Townsquare Media, Inc. · NYSE:TSQ
Townsquare Media — Q3 2025 Earnings Presentation
40 slides from Townsquare Media's earnings presentation, Nov 10, 2025
Slide 1: Investor Presentation
INVESTOR Investor PRESENTATION Presentation November 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains, and our other communications may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Slide 3: Community-focused digital and broadcast media and digital marketing solutions company
IS A COMMUNITY-FOCUSED DIGITAL AND BROADCAST MEDIA AND DIGITAL MARKETING SOLUTIONS COMPANY PRINCIPALLY FOCUSED OUTSIDE THE TOP 50 MARKETS IN THE UNITED STATES Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience
Slide 4: An Introduction to Townsquare (NYSE: TSQ): Facts & Stats
AN INTRODUCTION TO TOWNSQUARE (NYSE: TSQ): FACTS & STATS KEY STATS ▪ Townsquare is a community-focused digital and broadcast media and digital marketing solutions company, principally focused on hundreds of underserved small and mid- $439M / $98M sized local markets outside the Top 50 markets across
Slide 5: Townsquare's Transformation
TOWNSQUARE’S TRANSFORMATION From 2010 → To Q3 2025 From local, ingrained teams in 13 local markets to 74 local markets From <1M UVs per Month to 45M UVs Per Month From No Social Platform to 44M Social Media Followers From No Video Platform to 4B+ YouTube Lifetime Views From 100% Broadcast Only Clien
Slide 6: Townsquare: A View from the Top
TOWNSQUARE: A VIEW FROM THE TOP DIGITAL BROADCAST $238M LTM 9/30/25 Net Revenue $185M LTM 9/30/25 Net Revenue (1) $64M LTM 9/30/25 Segment Profit $50M LTM 9/30/25 Segment Profit (1) 27% LTM 9/30/25 Segment Profit Margin 27% LTM 9/30/25 Segment Profit Margin (1) 54% / 53% LTM 9/30/25 Net Revenue / Se
Slide 7: We Are a Digital First Local Media Company and Digital Is Our Growth Engine
WE ARE A DIGITAL FIRST LOCAL MEDIA COMPANY AND DIGITAL IS OUR GROWTH ENGINE • Beginning with our YE 2021 reporting, we re-segmented our business to better align with how we view our Company and our strategy today • Provides greater visibility of the profitability of our digital businesses, and the m
Slide 8: Only Local Media Company Solely Focused on Markets Outside the Top 50
TOWNSQUARE IS THE ONLY LOCAL MEDIA COMPANY SOLEY FOCUSED ON MARKETS OUTSIDE THE TOP 50 Leading Presence in 74 Small & Mid-Sized Markets More Attractive Competitive Landscape – Portfolio of 400+ local community websites, 380 mobile apps, and 341 radio − Very limited focus from larger media players, d
Slide 9: Being a Digital First Local Media Company Is the Right Position
BEING A DIGITAL FIRST LOCAL MEDIA COMPANY IS THE RIGHT POSITION TO BE IN • In 2024, radio advertising was ~4% of all advertising dollars spent in the United States, while digital advertising solutions contributed ~70% • Radio is a mature and cash flow generative business – a quintessential “cash cow
Slide 10: Townsquare Delivers Consistent Digital Revenue Growth
TOWNSQUARE DELIVERS CONSISTENT DIGITAL REVENUE GROWTH $232M $234M $231M $199M $167M $159M +16% +1% +1% $124M +19% +28% +5%* $100M $88M *COVID +24% year +13% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Digital revenue has grown +13% YoY Since 2016 (2016-2024 CAGR) and +2% September YTD 2025 Note: Di
Slide 11: Townsquare Digital Revenue vs Local Media Industry
TOWNSQUARE DIGITAL REVENUE VS LOCAL MEDIA INDUSTRY DIGITAL AS % OF TOTAL REVENUE 54% 55% 35% 23% 24% 21% 15% Note: YTD September 2025 Digital as % of Total Revenue per Company filings for Townsquare, Cumulus and Saga. YTD June 2025 for iHeart and Beasley. YTD June 2024 for Audacy. For Lee Enterprise
Slide 12: Digital Advertising (Townsquare Ignite)
DIGITAL ADVERTISING (Townsquare Ignite) Our Digital Advertising segment’s products and solutions are a combination of our owned and operated $162M LTM 9/30/25 net revenue digital properties, our proprietary digital programmatic advertising platform, and an in-house demand and (~37% of TSQ’s net reve
Slide 13: Looking Deeper: O&O Digital Advertising
