Slide 1: 2Q25 Earnings Presentation
2Q25 Earnings Presentation August 6, 2025 11 Published by: 1 Sinclair, Inc.
Slide 2: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation contains certain financial measures of Sinclair, Inc. (the “Company”), including Adjusted EBITDA, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") (collectively, the "non-GAAP financial measures"). Adjusted
Slide 3: Key Executive Appointments
KEY EXECUTIVE APPOINTMENTS • Narinder Sahai joins as EVP and Chief Financial Officer of Sinclair, Inc. • Brings more than two decades of strategic financial leadership across multiple industries, with deep expertise spanning capital markets, treasury, controllership, investor relations, mergers and
Slide 4: Consolidated Performance in 2Q25
CONSOLIDATED PERFORMANCE IN 2Q25 Consolidated ($MM)1 2Q25 • Total advertising revenue within guidance; core revenues Guidance $318-336 Advertising Revenue Total up year-over-year Actual $322 • Distribution revenue flat year-over-year in the quarter, but Guidance $439-441 Distribution Revenue 2Q25 Ea
Slide 5: Ventures Portfolio Update
VENTURES PORTFOLIO UPDATE During 2Q25, Ventures received $6 million in cash distributions 2Q25 Earnings Presentation Ventures made incremental investments of approximately $11 million in 2Q25 $393 million in cash at Ventures at quarter-end Continuing to explore consolidated investments for Ventures
Slide 6: Digital Remedy Acquisition
DIGITAL REMEDY ACQUISITION Sinclair acquired the remaining stake in Digital Remedy that it did not already own in March of 2025 for approximately $30 million Compulse has been rebranded as Digital Remedy Provides omnichannel media activation solutions, with a specialty in connected TV (CTV), t
Slide 7: Book Values of Ventures Hidden Assets
BOOK VALUES OF VENTURES HIDDEN ASSETS Ventures Sum-of-the-Parts 2Q25 Book Value (in millions of $) Private Equity/Venture Capital $ 134.0 Directt Investments $ 64.1 2Q25 Earnings Presentation Real Estate $ 24.9 Bally's $ 110.8 Cash $ 392.6 Total Ventures $ 726.4 • Cash and investment portfolio alone
Slide 8: New Sports Podcasts Launched Adding to Strong Podcast Lineup
NEW SPORTS PODCASTS LAUNCHED ADDING TO STRONG PODCAST LINEUP 2Q25 Earnings Presentation • AMP Media launched four college football podcasts covering four of the biggest, most historic college football programs in the country—Ohio State, Alabama, Texas and Notre Dame • New WNBA podcast launched, “Pos
Slide 9: Multicast Networks Deliver Record Growth
MULTICAST NETWORKS DELIVER RECORD GROWTH RECORD-BREAKING GROWTH FOR FREE, OTA MULTICAST NETWORKS Driven by the acquisition of fan-favorite series and movies, 2Q25 Earnings Presentation expansive distribution in top-10 DMAs and popular multi-platform events such as COMET FEST and CHARGECON • Through
Slide 10: Deregulatory Environment Continues
DEREGULATORY ENVIRONMENT CONTINUES • Sinclair has already completed several transactions including purchases of partner stations and divesting some smaller stations, and we continue to explore other M&A opportunities, including highly-accretive market swaps and partner acquisitions • Recently, the 8
Slide 11: Capital Structure Update
CAPITAL STRUCTURE UPDATE • Total Sinclair Television Group (STG) DEBT MATURITY SCHEDULE (as of 6/30/25) debt at the end of 2Q25 was $4.1 billion $2,000 • STG Net First Out First Lien 1.8x (1) 2Q25 Earnings Presentation $1,800 • STG Net First Lien 4.3x (1) $1,600 • STG Net Leverage 5.7x (1) $1,400 $1
Slide 12: Segment Performance in 2Q25
SEGMENT PERFORMANCE IN 2Q25 Local Media ($MM) 2Q25 Local Media Financial Performance Guidance $385-387 Distribution Revenue Actual $380 • Media revenue results just shy of our quarterly guidance Guidance $270-286 Advertising Revenue • Distribution revenues below guidance largely driven by lower-than
Slide 13: 2Q25 Consolidated Media Revenue
2Q25 CONSOLIDATED MEDIA REVENUE Media Revenues vs Guidance Media Revenues vs Prior Year ($ in millions) ($ in millions) $860 $810 $850 $800 $798 $840 2Q25 Earnings Presentation $830 $790 $820 $780 $810 $778 $777 $800 $770 $790 $760 $780 $770 $750 2Q24 Core Political Distribution Management Other 2Q2
Slide 14: 2Q25 Consolidated Adjusted EBITDA
2Q25 CONSOLIDATED ADJUSTED EBITDA Adjusted EBITDA vs Guidance ($ in millions) Adjusted EBITDA vs Prior Year ($ in millions) $110 $107 $175 $165 2Q25 Earnings Presentation $105 $158 $155 $100 $103 $145 $135 $95 $125 $115 ($42) $90 $105 $103 $91 ($11) ($2) $95 $85 $85 $75 $80 2Q24 Total Media Media Ex
Slide 15: Third Quarter 2025 Guidance
THIRD QUARTER 2025 GUIDANCE Highlights • 3Q25 Media revenue range of $744M to $768M 2Q25 Earnings Presentation • Year-over-year decline of $131 million in political revenues • 3Q25 guidance also reflects the sale of stations in four markets in early-July • Core Advertising pressured by macro-economi
Slide 16: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE Highlights 2Q25 Earnings Presentation For the twelve months ending December 31, 2025 ($ in millions) Consolidated Non-media expenses $52 • Net interest expense includes $68 million of non- Amortization of program costs $72 Corporate general and administrative $176 recurring f
Slide 17: 2Q25 Key Takeaways
2Q25 KEY TAKEAWAYS • Appointment of Narinder Sahai as CFO • EdgeBeam Wireless Update • Conrad Clemson appointed as CEO • 2Q25 Results 2Q25 Earnings Presentation • Core Advertising Revenues In-Line with Expectations; Grew Y-O-Y • Distribution Revenues Up Year-Over-Year in 1H25, with 2Q Revenues Flat