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iHeart Media Second Quarter 2026 Investor Presentation August 10 , 2026 NASDAQ : IHRT AMERICA'S # 1 AUDIO COMPANY | REACHING 9 OUT OF 10 AMERICANS EVERY MONTH | RADIO . PODCASTS - STREAMING INFLUENCERS - LIVE EVENTS | GUARANTEED HUMAN
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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 which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements regarding the Company's anticipated growth and continued investments; our expected costs savings; utilization of new technologies, programmatic platforms, and revenue opportunities; impact of audio media & services; improving operational efficiency; future advertising demand; trends in the advertising industry, including on other media platforms; strategies, goals, partnerships digital reach and initiatives; future market share; our anticipated financial condition and financial performance, including our outlook as to third quarter and full year 2026 consolidated results of operations; returning to Multiplatform Adjusted EBITDA growth and our future liquidity and net leverage are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: risks related to global economic or political uncertainty and our dependence on advertising revenues; competition, including increased competition from alternative media platforms and technologies; risks related to our use of artificial intelligence; dependence upon our brand and the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological and industry changes and innovations; shifts in population and other demographics; impact of acquisitions, dispositions and other strategic transactions; risks related to our indebtedness; legislative or regulatory requirements; impact of legislation and royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection and breaches of information security measures; risks related to scrutiny and regulation of environmental, social and governance matters; risks related to our Class A common stock; and regulations impacting our business and the ownership of our securities. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company's reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Part I, Item 1A. Risk Factors” of iHeartMedia, Inc.'s Annual Reports on Form 10-K and “Part II, Item 1A. Risk Factors” of iHeartMedia, Inc.'s Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Non-GAAP Financial Measures This presentation includes information that does not conform to U.S. generally accepted accounting principles (GAAP), such as (i) Adjusted EBITDA and Adjusted EBITDA margin, (ii) Free cash flow, (iii) net debt and net leverage, and (iv) revenue excluding the effects of political revenue. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published Company reports on Forms 10-K, 10-Q and 8-K. These reports are available on the Investor Relations page of www.iheartmedia.com. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included at the end of this presentation. In addition, herein we have provided guidance for the quarter ending September 30, 2026 and year ending December 31, 2026. Our Earnings Call on August 10, 2026 may present additional guidance that includes Adjusted EBITDA. A full reconciliation of forecasted Adjusted EBITDA, Free Cash Flow or net leverage on a non-GAAP basis to the respective most-directly comparable GAAP metrics cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations, including gains or losses on investments, equity in nonconsolidated affiliates, impairment charges, stock based compensation, restructuring, and the Company’s cash and cash equivalents balance and Cash used for operating activities. This presentation should be read in conjunction with the Q2 2026 earnings release of iHeartMedia, Inc. and Form 10-Q filing of iHeartMedia, Inc. available at www.iheartmedia.com Numbers may not sum due to rounding. In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense, (“SG&A”) and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Comprehensive Loss: Depreciation and amortization; Impairment charges; and Other operating expense, net. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues. Free cash flow is defined as Cash provided by (used for) operating activities less capital expenditures, which is disclosed as Purchases of property, plant and equipment in the Company's Consolidated Statements of Cash Flows. Net debt is Total debt less Cash and cash equivalents and Debt Premium. See reconciliations in the Appendix. 2
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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 ▪ Free Cash Flow of $46 million, compared to ($13) million in Q2 2025 ▪ Cash balance and total available liquidity2 of $174 million and $457 million, respectively, as of June 30, 2026 ▪ Extended maturity date of existing $450 million Asset-based Revolving Credit Facility from May 17, 2027 until January 30, 20293 Ø Q2 2026 Digital Audio Group Results ▪ Digital Audio Group Revenue of $364 million up 12% ◦ Podcast Revenue of $162 million up 21% ◦ Digital Revenue excluding Podcast of $202 million up 7% ▪ Segment Adjusted EBITDA of $123 million up 14% ◦ Digital Audio Group Adjusted EBITDA margin of 33.8% Ø Q2 2026 Multiplatform Group Results ▪ Multiplatform Group Revenue of $536 million down 2% ◦ Excluding Multiplatform Group Q2 Political Revenue, Multiplatform Group Q2 Revenue down 3% ▪ Segment Adjusted EBITDA of $59 million down 39% ◦ Multiplatform Group Adjusted EBITDA margin of 10.9% 3 Executive Summary Results1 1. Unless otherwise noted, all results are based on year over year comparisons. 2. Total available liquidity is defined as cash and cash equivalents plus available borrowings under our ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations. 3. Transaction closed on August 7, 2026.
