Slide 1: 4Q24 Earnings Presentation
4Q24 Earnings Presentation February 26, 2025 11 Published by: 1 Sinclair, Inc.
Slide 2: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation contains certain financial measures of Sinclair, Inc. (the “Company”), including Adjusted EBITDA, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") (collectively, the "non-GAAP financial measures"). Adjusted
Slide 3: Major Achievements in 2024
MAJOR ACHIEVEMENTS IN 2024 • Core Advertising Outperformance Versus Peer Group in 2024 • Record Year of Political Advertising 4Q24 Earnings Presentation • Successful Year for Distribution • Adjusted EBITDA exceeded guidance range in 4Q24 • Launched New Sports-Related Podcasts • Launched Tennis DTC p
Slide 4: Stock Performance Best of Peer Group in 2023-2024
4Q24 Earnings Presentation STOCK PERFORMANCE BEST OF PEER GROUP IN 2023-2024 2-Yr PERIOD SBGI ALSO OUTPERFORMED ALL FOUR OF ITS PUBLICLY-TRADED PEERS IN 2024 4
Slide 5: Consolidated Performance in FY24
CONSOLIDATED PERFORMANCE IN FY24 Consolidated ($MM)1 FY2024 Guidance $1,740-1,742 Distribution Revenue • Distribution revenue exceeded guidance Actual $1,746 Guidance $1,616 - $1,625 Advertising Revenue • Total advertising revenue slightly below Total 4Q24 Earnings Presentation Actual $1,611 guidanc
Slide 6: Ventures Portfolio Update
VENTURES PORTFOLIO UPDATE • During 4Q24, Ventures received $47 million in cash and $209 million for 2024 4Q24 Earnings Presentation • Ventures made cash outflows of approximately $9 million in investments in 4Q24 and $64 million for 2024 • $406 million in cash at Ventures at year-end • Continuing to
Slide 7: The Great Rebundling
THE GREAT REBUNDLING • Charter customers now receive more than $81 per month worth of streaming services included in their pay-TV package • Streaming concessions now a key part of MVPD-Content negotiations and represent significant value to traditional MVPD subscribers • Charter’s (Spectrum) Select
Slide 8: A Bold, New Era for Sinclair
A BOLD, Introducing AMP Sales & Marketing Solutions--redefining how we connect with advertisers, engage audiences, and drive results. NEW ERA AMP Sales & Marketing Solutions is a strategic evolution, built to unify and empower our sales and marketing teams like never before. Whether it’s the local m
Slide 9: 4Q24 and 2024 Distribution Updates
4Q24 AND 2024 DISTRIBUTION UPDATES • 80% of traditional Big 4 MVPD subscriber base are on new retransmission agreements as of 2024, providing us with greatly enhanced visibility on our retransmission revenues for 4Q24 Earnings Presentation the next several years • We completed a network affiliation
Slide 10: Strong Political Advertising Demand Underpins TV's Relevance
STRONG POLITICAL ADVERTISING DEMAND UNDERPINS TV’S RELEVANCE RECORD 2024 POLITICAL ADVERTISING SPEND FOR SINCLAIR LOCAL MEDIA POLITICAL ADVERTISING OBSERVATIONS SINCLAIR LOCAL MEDIA POLITICAL REVENUE1 ($MM) 4Q24 Earnings Presentation 99% increase Georgia Senate runoff vs. 2016 • Record breaking Q1,
Slide 11: Introducing EdgeBeam Wireless, LLC
INTRODUCING EDGEBEAM WIRELESS, LLC Sinclair, Scripps, Gray, and Nexstar together formed the joint venture EdgeBeam Wireless Will use ATSC 3.0 to provide faster, more secure and less expensive data delivery nationwide 4Q24 Earnings Presentation TOTAL ADDRESSABLE MARKET OF MORE THAN $7.5 BILLION PER Y
Slide 12: Potential FCC Changes Under New Administration May Favor Broadcast
POTENTIAL FCC CHANGES UNDER NEW ADMINISTRATION MAY FAVOR BROADCAST OVERVIEW • Outdated FCC regulations within Broadcast, including those around ownership caps, UHF discount and in-market ownership, are in significant need of modernization 4Q24 Earnings Presentation • The results of the latest U.S. e
Slide 13: Sinclair Cares 2024 Community Impact
SINCLAIR CARES 2024 COMMUNITY IMPACT 4Q24 Earnings Presentation 13
