Slide 1: Quarterly Update Deck
NYSE: GTN Gray Media, Inc. Quarterly Update Deck November 7, 2025 Reflects September 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: M&A Activity Strengthens Footprint
M&A Activity Strengthens Footprint In July and early August 2025, Gray entered into separate transactions that are expected to: • improve the station portfolio; • allow us to leverage our news, sales, and sports strategies for the benefit of the local communities and the public interest; and • contr
Slide 4: Gray Media's 3Q25 Results Compare Favorably to Guidance
Gray Media’s 3Q25 Results Compare Favorably to Guidance Guidance Reported Results Issued Aug 8, 2025 Third Quarter 2025 Core Advertising Revenue – High-End of Guidance $345 - $355 $355 Retransmission Revenue – Above High-End of Guidance $343 - $345 $346 Total Revenue – High-End of Guidance $735 - $7
Slide 5: Selected Operating Results
Selected Operating Results Nine Months Ending Year Ending September 30 December 31 ($ in Millions) 2025 2024 2024 2023 $3.3 Billion 3Q25 L8QA Total Revenue Revenue (less agency commissions): Core advertising $ 1,060 $ 1,110 $ 1,490 $ 1,514 Million 3Q25 L8QA Leverage Ratio $955 Political advertising
Slide 6: Net Retrans Revenue Outlook Improving
Net Retrans Revenue Outlook Improving Retransmission Consent Revenue for Improving Market Dynamics Currently Owned Stations ($ in millions) ✓ Network affiliation fees declined for the first time in 2024 and are expected to continue to decline $1,496 $1,532 $1,482 $1,429 $1,424 ✓ Q3’25 Retransmission
Slide 7: Proactively Managing Debt Maturities
Proactively Managing Debt Maturities Capitalization Debt Maturity Profile ($ in m illio ns) No significant maturities until after the ’26 and ’28 political cycles Source: Company filings Note: Excludes $400 million non-recourse off balance sheet AR Securitization Facility and $650mm of Preferred Sto
Slide 8: 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 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation Calculation of Leverage Ratio Denominator, Adjusted Total Indebtedness, First Lien Leverage Ratio, Secured Leverage Ratio and Leverage Ratio, as each is defined in our Senior Credit Agreement (Unaudited and as presented in Quarterly Report on Form 10-Q) 9
Slide 10: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 10
Slide 11: YTD Non-GAAP Reconciliations
YTD Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 11
Slide 12: 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 Full-Year Impairment of goodwill and other intangible assets Non-cash st
Slide 13: 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 14: 4370 Peachtree Rd, NE Atlanta, GA 30319
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com 14