Cumulus Media, Inc. · OTC:CMLSQ
Cumulus Media — Debt Investor Presentation (March 2026)
36 slides from Cumulus Media's debt investor presentation, Mar 5, 2026
Slide 1: Lender Presentation January 15, 2026
Lender Presentation January 15, 2026 Confidential / Subject to NDAs
Slide 2: Disclaimer
Disclaimer These materials have been prepared by Cumulus Media, Inc. (the “Company”). These materials were compiled on a confidential b asi s for use in evaluating the potential transaction described herein, and may not be reproduced, disseminated, quoted or referred to, in who le or in part, withou
Slide 3: Table of Contents
Table of Contents 2 Value Creation Opportunities 5 Performance Overview 4 Market Backdrop 3 Company Overview 2 Executive Summary 1 Financial Forecast 6
Slide 4: Executive Summary
Executive Summary Moelis | 3
Slide 5: Key Takeaways
Key Takeaways With a right - sized balance sheet, Cumulus’s strong set of assets will have multiple avenues to generate future value 4 • Cumulus’s fundamental assets remain valuable 1 • Secular and macro headwinds have significantly eroded high - margin broadcast revenue streams, creating sustained
Slide 6: Company Overview
2. Company Overview Moelis | 5
Slide 7: Cumulus Overview
Cumulus Overview 6 Cumulus is a marketing and media company delivering premium content to over a quarter billion people monthly and providing highly efficient traditional and digital media solutions to tens of thousands of companies Cumulus Highlights Cumulus by the Numbers • Major reach • #2 commer
Slide 8: Digital Businesses
Digital Businesses 7 1. Includes Web - App, RDS Services, Digital Political, Digital Fees and Digital Sales Adjustments Cumulus’s organically developed digital businesses have expanded meaningfully since 2019, growing at an ~11% CAGR to $151mm, representing ~20% of total 2025A revenue Full - service
Slide 9: Cultural Equity
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Slide 10: Proven Management Team
Proven Management Team Cumulus management consists of seasoned operators with a strong track record of successfully running media businesses at scale, disciplined financial management and aggressive cost optimization 9 Frank Lopez - Balboa EVP, Chief Financial Officer Mary Berner President & CEO Ric
Slide 11: Market Backdrop
3. Market Backdrop Moelis | 10
Slide 12: Continued Digital Disruption Post-Pandemic Shift
Continued Digital Disruption Post - Pandemic Shift ▪ Collapse of national and local advertising as businesses responded to reduced customer demand by cutting marketing budgets, creating enormous revenue pressure on legacy media companies ▪ Reduced commuting and event activity significantly depressed
Slide 13: Trends in Audio Listenership
Trends in Audio Listenership 12 Shift in American Audio Consumption 51% 31% 18% 5% 11% 24% 7% 5% 5% 17% 5% 2% 2% 13% 4% 1% 1% 2014 Q3 2025 Share of Audio Listening Time by Platform (2014 vs. Q3 2025) Audio consumption has shifted dramatically over the past decade as listeners migrated from linear br
Slide 14: Performance Overview
4. Performance Overview 13
Slide 15: Where Cumulus Has Outperformed
Where Cumulus Has Outperformed 14 Cost Structure Optimization Realized >$200mm (34%) of fixed cost reductions 3 Cash Generation Produced ~$620mm of cash from asset sales and FCF 4 Debt Reduction Paid down gross debt by ~$630mm (~50%) since 2018 (1) 5 Broadcast Radio Outperformance Grew revenue marke
Slide 16: Market Share Growth
Market Share Growth 15 1 Grew revenue share in all three quarters of 2025 and year - to - date 2025 Source: Miller Kaplan, BIA 1. 12/31/2024 Market Rank per BIA 2. Includes Cumulus’s Local and National Spot Revenue related to each station within that station’s revenue estimates 1 2 Market 1 Total Sp
Slide 17: Digital Marketing Services Growth
• Local sales teams leveraging deep market knowledge and robust suite of audio + digital products to deliver tailored, high - impact campaigns • Relationships with 30k small to medium - sized SMB clients who rely on outsourced marketing expertise • Execution capabilities that deliver ROI that outper
Slide 18: Cost Structure Optimization
Cost Structure Optimization 17 3 Cost Savings Bridge: 2019A – 2026B ($ in millions) Comprised of a company - wide reduction - in - force (RIF), contractors, sales commissions, T&E, and other people - related operating expenses Comprised of revenue share / syndication, broadcast rights, station comp,
Slide 19: Cash Flow Generation & Debt Reduction
Cash Flow Generation & Debt Reduction 18 4 5 Generated ~$510mm in cash from non - core asset sales, reduced gross debt by ~$630mm, managed working capital tightly and made disciplined capital allocation decisions Non - Core Asset Monetization Leverage Reduction Disciplined Capital Expenditure Spend
Slide 20: Value Creation Opportunities
5. Value Creation Opportunities 19
Slide 21: Multiple Pathways for Value Generation
Multiple Pathways for Value Generation Cumulus is well - positioned to drive significant value through transformational M&A, while maintaining a disciplined approach to monetizing legacy assets and investing in other high - growth organic opportunities 20 Continue to Generate Value from Broadcast Bu
