Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q2 2025 Earnings Presentation
28 slides from Iheartmedia's earnings presentation, Aug 11, 2025
Slide 1: Second Quarter 2025 Investor Presentation
Second Quarter 2025 Investor Presentation August 11, 2025 NASDAQ: IHRT
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
Slide 3: Executive Summary
1 Executive Summary Ø Q2 2025 Consolidated Results ▪ Q2 Revenue of $934 million, up 0.5% (Excluding Q2 Political Revenue, Q2 Revenue up 1.5%) ▪ Consolidated Adjusted EBITDA of $156 million, compared to $150 million in Q2 2024, up 3.9% ▪ Cash provided by operating activities of $7 million ▪ Free Cash
Slide 4: Segment Reporting: 2025 Q2 Results
Segment Reporting: 2025 Q2 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % $US Dollars in millions Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 544.6 $ 575.9 (5.4) % $ 96.4 $ 104.3 (7.6) %
Slide 5: $200M Gross Savings ($150M Net Savings) Modernization Program Details
$200M Gross Savings ($150M Net Savings) Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 5% 10% 10% 10% 20% 15% 65% 65% HC Reductions Cost of Sales MPG Corporate AMS DAG Vendor Reductions Occupancy Costs Net Savings b
Slide 6: iHeartRadio Strategically Positioned in the Podcast Value Chain
iHeartRadio Strategically Positioned in the Podcast Value Chain1 High Value Low Value PODCAST PUBLISHERS PODCAST SALES REPS. DISTRIBUTORS • Control/produce all content • Sell/backfill podcasts for certain • Carry podcasts on platform • Publish content across multiple Publishers • No economics unless
Slide 7: Local Sales of Podcast Ads Contributing to Growth
Local Sales of Podcast Ads Contributing to Growth Podcasts Revenue (% composition) $134M 52% National $21M 48% Local 86% Q2 2020 14% Q2 2025 7
Slide 8: Monthly Podcast Audience More Than Doubled In 8 Years
Monthly Podcast Audience More Than Doubled In 8 Years 55% Average Monthly Podcast Audience (MM) OF AMERICANS! 120 135 MM 158 109 MM MM 116 MM 104 MM 90 MM 2024 73 MM 2023 MM 2021 2022 2025 67 MM 2018 2019 2020 2017 8 Source: Edison Research; reported "Listeners" through 2024, Consumers starting in 2
Slide 9: Miller-Kaplan Radio Revenue Share
Miller-Kaplan Radio Revenue Share Miller Kaplan Measured Markets Revenue Share 41% iHeartMedia Miller Kaplan Measured Markets Revenue Radio Revenue ex-iHeartMedia In 2025 through June, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 4.5 percentage points 9 Source: Miller
Slide 10: Q2 Advertising Revenue Category Performance
Q2 Advertising Revenue Category Performance YoY Revenue Variance $ Top 5 Sectors in Total Advertising Revenue in Q2 2025: Financial Services, Homebuilding & Improvement, Healthcare, Auto, Entertainment 10
Slide 11: Earnings Highlights
Earnings Highlights 1 Positive financial results in an uncertain environment 2 Continuing to outperform in Podcasting as we cement our #1 leadership position1 3 Commitment to re-ignite growth in Broadcast Radio business On track on modernization program, with $150M net savings in 2025, driven primar
Slide 12: Q2 2025 Total Adjusted EBITDA and Net Savings Flowthrough
Q2 2025 Total Adjusted EBITDA and Net Savings Flowthrough ~$40M $156M $150M ~($10M) ~$15M ~($10M) ~($26M) ~($2M) Q2 Q2 2024 EBITDA 2024 MPGMPG Revenue AMSAMS Revenue DAGDAG RevenueNet Cost NetSavings Cost Trade Non-Cash Benefits & Other Benefits & Q2 2025 EBITDA Q2 2025 Adjusted (~5%) @ ~85% (~3%) @
Slide 13: Q2 '25 Financial Results
Q2 '25 Financial Results Three Months Ended $US Dollars in millions June 30, 2025 2024 Variance Revenue $ 933.7 $ 929.1 0.5 % Direct operating expenses 391.2 382.0 2.4 % SG&A expenses 413.1 431.6 (4.3) % Depreciation & amortization 90.4 104.4 Impairment charges 2.6 920.2 Other operating expense, net
Slide 14: Debt
Debt June 30, December 31, $USD in millions Maturity 2025 2024 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ 100.0 $ — Term Loan Facility due 2026 2026 5.1 5.1 Incremental Term Loan Facility due 2026 2026 1.5 1.5 Term Loan Facility due 2029 2029 2,135.0 2,145.7 6.375% Senio
