Slide 1: Quarterly Update Deck
NYSE: GTN Gray Media, Inc. Quarterly Update Deck August 8, 2025 Reflects June 2025 Quarterly and 2024 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 113 television markets that collectively reach approximately 37 percent of US television households. The portfo
Slide 3: Gray Media's 2Q25 Results Compare Favorably to Guidance
Gray Media’s 2Q25 Results Compare Favorably to Guidance Original Guidance Reported Results Issued May 8, 2025 Second Quarter 2025 Core Advertising Revenue – High-End of Guidance ~$354 (-MSD) $361 (-3%) Retransmission Revenue – In-Line with Guidance $369 - $371 $369 Total Revenue – Above High-End of
Slide 4: Selected Operating Results
Selected Operating Results Six Months Ending Year Ending June 30 December 31 ($ in Millions) 2025 2024 2024 2023 $3.4 Billion 2Q25 L8QA Total Revenue Revenue (less agency commissions): Core advertising $ 705 $ 745 $ 1,490 $ 1,514 Million 2Q25 L8QA Leverage Ratio $975 Political advertising 22 74 497
Slide 5: Capitalization Table
Capitalization Table 7/18/25 7/25/25 6/30/25 Actual 2nd Lien 1st Lien Cumulative Refi Refi ($ in millions) Amount Leverage Adjustments Adjustments As Adjusted Cash $ 199 Revolver due 12/1/2028 (S +225) (1) $ - -x 50 (50) $ - Term Loan D due 12/1/2028 (S + 300 + 11 bps CSA) 1,369 1.4x (630) 739 Term
Slide 6: Proactively Managing Debt Maturity Profile
Proactively Managing Debt Maturity Profile Debt Maturity Profile Adjusted Debt Maturity Profile (Actual as of 6/30/2025 1) (Reflecting July 2025 Refinancing Activities2) ($ in m illio ns) ($ in m illio ns) No significant maturities until after the ’26 and ‘28 political cycles Source: Company filings
Slide 7: 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 Refinanced 2027 & 2029 Maturities with 2L Secured Notes Issuance • Issued 9.625% 2L Secured Notes to proactively extend portfolio duratio
Slide 8: Non-GAAP Reconciliation
Eight Quarters Ended June 30, 2025 (dollars in millions) Net income $ 261 Adjustments to reconcile from net income to Leverage Ratio Denominator as defined in our Senior Credit Agreement: Depreciation 286 Amortization of intangible assets 278 Non-cash stock-based compensation 45 Common stock contrib
Slide 9: Quarterly Non-GAAP Reconciliations
Three Months Ended June 30, 2025 2024 2023 (in millions) Quarterly Net (loss) income Adjustments to reconcile from net (loss) income to Adjusted EBITDA Depreciation $ (56) $ 32 22 36 $ 35 4 Non-GAAP Amortization of intangible assets Impairment of intangible assets 28 28 32 - 50 - Reconciliations Non
Slide 10: YTD Non-GAAP Reconciliations
Six Months Ended June 30, 2025 2024 2023 (in millions) YTD Net (loss) income Adjustments to reconcile from net (loss) income to Adjusted EBITDA $ (65) $ 110 $ (27) Depreciation 66 72 70 Non-GAAP Amortization of intangible assets Impairment of intangible assets 57 28 63 - 99 - Reconciliations Non-cas
Slide 11: Full-Year Non-GAAP Reconciliations
Year Ended December 31, 2024 2023 2022 (in millions) Net income (loss) $ 375 $ (76) $ 455 Adjustments to reconcile from net income (loss) to Adjusted EBITDA Depreciation 144 145 129 Amortization of intangible assets 125 194 207 Impairment of goodwill and other intangible assets - 43 - Full-Year Non-
Slide 12: Non-GAAP Terms
Non-GAAP Terms In addition to results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this presentation discusses “Adjusted EBITDA” a non-GAAP performance measure that management uses to evaluate the performance of the business. Adjusted
Slide 13: 4370 Peachtree Rd, NE Atlanta, GA 30319
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com 13