Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q1 2026 Earnings Presentation
28 slides from Iheartmedia's earnings presentation, May 11, 2026
Slide 1: First Quarter 2026 Investor Presentation
First Quarter 2026 Investor Presentation May 11, 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 Q1 2026 Consolidated Results ▪ Q1 Revenue of $884 million, up 9.6% (Excluding Q1 Political Revenue, Q1 Revenue up 9.3%) ▪ Consolidated Adjusted EBITDA of $93 million, compared to $105 million in Q1 2025, down 11.4% ▪ Cash provided by operating activities of $93 million ▪
Slide 4: Executive Summary Guidance
Executive Summary Guidance1 Ø Q2 2026 Guidance ▪ Consolidated Revenue expected to increase low-single digits ▪ Consolidated Adjusted EBITDA2 expected to be approximately $140 million to $160 million Ø Full Year 2026 Guidance ▪ Consolidated Adjusted EBITDA2 expected to be approximately $800 million ▪
Slide 5: Segment Reporting: 2026 Q1 Results
Segment Reporting: 2026 Q1 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % $US Dollars in millions Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2026 2025 % Chg 2026 2025 % Chg 2026 2025 Multiplatform Group $ 493.5 $ 473.0 4.3 % $ 47.0 $ 70.0 (32.9)
Slide 6: 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 7: 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 Q4-2026 FY 2026 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 8: 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 9: 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 $147M • Consumers listening to more episodes and more podcasts • Creating more inventory 50% National • Advertisers increasingly recogn
Slide 10: Expanding Distribution and Monetization Through Strategic Partnerships
Expanding Distribution and Monetization Through Strategic Partnerships TikTok Partnership with Netflix Podcast Broadcast iHeart Broadcast Radio Partnership Programmatic • Bruno Mars album release which • Expanding into premium • Broadcast programmatic on was one of the most successful video podcast
Slide 11: 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 March, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 5.8 percentage points 11 Source: Mill
Slide 12: Q1 Advertising Revenue Category Performance
Q1 Advertising Revenue Category Performance YoY Revenue Variance $ Top Category Gains Top Category Declines Beauty & Entertainment Fitness Government Telecom Healthcare Financial Computers, Political Services Electronics, & Appliances Healthcare Financial Services Computers, Electronics, & Political
Slide 13: 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. announced $50 million of annual
Slide 14: Q1 2026 Total Adjusted EBITDA and Net Savings Flowthrough
Q1 2026 Total Adjusted EBITDA and Net Savings Flowthrough ~$12M ~$20M ~$7M ~($11M) ~$17M $105M $93M ~($57M) Q1 2025 MPGMPG Revenue AMS Revenue DAGDAG Revenue Cost Benefits & Other Benefits & Non-Cash Q1 Q1 2026 EBITDA 2026 Q1 Adjusted 2025 EBITDA +~4% @ ~85% +~12%AMS @ ~100% +~18% @ ~40% Cost Saving
Slide 15: Debt
Debt March 31, $USD in millions Maturity 2026 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ 50.0 Term Loan Facility due 2026 2026 5.1 Incremental Term Loan Facility due 2026 2026 1.5 Term Loan Facility due 2029 2029 2,118.9 6.375% Senior Secured Notes 2026 44.6 5.25% Senior
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 177,204,000 31,922,000 27,633,000 6,995,000 25,308,000 6,460,000 27,390,000 6,453,000 24,737,000 6,197,000 21,713,000 6,147,000 19,235,000 5,313,000 13,722,000 5,078,000 14,568,000 3,590,
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 34 36 25 15 18 13 8 7 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 69 consecutive mont
Slide 20: Broadcast Radio Reaches 93% of Americans 18+ Every Month
Broadcast Radio Reaches 93% of Americans 18+ Every Month % of Users (Reach) – Adults 18+ Broadcast Radio 93% Digital Audio TV 76 % 72% Social Networks 64% 64% 55% 52% 45% 39% 38% Broadcast Radio Digital Audio Digital Audio Free Ad- YouTube Facebook Linear TV Podcasts Instagram TikTok Streaming Strea
Slide 21: Building the New Generation of Listeners
Building the New Generation of Listeners: Broadcast Radio Reaches 90% of American Teens (P13-19) Every Month % Monthly Reach: P13-19 90% 75% 58% 26% Broadcast Radio YouTube TikTok Spotify Ad-supported 21 Source Nielsen Audio, GFK MRI Twelveplus 2025, YouTube=video streaming service OR YouTube Musics
Slide 22: iHeartMedia Q1 Revenue Streams
iHeartMedia Q1 Revenue Streams Three Months Ended $US Dollars in millions March 31, 2026 2025 Variance Revenue Broadcast Radio $ 361.4 $ 340.7 6.1 % Networks 97.2 99.5 (2.2) % Sponsorship and Events 28.0 28.6 (2.2) % Other 6.8 4.2 63.4 % Multiplatform Group $ 493.5 $ 473.0 4.3 % Digital ex. Podcast
Slide 23: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended (In millions) March 31, % 2026 2025 Change Consolidated revenue $ 884.2 $ 807.1 9.6 % Excluding: Political revenue (8.4) (5.7) Consolidated revenue, excluding political $ 875.8 $ 801.4 9.3 % Multiplatform Group revenue $ 493.5 $ 473.0 4.3 % Excl
Slide 24: Capital Expenditures
Capital Expenditures $USD in millions Three Months Ended March 31, 2026 2025 Variance % Multiplatform Group $ 10.4 $ 5.9 $ 4.4 74.7 % Digital Audio Group 5.5 5.9 (0.4) (6.0)% Audio & Media Services Group 2.0 5.6 (3.7) (65.1)% Corporate 4.1 2.3 1.8 76.3 % Total Capital Expenditures $ 21.9 $ 19.7 $ 2.
Slide 25: Reconciliation of Free Cash Flow to Cash Provided by Operating Activities
Reconciliation of Free Cash Flow to Cash Provided by Operating Activities Three Months Ended ($US Dollars in thousands) March 31, 2026 2025 Cash provided by operating activities $ (92,540) $ (60,944) Purchases of property, plant and equipment (21,913) (19,730) Free cash flow $ (114,453) $ (80,674) 2
Slide 26: Q1 '26 Financial Results
Q1 '26 Financial Results Three Months Ended $US Dollars in millions March 31, 2026 2025 Variance Revenue $ 884.2 $ 807.1 9.6 % Direct operating expenses 375.1 356.3 5.3 % SG&A expenses 426.2 380.8 11.9 % Depreciation & amortization 81.4 91.9 Impairment charges — 2.9 Other operating expense, net 0.1
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 March 31, 2026 2025 Net income (loss) $ (95,618) $ (280,883) Income tax (benefit) expense 289 135,359 Interest expense, net 95,898 100,386 Depreciation and amortization 81,377 91,901 EBITDA
Slide 28: 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