Slide 1: 1Q25 Earnings Presentation
1Q25 Earnings Presentation May 7, 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: Consolidated Performance in 1Q25
CONSOLIDATED PERFORMANCE IN 1Q25 Consolidated ($MM)1 1Q25 Guidance $453-455 Distribution Revenue • Distribution revenue came in slightly below Actual $451 guidance due to modestly slower improvement in subscriber churn levels than anticipated Guidance $285-297 Advertising Revenue Total 1Q25 Earnings
Slide 4: Ventures Portfolio Update
VENTURES PORTFOLIO UPDATE During 1Q25, Ventures received $10 million in cash distributions 1Q25 Earnings Presentation Ventures made cash outflows of approximately $38 million in 1Q25; including $30 mill. for add-on acquisition by Compulse $354 million in cash at Ventures at quarter-end Continuing to
Slide 5: Significant Drivers Announced
SIGNIFICANT DRIVERS ANNOUNCED • Hired veteran media and technology executive Jeff Blackburn as Chairman and CEO of Tennis Channel to lead the network’s strategic growth and expansion across digital, streaming and global platforms • Blackburn spent 20+ year career at Amazon where he was the prime arc
Slide 6: Core Advertising Trends
CORE ADVERTISING TRENDS • Sinclair led its publicly-traded industry peers in year-over-year core advertising revenue trends in 4 of the past 6 quarters and 6 of the past 9 quarters (through 4Q24) 1Q25 Earnings Presentation • 1Q25 core advertising results within guidance range • Tarriff uncertainty r
Slide 7: Expecting Strong 2026 and 2028 Political Cycles
EXPECTING STRONG 2026 AND 2028 POLITICAL CYCLES • 25 Gubernatorial races and 23 Senate races in 2026 in Sinclair’s footprint • Current forecast expects more than half of Gubernatorial races to have competitive primaries including Georgia, Pennsylvania, Michigan, Wisconsin, 1Q25 Earnings Presentation
Slide 8: Distribution and Sports Media Updates
DISTRIBUTION AND SPORTS MEDIA UPDATES • Net retransmission revenues grew by mid-single digits in 1Q25; continue to expect a two-year mid-single digit CAGR through the end of 2025 • YouTube TV agreement extended 1Q25 Earnings Presentation • No outstanding linear distribution or network affiliation ag
Slide 9: Optimistic for Favorable Deregulation
OPTIMISTIC FOR FAVORABLE DEREGULATION • Outdated FCC regulations within Broadcast, including those around ownership caps and in-market ownership, are in significant need of modernization • The results of the latest U.S. election have shifted perspectives on Broadcasts’ regulatory landscape, with man
Slide 10: Capital Structure Update
CAPITAL STRUCTURE UPDATE • Total Sinclair Television Group (STG) DEBT MATURITY SCHEDULE (as of 3/31/25) debt at the end of 1Q25 was $4.2 billion $2,000 • STG Net First Out First Lien 1.8x (1) 1Q25 Earnings Presentation $1,800 • STG Net Total First Lien 4.2x (1) $1,600 • STG Total Net Leverage 5.8x (
Slide 11: Segment Performance in 1Q25
SEGMENT PERFORMANCE IN 1Q25 Local Media ($MM) 1Q25 Local Media Financial Performance Guidance $397 - $399 Distribution Revenue Actual $395 • Media revenue results in line with guidance Guidance $270 - $280 Advertising Revenue • Distribution revenues below guidance driven by slower subscriber churn C
Slide 12: 1Q25 Consolidated Media Revenue
1Q25 CONSOLIDATED MEDIA REVENUE Media Revenues vs Guidance Media Revenues vs Prior Year ($ in millions) ($ in millions) $800 $780 $795 $775 $773 $790 1Q25 Earnings Presentation $770 $785 $770 $780 $765 $775 $760 $770 $755 $759 $765 $750 $760 $745 $755 $750 $740 1Q24 Political Core Management Other D
Slide 13: 1Q25 Consolidated Adjusted EBITDA
1Q25 CONSOLIDATED ADJUSTED EBITDA Adjusted EBITDA vs Guidance ($ in millions) Adjusted EBITDA vs Prior Year ($ in millions) $115 $150 $145 1Q25 Earnings Presentation $110 $112 $140 $139 $105 $135 $102 $100 $130 $125 $95 $120 $115 ($22) $1 $112 $90 $110 ($6) $90 $85 $105 $100 $80 1Q24 Total Media Med
Slide 14: Second Quarter 2025 Guidance
SECOND QUARTER 2025 GUIDANCE Corporate For the three months ending and June 30, 2025 ($ in millions) Core advertising revenue Local Media $270 to 286 Tennis $14 to 15 Other $35 to 36 Eliminations $(7) Consolidated $313 to 330 Highlights Political advertising revenue 5 to 7 - - - 5 to 7 Advertising r
Slide 15: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE Highlights For the twelve months ending December 31, 2025 ($ in millions) Consolidated 1Q25 Earnings Presentation Non-media expenses $46 Amortization of program costs $72 • Net interest expense includes $68 million of non- Corporate overhead $174 recurring fees and expenses a
Slide 16: 1Q25 Key Takeaways
1Q25 KEY TAKEAWAYS • Adjusted EBITDA exceeded high-end of guidance range • Core advertising trends in-line with expectations, despite declining consumer and business confidence amidst macro- economic volatility • Effective yield management and sales training processes driving best-in-industry core a