Gray Media, Inc. · NYSE:GTN
Gray Media — Q4 2025 Earnings Presentation
16 slides from Gray Media's earnings presentation, Feb 26, 2026
Slide 1: Quarterly Investor Update
NYSE: GTN Gray Media, Inc. Quarterly Investor Update February 26, 2026 Reflects Q4 2025 and 2025 Full-Year Results
Slide 2: Gray Media, Inc.
Gray Media, Inc. A multimedia company headquartered in Atlanta, Georgia, Gray Media, Inc. (“Gray Media,” “Gray,” or the “Company”) owns local television stations and digital assets serving 114 television markets that collectively reach approximately 37 percent of US television households. The portfo
Slide 3: Largest Owner of Top-Rated TV Stations
Largest Owner of Top-Rated TV Stations Leading Station Portfolio Drives Industry Maintaining Strong Network Affiliate Leading Revenue per Gross TV Household Relationships and Diversification #1 station in 77 of 113 Nielsen 68% measured markets #1 and/or #2 station in 97 of 113 86% 28 O&O channels Ni
Slide 4: Gray Media's 4Q25 Results Compare Favorably to Guidance
Gray Media’s 4Q25 Results Compare Favorably to Guidance Guidance Reported Results Issued Nov 7, 2025 Fourth Quarter 2025 Core Advertising Revenue – Above High-End of Guidance $380 - $390 $392 Retransmission Revenue – Above High-End of Guidance $328 - $330 $335 Total Revenue – Above High-End of Guida
Slide 5: Selected Operating Results
Selected Operating Results ($ in Millions) CY2025 CY2024 Revenue (less agency commissions): $3.4 Billion L8QA Total Revenue Core advertising $ 1,452 $ 1,490 Political advertising 42 497 Retransmission consent 1,429 1,482 $939 Million L8QA Leverage Ratio Denominator*** Other 65 70 Total broadcasting
Slide 6: Gray Consistently Outperforms its Peers Across Key Categories
Gray Consistently Outperforms its Peers Across Key Categories ($ in actuals) % Difference to Peers $31 LTM 9/30/25A Core Revenue / Gross TVHH +55% Peer Average $20 $32 LTM 9/30/25A Gross Retrans Revenue +17% / Gross TVHH $27 $12 ‘22A Political Revenue / Gross TVHH +102% $6 $11 '24A Political Revenue
Slide 7: Net Retransmission Revenue Returns to Growth
Net Retransmission Revenue* Returns to Growth Retransmission Consent Revenue for Improving Market Dynamics Stations Owned as of December 31, 2025 ($ in millions) Net Retransmission Revenue* returned to growth in Q4’25. $1,496 $1,532 $1,482 Q1’26 guidance suggests Net $1,429 $1,429 Retransmission
Slide 8: The Strongest Local News Stations Across the Most Competitive Political Markets in 2026
The Strongest Local News Stations Across the Most Competitive Political Markets in 2026 o Political campaigns spend to win, and political campaigns As 2026 begins, the US Senate and US House are roughly evenly find their most coveted audiences on strong local news TV split between the two political
Slide 9: Gray Excels at Political Advertising Revenue
Gray Excels at Political Advertising Revenue 2024 Political Ad Revenue Per TV Household $10.83 $8.36 $7.49 $6.41 $5.72 $4.06 Cycle after cycle, Gray’s portfolio has led the peer Peer Average group with the highest political 2022 Political Ad Revenue Per TV Household $11.50 ad revenue both in total d
Slide 10: Proactively Managing Debt Maturities
Proactively Managing Debt Maturities Capitalization Debt Maturity Profile 12/31/2025 Cumulative ($ in millions) Actual Leverage ($ in millions) Cash $ 368 Revolver due 12/1/2028 (S +225) (1) $ - -x No maturities until after the Term Loan D due 12/1/2028 (S + 300 + 11 bps CSA) 739 0.8x ’26 and ’28 po
Slide 11: Multi-Pronged Delevering Approach
Multi-Pronged Delevering Approach Intense focus on managing liquidity, 1L/Junior capital mix, maturity towers, and allocating capital to reduce debt and leverage1 2025 Capital Markets Activity Issued 9.625% 2L Secured Notes due 2032 in July to proactively extend portfolio duration while reducing 1
Slide 12: Non-GAAP Terms
Non-GAAP Terms This earnings release includes certain non-GAAP financial measures, including “Adjusted EBITDA” and “Net Retransmission Revenue.” We present these measures, in addition to results prepared in accordance with accounting principles generally accepted in the United States of America (“GA
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Calculation of Leverage Ratio Denominator, Adjusted Total Indebtedness, First Lien Leverage Ratio, Secured Leverage Ratio and Leverage Ratio, as each is defined in our Senior Credit Agreement (Unaudited and as presented in Annual Report on Form 10-K) 13
Slide 14: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 14
Slide 15: Full-Year Non-GAAP Reconciliations
Full-Year Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 15
Slide 16: 4370 Peachtree Rd, NE Atlanta, GA 30319
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com 16