Iheartmedia, Inc. · NASDAQ:IHRT
Iheartmedia — Q2 2026 Earnings Presentation
32 slides from Iheartmedia's earnings presentation, Aug 10, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation August 10, 2026 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 Results
Executive Summary Results1 Ø Q2 2026 Consolidated Results ▪ Q2 Revenue of $977 million, up 4.7% (Excluding Q2 Political Revenue, Q2 Revenue up 3.5%) ▪ Consolidated Adjusted EBITDA of $152 million, compared to $156 million in Q2 2025, down 2.9% ▪ Cash provided by operating activities of $65 million ▪
Slide 4: Executive Summary Guidance
Executive Summary Guidance1 Ø Q3 2026 Guidance ▪ Consolidated Revenue expected to increase mid-single digits ▪ Consolidated Adjusted EBITDA2 expected to be approximately $180 million to $220 million Ø Full Year 2026 Guidance ▪ Consolidated Adjusted EBITDA2 expected to be approximately $800 million ▪
Slide 5: Segment Reporting: 2026 Q2 Results
Segment Reporting: 2026 Q2 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % In millions Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2026 2025 Variance % 2026 2025 Variance % 2026 2025 Multiplatform Group $ 535.7 $ 544.6 (1.6) % $ 58.6 $ 96.4 (39.2) % 1
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: Dynamics Driving the Future of Podcasting
Dynamics Driving the Future of Podcasting And local sales force Revenue growth from: increases revenue Podcasts Revenue (% composition) • More consumers of podcasts $162M • Consumers listening to more episodes and more podcasts • Creating more inventory 50% National • Advertisers increasingly recogn
Slide 8: Miller-Kaplan Radio Revenue Share
Miller-Kaplan Radio Revenue Share Miller Kaplan Measured Markets Revenue Share 42% iHeartMedia Miller Kaplan Measured Markets Revenue Radio Revenue ex-iHeartMedia In 2026 through June, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 4.0 percentage points 8 Source: Miller
Slide 9: Q2 Advertising Revenue Category Performance
Q2 Advertising Revenue Category Performance YoY Revenue Variance $ Top Category Gains Top Category Declines Financial Food & Telecom Services Auto Beverage Political Gambling Computer, Professional Electronics, & Services Appliances Political Gambling Computers, Electronics, & Professional Services
Slide 10: Earnings Highlights
Earnings Highlights Positive financial results in an uncertain environment, generating $46M of 1 Free Cash Flow in Q2 2026 Continuing to outperform in Podcasting as we cement our #1 leadership position 2 and expand the video marketplace with announced deal today with Disney+ and Hulu in addition to
Slide 11: Q2 2026 Total Adjusted EBITDA and Net Savings Flowthrough
Q2 2026 Total Adjusted EBITDA and Net Savings Flowthrough ~$23M ~$16M ~($9M) $156M ~$13M $152M ~($8M) ~($39M) Q2 2025 MPGMPG Revenue AMS Revenue DAGDAG Revenue Cost Benefits & Other Benefits & Non-Cash Q2 Q2 2026 EBITDA 2026 Q2 Adjusted 2025 EBITDA ~(2%) @ ~85% +~19%AMS @ ~100% +~12% @ ~40% Cost Sav
Slide 12: Leading Podcasting Business With Breadth of Content and Strong Financials
Leading Podcasting Business With Breadth of Content and Strong Financials ~1,000% Podcast Revenue Growth Over Six Years Podcast Revenue $564M $358M iHeart Is #1 Podcast Publisher $53M 150M 29M 945 U.S Monthly Downloads Monthly Audience Active Shows FY19 FY22 FY25 12 Source: Podtrac Monthly Ranker, J
Slide 13: Katz Media Group Drives Audio & Media Services Group Growth and Profitability
Katz Media Group Drives Audio & Media Services Group Growth and Profitability for Q2 2026 Leading Full-service Media Representation Business • Provides scaled audio advertising solutions • Enables national advertisers to execute across broadcast and digital platforms localized TV campaigns across th
Slide 14: Debt
Debt June 30, December 31, In millions Maturity 2026 2025 iHeartCommunications, Inc. Asset-based Revolving Credit Facility 2027 $ 125.0 $ 50.0 Term Loan Facility due 2026 2026 — 5.1 Incremental Term Loan Facility due 2026 2026 — 1.5 Term Loan Facility due 2029 2029 2,113.5 2,124.3 6.375% Senior Secu
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 150,301,000 29,461,000 23,623,000 6,550,000 18,554,000 6,073,000 22,097,000 6,037,000 22,116,000 5,886,000 21,050,000 5,446,000 13,531,000 5,228,000 11,712,000 3,432,000 14,214,000 3,381,
Slide 18: iHeartAudienceNetwork is the #1 Podcast Sales Rep in the US
