Lee Enterprises, Incorporated · NASDAQ:LEE
Lee Enterprises — Q4 2025 Earnings Presentation
25 slides from Lee Enterprises's earnings presentation, Nov 26, 2025
Slide 1: Fourth Quarter FY2025 Earnings
FOURTH QUARTER FY2025 EARNINGS NOVEMBER 26, 2025
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: Digital-First Subscription Platform
DIGITAL-FIRST SUBSCRIPTION PLATFORM Total Revenue Digital Mix of Total Revenue Adjusted EBITDA(2) $562M(3) 53% $45M(3) FY25 FY25 FY25 Digital Subscribers Industry-Leading Digital Sub Industry-Leading Digital Agency Revenue Growth Revenue Growth 633,000 September 2025 $94M FY25 | 16% YoY Growth(1) $1
Slide 4: Fourth Quarter 2025 Results
FOURTH QUARTER 2025 RESULTS Q4 Revenue Total Operating Revenue $139M, -12% YOY, or -5% on a same-store basis (1) Total Digital Revenue $74M, -3% YOY(1) • Digital Subscription $25M, +16%(1) • Digital Advertising $44M, -11%(1) • Amplified Digital® agency $25M, -9%(1) Total Print Revenue $65M, -8%(1) Q
Slide 5: Lee's Three Pillar Digital Growth Strategy
LEE’S THREE PILLAR DIGITAL GROWTH STRATEGY LEE IS RAPIDLY TRANSFORMING TO A SUSTAINABLE AND VIBRANT DIGITAL-CENTRIC COMPANY PILLAR 1 PILLAR 2 PILLAR 3 Expand & engage our Accelerate sustainable Accelerate digital-only audience through rich, digital subscription growth advertising revenue growth cred
Slide 6: Industry-Leading Digital Growth
INDUSTRY-LEADING DIGITAL GROWTH Industry-Leading Digital Industry-Leading Digital Total Digital Revenue Sub Revenue Growth Agency Revenue Growth Growing Significantly $94M LTM Digital Sub Revenue(1) $103M LTM Amplified Digital® Agency(2) $298M LTM Total Digital Revenue Q4 FY25 3-Year CAGR Q4 FY25 3-
Slide 7: Managing Print Margin to Invest into Digital Growth
MANAGING PRINT MARGIN TO INVEST INTO DIGITAL GROWTH % of Total $107M Print Margin(2) in FY25 FY25 Revenue Investing in Digital Revenue Growth Digital Advertising $184M 33% • Accelerating Amplified Digital® Agency Services Amplified Digital® ✓ Expanding the suite of AI powered tools for local $103M 1
Slide 8: Strategy Is Transforming the Composition of Revenue
STRATEGY IS TRANSFORMING THE COMPOSITION OF REVENUE FY2020 FY2025 FY2030(1) REVENUE MIX 21% 53% 46% 90% % Digital Prior to launch of Industry-leading digital Achieve goal of becoming Three Pillar Digital revenue growth is transforming sustainable without reliance Growth Strategy 7% the mix of revenu
Slide 9: Execution of Three Pillars Drives Sustainability & Growth
EXECUTION OF THREE PILLARS DRIVES SUSTAINABILITY & GROWTH Digital Transformation Digital Sustainability Key Takeaways ✓ Digital revenue replacing print revenue and growing at 12% CAGR(2) ✓ Digital subscription revenue and gross margin growing at a 35% CAGR(2) ✓ Amplified Digital® Agency revenue grow
Slide 10: Strong Track Record of Sustainable Cost Management
STRONG TRACK RECORD OF SUSTAINABLE COST MANAGEMENT Total Cash Costs(1) Key Takeaways $1.0B $705M $693M • Proficient in driving efficiencies $615M $553M $524M • Current base of $157M of direct costs associated with our legacy revenue streams will be managed with associated revenue trends • Ongoing in
Slide 11: Credit Agreement Represents Strategic Asset
CREDIT AGREEMENT REPRESENTS STRATEGIC ASSET • $121M debt reduction since refinancing in March 2020 Significant Gross Debt Reduction • Favorable credit agreement with Berkshire Hathaway • 25-year runway with no breakage costs or prepayment penalties $576M • Fixed annual interest rate, no financial pe
Slide 12: 2026 Outlook
