Slide 1: Q3 2025 Earnings
Q3 2025 Earnings October 30, 2025 1
Slide 2: Disclaimer and Notes
Disclaimer and Notes In General. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” Gannett Co., Inc. is referred to in this Pres
Slide 3: Gannett is a diversified media company with expansive reach
Gannett is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. We seek to inspire, inform, and connect audiences as a sustainable, growth- focused media and digital marketing solutions company. Our strategy prioritizes m
Slide 4: Key Operating Pillars
Key Operating Pillars Strong Focus on Maximizing Long-term Shareholder Value Q3 2025 Highlights + Total digital revenues grew to 47% of total company revenues(1) Expand reach and engagement 1 with our customer segments + Digital advertising revenues delivered year-over-year growth for the second str
Slide 5: Key Stats and Value Drivers
Key Stats and Value Drivers Executed on Growth Segments and Investment Strategy in Q3 2025 Diversified Digital Expanded Reach Balanced Capital Structure Revenues 187M $262.7M $18.5M Average Monthly Unique Visitors(1) Total Digital Revenues Total Debt Paydown ~$116M Year-to-Date 1.6M 47% Digital Reve
Slide 6: Diversified Digital Revenue
Diversified Digital Revenue Revenue Expected to Continue to be Increasingly Digital Q3 2025 Q3 2025 Q3 2025 Total Revenue Mix % of Total Digital Advertising $87.2M 16% Digital Marketing Services $114.8M 20% 47% 53% Digital-only Subscription $43.7M 8% Digital Print and commercial Digital Other $17.1M
Slide 7: Q3 2025 Results and Non-GAAP Highlights
Q3 2025 Results and Non-GAAP Highlights(1) Revenues Total Adjusted EBITDA(1) ◦ $560.8M Total Revenues ◦ $57.2M Total Adjusted EBITDA(1) ◦ Same store revenues(1) down 6.8% compared Q3 2024 ◦ Impacted by approximately $7.0 million of total digital revenues that shifted to the fourth quarter of 2025 an
Slide 8: Business Outlook
Business Outlook(1) The Company Updates its Fiscal Year 2025 Outlook Expected Full Year 2025 Business Outlook(2) Down in the low single digits on a same store basis(3) versus the prior year Total Digital expected to make up 50%+ of total revenues during 2026 Revenues Fourth quarter total digital rev
Slide 9: Key Operating Pillars: Third Quarter 2025 Update
Key Operating Pillars Third Quarter 2025 Update 9
Slide 10: Pillar One: Expand Reach and Engagement with our Customer Segments
Pillar One: Expand Reach and Engagement with our Customer Segments Q3 2025 Metrics Domestic Average Monthly Page Views 1.29B 1.27B 1.22B 1.12B 1.12B 1.14B 1.11B Total Digital Audience 187M Average Monthly Unique Visitors(1) Q1 24 Q2 24 Q3 24 Digital Advertising Revenues Year-over-Year Growth Q4 24 Q
Slide 11: Pillar Two: Diversify Digital Revenue
Pillar Two: Diversify Digital Revenue Revenue Expected to Continue to be Increasingly Digital Total Digital Digital Marketing Digital-only Digital Advertising Digital Other Revenues Services Subscription $262.7M $87.2M $114.8M $43.7M $17.1M $262.7M $87.2M 20% of Total $43.7M 8% of Total $17.1M 3% of
Slide 12: Pillar Three: Strengthen Capital Structure
Pillar Three: Strengthen Capital Structure Q3 2025 Balance Sheet and Liquidity Significant Debt Repayment Q3 2025 $1,759M $1,575M + Cash and cash equivalents of $75.2 million at the end of Q3 2025 $1,369M $1,272M + Total debt principal outstanding at September 30, 2025 of $1,131M $1,112M $1,037M $1,
Slide 13: Digital Marketing Solutions
Digital Marketing Solutions Third Quarter 2025 Update 13
Slide 14: Digital Marketing Solutions: Drive Digital Revenue Growth
