Slide 1: Quarterly Investor Update
NYSE: GTN Gray Media, Inc. Quarterly Investor Update August 7, 2026 Reflects June 2026 Quarterly 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 117 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 Highly Balanced Big Four Leading Revenue per Gross TV Household Affiliate Distribution 67% #1 station in 78 of 116 Nielsen measured markets #1 and/or #2 station in 101 of 116 87% 35 O&O channels Nielsen measured markets
Slide 4: 2Q 2026 Results – Comparison to Guidance
2Q 2026 Results – Comparison to Guidance Guidance Guidance Reported Issued May 7, Impact of 2Q Adjusted for 2Q Results 2026 (a) Acquisitions (b) Acquisitions 2Q 2026 (b) Core Advertising Revenue Down MSD 3% Down LSD -1% Political Revenue $60 - $70 $3 $63 - $73 $83 Total Revenue $780 - $800 $30 $810
Slide 5: Selected Operating Results
Selected Operating Results $3.3 Billion L8QA Total Revenue Six-Months Ended Year Ended June 30 December 31 (As reported, $ in Millions) 2026 2025 2025 2024 Revenue (less agency $994 Million L8QA Leverage Ratio Denominator *** commissions): Core advertising $ 709 $ 705 $ 1,452 $ 1,490 Political adver
Slide 6: M&A Update
M&A Update Deleveraging M&A Improves Horizontal and Vertical Scale Bahakel Communications - $25 million, acquired WBBJ, closed February 13, 2026 Allen Media – $56 million, acquired stations in 3 markets, closed March 27, 2026 Allen Media – $115 million, acquired stations in 7 markets, closed M
Slide 7: Gray Consistently Outperforms its Peers Across Key Categories
Gray Consistently Outperforms its Peers Across Key Categories % Difference to Peers ($ in actuals) $32 2025A Core Revenue / Gross TVHH +45% Peer Average $22 2025A Gross $31 Retrans Revenue +15% / Gross TVHH $27 2022A Political $12 Revenue +102% / Gross TVHH $6 2024A Political $11 Revenue +69% / Gros
Slide 8: Net Retransmission Revenue
Net Retransmission Revenue* Retransmission Consent Revenue Improving Market Dynamics (As reported basis, $ in millions) Net Retransmission Revenue* returned $1,532 to growth in 4Q 2025 and showed $1,496 $1,482 organic and reported growth in 2Q 2026 $1,429 $1,379 despite a 1-month distribution disp
Slide 9: 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 The US Senate and US House are roughly evenly split between the find their most coveted audiences on strong local news TV two political parties; a histo
Slide 10: Gray Excels at Political Advertising Revenue
Gray Excels at Political Advertising Revenue $10.83 2024 Political Ad Revenue Per TV Household $8.36 $7.49 $6.41 Gray’s portfolio $5.72 $4.06 of top-rated stations consistently delivers the Peer Average highest political ad revenue on a 2022 Political Ad Revenue Per TV Household $11.50 per TV househ
Slide 11: Gray's Commitment to Journalistic Excellence
Gray’s Commitment to Journalistic Excellence Gray Regional Murrow Awards Regional Murrow Award Winners 100 Gray 93 90 80 70 Tegna 50 60 50 93 Nexstar 34 40 78 81 69 30 57 Sinclair 25 20 10 0 Scripps 22 2022 2023 2024 2025 2026 11
Slide 12: Proactively Managing Debt Maturities
Proactively Managing Debt Maturities Capitalization Debt Maturity Profile as of August 7 ($ in millions) 6/30/26 Actual Cumulative ($ in millions) Amount Leverage No maturities until after the Cash $ 176 ’26 and ’28 political cycles Revolver due 12/1/2028 (S +225) (1) $ - -x Term Loan D due 12/1/202
Slide 13: 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 Recent Capital Markets Activity Issued $70 million add-on 7.25% 1L Secured Notes due 2033 (2Q 2026) Repurchased $50 million Liquidati
Slide 14: 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 15: Calculation of Leverage Ratio Denominator and Net Leverage Ratios
Calculation of Leverage Ratio Denominator and Net Leverage Ratios, as each is defined in our Senior Credit Agreement (Unaudited): Eight Quarters June 30, 2026 Ended (dollars in millions) June 30, 2026 (dollars in millions) Total outstanding principal secured by a first lien $ 2,709 Net income $ 175
Slide 16: Quarterly Non-GAAP Reconciliations
Three Months Ended June 30, 2026 2025 2024 (in millions) Quarterly Net income (loss) $ 14 $ (56) $ 22 Adjustments to reconcile from net (loss) income to Adjusted EBITDA Depreciation 34 32 36 Non-GAAP Amortization of intangible assets Impairment of intangible assets 21 - 28 28 32 - Reconciliations No
Slide 17: YTD Non-GAAP Reconciliations
Six Months Ended June 30, 2026 2025 2024 (in millions) YTD Net loss $ (6) $ (65) $ 110 Adjustments to reconcile from net loss income to Adjusted EBITDA Depreciation 67 66 72 Non-GAAP Amortization of intangible assets Impairment of intangible assets 53 - 57 28 63 - Reconciliations Non-cash stock-base
Slide 18: Full-Year Non-GAAP Reconciliations
Full-Year Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 18
Slide 19: 4370 Peachtree Rd, NE Atlanta, GA 30319
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com Investor Relations Contact: Alan Gould, (404) 266-8333, alan.gould@graymedia.com 19