Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 25, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements & Non-GAAP Financial Measures The matters discussed in this presentation, particularly those in the section labeled “Guidance," include forward-looking statements regarding, among other things, future operating results. When used in this presentation, the words
Slide 3: 2025: Executed, Simplified, Positioned for 2026+
2025: Executed, Simplified, Positioned for 2026+ ▶ FY-25: Total revenue $3,169M and Adjusted EBITDA $483M both > guidance midpoint Delivered strong ▶ Q4-25: Total revenue $836M and Adjusted EBITDA $168M both > guidance midpoint financial ▶ Q4-25: Core advertising +14% y-o-y; early churn stabiliz
Slide 4: Regulatory Environment Remains Supportive
Regulatory Environment Remains Supportive ▶ Industry is awaiting several crucial regulatory decisions that are currently in front of the Federal Communications Commission (FCC) ▶ Deregulatory environment for local broadcast industry continues and we remain optimistic on significant regulatory issues
Slide 5: Ventures Update
Ventures Update Received $86 million of cash distributions in Q4 and $104 million for the full year as we continue to actively manage minority exits Made incremental investments of $25 million in Q4 and $50 million for the full year $465 million in cash and cash equivalents at year-end 5
Slide 6: Ventures Investment Portfolio Evolution Continues
Ventures Investment Portfolio Evolution Continues $ in millions Direct Real Estate Investments $64 $17 Key Takeaways ▶ Strategic pivot continues from passive minority investments to majority- controlled operating businesses Bally's Book Value of Minority Investments, ▶ During the quarter, Ventures i
Slide 7: 2025: Operational Highlights & Takeaways
2025: Operational Highlights & Takeaways Highlights ▶ Core advertising trends +14% year-over-year in Q4; strength across most categories ▶ 48 of top-50 most-watched telecasts in 2025 were on broadcast TV 96 of top-100 were live sporting events ▶ Podcasts delivering strong growth with new launches
Slide 8: Q4 2025: Actual Performance vs. Guidance
Q4 2025: Actual Performance vs. Guidance $ in millions Total Company Q4 Guidance Q4 Results vs. Guidance Key Points Total Revenue $815 – $851 $836 > Midpoint ▶ Total revenue for total company and both segments (Local Media & Distribution Revenue $429 – $441 $438 > Midpoint Tennis) exceeded the midpo
Slide 9: Q4 2025: Financial Results
Q4 2025: Financial Results Total Company Local Media Tennis $ in millions $ in millions $ in millions $62 $1,004 $330 $932 $321 $21 Political Political $836 $734 $203 $203 Political Political $14 $14 $168 $57 $153 $19 $801 $822 $729 $720 Total Revenue Adjusted EBITDA Total Revenue Adjusted EBITDA To
Slide 10: Debt Maturity Schedule
Debt Maturity Schedule As of December 31, 2025 $ in millions Key Debt & Liquidity Metrics ▶ Total Sinclair Television Group (STG) debt was $4.4 billion (incl. A/R facility) STG Net First Out First Lien 1.5x (1) STG Net First Lien 3.9x (1) STG Net Leverage 5.3x (1) Nearest material maturity not
Slide 11: Created Foundation for Deleveraging Runway
Created Foundation for Deleveraging Runway Multi-year runway to reduce net leverage Comprehensive A/R Securitization Reducing Debt in Continuing through Refinancing Facility 2026 Political Year 2028 Political Year (Feb 2025) (Nov 2025) (Dec 2026) (Dec 2028) ▶ Moved out debt ▶ 3-year, $375M A/R ▶ Exp
Slide 12: 2026: Full Year Financial Guidance
2026: Full Year Financial Guidance As of February 25, 2026 Key Assumptions $ in millions ▶ Stable core advertising trends driven Total Company Local Media by sports-heavy broadcast calendar Low High Low High Crowd out due to political demand Total Revenue 3,400 3,540 3,000 3,120 consistent w/ prio
Slide 13: 2025 Community Impact: Sinclair Cares
2025 Community Impact: Sinclair Cares ▶ $5.7M in donated on-air Total funds raised Nearly $23 million promotional time Pounds of food collected 4,929,825 ▶ More than 300 charitable organizations supported in 2025 Meals provided 2,232,247 to help improve and enrich local lives in the markets we serve
Slide 14: Summing Up
Summing Up Setup into 2026+ ▶ Continued Execution and Momentum in Core Broadcast Business Delivered strong results in 2025 that met or exceeded expectations translating into cash generation ▶ Deleveraging Plan with Substantial Flexibility Extended maturity runway, increased liquidity and establi
Slide 15: Appendix
SINCLAIR Appendix
Slide 16: FY 2025: Financial Results
FY 2025: Financial Results Consolidated Local Media Tennis $ in millions $ in millions $ in millions $3,548 $73 $876 $3,254 $859 $265 Political $3,169 Political $67 $405 Political $405 $2,774 $32 Political $483 $32 $447 $247 $3,143 $3,137 $2,849 $2,742 Total Revenue Adjusted EBITDA Total Revenue Adj
Slide 17: Select Consolidated Financial Results
Select Consolidated Financial Results 17
Slide 18: Select Consolidated Financial Results (by Segment)
Select Consolidated Financial Results (by Segment) 18
Slide 19: Consolidated Statement of Operations
Consolidated Statement of Operations 19
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non- GAAP Financial Measures Sinclair, Inc. Consolidated Net Income to Consolidated Adjusted EBITDA 20
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non- GAAP Financial Measures Segment GAAP Operating Income to Segment Adjusted EBITDA 21