Digital Marketing Solutions: Drive Digital Revenue Growth Digital Marketing Solutions – Dedicated to Helping Local Businesses Succeed Q3 2025 Results $114.0M Core Platform Revenues(1) $2,828 Core Platform ARPU(1) 13.4K Core Platform Average Customer Count(1) 1 Core platform ARPU, core platform avera
Slide 15: Digital Marketing Solutions: Drive DMS Growth
Digital Marketing Solutions: Drive DMS Growth Digital Marketing Solutions - Core Platform Revenues (M)(1) Average Customer Count (K)(1) $119.2 $116.2 $116.9 $114.0 $108.2 14.3 13.9 13.8 13.4 13.4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ARPU(1) Customer Budget Retention(2) $2,777
Slide 16: Appendix
Appendix 16
Slide 17: Gannett Diversified Revenues
Gannett Diversified Revenues(1) Full Year Full Year 2024 Q3 2025 ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 % of Total Q1 2025 Q2 2025 Q3 2025 % of Total Digital advertising $84.5 $84.5 $84.7 $92.7 $346.4 13.8% $83.4 $87.9 $87.2 15.5% Digital marketing services $116.4 $123.3 $119.6 $116.7
Slide 18: Debt and Leverage Overview
Debt and Leverage Overview Principal balance as of Effective interest rate ($ in millions) September 30, 2025 (1) 2029 Term Loan Facility 9.9% $748.6 2031 Notes 6.6% $223.7 2027 Notes 10.5% $24.1 Total Debt Outstanding 9.19% Blended Rate $996.4 Q3 2025 LTM Total Adjusted EBITDA(2) $250.1 Cash and ca
Slide 19: Segment Information
Segment Information Three months ended September 30, 2025 Domestic Digital Gannett Marketing (in thousands, except margin) Media Newsquest Solutions Segment revenues $ 417,055 $ 61,023 $ 114,418 Operating costs 266,390 30,863 84,345 Selling, general and administrative expenses 115,852 15,605 20,293
Slide 20: Non-GAAP Measures
Non-GAAP Measures The Company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a U.S. generally accepted accounting principles ("U.S. GAAP") basis. We define our non-GAAP financial performance and liquidity measures as follows: • Total A
Slide 21: Key Performance Indicators
Key Performance Indicators A key performance indicator ("KPI") is generally defined as a quantifiable measurement or metric used to gauge performance, specifically to help determine strategic, financial, and operational achievements, especially compared to those of similar businesses. We define Digi
Slide 22: Gannett Non-GAAP Reconciliation
Gannett Non-GAAP Reconciliation(1) Net Income (Loss) Attributable to Gannett, Net Income (Loss) Attributable to Gannett Margin, Total Adjusted EBITDA and Total Adjusted EBITDA Margin Three months ended September 30, (in thousands, except margin) 2025 2024 Net loss attributable to Gannett $ (39,249)
Slide 23: Gannett Non-GAAP Reconciliation
Gannett Non-GAAP Reconciliation(1) Adjusted net income (loss) attributable to Gannett and Free cash flow Three months ended (in thousands) September 30, 2025 Net loss attributable to Gannett $ (39,249) Loss on early extinguishment of debt 24 Integration and reorganization costs 15,708 Third-party de
Slide 24: Gannett Same Store Non-GAAP Revenues Metrics and Reconciliations
Gannett Same Store Non-GAAP Revenues Metrics and Reconciliations(1) 2025 and 2024 Same Store Year-over-Year Total revenues Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Same Store Year-Over-Year Total revenues (5.3)% (5.5)% (5.1)% (7.7)% (6.4)% (6.8)% 3 months ended 3 months ended 3 months ended 3
Slide 25: Gannett Same Store Non-GAAP Revenues Metrics and Reconciliations
Gannett Same Store Non-GAAP Revenues Metrics and Reconciliations(1) 2025 and 2024 Same Store Year-over-Year Digital revenues Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Same Store Year-Over-Year Digital revenues 5.8% 3.4% 5.8% (3.8)% (2.8)% (4.1)% 3 months ended 3 months ended 3 months ended 3 m