Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q3 2025 Earnings Presentation
29 slides from Iheartmedia's earnings presentation, Nov 10, 2025
Slide 1: Third Quarter 2025 Investor Presentation
Third Quarter 2025 Investor Presentation November 10, 2025 NASDAQ: IHRT
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
Slide 3: Executive Summary
Executive Summary1 Ø Q3 2025 Consolidated Results ▪ Q3 Revenue of $997 million, down 1.1% (Excluding Q3 Political Revenue, Q3 Revenue up 2.8%) ▪ Consolidated Adjusted EBITDA of $205 million, flat compared to Q3 2024 ▪ Cash used for operating activities of $10 million ▪ Free Cash Flow of $(33) millio
Slide 4: Segment Reporting: 2025 Q3 Results
Segment Reporting: 2025 Q3 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Three Months Ended $US Dollars in millions Three Months Ended September 30, Three Months Ended September 30, September 30, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 591.2 $ 619.5 (4.6) % $ 119.2
Slide 5: $200M Gross Savings ($150M Net Savings) Modernization Program Details
$200M Gross Savings ($150M Net Savings) Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 5% 10% 10% 10% 20% 15% 65% 65% HC Reductions Cost of Sales MPG Corporate AMS DAG Vendor Reductions Occupancy Costs Net Savings b
Slide 6: $50M Additional 2026 Savings Modernization Program Details
$50M Additional 2026 Savings Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 7% 14% 27% 41% 25% 61% 25% HC Reductions Cost of Sales MPG Corporate DAG Vendor Reductions Occupancy Costs Net Savings by Function HC Reduc
Slide 7: iHeartRadio Strategically Positioned in the Podcast Value Chain
iHeartRadio Strategically Positioned in the Podcast Value Chain1 High Value Low Value PODCAST PUBLISHERS PODCAST SALES REPS. DISTRIBUTORS • Control/produce all content • Sell/backfill podcasts for certain • Carry podcasts on platform • Publish content across multiple Publishers • No economics unless
Slide 8: Local Sales of Podcast Ads Contributing to Growth
Local Sales of Podcast Ads Contributing to Growth Podcasts Revenue (% composition) $140M 52% National $23M 48% Local 89% Q3 2020 11% Q3 2025 8
Slide 9: Monthly Podcast Audience More Than Doubled In 8 Years
Monthly Podcast Audience More Than Doubled In 8 Years 55% Average Monthly Podcast Audience (MM) OF AMERICANS! 120 135 MM 158 109 MM MM 116 MM 104 MM 90 MM 2024 73 MM 2023 MM 2021 2022 2025 67 MM 2018 2019 2020 2017 9 Source: Edison Research; reported "Listeners" through 2024, Consumers starting in 2
Slide 10: Miller-Kaplan Radio Revenue Share
Miller-Kaplan Radio Revenue Share Miller Kaplan Measured Markets Revenue Share 41% iHeartMedia Miller Kaplan Measured Markets Revenue Radio Revenue ex-iHeartMedia In 2025 through September, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 4.8 percentage points 10 Source:
Slide 11: Q3 Advertising Revenue Category Performance
Q3 Advertising Revenue Category Performance YoY Revenue Variance $ Top Category Gains Top Category Declines Food & Financial Entertainment Political Beverage Services Professional Healthcare Telecom Retail Services Medical/Healthcare Telecommunication Professional Services Retail Entertainment Food
Slide 12: Earnings Highlights
Earnings Highlights 1 Positive financial results in an uncertain environment 2 Continuing to outperform in Podcasting as we cement our #1 leadership position1 3 Commitment to re-ignite growth in Broadcast Radio business On track on modernization program, with $150M net savings in 2025 and an additio
Slide 13: Q3 2025 Total Adjusted EBITDA and Net Savings Flowthrough
Q3 2025 Total Adjusted EBITDA and Net Savings Flowthrough ~$40M $205M $205M ~($10M) ~$21M ~($26M) ~($24M) Q3 2024 EBITDA Q3 2024 MPG Revenue MPG AMS AMS Revenue DAG DAG Revenue Net Net CostCost Savings Benefits & Other Benefits & Q3 Q3 2025 EBITDA 2025 Adjusted (~5%) @ ~90% (~26%) @ ~100% +~14% @ ~5
Slide 14: Q3 '25 Financial Results
Q3 '25 Financial Results Three Months Ended $US Dollars in millions September 30, 2025 2024 Variance Revenue $ 997.0 $ 1,008.1 (1.1)% Direct operating expenses 399.1 409.7 (2.6) % SG&A expenses 414.4 418.8 (1.1) % Depreciation & amortization 90.1 101.3 Impairment charges 208.5 0.4 Other operating ex
Slide 15: Debt