Slide 14: Comprehensive Refinancing of Balance Sheet
COMPREHENSIVE REFINANCING OF BALANCE SHEET • In January we successfully launched a comprehensive refinancing of Sinclair’s balance sheet 4Q24 Earnings Presentation • Moved our closest meaningful maturity to December of 2029 and pushed our weighted average maturity by three years to more than six-and
Slide 15: Refinancing Significantly Extends Debt Maturity Profile
REFINANCING SIGNIFICANTLY EXTENDS DEBT MATURITY PROFILE DEBT MATURITY SCHEDULE AS OF 12/31/24 $2,000 $1,800 $1,600 $1,400 4Q24 Earnings Presentation $1,200 $1,000 $800 $600 $400 $200 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 Term Loans Notes Undrawn Revolver PRO FORMA DEBT MATURITY SCHEDULE $2
Slide 16: Pre- and Post-Refinancing SBG Capitalization Tables
PRE- AND POST-REFINANCING SBG CAPITALIZATION TABLES Pre-refinancing Pro Forma for Refinancing Principal as of Principal as of Net Leverage ($ in millions) December 31, 2024 ($ in millions) December 31, 2024 Ratios (1) 2025/2027 Revolver ($650) $ - 2030 Revolver ($575) $ - B-2 Term Loans (2026) 1,175
Slide 17: Consolidated Performance in 4Q24
CONSOLIDATED PERFORMANCE IN 4Q24 Consolidated ($MM)1 4Q24 Guidance $436 - $438 Distribution Revenue • Distribution agreement renewals reached for nearly all Big 4 linear Actual $441 subscriber MVPDs in 2024 Guidance $519 - $527 Advertising Revenue Total 4Q24 Earnings Presentation • Core advertising
Slide 18: 4Q24 Consolidated Media Revenue
4Q24 CONSOLIDATED MEDIA REVENUE Media Revenues vs Guidance Media Revenues vs Prior Year ($ in millions) ($ in millions) $1,100 $1,005 $1,002 $1,050 $1,000 4Q24 Earnings Presentation $1,000 $995 $950 $990 $992 $992 $900 $985 $850 $800 $980 4Q23 Political Distribution Core Other 4Q24 1 4Q24 4Q24 Media
Slide 19: 4Q24 Consolidated Adjusted EBITDA
4Q24 CONSOLIDATED ADJUSTED EBITDA Adjusted EBITDA vs Guidance ($ in millions) Adjusted EBITDA vs Prior Year ($ in millions) $335 $171 $8 $350 4Q24 Earnings Presentation $330 $330 $325 $330 ($26) ($3) $325 $300 $320 $250 $315 $200 $180 $314 $310 $150 $305 $100 $300 4Q23 Total Media Corporate Media Ex
Slide 20: Segment Performance in 4Q24
SEGMENT PERFORMANCE IN 4Q24 Local Media ($MM) 4Q24 Local Media Financial Performance Guidance $386 - $388 Distribution Revenue Actual $392 • 4Q24 revenue results shy of guidance – Driven by core advertising • 4Q24 total Local Media revenue up 22% vs. 4Q23 Guidance $204 Revenue • Driven largely by po
Slide 21: Full Year 2024 Segment Results
FULL YEAR 2024 SEGMENT RESULTS For the twelve months ending December 31, 2024 Corporate and ($ in millions) Local Media Tennis Other Eliminations Consolidated Core advertising revenue $ 1,152 $ 39 $ 33 $ (18) $ 1,206 • Full-year expense categories beat Political advertising revenue 405 — — — 405 our
Slide 22: First Quarter 2025 Guidance
FIRST QUARTER 2025 GUIDANCE Corporate For the three months ending and March 31, 2025 ($ in millions) Local Media Tennis Other Eliminations Consolidated Core advertising revenue $270 to 280 $11 to 12 $8 $(6) $283 to 294 1Q25 GUIDANCE Political advertising revenue 2 to 3 - - - 2 to 3 Advertising reven
Slide 23: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE For the twelve months ending December 31, 2025 ($ in millions) Consolidated FULL-YEAR 2025 GUIDANCE 4Q24 Earnings Presentation • 2024 Media Programming, Production and Media programming & production expenses and media selling, general and administrative expenses $2,498 to 2,5
Slide 24: 2024 Key Takeaways
2024 KEY TAKEAWAYS • Strength in Broadcast TV continues as 93 of Top-100 most watched telecasts in 2024 were on Broadcast TV; Record Super Bowl Audience • Record political advertising revenue of $405 million for full-year, representing a 16% increase over pre-runoff 2020 levels; Anticipate competiti