LOOKING DEEPER: O&O DIGITAL ADVERTISING ~40% of our Digital Advertising revenue comes from our 2025 vs. 2024 % of Total Owned & Operated platform, composed of: $ in millions Q3'24 Q3'25 % $ Q3'24 Q3'25 Direct $4.2 $4.5 6% $0.3 30% 38% ▪ Direct Sales (Social, Video, Display, Email etc.) Indirect $5.0
Slide 14: Townsquare Interactive: Organically Built Subscription Digital Marketing Solutions
TOWNSQUARE INTERACTIVE: ORGANICALLY BUILT SUBSCRIPTION DIGITAL MARKETING SOLUTIONS 100% owned, subscription-based business that provides an all-in-one SAAS Key Stats solution that provides a suite of digital marketing services to underserved SMBs ✓ Employ ~350 dedicated professionals $76M LTM 9/30/2
Slide 15: Townsquare Interactive's Addressable Market
TOWNSQUARE INTERACTIVE’S ADDRESSABLE MARKET # of Viable Client Prospects 28,283,495 Businesses nationwide 11,571,443 Exclude largest 50 metro areas 10,633,051 Include only companies with 20 or fewer employees 9,788,501 Include only companies with $5M of revenue or less 9,480,816 Exclude Auto dealers
Slide 16: Townsquare Interactive: Helping Our Clients Succeed
TOWNSQUARE INTERACTIVE: HELPING OUR CLIENTS SUCCEED My experience has been nothing but wonderful. The traffic that has flown through the website because of its presence, its professionalism, has taken me to a next level… Some of my biggest contracts have come directly through the website. The fact t
Slide 17: Broadcast Advertising: The Power of Local Radio Brands, Personalities, and Sales Teams
BROADCAST ADVERTISING: THE POWER OF LOCAL RADIO Key Stats BRANDS, PERSONALITIES, AND SALES TEAMS $185M LTM 9/30/25 Ex-Political Net Revenue(1) Our local broadcast brands power our portfolio of local websites and apps, and their corresponding social and video platforms. It is a robust multiplatform c
Slide 18: Omnichannel Brand Strategy
3,039,621 OMNICHANNEL BRAND STRATEGY MONTHLY PAGE FACEBOOK VIEWS FANS 46,043 78,254 APP DOWNLOADS 1,160 INSTAGRAM FOLLOWERS MONTHLY UNIQUE VISITORS # OF PEOPLE LISTENING 474,371 TO WPDH ~150,000 TWITTER FOLLOWERS 2,599 TOTAL LISTENING HOURS 7,250 74,598 26,257 YOUTUBE POPULATION OF NEWSLETTER SUBSCR
Slide 19: Solid Financial Performance with Healthy Margins
SOLID FINANCIAL PERFORMANCE WITH HEALTHY MARGINS ($ in millions) Net Revenue (YoY Growth %) Adjusted EBITDA (% Margin) (1) 5% -14% 12% 11% -2% -1% -2% 24% 17% 25% 25% 22% 22% 22% + $463 $454 $451 $105 $114 $431 $418 $439 $102 $100 $100 $98 $371 $62 2019 2020 2021 2022 2023 2024 LTM 2019 2020 2021 20
Slide 20: Our Strategy Delivered Financial Results, Even in a Challenging Environment
OUR STRATEGY DELIVERED FINANCIAL RESULTS, EVEN IN A CHALLENGING ENVIRONMENT Q3 2025: WHAT WE SAID… AND WHAT WE DELIVERED Q3 2025 Statistic WHAT WE SAID… WHAT WE DID… Net Revenue $106.5M - $108.5M $106.8M Adjusted EBITDA $22M -$23M $22.0M 20
Slide 21: Q3 and YTD 2025 Highlights
Q3 and YTD 2025 HIGHLIGHTS ✓Net Revenue and Adjusted EBITDA met guidance ✓Generated $18 million of Cash Flow from Operations YTD 2025 ✓Q3 2025 Net Revenue of $107M -7% vs. prior year (-4.5% excluding ✓Refinanced debt in February 2025 by entering into a new $490 political) million Credit Agreement du
Slide 22: 2025 Guidance
2025 GUIDANCE Q4 2025 Guidance FY 2025 Guidance Net Revenue ($M) Net Revenue ($M) $451 $426 - $430 $117.8 $105 - $109 -6% to -5% -11% to -7% -6% to -2% -3% to -2% Ex. political Ex. political Q4 2024 Q4 2025 2024 2025 Guide Guide Adjusted EBITDA ($M) Adjusted EBITDA ($M) $100 $31.2 $88 - $90 $21.5 -
Slide 23: Balance Sheet & Ownership
BALANCE SHEET & OWNERSHIP Balance Sheet Ownership (as of 11/5/25)(2) • $3M cash balance at 9/30/25 # of (shares in millions) Votes Primary Holders • On February 19, 2025, entered new $490M Credit Agreement (including $470M Class A Common Stock 15.1 1 Public & MSD Term Loan at S+500bps, and $20M Revo
Slide 24: Appendix: Key Investor Highlights
APPENDIX: KEY INVESTOR HIGHLIGHTS 24
Slide 25: Key Investor Highlights
KEY INVESTOR HIGHLIGHTS I Attractive Free Cash Flow Profile with Significant Subscription Component Supporting Shareholder Return 2 Success in Digital Businesses Diversifying Revenue Base and II Driving Revenue and Profit Growth 3 III Attractive Radio Industry Dynamics IV Leading Position in Small a
Slide 26: Attractive Free Cash Flow Profile