Debt September 30, December 31, $USD in millions Maturity 2025 2024 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ 100.0 $ — Term Loan Facility due 2026 2026 5.1 5.1 Incremental Term Loan Facility due 2026 2026 1.5 1.5 Term Loan Facility due 2029 2029 2,129.6 2,145.7 6.375%
Slide 16: Appendix
16 Appendix iHeart Media
Slide 17: Digital Ex-Podcast Generates Additional Growth and TAM Opportunities
Digital Ex-Podcast Generates Additional Growth and TAM Opportunities 3rd Party Digital Websites Products Ad Tech Video Newsletters Streaming Social Audio 17
Slide 18: iHeartPodcasts is the #1 Podcast Publisher in the US
iHeartPodcasts is the #1 Podcast Publisher in the US PUBLISHER US STREAMS & DOWNLOADS US UNIQUE MONTHLY AUDIENCE 180,163,000 33,641,000 25,791,000 7,836,000 25,725,000 7,369,000 36,167,000 6,820,000 19,091,000 6,369,000 19,983,000 5,811,000 14,390,000 5,363,000 28,986,000 4,988,000 8,932,000 3,240,0
Slide 19: And Leading Podcast Publisher Across All Podtrac Categories
And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac Most Shows In Podtrac Most Shows In Podtrac RANKING THE TOP 10 1MM+ LISTENS* BY CATEGORY 98 35 36 29 15 15 16 9 6 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 63 consecutive mont
Slide 20: Q3 YTD 2025 Financial Results
Q3 YTD 2025 Financial Results Nine Months Ended $US Dollars in millions September 30, 2025 2024 Variance Revenue $ 2,737.8 $ 2,736.3 0.1 % Direct operating expenses 1,146.7 1,133.2 1.2 % SG&A expenses 1,208.3 1,235.6 (2.2) % Depreciation & amortization 272.3 310.8 Impairment charges 213.9 922.1 Othe
Slide 21: iHeartMedia Q3 Revenue Streams
iHeartMedia Q3 Revenue Streams Three Months Ended $US Dollars in millions September 30, 2025 2024 Variance Revenue Broadcast Radio $ 427.0 $ 448.8 (4.9) % Networks 114.3 115.3 (0.9) % Sponsorship and Events 45.5 50.3 (9.6) % Other 4.4 5.1 (13.6) % Multiplatform Group $ 591.2 $ 619.5 (4.6)% Digital e
Slide 22: iHeartMedia Q3 YTD Revenue Streams
iHeartMedia Q3 YTD Revenue Streams Nine Months Ended $US Dollars in millions September 30, 2025 2024 Variance Revenue Broadcast Radio $ 1,163.5 $ 1,233.6 (5.7) % Networks 321.5 324.0 (0.7) % Sponsorship and Events 110.6 117.3 (5.7) % Other 13.1 14.0 (6.9) % Multiplatform Group $ 1,608.8 $ 1,688.9 (4
Slide 23: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended Nine Months Ended (In millions) September 30, % September 30, % 2025 2024 Change 2025 2024 Change Consolidated revenue $ 997.0 $ 1,008.1 (1.1) % $ 2,737.8 $ 2,736.3 0.1 % Excluding: Political revenue (5.5) (44.0) (17.4) (70.5) Consolidated reven
Slide 24: Capital Expenditures
Capital Expenditures $USD in millions Nine Months Ended September 30, 2025 2024 Variance % Multiplatform Group $ 28.2 $ 38.2 $ (10.0) (26.3)% Digital Audio Group 15.0 17.0 (2.0) (11.9)% Audio & Media Services Group 13.2 5.8 7.4 127.4 % Corporate 6.6 11.1 (4.5) (40.5)% Total Capital Expenditures $ 63
Slide 25: Segment Reporting: Q3 YTD 2025 Results
Segment Reporting: Q3 YTD 2025 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Nine Months Ended $US Dollars in millions Nine Months Ended September 30, Nine Months Ended September 30, September 30, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 1,608.8 $ 1,688.9 (4.7) % $
Slide 26: Reconciliation of Free Cash Flow to Cash Provided by (Used for) Operating Activities
Reconciliation of Free Cash Flow to Cash Provided by (Used for) Operating Activities Three Months Ended Nine Months Ended ($US Dollars in thousands) September 30, September 30, 2025 2024 2025 2024 Cash provided by (used for) operating activities $ (9,549) $ 102,765 $ (63,672) $ 70,217 Purchases of p
Slide 27: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended $US Dollars in thousands September 30, 2025 2024 Net income (loss) $ (65,761) $ (41,325) Income tax (benefit) expense (165,609) 20,835 Interest expense, net 101,779 95,715 Depreciation and amortization 90,061 101,331 EBITDA
Slide 28: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Nine Months Ended Year Ended Trailing Twelve Months $US Dollars in thousands September 30, December 31, Ended September 30,1 2025 2024 2024 2025 Net loss $ (430,632) $ (1,041,422) $ (1,009,494) $ (398,704) Income tax (benefit) expense (11,997)
Slide 29: About iHeartMedia, Inc.
About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than