2026 OUTLOOK Key Metric FY26 Outlook Adjusted EBITDA(1) YOY growth in the mid-single digits (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix. 12
Slide 13: Accelerate Digital Subscriptions
ACCELERATE DIGITAL SUBSCRIPTIONS Key Takeaways 1.2M $175M $175M ✓ $100M annualized Revenue in Q4 FY25 ✓ On pace to achieve $175M Revenue in FY30 ✓ Expect to surpass 1.2 Million Subscribers in FY30 Dig Sub Revenue Digital Subscribers Current pacing is on track to model 13
Slide 14: Accelerate Digital Advertising
ACCELERATE DIGITAL ADVERTISING Key Takeaways $250M Current revenue growth fueled by Three Pillar strategies: • Amplified Digital® revenue has grown 25% annually since FY21 • Expansion of solutions and services, targeting a vast and $250M growing addressable market • Ability to grow ARPU by acquiring
Slide 15: Strong Legacy with Substantial Growth Momentum
STRONG LEGACY WITH SUBSTANTIAL GROWTH MOMENTUM Accelerating Growth Accelerating Growth Recapitalization and Investment Digital Transformation – Content investments in Well Underway journalism, public and Leader in Local derivative content Content – Digital revenue has grown – $50M common stock from
Slide 16: Lee Enterprises
EE ENTERPRISES
Slide 17: 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 18: Quarterly Revenue Composition
QUARTERLY REVENUE COMPOSITION (Millions of Dollars) Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 FY 2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 FY 2025 Digital Advertising and Marketing Services 46.5 45.4 49.9 52.5 194.2 46.7 43.9 49.1 44.1 183.8 YoY % (1) -1.1% -0.2% 1.6% 7.5% 2.0% 1.7% -2.5% -1.0% -11
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Millions of Dollars) Q4 FY25 Q4 FY24 Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users’ overall Net loss (5.8) (9.5) understanding of the operating performance of the Company. The measure isolates unusua
Slide 20: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Millions of Dollars) FY2025 FY2024 Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users’ overall Net loss (35.7) (23.6) understanding of the operating performance of the Company. The measure isolates unusua
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) Q4 FY25 Q4 FY24 measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to Operating Expenses 141.9 162.9 investors in un
Slide 22: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Costs represent a non-GAAP financial performance (Millions of Dollars) FY2025 FY2024 measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to Operating Expenses 571.3 611.4 investors in unde
Slide 23: Same-Store Non-GAAP Revenue Reconciliation
SAME-STORE NON-GAAP REVENUE RECONCILIATION(1) Q4 Q4 $ % Q4 Q4 $ % (Millions of Dollars) (Millions of Dollars) FY2025 FY2024 Change Change FY2025 FY2024 Change Change Print Advertising Revenue 15.3 19.4 (4.1) -21.0% Print Other Revenue 7.9 8.4 (0.5) -5.9% Exited operations and the extra week in the p
Slide 24: Same-Store Non-GAAP Revenue Reconciliation
SAME-STORE NON-GAAP REVENUE RECONCILIATION(1) $ % $ % (Millions of Dollars) FY2025 FY2024 (Millions of Dollars) FY2025 FY2024 Change Change Change Change Print Advertising Revenue 69.2 81.5 (12.3) -15.1% Print Other Revenue 30.9 33.3 (2.4) -7.2% Exited operations and the extra week in the prior year
Slide 25: Direct Costs Reconciliation
DIRECT COSTS RECONCILIATION (Millions of Dollars) FY2025 FY2024 Direct Costs is a non-GAAP financial performance measure that enhances financial statement users overall Operating expenses 571.3 611.4 understanding of the operating performance of the Company. The measure isolates operating costs that