Lee Enterprises, Incorporated · NASDAQ:LEE
Lee Enterprises — Q1 2026 Earnings Presentation
21 slides from Lee Enterprises's earnings presentation, Feb 10, 2026
Slide 1: First Quarter FY2026 Earnings
FIRST QUARTER FY2026 EARNINGS FEBRUARY 10, 2026
Slide 2: Safe Harbor
SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or
Slide 3: Lee's Three Pillar Digital Growth Strategy
LEE’S THREE PILLAR DIGITAL GROWTH STRATEGY LEE IS RAPIDLY TRANSFORMING TO A SUSTAINABLE AND VIBRANT DIGITAL-CENTRIC COMPANY PILLAR 1 PILLAR 2 PILLAR 3 Expand & engage our Accelerate sustainable Accelerate digital-only audience through rich, digital subscription growth advertising revenue growth cred
Slide 4: Lee's Investment Thesis
LEE’S INVESTMENT THESIS WE BELIEVE OUR THREE PILLAR DIGITAL GROWTH STRATEGY WILL CREATE SUBSTANTIAL VALUE: Execute Three Pillar Digital Growth Strategy ✓ Generate long-term sustainable digital revenue growth, margin expansion, and strong free cash flow ✓ Expand audiences and deepen engagement by del
Slide 5: Strategic Investment & Amended Credit Agreement
STRATEGIC INVESTMENT & AMENDED CREDIT AGREEMENT • $50 million equity raise through private placement of common stock priced at $3.25 / share. Anchored by David Hoffmann Strengthen balance sheet $50M Increase flexibility • Credit agreement enhancements worth approximately $18 Invest into digital mill
Slide 6: Digital-First Subscription Platform
DIGITAL-FIRST SUBSCRIPTION PLATFORM Total Revenue Digital Mix of Total Revenue Adjusted EBITDA(1) $548M 54% $50M LTM December 2025 Q1 FY26 LTM December 2025 Digital Subscribers Industry-Leading Digital Sub Industry-Leading Digital Agency Revenue Growth Revenue Growth 609,000 December FY26 $95M LTM(2
Slide 7: First Quarter 2026 Business Highlights
FIRST QUARTER 2026 BUSINESS HIGHLIGHTS Digital-only Subscription revenue Saw positive momentum in digital Adjusted EBITDA and Adjusted growth was fueled by price revenue mix EBITDA margin grew over prior year optimization • Leveraged data & marketing to maximize • Significant year-over-year improvem
Slide 8: Industry-Leading Digital Growth
INDUSTRY-LEADING DIGITAL GROWTH Industry-Leading Digital Industry-Leading Digital Total Digital Revenue Sub Revenue Growth Agency Revenue Growth Growing Significantly $95M LTM Digital Sub Revenue(1) $102M LTM Amplified Digital® Agency(2) $295M LTM Total Digital Revenue Q4 FY25 3-Year CAGR Q4 FY25 3-
Slide 9: Strategy Is Transforming the Composition of Revenue
STRATEGY IS TRANSFORMING THE COMPOSITION OF REVENUE FY2020 Q1 FY2026 FY2030(1) REVENUE MIX 21% 54% 46% 90% % Digital Prior to launch of Industry-leading digital Achieve goal of becoming Three Pillar Digital revenue growth is transforming sustainable without reliance Growth Strategy 7% the mix of rev
Slide 10: Execution of Three Pillars Drives Sustainability & Growth
EXECUTION OF THREE PILLARS DRIVES SUSTAINABILITY & GROWTH Digital Transformation Digital Sustainability Key Takeaways ✓ Digital revenue replacing print revenue and growing at 12% CAGR(2) ✓ Digital subscription revenue and gross margin growing at a 35% CAGR(2) ✓ Amplified Digital® Agency revenue grow
Slide 11: Strong Track Record of Sustainable Cost Management
STRONG TRACK RECORD OF SUSTAINABLE COST MANAGEMENT Key Takeaways • Proficient in driving efficiencies Total Cash Costs(1) • Current base of $157M of direct costs associated with our legacy revenue streams will be managed with $686M associated revenue trends $524M • Ongoing initiatives aimed at optim
Slide 12: Credit Agreement Represents Strategic Asset
CREDIT AGREEMENT REPRESENTS STRATEGIC ASSET • $121 million debt reduction since refinancing in March 2020 Debt Reduction • Favorable credit agreement with Berkshire Hathaway $576M • 25-year runway with no breakage costs or prepayment penalties $455M • No financial performance covenants and no fixed
Slide 13: Reaffirming 2026 Outlook
REAFFIRMING 2026 OUTLOOK Key Metric FY26 Outlook Adjusted EBITDA(1) YOY growth in the mid-single digits (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix. 13
Slide 14: HUDL x Lee Enterprises
HUDL x Lee Enterprises Amplify the Moments That Matter A powerful partnership bringing local brands into the heart of American high school sports — where communities gather, emotions run high, and loyalty is built. 14
Slide 15: Lee Enterprises
EE ENTERPRISES
Slide 16: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION The Company uses non-GAAP financial performance measures to supplement the financial information presented on a U.S. GAAP basis. These non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, should not be considered i
Slide 17: Quarterly Revenue Composition
QUARTERLY REVENUE COMPOSITION (Millions of Dollars) Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 FY 2025 Q1 FY2026 Digital Advertising and Marketing Services 46.7 43.9 49.1 44.1 183.8 42.8 YoY % (1) 1.7% -2.5% -1.0% -11.0% -3.3% -8.4% Digital Only Subscription Revenue 21.6 23.8 23.5 25.4 94.2 22.7 YoY %
Slide 18: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Millions of Dollars) Q1 FY26 Q1 FY25 Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users’ overall Net loss (5.1) (16.2) understanding of the operating performance of the Company. The measure isolates unusu
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Costs represent a non-GAAP financial performance (Millions of Dollars) Q1 FY26 Q1 FY25 measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to Operating Expenses 125.9 149.0 investors in un
Slide 20: Same-Store Non-GAAP Revenue Reconciliation
SAME-STORE NON-GAAP REVENUE RECONCILIATION(1) Q1 Q1 $ % Q1 Q1 $ % (Millions of Dollars) (Millions of Dollars) FY2026 FY2025 Change Change FY2026 FY2025 Change Change Print Advertising Revenue 17.2 19.9 (2.7) -13.4% Print Other Revenue 7.5 7.9 (0.3) -4.3% Exited operations (0.1) (0.5) 0.4 NM Exited o
Slide 21: Direct Costs Reconciliation
DIRECT COSTS RECONCILIATION (Millions of Dollars) Q1 FY26 Q1 FY25 Direct Costs is a non-GAAP financial performance measure that enhances financial statement users overall Operating expenses 125.9 149.0 understanding of the operating performance of the Company. The measure isolates operating costs th