Nexstar Media Group Reports First Quarter Results

About this update from Nexstar Media Group, Inc.

Closed acquisition of TEGNA Inc. on March 19, 2026, following FCC and DOJ regulatory approvals Transaction positions Nexstar to compete more aggressively with Big Tech and legacy media conglomerates ensuring the preservation of high-quality local journalism and a diversity of viewpoints - upholding the standard Nexstar has set in every prior transaction Achieved record first quarter net revenue Returned $56 million to shareholders in dividends in Q1 2026 and repaid $182 million of debt through April 30 IRVING, Texas, May 07, 2026 --( BUSINESS WIRE )--Nexstar Media Group, Inc. (NASDAQ: NXST) ("Nexstar" or the "Company") today reported financial results for the first quarter ended March 31, 2026 as summarized below. Please visit Nexstar’s website to view the full press release . STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO "Next month marks the thirtieth anniversary of Nexstar’s founding - a journey that began with a single station in Scranton, Pennsylvania. While the media landscape has shifted dramatically since then, my conviction that local journalism is vital to democracy remains unchanged. Throughout its history and to this day, Nexstar’s mission is to provide communities of all sizes with premier programming, fact-based news reporting, and innovative digital solutions for our viewers and advertisers. As we have grown, the reach of Big Tech and legacy media conglomerates has expanded exponentially. Today, we still do not match their ubiquitous reach, and we operate with only a fraction of their resources, which directly impacts our ability to compete. Our acquisition of TEGNA is a critical step in solidifying our future and ensuring we can continue providing these essential services to the public. "As we continue to advocate for this transaction, our primary focus remains on operational excellence - the historical hallmark of Nexstar. Our first-quarter performance underscores this commitment as we delivered record net revenue, surpassing consensus expectations. NewsNation once again secured its position as the fastest-growing ad-supported cable network, ranking 35 th in primetime household viewership for the first quarter. In addition, The CW continues its trajectory toward profitability, with sports programming composing nearly half of the network’s total programming hours in 2026." Company and Business Highlights Financial Results Capital Allocation Debt, Cash and Leverage First Quarter Conference Call Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question-and-answer session. To access the conference call, interested parties may dial 1-877-407-9208 or 1-201-493-6784, conference ID 13759681 (domestic and international callers). Participants can also listen to a live webcast of the call through the "Events and Presentations" section under "Investor Relations" on Nexstar’s website at nexstar.tv . A webcast replay will be available for 90 days following the live event at nexstar.tv . Forward-Looking Statements This communication includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, operating expenses and cash flow and the Company’s ability to integrate TEGNA and realize anticipated synergies, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of business acquisitions (including achievement of synergies and cost reductions), the outcome of the pending litigations related to the TEGNA acquisition, pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this communication might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see Nexstar’s other filings with the Securities and Exchange Commission. Definitions and Disclosures Regarding Non-GAAP Financial Information Adjusted EBITDA is calculated as net income, plus or (minus): transaction, other one-time and restructuring expenses, stock-based compensation expense, depreciation and amortization expense (excluding amortization of broadcast rights), amortization of basis difference of equity method investments, (gain) loss on asset disposal, impairment charges, interest expense, net, pension and other postretirement plans costs (credit), income tax expense (benefit) and other operating and non-operating expense (income). We consider Adjusted EBITDA to be an indicator of our assets’ operating performance. Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow is calculated as Free Cash Flow plus or (minus): transaction, other one-time and restructuring expenses, changes in operating assets and liabilities, net of acquisitions (excluding changes in income tax payable), taxes paid on sale of assets, pension and other postretirement plans costs (credit), (payments) for capitalized software obligations, proceeds from disposal of assets and insurance recoveries and other expense (income), cash contribution from (distribution to) noncontrolling interests and other items. We consider Adjusted Free Cash Flow to be an indicator of our liquidity. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be available for use in ongoing operations, debt payments, pension contributions, dividends, share repurchases, acquisitions and other items. Adjusted Free Cash Flow is not intended to represent the amount of cash flow available for discretionary expenditures as certain items and non-discretionary expenditures, such as changes in working capital, mandatory debt service requirements and pension contributions, are not deducted from this measure. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release. About Nexstar Media Group, Inc. Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms. For more information, please visit nexstar.tv Nexstar Media Group, Inc. Condensed Consolidated Statements of Operations (in millions, except for share and per share amounts, unaudited) Nexstar Media Group, Inc. Condensed Consolidated Statements of Cash Flows ($ in millions, unaudited) Nexstar Media Group, Inc. Reconciliation of Adjusted EBITDA (Non-GAAP Measure) ($ in millions, unaudited) Nexstar Media Group, Inc. Reconciliation of Free Cash Flow and Adjusted Free Cash Flow (Non-GAAP Measure) ($ in millions, unaudited)   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507403565/en/ Contacts Investor Contacts: Lee Ann Gliha EVP and Chief Financial Officer Nexstar Media Group, Inc. 972/373-8800 Joe Jaffoni, Jennifer Neuman JCIR 212/835-8500 or [email protected] Media Contact: Gary Weitman EVP and Chief Communications Officer Nexstar Media Group, Inc. 972/373-8800 or [email protected]

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