brands power our portfolio of local websites and apps, and their corresponding social and video platforms. It is a robust multiplatform content
Slide 16: Omnichannel Brand Strategy
2,644,329 OMNICHANNEL BRAND STRATEGY MONTHLY PAGE FACEBOOK VIEWS FANS 48,304 80,066 APP DOWNLOADS 1,497 INSTAGRAM FOLLOWERS MONTHLY UNIQUE VISITORS # OF PEOPLE LISTENING 410,144 TO WPDH ~150,000 TWITTER FOLLOWERS 2,598 TOTAL LISTENING HOURS 7,300 61,865 11,405 YOUTUBE POPULATION OF NEWSLETTER SUBSCR
Slide 17: Solid Financial Performance With Healthy Margins, Even in a Challenging Year
SOLID FINANCIAL PERFORMANCE WITH HEALTHY MARGINS, EVEN IN A CHALLENGING YEAR ($ in millions) Net Revenue (YoY Growth %) Adjusted EBITDA (% Margin) (1) 5% -14% 12% 11% -2% -1% -5% 24% 17% 25% 25% 22% 22% 21% + $463 $454 $451 $105 $114 $431 $418 $427 $102 $100 $100 $88 $371 $62 2019 2020 2021 2022 202
Slide 18: Our Strategy Delivered Financial Results, Even in a Challenging Environment
OUR STRATEGY DELIVERED FINANCIAL RESULTS, EVEN IN A CHALLENGING ENVIRONMENT Q4 2025: WHAT WE SAID… AND WHAT WE DELIVERED Q4 2025 Statistic WHAT WE SAID… WHAT WE DID… Net Revenue $105M - $109M $106.5M Adjusted EBITDA $21.5M -$23.5M $21.5M 18
Slide 19: 2025 Highlights
2025 HIGHLIGHTS ✓Each quarter in 2025, Net Revenue and Adjusted EBITDA met ✓Generated $31 million of Cash Flow from Operations in 2025 guidance ✓Refinanced debt in February 2025 by entering into a new $490 ✓2025 Net Revenue of $427M -5% vs. prior year (-2.8% excluding million Credit Agreement due Fe
Slide 20: 2026 Guidance
2026 GUIDANCE Q1 2026 Guidance FY 2026 Guidance Net Revenue ($M) Net Revenue ($M) $427 $420 - $440 $98.7 $96 - $98 -2% to +3% -3% to -1% -3% to +2% -3% to -1% Ex. political Ex. political Q1 2025 Q1 2026 2025 2026 Guide Guide Adjusted EBITDA ($M) Adjusted EBITDA ($M) $88 $87 - $93 $18.1 $16 - $17 -12
Slide 21: Balance Sheet & Ownership
BALANCE SHEET & OWNERSHIP Balance Sheet Shares Outstanding & Ownership (2) • $5M cash balance at 12/31/25 # of (shares in millions) Votes Primary Holders • On February 19, 2025, entered $490M Credit Agreement (including $470M Term Class A Common Stock 15.8 1 Public & MSD Loan at S+500bps, and $20M R
Slide 22: Appendix: Key Investor Highlights
APPENDIX: KEY INVESTOR HIGHLIGHTS 22
Slide 23: Key Investor Highlights
KEY INVESTOR HIGHLIGHTS I Attractive Free Cash Flow Profile with Significant Subscription Component Supporting Shareholder Return 2 Success in Digital Businesses Diversifying Revenue Base and II Driving Revenue and Profit Growth 3 III Attractive Radio Industry Dynamics IV Leading Position in Small a
Slide 24: Attractive Free Cash Flow Profile
I ATTRACTIVE FREE CASH FLOW PROFILE • Fast growing, profitable digital revenue is complemented by mature broadcast revenue base with attractive margins (digital ~55% of 2025 net revenue) • Strong contribution from subscription-based Townsquare Interactive segment (TSI) = $75M 2025 revenue; 18% of to
Slide 25: Success in Subscription Digital Marketing and Digital Advertising Solutions Has Driven Digital Transformation
