Slide 1: Quarterly Update Deck
NYSE: GTN Gray Media, Inc. Quarterly Update Deck May 8, 2025 Reflects March 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 1Q25 Results Compare Favorably to Guidance
Gray Media’s 1Q25 Results Compare Favorably to Guidance Guidance Reported Results Issued Feb 27, 2025 First Quarter 2025 Core Revenue: In-Line with Guidance $342 - $347 $344 Retransmission Revenue: Above High-End of Guidance $375 - $377 $379 Total Revenue: Above High-End of Guidance $764 - $775 $782
Slide 4: Select Operating Results
Select Operating Results Quarter Ending Mar. 31 Year Ending Dec. 31 ($ in Millions) 2025 2024 2024 2023 Revenue (less agency $3.5 Billion 1Q25 L8QA Revenue commissions): Core advertising $ 344 $ 372 $ 1,490 $ 1,514 Political advertising 13 27 497 79 Million 1Q25 L8QA Leverage Ratio $998 Retransmissi
Slide 5: Commitment to Deleveraging
Commitment to Deleveraging No Significant Maturities until 2027 (i.e., after the Revolver 2026 Political Cycle) ( $1,727 $520 million of debt principal reduction in 2024, and $17 $1,344 $1,219 million of debt principal reduction in 1Q25. $790 $528 $30 $240 million of remaining debt (total) repurchas
Slide 6: Capitalization Table
Capitalization Table 3/31/25 Actual 12/31/24 Actual Cumulative Cumulative ($ in millions) Amount Leverage Amount Leverage Cash $ 210 $ 135 Revolver due 12/31/2027 (S +225) (1) $ - -x $ - -x Term Loan D due 12/1/2028 (S + 300) 1,380 1.38x 1,395 1.38x Term Loan F due 6/4/2029 (S + 525) 496 1.88x 498 1
Slide 7: Non-GAAP Reconciliation
Eight Quarters Ended March 31, 2025 (in millions) Net income $ 322 Adjustments to reconcile from net income to Leverage Ratio Denominator as defined in our Senior Credit Agreement: Depreciation 288 Amortization of intangible assets 298 Non-cash stock-based compensation 47 Non-cash 401(k) expense 10
Slide 8: Quarterly Non-GAAP Reconciliations
Three Months Ended March 31, 2025 2024 2023 (in millions) Net (loss) income $ (9) $ 88 $ (31) Adjustments to reconcile from net (loss) income to Adjusted EBITDA Depreciation 34 36 35 Quarterly Amortization of intangible assets Non-cash stock-based compensation (Gain) loss on disposal of assets, net
Slide 9: 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 10: 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 11: 4370 Peachtree Rd, NE Atlanta, GA 30319 NYSE: GTN
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com 11