Lee Enterprises, Incorporated · NASDAQ:LEE
Lee Enterprises — Q3 FY2026 Earnings Presentation
25 slides from Lee Enterprises's earnings presentation, Aug 6, 2026
Slide 1: Third Quarter FY2026 Earnings
THIRD QUARTER FY2026 EARNINGS AUGUST 6, 2026
Slide 2: Safe Harbor
SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or
Slide 3: Lee Enterprises: At-A-Glance
LEE ENTERPRISES: AT-A-GLANCE Intensely local content Serving 114 local markets across the US Breaking news Lee Enterprises is a leading provider of high quality, trusted, local news and information. Our robust local and national digital media and advertising platforms are the fastest growing in the
Slide 4: Digital-First Subscription Platform
DIGITAL-FIRST SUBSCRIPTION PLATFORM Total Revenue Digital Mix of Total Revenue Adjusted EBITDA(1) $517M 57% $61M(2) LTM June FY26 Q3 FY26 LTM June FY26 Digital Subscribers Digital Subscription Revenue Digital Agency Revenue 584,000 $92M $99M June FY26 LTM June FY26 LTM June FY26 Lee is a dominant so
Slide 5: Adjusted EBITDA Growth
ADJUSTED EBITDA GROWTH Adjusted EBITDA(1) Last Five Quarters 20.0 $18M 290% 18.0 16.0 $15M $15M $15M $15M $15M 240% 14.0 $13M $12M 190% 12.0 10.0 140% $8M $8M 8.0 95% 90% 6.0 4.0 61% 40% 2.0 23% 14% 1% - -10% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 PY CY YOY % 51% Adjusted EBITDA YOY growth YTD Q3 F
Slide 6: Third Quarter 2026 Business Highlights
THIRD QUARTER 2026 BUSINESS HIGHLIGHTS Adjusted EBITDA and Adjusted Saw positive momentum in digital Return to Net Income EBITDA margin grew over prior year revenue mix • Adjusted EBITDA(1) grew 23% to $18 million • Significant year-over-year improvement in • $5.2M of Net Income; first quarter endin
Slide 7: Strategies to Expand Digital Advertising Revenue
STRATEGIES TO EXPAND DIGITAL ADVERTISING REVENUE Key Themes 1. Recurring Revenue: • Move from transactional sales to predictable & performance-based deals 2. Integrated Solutions: • End-to-end marketing services that drive deeper client relationships 3. Data-driven Growth: • Utilize owned platforms
Slide 8: Strategies to Drive Digital Subscription Revenue
STRATEGIES TO DRIVE DIGITAL SUBSCRIPTION REVENUE Key Themes Addressable Market 1. High-Quality Local Audience: • Expand the top of the funnel and build engagement that increases purchase intent over time Anonymous Users 14 million 2. Strengthen Conversion & Retention: • Use data, analytics and produ
Slide 9: Building Sustainable Digital Revenue
BUILDING SUSTAINABLE DIGITAL REVENUE Digital Subscription Digital Agency Total Digital Revenue Revenue Revenue +20%(1) +3%(1) +2%(1) $92M $99M $284M $53M $89M $265M LTM Jun FY23 LTM Jun FY26 LTM Jun FY23 LTM Jun FY26 LTM Jun FY23 LTM Jun FY26 Scaling high-quality, recurring digital revenue streams 9
Slide 10: Strategy Is Transforming the Composition of Revenue
STRATEGY IS TRANSFORMING THE COMPOSITION OF REVENUE FY2020 Q3 FY2026 REVENUE MIX 21% 57% % Digital Early stages of Digital revenue growth is Digital Transformation transforming the mix of revenue 7% From print-dependent to digital-dominant 10
Slide 11: Execution of Digital Transformation Drives Sustainability & Growth
EXECUTION OF DIGITAL TRANSFORMATION DRIVES SUSTAINABILITY & GROWTH Digital Transformation Digital Sustainability Key Takeaways ✓ Digital revenue replacing print revenue and growing at 9% CAGR(2) ✓ Digital subscription revenue and gross margin growing at a 27% CAGR(2) ✓ Amplified Digital® Agency reve
Slide 12: Strong Track Record of Sustainable Cost Management
STRONG TRACK RECORD OF SUSTAINABLE COST MANAGEMENT Total Cash Costs(1) Last Three Years $615M $524M Down 14%(1) $398M $343M $208M $176M $119M $99M $71M $67M FY23 FY24 FY25 JUN FY25 YTD JUN FY26 YTD Digital Costs Print Costs SG&A Total Cash Costs Digital Costs Print Costs SG&A Cost discipline driving