II SUCCESS IN SUBSCRIPTION DIGITAL MARKETING AND DIGITAL ADVERTISING SOLUTIONS HAS DRIVEN THE COMPANY’S DIGITAL TRANSFORMATION Digital businesses support long-term growth and revenue and profit diversification, including subscription-based profit Townsquare Interactive Townsquare’s Digital Advertisi
Slide 26: Radio: A Stable Foundation With an Attractive Value Proposition
III RADIO: A STABLE FOUNDATION WITH AN ATTRACTIVE VALUE PROPOSITION Radio Reaches Everyone Radio’s Audience is Stable • Radio reaches >80% of Americans 18+ (1) • Unlike certain other traditional media, radio’s audience is stable • Radio dominates ad-supported audio, with 67% vs. podcasts’ 18%, ad- •
Slide 27: Small and Mid-Sized Market Strategy Is a Competitive Advantage
IV SMALL AND MID-SIZED MARKET STRATEGY IS A COMPETITIVE ADVANTAGE Townsquare operates in 74 small and mid-sized markets across Opportunity in Small and Mid-Sized Markets(1) the US, with virtually no presence in the top 50 markets (Count of Townsquare Markets by DMA Rank) Average Townsquare market po
Slide 28: "Best in Class" Product and Engineering Team
V “BEST IN CLASS” PRODUCT AND ENGINEERING TEAM Complete end-to-end product, design and engineering team ‒ 50+ person team organized around Design, Engineering and Q&A disciplines ‒ Winner of the NAB’s 2022 PILOT Technology Innovation Award for in- house built Customer Relationship Management (CRM) p
Slide 29: Experienced Management Team
VI EXPERIENCED MANAGEMENT TEAM Bill Wilson Stu Rosenstein Claire Yenicay Erik Hellum Chief Executive Officer EVP, Chief Financial Officer EVP, Investor Relations EVP, COO Local Media (In current role since 2017) (In current role since 2010) (In current role since 2015) (In current role since 2017) ▪
Slide 30: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP RECONCILIATIONS 30
Slide 31: Segment Reporting: Q4 and FY Results
Segment Reporting: Q4 and FY Results ($ in 000s) Note: Segment Profit is defined as revenue less direct operating expenses, excluding depreciation, amortization, and stock-based compensation. 31
Slide 32: Q4 Segment Reporting: Calculation of Segment Profit
Q4 Segment Reporting: Calculation of Segment Profit ($ in 000s) 32
Slide 33: FY Segment Reporting: Calculation of Segment Profit
FY Segment Reporting: Calculation of Segment Profit ($ in 000s) 33
Slide 34: Q4 and FY Reconciliation of Net Income to Adjusted EBITDA
Q4 and FY Reconciliation of Net Income To Adjusted EBITDA and Adjusted EBITDA (Excluding Political) ($ in 000s) (a) Other includes net (gain) loss on sales and retirements of assets and other expense (income), net. Note: Adjusted EBITDA and Adjusted EBITDA (Excluding Political) is a non-GAAP financi
Slide 35: FY 2018-2024 Reconciliation of Net Income to Adjusted EBITDA
FY 2018-2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in millions) Year Ended December 31, Ending March 31, $ in millions 2018 2019 2020 2021 2022 2023 2024 Net (loss) income ($97.3) ($65.7) ($80.6) $18.8 $14.4 ($43.0) ($10.9) Provision (benefit) for income taxes 30.8 (14.6) (23.9)
Slide 36: Q4 and FY Reconciliation of Net Revenue to Net Revenue Excluding Political Revenue
Q4 and FY Reconciliation of Net Revenue to Net Revenue Excluding the Effects of Political Revenue ($ in 000s) 36
Slide 37: Townsquare
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