iHeartMedia, Inc. · NASDAQ:IHRT
iHeartMedia — Q3 2026 Earnings Presentation
30 slides from iHeartMedia's earnings presentation, Nov 9, 2026
Slide 1: Third Quarter 2026 Investor Presentation
Third Quarter 2026 Investor Presentation November 9, 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 Results
Executive Summary Results1 Ø Q3 2026 Consolidated Results ▪ Q3 Revenue of $1,030 million, up 3.3% (Excluding Q3 Political Revenue, Q3 Revenue up 0.9%) ▪ Consolidated Adjusted EBITDA of $170 million, compared to $205 million in Q3 2025 ▪ Cash provided by operating activities of $14 million, compared
Slide 4: Executive Summary Guidance
Executive Summary Guidance1 Ø Q4 2026 Guidance ▪ Consolidated Revenue expected to increase mid-single digits ▪ Consolidated Adjusted EBITDA2 expected to be approximately $135 million to $185 million ◦ Consolidated Adjusted EBITDA2 guide includes approximately $100 million of net negative impact of n
Slide 5: Segment Reporting: 2026 Q3 Results
Segment Reporting: 2026 Q3 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % In millions Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2026 2025 Variance % 2026 2025 Variance % 2026 2025 Multiplatform Group $ 562.4 $ 591.2 (4.9) % $ 68.0 $
Slide 6: Non-cash Trade & Barter Additional Information
Non-cash Trade & Barter Additional Information Trade & Barter Revenue and Expense – Timing Impact on Adjusted EBITDA… Trade & Barter Revenue and Expense Revenue/ Full Year 2025: $86M Full Year 2026E: ~($40M) net to zero over each contractual Expense $16M $11M $63M ($4M) $28M $7M $25M ~($100M) agreem
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: Dynamics Driving the Future of Podcasting
Dynamics Driving the Future of Podcasting And local sales force Revenue growth from: increases revenue Podcasts Revenue (% composition) • More consumers of podcasts • Consumers listening to more $174M episodes and more podcasts • Creating more ad units with National specialized inventory 50% • Highe
Slide 9: Miller-Kaplan Radio Revenue Share
Miller-Kaplan Radio Revenue Share Miller Kaplan Measured Markets Revenue Share 43% iHeartMedia Miller Kaplan Measured Markets Revenue Radio Revenue ex-iHeartMedia In 2026 through September, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 4.0 percentage points 9 Source: M
Slide 10: Q3 Advertising Revenue Category Performance
Q3 Advertising Revenue Category Performance YoY Revenue Variance $ Top Category Gains Top Category Declines Homebuilding & Food & Improvement Beverage Entertainment Telecom Political Financial Gambling Professional Services Services Political Financial Gambling Professional Homebuilding Food & Bever
Slide 11: Q3 2026 Total Adjusted EBITDA and Net Savings Flowthrough
Q3 2026 Total Adjusted EBITDA and Net Savings Flowthrough ~$45M $205M ~$19M ~$15M ~($39M) $170M ~($25M) ~($49M) Q3 2025 MPGMPG Revenue AMS Revenue DAGDAG Revenue Cost Benefits & Other Benefits & Non-Cash Q3 Q3 2026 EBITDA 2026 Q3 Adjusted 2025 EBITDA ~(5%) @ ~85% +~23%AMS @ ~100% +~14% @ ~40% Cost S
Slide 12: Debt
Debt September 30, December 31, In millions Maturity 2026 2025 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ — $ 50.0 Asset-based Revolving Credit Facility 2029 125.0 — Term Loan Facility due 2026 2026 — 5.1 Incremental Term Loan Facility due 2026 2026 — 1.5 Term Loan Facil
Slide 13: Appendix
1K Appendix iHeart Media
Slide 14: 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 14
Slide 15: 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 162,301,000 31,960,000 23,737,000 6,925,000 23,008,000 6,721,000 19,533,000 6,633,000 15,319,000 5,810,000 19,354,000 5,522,000 20,418,000 5,119,000 13,192,000 4,038,000 13,220,000 3,340,
Slide 16: iHeartAudienceNetwork is the #1 Podcast Sales Rep in the US
iHeartAudienceNetwork is the #1 Podcast Sales Rep in the US PODCAST SALES REP MONTHLY DOWNLOADS MONTHLY AUDIENCE 285,627,000 57,562,000 93,738,000 18,011,000 42,342,000 12,681,000 16 Source: Podtrac Monthly Ranker, September 2026
Slide 17: 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 95 29 33 27 15 18 15 6 7 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 75 consecutive mont
