Gray Media, Inc. · NYSE:GTN
Gray Media — Q1 2026 Earnings Presentation
17 slides from Gray Media's earnings presentation, May 7, 2026
Slide 1: Quarterly Investor Update
NYSE: GTN Gray Media, Inc. Quarterly Investor Update May 7, 2026 Reflects March 2026 Quarterly and 2025 Full-Year Results
Slide 2: Gray Media, Inc.
Gray Media, Inc. A multimedia company headquartered in Atlanta, Georgia, Gray Media, Inc. (“Gray Media,” “Gray,” or the “Company”) owns local television stations and digital assets serving 120 television markets that collectively reach approximately 37 percent of US television households. The portfo
Slide 3: Largest Owner of Top-Rated TV Stations
Largest Owner of Top-Rated TV Stations Leading Station Portfolio Drives Industry Maintaining Strong Network Affiliate Leading Revenue per Gross TV Household Relationships and Diversification 70% #1 station in 81 of 119 Nielsen measured markets #1 and/or #2 station in 103 of 119 89% Nielsen measured
Slide 4: Gray Media's 1Q26 Results
Gray Media’s 1Q26 Results Guidance Reported Results Issued Feb 26, First Quarter 2026 2026 Core Advertising Revenue – Above Guidance $344 $352 Political Revenue – High-End of Guidance Range $25 - $30 $30 Total Revenue – High-End of Guidance Range $755 - $770 $768 Net Retransmission Revenue*– Below G
Slide 5: Selected Operating Results
Selected Operating Results $3.3 Billion L8QA Total Revenue Quarter Ending Mar. 31 Year Ending Dec. 31 ($ in Millions) 2026 2025 2025 2024 Revenue (less agency commissions): $935 Million L8QA Leverage Ratio Denominator*** Core advertising $ 352 $ 344 $ 1,452 $ 1,490 Political advertising 30 13 42 497
Slide 6: M&A Update
M&A Update M&A Expected to Improve Consolidated Total Net Leverage Ratio by ~0.25x ▪ Bahakel Communications - $25 million, acquired WBBJ, closed February 13, 2026 ▪ Allen Media – $56 million, acquired stations in 3 markets, closed March 27, 2026 ▪ Allen Media – $115 million, acquired stations in 7 m
Slide 7: Gray Consistently Outperforms its Peers Across Key Categories
Gray Consistently Outperforms its Peers Across Key Categories % Difference to Peers ($ in actuals) $32 2025A Core Revenue / Gross TVHH +45% Peer Average $22 $31 2025A Gross Retrans Revenue +15% / Gross TVHH $27 2022A Political $12 Revenue +102% / Gross TVHH $6 2024A Political $11 Revenue +69% / Gros
Slide 8: Net Retransmission Revenue
Net Retransmission Revenue* Retransmission Consent Revenue for Improving Market Dynamics Stations Owned as of December 31, 2025 ($ in millions) ✓ Net Retransmission Revenue* returned to growth in Q4’25 $1,532 ✓ Underlying subscriber trends continue to $1,496 $1,482 $1,429 $1,429 improve due to bundl
Slide 9: The Strongest Local News Stations Across the Most Competitive Political Markets in 2026
The Strongest Local News Stations Across the Most Competitive Political Markets in 2026 o Political campaigns spend to win, and political campaigns As 2026 begins, the US Senate and US House are roughly evenly find their most coveted audiences on strong local news TV split between the two political
Slide 10: Gray Excels at Political Advertising Revenue
Gray Excels at Political Advertising Revenue $10.83 2024 Political Ad Revenue Per TV Household $8.36 $7.49 $6.41 Gray’s portfolio $5.72 $4.06 of top-rated stations consistently deliver the Peer Average highest political ad revenue on a 2022 Political Ad Revenue Per TV Household $11.50 per TV househo
Slide 11: Proactively Managing Debt Maturities
Proactively Managing Debt Maturities Capitalization Debt Maturity Profile 3/31/2026 Cumulative ($ in millions) ($ in millions) Actual Leverage Cash $ 259 Revolver due 12/1/2028 (S +225) (1) $ - -x Term Loan D due 12/1/2028 (S + 300 + 11 bps CSA) 739 0.8x Term Loan F due 6/4/2029 (S + 525) 10 0.8x No
Slide 12: Multi-Pronged Delevering Approach
Multi-Pronged Delevering Approach Intense focus on managing liquidity, 1L/Junior capital mix, maturity towers, and allocating capital to reduce debt and leverage 1 2025 Capital Markets Activity ✓ Issued 9.625% 2L Secured Notes due 2032 in July to proactively extend portfolio duration while reducing
Slide 13: Non-GAAP Terms
Non-GAAP Terms This earnings release includes certain non-GAAP financial measures, including “Adjusted EBITDA” and “Net Retransmission Revenue.” We present these measures, in addition to results prepared in accordance with accounting principles generally accepted in the United States of America (“GA
Slide 14: Calculation of Leverage Ratio Denominator and Leverage Ratios
Calculation of Leverage Ratio Denominator, Consolidated First Lien Net Leverage Ratio, Consolidated Secured Net Leverage Ratio, and Consolidate Total Net Leverage Ratio, as each is defined in our Senior Credit Agreement (Unaudited): See definitions of non-GAAP terms included herein. 14
Slide 15: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 15
Slide 16: Full-Year Non-GAAP Reconciliations
Full-Year Non-GAAP Reconciliations Adjusted EBITDA (Unaudited) 16
Slide 17: Investor Relations Contact
4370 Peachtree Rd, NE NYSE: GTN Atlanta, GA 30319 www.graymedia.com Investor Relations Contact: Alan Gould, (404) 266-8333, alan.gould@graymedia.com 17