Slide 22: Continue to Generate Value from Broadcast Business
Continue to Generate Value from Broadcast Business 21 The broadcast radio business delivers consistent profitability through operational rigor and strong sales execution, while targeted investments in live / local content and digital revenue streams sustain competitive position 1 Increase Investment
Slide 23: Drive Expansion of Digital Marketing Services
Drive Expansion of Digital Marketing Services 22 Digital Marketing Services provides the strongest growth vector for the company, leveraging existing client relationships and local market presence to scale at increasing margins 1 Expand Sales Force and Management • Hire additional dedicated DMS spec
Slide 24: Capitalize on Emerging Opportunities: Digital Expansion
Expand podcasting portfolio Key Initiatives Support existing partners in natural extensions (i.e., live events, new podcasts, newsletters, influencer - style partnerships) Strategically invest in new podcasts that align with news/talk and sports strengths ~16mm social followers ~3.5mm social followe
Slide 25: Capitalize on Emerging Opportunities: AI Initiatives
Capitalize on Emerging Opportunities 24 Cumulus is an industry leader in terms of the breadth and depth of its AI initiatives, having identified over 100 AI - enabled projects that are being prioritized for execution across all functions of the organization 4 2024 – Q2 2025 Q2 - Q3 2025 Q4 2025 2026
Slide 26: Financial Forecast
6. Financial Forecast Moelis | 2
Slide 27: Overview of Key Forecast Assumptions: Revenue
Overview of Key Forecast Assumptions: Revenue 26 • 2025 based on actuals; 2026 based on management budget; 2027 and 2028 based on management forecast Overall Financials General • Despite broader ad market headwinds and total spot revenues declining at - 9% CAGR 2023A – 2025A, Cumulus has continued t
Slide 28: Overview of Key Forecast Assumptions: Expenses and Cash Flow
Overview of Key Forecast Assumptions: Expenses and Cash Flow 27 • 2026B based on management budget; all subsequent years based on an annual inflation factor of 0.75% in 2027F and at 1% in 2028F • Management expects to generate incremental annual fixed cost savings through contractual renegotiations,
Slide 29: P&L Summary: 2023A – 2028F
P&L Summary: 2023A – 2028F 28 P&L Summary Source: Management financials include: 2026 reflects management’s budget; 2027 and 2028 based on management forecast 1. Includes non - broadcasting other revenue and non - network or streaming Westwood One revenue, and other revenues not attributable t o eit
Slide 30: Local Spot Revenue Detail
Commentary Local Spot Revenue Detail 29 Local Spot Revenue Detail • Local spot and regional advertising is sold by Cumulus - employed sales personnel • Incremental contribution margin of ~75%, meaning each 100 bps of local spot revenue growth/decline results in ~$2.0mm EBITDA impact • Despite broade
Slide 31: National Spot Revenue Detail
Commentary National Spot Revenue Detail 30 National Spot Revenue Detail • National spot advertising for owned and operated stations is marketed and sold by both an internal national sales team and Ka tz Media Group via an outsourced arrangement • Incremental contribution margin of ~75%, meaning each
Slide 32: Network Revenue Detail
Commentary Network Revenue Detail 31 Network Revenue Detail • Westwood One monetizes inventory from the Cumulus O&O stations as well as third party affiliates in the network marketplace • While sports properties performed well, network revenue experienced declining revenue from 2023A – 2025A due to
Slide 33: Digital Revenue Detail
Commentary Digital Revenue Detail 32 Digital Revenue Detail • Cumulus generates digital advertising revenue from the sale of advertising and promotional opportunities across its podcastin g network, streaming audio network, websites, mobile applications and by offering digital marketing services • T
Slide 34: Overview of Operating Expenses
Overview of Operating Expenses 33 Operating Expense Detail ($ in millions) $ $ $ ) ) ) Commentary Programming Trade Promotions & Other 3 Digital Sales Corporate G&A Technical % Revenue % Variable 1 % Fixed 2 90% 93% 93% 93% 90% 88% 37% 37% 39% 40% 42% 36% 63% 63% 61% 60% 58% 64% • Programming o Decl
Slide 35: Levered Free Cash Flow
Levered Free Cash Flow 34 Source: Management financials include: 2026 reflects management’s budget; 2027 and 2028 based on management forecast 1. Includes legal, severance and other costs associated with restructuring operations and non - ordinary course or non - recurring items, exclud ing ongoing
Slide 36: Reconciliation of Non-GAAP Metrics
Reconciliation of Non - GAAP Metrics 35 Source: Company Management 1. As of 3/4/2026, the Company’s latest estimate for Chapter 11 costs and Professional Fees for FY ending 12/31/2026 is $50.3mm Net Income to Adj. EBITDA FY Ending December 31, ($ in mm) 2023A 2024A 2025A 2026F 2027F 2028F Net Income
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