iHeartAudienceNetwork is the #1 Podcast Sales Rep in the US PODCAST SALES REP MONTHLY DOWNLOADS MONTHLY AUDIENCE 267,631,000 55,148,000 94,860,000 17,034,000 44,317,000 12,846,000 18 Source: Podtrac Monthly Ranker, June 2026
Slide 19: 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 92 29 31 28 16 18 15 7 7 #1 in total Downloads for #1 in unique U.S. Listeners The Only Network with shows in 72 consecutive mont
Slide 20: 2026 $100M Savings Modernization Program Details
2026 $100M Savings Modernization Program Details Reducing Costs by Continuing to Leverage Technology and AI Net Savings by Segment Net Savings by Type 8% 5% 18% 28% 37% 53% 22% 30% Cost of Sales Vendor Reductions MPG DAG Corporate AMS HC Reductions Occupancy Costs Net Savings by Function HC Reductio
Slide 21: 2026 Modernization Program Phasing
2026 Modernization Program Phasing $150M Cost Reductions with $125M in-year Expected Impact $US Dollars in millions Q1-2026 Q2-2026 Q3-2026F Q4-2026F FY 2026F Phase I - $50M (Q3-2025 Annoucement) $ 12.5 $ 12.5 $ 12.5 $ 12.5 $ 50.0 Phase II - $50M (Q4-2025 Annoucement) - 10.0 20.0 20.0 50.0 Phase III
Slide 22: Q2 YTD 2026 Financial Results
Q2 YTD 2026 Financial Results Six Months Ended In millions June 30, 2026 2025 Variance % Revenue $ 1,861.4 $ 1,740.8 6.9 % Direct operating expenses 775.6 747.5 3.8 % SG&A expenses 887.8 793.9 11.8 % Depreciation & amortization 159.7 182.3 Impairment charges — 5.4 Other operating expense 1.3 1.7 Ope
Slide 23: iHeartMedia Q2 Revenue Streams
iHeartMedia Q2 Revenue Streams Three Months Ended In millions June 30, 2026 2025 Variance % Revenue Broadcast Radio $ 397.6 $ 395.8 0.5 % Networks 103.7 107.8 (3.8) % Sponsorship and Events 30.5 36.5 (16.3) % Other 3.9 4.5 (14.5) % Multiplatform Group $ 535.7 $ 544.6 (1.6)% Digital ex. Podcast 202.0
Slide 24: iHeartMedia Q2 YTD Revenue Streams
iHeartMedia Q2 YTD Revenue Streams Six Months Ended In millions June 30, 2026 2025 Variance % Revenue Broadcast Radio $ 759.0 $ 736.5 3.1 % Networks 200.9 207.3 (3.1) % Sponsorship and Events 58.5 65.1 (10.1) % Other 10.7 8.7 22.9 % Multiplatform Group $ 1,029.1 $ 1,017.6 1.1 % Digital ex. Podcast 3
Slide 25: Political Revenue Impact by Segment
Political Revenue Impact by Segment Three Months Ended Six Months Ended In millions June 30, June 30, 2026 2025 Variance % 2026 2025 Variance % Consolidated revenue $ 977.2 $ 933.7 4.7 % $ 1,861.4 $ 1,740.8 6.9 % Excluding: Political revenue (17.7) (6.2) (26.1) (11.9) Consolidated revenue, excluding
Slide 26: Capital Expenditures
Capital Expenditures In millions Six Months Ended June 30, 2026 2025 Variance $ Variance % Multiplatform Group $ 20.4 $ 16.6 $ 3.8 22.9 % Digital Audio Group 9.6 10.3 (0.7) (6.9)% Audio & Media Services Group 3.8 8.4 (4.5) (54.2)% Corporate 7.0 4.5 2.5 57.1 % Total Capital Expenditures $ 40.8 $ 39.7
Slide 27: Segment Reporting: Q2 YTD 2026 Results
Segment Reporting: Q2 YTD 2026 Results Revenue Adjusted EBITDA Adjusted EBITDA Margin % Six Months Ended In millions Six Months Ended June 30, Six Months Ended June 30, June 30, 2026 2025 Variance % 2026 2025 Variance % 2026 2025 Multiplatform Group $ 1,029.1 $ 1,017.6 1.1 % $ 105.6 $ 166.4 (36.5) %
Slide 28: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by (Used for) Operating Activities to Free Cash Flow Three Months Ended Six Months Ended In thousands June 30, June 30, 2026 2025 2026 2025 Cash provided by (used for) operating activities $ 64,883 $ 6,821 $ (27,657) $ (54,123) Purchases of property, plant and equipme
Slide 29: Q2 '26 Financial Results
Q2 '26 Financial Results Three Months Ended In millions June 30, 2026 2025 Variance % Revenue $ 977.2 $ 933.7 4.7 % Direct operating expenses 400.6 391.2 2.4 % SG&A expenses 461.6 413.1 11.8 % Depreciation & amortization 78.3 90.4 Impairment charges — 2.6 Other operating expense 1.2 1.1 Operating in
Slide 30: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended In thousands June 30, 2026 2025 Net loss $ (82,536) $ (83,988) Income tax expense 19,979 18,253 Interest expense, net 96,057 100,894 Depreciation and amortization 78,321 90,369 EBITDA $ 111,821 $ 125,528 Loss on investments,
Slide 31: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Six Months Ended Year Ended Trailing Twelve Months In thousands June 30, December 31, Ended June 30,1 2026 2025 2025 2026 Net loss $ (178,154) $ (364,871) $ (471,887) $ (285,170) Income tax expense 20,268 153,612 (1,795) (135,139) Interest exp
Slide 32: 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