Slide 15: Appendix
15 Appendix iHeart Media
Slide 16: Digital Ex-Podcast Generates Additional Growth and TAM Opportunities
Digital Ex-Podcast Generates Additional Growth and TAM Opportunities 3rd Party Digital Websites Products Ad Tech Video Newsletters Streaming Social Audio 16
Slide 17: iHeartPodcasts is the #1 Podcast Publisher in the US
iHeartPodcasts is the #1 Podcast Publisher in the US PUBLISHER US STREAMS & DOWNLOADS US UNIQUE MONTHLY AUDIENCE 164,539,000 30,173,000 23,760,000 6,969,000 24,317,000 6,524,000 34,369,000 5,788,000 16,364,000 5,437,000 18,795,000 5,131,000 11,996,000 4,406,000 28,126,000 4,097,000 10,975,000 3,635,
Slide 18: And Leading Podcast Publisher Across All Podtrac Categories
And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac Most Shows In Podtrac Most Shows In Podtrac RANKING THE TOP 10 1MM+ LISTENS* BY CATEGORY 101 35 36 27 12 13 15 9 8 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 60 consecutive mon
Slide 19: Q2 YTD 2025 Financial Results
Q2 YTD 2025 Financial Results Six Months Ended $US Dollars in millions June 30, 2025 2024 Variance Revenue $ 1,741 $ 1,728 0.8 % Direct operating expenses 748 723 3.5 % SG&A expenses 794 817 (2.8) % Depreciation & amortization 182 210 Impairment charges 5 922 Other operating expense, net 2 1 Operati
Slide 20: iHeartMedia Q2 Revenue Streams
iHeartMedia Q2 Revenue Streams Three Months Ended $US Dollars in millions June 30, 2025 2024 Variance Revenue Broadcast Radio $ 395.8 $ 425.5 (7.0) % Networks 107.8 106.6 1.1 % Sponsorship and Events 36.5 39.1 (6.7) % Other 4.5 4.7 (4.1) % Multiplatform Group $ 544.6 $ 575.9 (5.4)% Digital ex. Podca
Slide 21: iHeartMedia Q2 YTD Revenue Streams
iHeartMedia Q2 YTD Revenue Streams Six Months Ended $US Dollars in millions June 30, 2025 2024 Variance Revenue Broadcast Radio $ 736.5 $ 784.8 (6.2) % Networks 207.3 208.6 (0.7) % Sponsorship and Events 65.1 67.0 (2.8) % Other 8.7 9.0 (3.1) % Multiplatform Group $ 1,017.6 $ 1,069.4 (4.8)% Digital e
Slide 22: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended Six Months Ended (In millions) June 30, % June 30, % 2025 2024 Change 2025 2024 Change Consolidated revenue $ 933.7 $ 929.1 0.5 % $ 1,740.8 $ 1,728.1 0.7 % Excluding: Political revenue (6.2) (14.9) (11.9) (26.5) Consolidated revenue, excluding p
Slide 23: Capital Expenditures
Capital Expenditures $USD in millions Six Months Ended June 30, 2025 2024 Variance % Multiplatform Group $ 16.6 $ 24.6 $ (8.0) (32.4)% Digital Audio Group 10.3 11.1 (0.9) (7.7)% Audio & Media Services Group 8.4 4.4 4.0 89.4 % Corporate 4.4 2.6 1.8 69.7 % Total Capital Expenditures $ 39.7 $ 42.8 $ (3
Slide 24: Segment Reporting: Q2 YTD 2025 Results
Segment Reporting: Q2 YTD 2025 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % $US Dollars in millions Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 Multiplatform Group $ 1,017.6 $ 1,069.4 (4.8) % $ 166.4 $ 181.4 (8.3
Slide 25: Reconciliation of Free Cash Flow to Cash Provided by (Used for) Operating Activities
Reconciliation of Free Cash Flow to Cash Provided by (Used for) Operating Activities Three Months Ended ($US Dollars in thousands) June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided by (used for) operating activities $ 6,821 $ 26,729 $ (54,123) $ (32,548) Purchases of property, pla
Slide 26: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended $US Dollars in thousands June 30, 2025 2024 Net income (loss) $ (83,988) $ (981,989) Income tax (benefit) expense 18,253 (23,959) Interest expense, net 100,894 95,577 Depreciation and amortization 90,369 104,356 EBITDA $ 125
Slide 27: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Six Months Ended Year Ended December Trailing Twelve Months 1 $US Dollars in thousands June 30, 31, Ended June 30, 2025 2024 2024 2025 Net loss $ (364,871) $ (1,000,097) $ (1,009,494) $ (374,268) Income tax (benefit) expense 153,612 (44,621) (
Slide 28: About iHeartMedia, Inc.
About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than