I ATTRACTIVE FREE CASH FLOW PROFILE • Fast growing, profitable digital revenue is complemented by mature broadcast revenue base with attractive margins (digital ~55% of September YTD 2025 net revenue) • Strong contribution from subscription-based Townsquare Interactive segment (TSI) = $76M LTM 9/30/
Slide 27: Success in Subscription Digital Marketing and Digital Advertising Solutions
II SUCCESS IN SUBSCRIPTION DIGITAL MARKETING AND DIGITAL ADVERTISING SOLUTIONS HAS DRIVEN THE COMPANY’S DIGITAL TRANSFORMATION Digital businesses support long-term growth and revenue and profit diversification, including subscription-based profit Townsquare Interactive Townsquare’s Digital Advertisi
Slide 28: Radio: A Stable Foundation with an Attractive Value Proposition
III RADIO: A STABLE FOUNDATION WITH AN ATTRACTIVE VALUE PROPOSITION Radio Reaches Everyone Radio’s Audience is Stable • Radio reaches >80% of Americans 18+ (1) • Unlike certain other traditional media, radio’s audience is stable • Radio dominates ad-supported audio, with 67% vs. podcasts’ 18%, ad- •
Slide 29: Small and Mid-Sized Market Strategy Is a Competitive Advantage
IV SMALL AND MID-SIZED MARKET STRATEGY IS A COMPETITIVE ADVANTAGE Townsquare operates in 74 small and mid-sized markets across Opportunity in Small and Mid-Sized Markets(1) the US, with virtually no presence in the top 50 markets (Count of Townsquare Markets by DMA Rank) Average Townsquare market po
Slide 30: Best in Class Product and Engineering Team
V “BEST IN CLASS” PRODUCT AND ENGINEERING TEAM Complete end-to-end product, design and engineering team ‒ 50+ person team organized around Design, Engineering and Q&A disciplines ‒ Winner of the NAB’s 2022 PILOT Technology Innovation Award for in- house built Customer Relationship Management (CRM) p
Slide 31: Experienced Management Team
VI EXPERIENCED MANAGEMENT TEAM Bill Wilson Stu Rosenstein Claire Yenicay Erik Hellum Chief Executive Officer EVP, Chief Financial Officer EVP, Investor Relations EVP, COO Local Media (In current role since 2017) (In current role since 2010) (In current role since 2015) (In current role since 2017) ▪
Slide 32: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP RECONCILIATIONS 32
Slide 33: Segment Reporting: Q3 and September YTD Results
Segment Reporting: Q3 and September YTD Results ($ in 000s) Note: Segment Profit is defined as revenue less direct operating expenses, excluding depreciation, amortization, and stock-based compensation. 33
Slide 34: Q3 Segment Reporting: Calculation of Segment Profit
Q3 Segment Reporting: Calculation of Segment Profit ($ in 000s) 34
Slide 35: September YTD Segment Reporting: Calculation of Segment Profit
September YTD Segment Reporting: Calculation of Segment Profit ($ in 000s) 35
Slide 36: Q3 and September YTD Reconciliation of Net Income to Adjusted EBITDA
Q3 and September YTD Reconciliation of Net Income To Adjusted EBITDA and Adjusted EBITDA (Excluding Political) ($ in 000s) (a) Other includes net (gain) loss on sales and retirements of assets and other expense (income), net. Note: Adjusted EBITDA and Adjusted EBITDA (Excluding Political) is a non-G
Slide 37: LTM September 30, 2025 Reconciliation of Net Income to Adjusted EBITDA
LTM September 30, 2025 Reconciliation of Net Income To Adjusted EBITDA ($ in 000s) (a) Other includes net (gain) loss on sales and retirements of assets and other (income) expense, net. Note: Adjusted EBITDA is a non-GAAP financial measure. Please refer to page 2 for a definition of this measure. 37
Slide 38: FY 2018-2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA
FY 2018-2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in millions) Year Ended December 31, Ending March 31, $ in millions 2018 2019 2020 2021 2022 2023 2024 Net (loss) income ($97.3) ($65.7) ($80.6) $18.8 $14.4 ($43.0) ($10.9) Provision (benefit) for income taxes 30.8 (14.6) (23.9)
Slide 39: Reconciliation of Net Revenue to Net Revenue Excluding Political Revenue
Q3 and September YTD Reconciliation of Net Revenue to Net Revenue Excluding the Effects of Political Revenue ($ in 000s) 39
Slide 40: Townsquare
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