Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation November 5, 2025 11
Slide 2: Non-GAAP Financial Measures & Forward-Looking Statements
NON-GAAP FINANCIAL MEASURES & FORWARD-LOOKING STATEMENTS 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 f
Slide 3: Q3 Performance – Continued Execution
Q3 PERFORMANCE – CONTINUED EXECUTION 3rd Quarter 2025 ($MM) Guidance Actual Total Revenue $752-776 $773 3Q25 Earnings Presentation Adjusted EBITDA $71-93 $100 Guidance as announced in Company’s 2Q25 earnings press release on 8/6/25 • Sinclair continues to deliver strong financial and operating metri
Slide 4: Station Portfolio Optimization
STATION PORTFOLIO OPTIMIZATION • As of November 5, we have closed on 11 partner station acquisitions o 2 have been approved by FCC and await final closing 3Q25 Earnings Presentation o 10 more pending FCC approval o Expect all transactions, once finalized, to contribute at least $30 million in increm
Slide 5: Deregulatory Environment Driving M&A Opportunities
DEREGULATORY ENVIRONMENT DRIVING M&A OPPORTUNITIES • Recent FCC and Court decisions have created a more constructive M&A environment for the local broadcast industry, which is driving a unique consolidation opportunity for the industry 3Q25 Earnings Presentation UNLOCKING INDUSTRY- ANTICIPATE FCC MA
Slide 6: 2026 Political Revenue Outlook
2026 POLITICAL REVENUE OUTLOOK 2026 POLITICAL REVENUE SINCLAIR POLITICAL REVENUE1 ($MM) OBSERVATIONS • 3Q25 Earnings Presentation Georgia Senate runoff Expect record mid-term political revenue in 2026 $405 • Significant Markets for 2026: $366 o NC (Senate), o ME (Senate/Governor), $350 $333 > $333 o
Slide 7: Ventures Portfolio
VENTURES PORTFOLIO During the 3rd quarter 2025, Ventures received $2 million in cash distributions 3Q25 Earnings Presentation Ventures made incremental investments of approximately $6 million in 3rd quarter 2025 $404 million in cash at Ventures at quarter-end Continuing to explore consolidated inves
Slide 8: Capital Structure
CAPITAL STRUCTURE • Total Sinclair Television Group DEBT MATURITY SCHEDULE (as of 9/30/25) (STG) debt at the end of 3Q25 was $4.1 billion $2,000 STG Net First Out First Lien 1.9x (1) 3Q25 Earnings Presentation $1,800 o o STG Net First Lien 4.4x (1) $1,600 o STG Net Leverage 6.0x (1) $1,400 $1,200 •
Slide 9: Consolidated Performance in 3Q25
CONSOLIDATED PERFORMANCE IN 3Q25 3rd Quarter 2025 Guidance1 Actual • Total advertising revenue close to high end Consolidated ($MM) of guidance driven by momentum in most Total Advertising advertising categories with year-over-year $310-322 $321 Revenue growth accelerating in September as NFL and co
Slide 10: Segment Performance in 3Q25
SEGMENT PERFORMANCE IN 3Q25 3rd Quarter 2025 Guidance1 Actual Local Media: • Media revenue results beat quarterly guidance Local Media ($MM) Distribution Revenue $362-370 $370 • Distribution revenue high end of guidance o Driven by improving subscriber churn at key Core Advertising MVPDs $257-266 $2
Slide 11: Fourth Quarter 2025 Guidance
FOURTH QUARTER 2025 GUIDANCE Highlights • 4Q25 Media revenue range of $809M to $845M 3Q25 Earnings Presentation o Core Advertising seeing benefit of football’s return in September and lack of political crowd- out vs. year-ago period o Core Advertising up over 10% at the midpoint of range vs. 4Q24 o
Slide 12: 2026 Preliminary Outlook
2026 PRELIMINARY OUTLOOK • Political Advertising: Expect record non-Presidential revenue, at least achieving revenue from the 2022 mid-term year 3Q25 Earnings Presentation • Core Advertising: Expect flat to low single-digit growth • Distribution Revenue: Expect approximately flat revenue with 2025 (
Slide 13: Key Takeaways
KEY TAKEAWAYS • Launched Comprehensive Strategic Review of Broadcast Business; Began work to separate Ventures • Deregulatory Environment Continues to Progress • New Key Executive Appointment 3Q25 Earnings Presentation o Ventures Principal Craig Blank tasked with managing exits in our minority inves