Slide 13: Credit Agreement Represents Strategic Asset
CREDIT AGREEMENT REPRESENTS STRATEGIC ASSET • $121 million debt reduction since refinancing in March 2020 Debt Reduction • Favorable credit agreement with Berkshire Hathaway $576M • Fixed annual interest rate reduced to 5% from 9% for five years post $455M private placement transaction in February 2
Slide 14: Updated Fiscal 2026 Outlook
UPDATED FISCAL 2026 OUTLOOK Key Metric FY26 Outlook Adjusted EBITDA(1) YOY growth in the range of 22% to 28% (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix. (2) 2026 Adjusted EBITDA includes $6 million of business interruption insurance proceeds from the February 2025 cyber incide
Slide 15: Lee Enterprises
EE ENTERPRISES
Slide 16: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION The Company uses non-GAAP financial performance measures to supplement the financial information presented on a U.S. GAAP basis. These non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, should not be considered i
Slide 17: Quarterly Revenue Composition
QUARTERLY REVENUE COMPOSITION (Millions of Dollars) Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 FY 2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Digital Advertising and Marketing Services 46.7 43.9 49.1 44.1 183.8 42.8 40.7 44.8 YoY % (1) 1.7% -2.5% -1.0% -11.0% -3.3% -6.6% -4.6% -6.5% Digital Only Subscription Re
Slide 18: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Millions of Dollars) Q3 FY26 Q3 FY25 Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users’ overall Net income (loss) 5.2 (1.7) understanding of the operating performance of the Company. The measure isolates
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Millions of Dollars) YTD Jun FY26 YTD Jun FY25 Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users’ overall Net income (loss) (1.7) (29.9) understanding of the operating performance of the Company. The mea
Slide 20: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Costs represent a non-GAAP financial performance (Millions of Dollars) Q3 FY26 Q3 FY25 measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to Operating Expenses 118.3 137.3 investors in un
Slide 21: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Costs represent a non-GAAP financial performance (Millions of Dollars) YTD Jun FY26 YTD Jun FY25 measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to Operating Expenses 358.6 429.4 inves
Slide 22: Same-Store Non-GAAP Revenue Reconciliation
SAME-STORE NON-GAAP REVENUE RECONCILIATION(1) Q3 Q3 $ % Q3 Q3 $ % (Millions of Dollars) (Millions of Dollars) FY2026 FY2025 Change Change FY2026 FY2025 Change Change Print Advertising Revenue 14.5 17.5 (3.0) -17.1% Print Other Revenue 7.0 7.8 (0.9) -11.1% Exited operations - (2.2) 2.2 NM Exited oper
Slide 23: Same-Store Non-GAAP Revenue Reconciliation
SAME-STORE NON-GAAP REVENUE RECONCILIATION(1) YTD Jun YTD Jun $ % YTD Jun YTD Jun $ % (Millions of Dollars) (Millions of Dollars) FY2026 FY2025 Change Change FY2026 FY2025 Change Change Print Advertising Revenue 45.9 53.9 (7.9) -14.7% Print Other Revenue 21.5 22.9 (1.4) -6.1% Exited operations (2.4)
Slide 24: Direct Costs Reconciliation
DIRECT COSTS RECONCILIATION (Millions of Dollars) Q3 FY26 Q3 FY25 Direct Costs is a non-GAAP financial performance measure that enhances financial statement users overall Operating expenses 118.3 137.3 understanding of the operating performance of the Company. The measure isolates operating costs th
Slide 25: Direct Costs Reconciliation
DIRECT COSTS RECONCILIATION (Millions of Dollars) YTD Jun FY26 YTD Jun FY25 Direct Costs is a non-GAAP financial performance measure that enhances financial statement users overall Operating expenses 358.6 429.4 understanding of the operating performance of the Company. The measure isolates operatin