Gray Media, Inc. · NYSE:GTN
Gray Media — Q3 2026 Earnings Presentation
16 slides from Gray Media's earnings presentation, Nov 6, 2026
Slide 1: Quarterly Investor Update
NYSE: GTN Gray Media, Inc. Quarterly Investor Update November 6, 2026 1
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: Gray Media's 3Q26 Results
Gray Media’s 3Q26 Results 3Q26 Guidance 3Q26 Updated Reported Issued Guidance 3Q26 Aug 7, 2026 Sep 29, 2026 Results Core Advertising Revenue (vs. Reported) Flat Flat to -1% +1% Political Revenue $165 - $185 $188 - $195 $198 Total Revenue $935 - $965 $950 - $965 $972 Net Retransmission Revenue* $147
Slide 5: Selected Operating Results
Selected Operating Results $3.4 Billion L8QA Total Revenue Nine-Months Ended Year Ended September 30 December 31 (As reported, $ in Millions) 2026 2025 2025 2024 Revenue (less agency $996 Million L8QA Leverage Ratio Denominator *** commissions): Core advertising $ 1,067 $ 1,060 $ 1,452 $ 1,490 Polit
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: Net Retransmission Revenue Growth
Net Retransmission Revenue* Growth Retransmission Consent Revenue Improving Market Dynamics (As reported basis, $ in millions) ✓ Net Retransmission Revenue* is $1,496 $1,532 $1,482 projected to return to growth on both a $1,429 $1,399 reported and organic basis in 2026 despite an almost 2-month disp
Slide 8: Record Political Advertising Revenue
Record Political Advertising Revenue ➢ Through Election Day, Gray Media Political Advertising Revenue ($ in millions) 2026 brought the $635 highest amount of $600 political advertising $515 $497 revenue in Gray’s history. ➢ Driven by local news dominance, market reach and broadcasting $60 $79 exceed
Slide 9: Proactively Managing Debt Maturities
Proactively Managing Debt Maturities Capitalization Debt Maturity Profile as of November 6 9/30/2026 Actual ($ in millions) Cumulative No maturities until after the ($ in millions) Amount Leverage ’28 political cycle Cash $ 154 Revolver (S +200) (1) $ - -x Term Loan D due 12/1/2028 (S + 300 + 11 bps
Slide 10: Executed on our 2026 Financing Plan
Executed on our 2026 Financing Plan Extended Maturities While Lowering Average Cost of Capital ✓ Upsized AR Securitization Facility to $450 million and extended maturity in November 2026 ✓ Paid ~$65 million in financing transaction costs including $43 million of call premium on the 10.5% 1L notes in
Slide 11: Non-GAAP Terms
Non-GAAP Terms This investor presentation 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
Slide 12: 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 Ended September 30, 2026 (in millions) Net income $ 156 Adjustments to reconcile from net income to Leverage Ratio Denominator as defined in our Senior Cre
Slide 13: Quarterly Non-GAAP Reconciliations
Three Months Ended September 30, 2026 2025 2024 (in millions) Net income (loss) $ 78 $ (10) $ 96 Adjustments to reconcile from net (loss) income Quarterly to Adjusted EBITDA: Depreciation 34 33 36 Non-GAAP Amortization of intangible assets Non-cash stock-based compensation 16 3 23 5 31 5 Reconciliat
Slide 14: YTD Non-GAAP Reconciliations
Nine Months Ended September 30, 2026 2025 2024 (in millions) Net income (loss) $ 72 $ (75) $ 206 Adjustments to reconcile from net (loss) income YTD to Adjusted EBITDA: Depreciation 101 99 108 Amortization of intangible assets 69 80 94 Non-GAAP Non-cash stock-based compensation 14 17 17 Impairment o
Slide 15: Full-Year Non-GAAP Reconciliations
Full-Year Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 15
Slide 16: Investor Relations Contact
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com Investor Relations Contact: Alan Gould, (404) 266-8333, alan.gould@graymedia.com 16