Slide 18: 2026 $100M Savings Modernization Program Details
2026 $100M Savings Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 8% 5% 18% 28% 37% 53% 22% 30% Cost of Sales Vendor Reductions MPG DAG Corporate AMS HC Reductions Occupancy Costs Net Savings by Function HC Reductio
Slide 19: 2026 Modernization Program Phasing
2026 Modernization Program Phasing $150M Cost Reductions with $125M in-year Expected Impact $US Dollars in millions Q1-2026 Q2-2026 Q3-2026 Q4-2026F FY 2026F Phase I - $50M (Q3-2025 Annoucement) $ 12.5 $ 12.5 $ 12.5 $ 12.5 $ 50.0 Phase II - $50M (Q4-2025 Annoucement) - 10.0 20.0 20.0 50.0 Phase III
Slide 20: Q3 YTD 2026 Financial Results
Q3 YTD 2026 Financial Results Nine Months Ended In millions September 30, 2026 2025 Variance % Revenue $ 2,891.2 $ 2,737.8 5.6 % Direct operating expenses 1,194.1 1,146.7 4.1 % SG&A expenses 1,333.7 1,208.3 10.4 % Depreciation & amortization 234.9 272.3 Impairment charges 18.6 213.9 Other operating
Slide 21: iHeartMedia Q3 Revenue Streams
iHeartMedia Q3 Revenue Streams Three Months Ended In millions September 30, 2026 2025 Variance % Revenue Broadcast Radio $ 407.8 $ 427.0 (4.5) % Networks 100.6 114.3 (12.0) % Sponsorship and Events 48.0 45.5 5.4 % Other 6.1 4.4 38.9 % Multiplatform Group $ 562.4 $ 591.2 (4.9)% Digital ex. Podcast 21
Slide 22: iHeartMedia Q3 YTD Revenue Streams
iHeartMedia Q3 YTD Revenue Streams Nine Months Ended In millions September 30, 2026 2025 Variance % Revenue Broadcast Radio $ 1,166.8 $ 1,163.5 0.3 % Networks 301.5 321.5 (6.2) % Sponsorship and Events 106.5 110.6 (3.7) % Other 16.8 13.1 28.3 % Multiplatform Group $ 1,591.6 $ 1,608.8 (1.1)% Digital
Slide 23: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended Nine Months Ended In millions September 30, September 30, 2026 2025 Variance % 2026 2025 Variance % Consolidated revenue $ 1,029.8 $ 997.0 3.3 % $ 2,891.2 $ 2,737.8 5.6 % Excluding: Political revenue (29.7) (5.5) (55.8) (17.4) Consolidated reven
Slide 24: Capital Expenditures
Capital Expenditures In millions Nine Months Ended September 30, 2026 2025 Variance $ Variance % Multiplatform Group $ 30.3 $ 28.2 $ 2.1 7.5 % Digital Audio Group 15.7 15.0 0.7 4.9 % Audio & Media Services Group 6.4 13.2 (6.8) (51.4)% Corporate 12.5 6.6 5.9 88.8 % Total Capital Expenditures $ 64.9 $
Slide 25: Segment Reporting: Q3 YTD 2026 Results
Segment Reporting: Q3 YTD 2026 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Nine Months Ended In millions Nine Months Ended September 30, Nine Months Ended September 30, September 30, 2026 2025 Variance % 2026 2025 Variance % 2026 2025 Multiplatform Group $ 1,591.6 $ 1,608.8 (1.1) % $ 17
Slide 26: Reconciliation of Cash from Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by (Used for) Operating Activities to Free Cash Flow Three Months Ended Nine Months Ended In thousands September 30, September 30, 2026 2025 2026 2025 Cash provided by (used for) operating activities $ 13,716 $ (9,549) $ (13,941) $ (63,672) Purchases of property, plan
Slide 27: Q3 '26 Financial Results
Q3 '26 Financial Results Three Months Ended In millions September 30, 2026 2025 Variance % Revenue $ 1,029.8 $ 997.0 3.3 % Direct operating expenses 418.5 399.1 4.8 % SG&A expenses 445.9 414.4 7.6 % Depreciation & amortization 75.2 90.1 Impairment charges 18.6 208.5 Other operating (income) expense
Slide 28: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended In thousands September 30, 2026 2025 Net loss $ (8,170) $ (65,761) Income tax benefit (21,241) (165,609) Interest expense, net 97,452 101,779 Depreciation and amortization 75,234 90,061 EBITDA $ 143,275 $ (39,530) Loss on in
Slide 29: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Nine Months Ended Year Ended Trailing Twelve Months In thousands September 30, December 31, Ended September 30,1 2026 2025 2025 2026 Net loss $ (186,324) $ (430,632) $ (471,887) $ (227,579) Income tax (benefit) expense (973) (11,997) (1,795) 9
Slide 30: 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