Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q4 2025 Earnings Presentation
29 slides from Iheartmedia's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter 2025 Investor Presentation
Fourth Quarter 2025 Investor Presentation March 2, 2026 NASDAQ: IHRT
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
Slide 3: Executive Summary
Executive Summary1 Ø Q4 2025 Consolidated Results ▪ Q4 Revenue of $1,127 million, up 0.8% (Excluding Q4 Political Revenue, Q4 Revenue up 7.7%) ▪ Consolidated Adjusted EBITDA of $220 million, compared to $246 million in Q4 2024, down 10.5% ▪ Cash provided by operating activities of $156 million ▪ Fre
Slide 4: Segment Reporting: 2025 Q4 Results
Segment Reporting: 2025 Q4 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Three Months Ended $US Dollars in millions Three Months Ended December 31, Three Months Ended December 31, December 31, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 664.8 $ 684.0 (2.8) % $ 128.7 $
Slide 5: 2025 $200M Gross Savings Modernization Program Details
2025 $200M Gross Savings ($150M Net Savings) Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 5% 10% 10% 10% 20% 15% 65% 65% HC Reductions Cost of Sales MPG Corporate AMS DAG Vendor Reductions Occupancy Costs Net Savi
Slide 6: Q3 2025 Announced $50M of 2026 Savings Modernization Program Details
Q3 2025 Announced $50M of 2026 Savings Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 7% 14% 27% 41% 25% 61% 25% HC Reductions Cost of Sales MPG Corporate DAG Vendor Reductions Occupancy Costs Net Savings by Functio
Slide 7: iHeartRadio Strategically Positioned in the Podcast Value Chain
iHeartRadio Strategically Positioned in the Podcast Value Chain1 High Value Low Value PODCAST PUBLISHERS PODCAST SALES REPS. DISTRIBUTORS • Control/produce all content • Sell/backfill podcasts for certain • Carry podcasts on platform • Publish content across multiple Publishers • No economics unless
Slide 8: Local Sales of Podcast Ads Contributing to Growth
Local Sales of Podcast Ads Contributing to Growth Podcasts Revenue (% composition) $174M 53% National $41M 47% Local 87% Q4 2020 13% Q4 2025 8
Slide 9: Monthly Podcast Audience More Than Doubled In 8 Years
Monthly Podcast Audience More Than Doubled In 8 Years 55% Average Monthly Podcast Audience (MM) OF AMERICANS! 120 135 MM 158 109 MM MM 116 MM 104 MM 90 MM 2024 73 MM 2023 MM 2021 2022 2025 67 MM 2018 2019 2020 2017 9 Source: Edison Research; reported "Listeners" through 2024, Consumers starting in 2
Slide 10: Miller-Kaplan Radio Revenue Share
Miller-Kaplan Radio Revenue Share Miller Kaplan Measured Markets Revenue Share 42% iHeartMedia Miller Kaplan Measured Markets Revenue Radio Revenue ex-iHeartMedia In FY 2025, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 5.0 percentage points 10 Source: Miller Kaplan a
Slide 11: Q4 Advertising Revenue Category Performance
Q4 Advertising Revenue Category Performance YoY Revenue Variance $ Top Category Gains Top Category Declines Food & Political Government Restaurants Beverage Financial Retail Entertainment Beauty & Services Fitness Top 5 Sectors in Total Advertising Revenue in Q4 2025: Healthcare, Homebuilding & Impr
Slide 12: Earnings Highlights
Earnings Highlights 1 Positive financial results in an uncertain environment 2 Continuing to outperform in Podcasting as we cement our #1 leadership position1 3 Commitment to return Multiplatform Group to Segment Adjusted EBITDA Growth Additional 2026 Cost Reductions. $50 million in year cost reduct
Slide 13: Q4 2025 Total Adjusted EBITDA and Net Savings Flowthrough
Q4 2025 Total Adjusted EBITDA and Net Savings Flowthrough ~$40M $246M ~$19M ~($18M) $220M ~($17M) ~($31M) ~($19M) Q4 2024 MPGMPG Revenue AMS Revenue DAGDAG Revenue Net Cost Benefits & Other Benefits & Non-Cash Q4 Q4 2025 EBITDA 2025 Q4 Adjusted 2024 EBITDA (~3%) @ ~90% AMS (~19%) @ ~100% +~14% @ ~40
Slide 14: Q4 '25 Financial Results
Q4 '25 Financial Results Three Months Ended $US Dollars in millions December 31, 2025 2024 Variance Revenue $ 1,127.2 $ 1,118.3 0.8 % Direct operating expenses 466.8 455.8 2.4 % SG&A expenses 479.3 458.1 4.6 % Depreciation & amortization 87.7 98.7 Impairment charges — 0.5 Other operating expense, ne
Slide 15: Debt
Debt December 31, December 31, $USD in millions Maturity 2025 2024 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ 50.0 $ — Term Loan Facility due 2026 2026 5.1 5.1 Incremental Term Loan Facility due 2026 2026 1.5 1.5 Term Loan Facility due 2029 2029 2,124.3 2,145.7 6.375% Se
Slide 16: Appendix
16 Appendix iHeart Media
Slide 17: Digital Ex-Podcast Generates Additional Growth and TAM Opportunities
Digital Ex-Podcast Generates Additional Growth and TAM Opportunities 3rd Party Digital Websites Products Ad Tech Video Newsletters Streaming Social Audio 17
Slide 18: iHeartPodcasts is the #1 Podcast Publisher in the US
iHeartPodcasts is the #1 Podcast Publisher in the US PUBLISHER US STREAMS & DOWNLOADS US UNIQUE MONTHLY AUDIENCE 170,402,000 30,327,000 26,414,000 6,507,000 23,029,000 6,347,000 24,707,000 6,245,000 24,887,000 6,044,000 20,848,000 5,983,000 13,646,000 5,153,000 16,866,000 4,793,000 9,648,000 3,152,0
Slide 19: And Leading Podcast Publisher Across All Podtrac Categories
And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac Most Shows In Podtrac Most Shows In Podtrac RANKING THE TOP 10 1MM+ LISTENS* BY CATEGORY 88 29 37 27 15 18 15 7 7 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 67 consecutive mont
Slide 20: FY 2025 Financial Results
FY 2025 Financial Results Year Ended $US Dollars in millions December 31, 2025 2024 Variance Revenue $ 3,865.0 $ 3,854.5 0.3 % Direct operating expenses 1,613.4 1,588.9 1.5 % SG&A expenses 1,687.6 1,693.7 (0.4) % Depreciation & amortization 360.0 409.6 Impairment charges 213.9 922.7 Other operating
Slide 21: iHeartMedia Q4 Revenue Streams
iHeartMedia Q4 Revenue Streams Three Months Ended $US Dollars in millions December 31, 2025 2024 Variance Revenue Broadcast Radio $ 469.9 $ 493.3 (4.8) % Networks 118.2 113.3 4.4 % Sponsorship and Events 71.4 70.1 1.9 % Other 5.3 7.4 (28.3) % Multiplatform Group $ 664.8 $ 684.0 (2.8)% Digital ex. Po
Slide 22: iHeartMedia FY Revenue Streams
iHeartMedia FY Revenue Streams Year Ended $US Dollars in millions December 31, 2025 2024 Variance Revenue Broadcast Radio $ 1,633.4 $ 1,726.9 (5.4) % Networks 439.8 437.2 0.6 % Sponsorship and Events 182.0 187.3 (2.8) % Other 18.4 21.4 (14.3) % Multiplatform Group $ 2,273.5 $ 2,372.9 (4.2)% Digital
Slide 23: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended Year Ended (In millions) December 31, % December 31, % 2025 2024 Change 2025 2024 Change Consolidated revenue $ 1,127.2 $ 1,118.3 0.8 % $ 3,865.0 $ 3,854.5 0.3 % Excluding: Political revenue (12.2) (82.7) (29.6) (153.2) Consolidated revenue, exc
Slide 24: Capital Expenditures
Capital Expenditures $USD in millions Year Ended December 31, 2025 2024 Variance % Multiplatform Group $ 39.1 $ 52.2 $ (13.1) (25.1)% Digital Audio Group 19.9 22.5 (2.6) (11.7)% Audio & Media Services Group 14.6 10.4 4.2 40.1 % Corporate 8.1 12.5 (4.3) (34.8)% Total Capital Expenditures $ 81.7 $ 97.
Slide 25: Segment Reporting: FY 2025 Results
Segment Reporting: FY 2025 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Year Ended $US Dollars in millions Year Ended December 31, Year Ended December 31, December 31, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 2,273.5 $ 2,372.9 (4.2) % $ 414.2 $ 461.3 (10.2) % 18.2
Slide 26: Reconciliation of Free Cash Flow and Free Cash Flow including net proceeds from real estate sales
Reconciliation of Free Cash Flow and Free Cash Flow including net proceeds from real estate sales to Cash Provided by Operating Activities Three Months Ended Year Ended ($US Dollars in thousands) December 31, December 31, 2025 2024 2025 2024 Cash provided by operating activities $ 156,255 $ 1,212 $
Slide 27: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Three Months Ended $US Dollars in thousands December 31, 2025 2024 Net income (loss) $ (41,255) $ 31,928 Income tax (benefit) expense 10,202 (134,616) Interest expense, net 99,476 92,627 Depreciation and amortization 87,716 98,733 EBI
Slide 28: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Year Ended $US Dollars in thousands December 31, 2025 2024 Net loss $ (471,887) $ (1,009,494) Income tax benefit (1,795) (158,402) Interest expense, net 402,535 379,434 Depreciation and amortization 360,047 409,582 EBITDA $ 288,900 $ (378,880)
Slide 29: About iHeartMedia, Inc.
About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than