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4 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 ▪ Free Cash Flow of approximately $200 million ◦ Minimal cash taxes in 2026 ▪ In-year 2026 cost savings of $125 million ▪ Total Programmatic Revenue of approximately $200 million, up approximately 50% ▪ Multiplatform Adjusted EBITDA2 return to growth ▪ Year End 2026 Net Debt to Adjusted EBITDA ("net leverage")3 to be in mid-fives Executive Summary Guidance1 1. Unless otherwise noted, all results are based on year over year comparisons. 2. A full reconciliation of forecasted Adjusted EBITDA, Free Cash Flow or net leverage on a non-GAAP basis to the respective most-directly comparable GAAP metrics cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations, including gains or losses on investments, extinguishment of debt, equity in nonconsolidated affiliates, impairment charges, stock based compensation, restructuring, and the Company’s cash and cash equivalents balance and Net cash provided by operating activities. 3. We define Net Debt as Total Debt less Cash and cash equivalents and Debt Premium.
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Segment Reporting: 2026 Q2 Results Figures may not foot due to rounding. 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) % 10.9 % 17.7 % Digital Audio Group 364.1 323.9 12.4 % 123.2 107.6 14.5 % 33.8 % 33.2 % Audio & Media Services Group 80.5 67.7 18.8 % 36.7 23.7 54.6 % 45.6 % 35.0 % Corporate and Other Items (66.9) (71.6) (6.5) % Eliminations (3.0) (2.5) 17.2 % — — NM Consolidated $ 977.2 $ 933.7 4.7 % $ 151.5 $ 156.1 (2.9) % 15.5 % 16.7 % Memo: Podcast $ 162.1 $ 134.3 20.7 % Memo: Digital ex. Podcast $ 202.0 $ 189.6 6.6 % 5
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6 DISTRIBUTORSPODCAST SALES REPS.PODCAST PUBLISHERS Podcast RSS Feed: High Value Low Value • Control/produce all content • Publish content across multiple distributors • Full ad-revenue benefits captured by content Publishers • Carry podcasts on platform • No economics unless for another service (subscriptions, consumer app, device sales) • Sell/backfill podcasts for certain Publishers • Small commission – with most economics to Publisher Podtrac Industry Rankings – June 2026 iHeartRadio Strategically Positioned in the Podcast Value Chain1 1 Companies listed represent the major players in each category Podtrac Industry Rankings – June 2026
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7 Podcasts Revenue (% composition) 5% 50% 95% 50% Q2 2020 Q2 2026 $21M $162M Dynamics Driving the Future of Podcasting Local National Revenue growth from: • More consumers of podcasts • Consumers listening to more episodes and more podcasts • Creating more inventory • Advertisers increasingly recognizing the unique engagement power of podcasts And local sales force increases revenue
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8 Miller-Kaplan Radio Revenue Share Source: Miller Kaplan as of June 2026; PPM Markets defined as Miller-Kaplan monitored markets using sample audience equipped with a Nielsen Portable People Meter (PPM) In 2026 through June, iHeartMedia outperformed the industry in Miller Kaplan select PPM markets by 4.0 percentage points Miller Kaplan Measured Markets Revenue Share 42% iHeartMedia Revenue Miller Kaplan Measured Markets Radio Revenue ex-iHeartMedia
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9 Q2 Advertising Revenue Category Performance YoY Revenue Variance $ Top Category Gains Top Category Declines Top 5 Sectors in Total Advertising Revenue in Q2 2026: Homebuilding & Improvement, Financial Services, Healthcare, Auto, Professional Services Political Gambling Computers, Electronics, & Appliances Professional Services Telecom Financial Services Auto Food & Beverage Financial ServicesTelecom Computer, Electronics, & Appliances Food & Beverage Political Gambling Professional Services Auto
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10 Positive financial results in an uncertain environment, generating $46M of Free Cash Flow in Q2 20261 Earnings Highlights 2 3 4 Continuing to outperform in Podcasting as we cement our #1 leadership position and expand the video marketplace with announced deal today with Disney’s Hulu in addition to the expanded partnership with Netflix1 Sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA 2026 Cost Reductions $125M expected in-year annualized cost savings Source: 1 Podtrac Monthly Ranker, June 2026 5 Programmatic growth expect to generate approximately $200 million of overall programmatic revenue in 2026, up approximately 50% from $135 million in 2025
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11 Q2 2025 EBITDA MPG AMS DAG Cost Savings Benefits & Other Non-Cash … Q2 2026 EBITDA Q2 2026 Total Adjusted EBITDA and Net Savings Flowthrough ~$23M ~($8M) $156M $152M~$13M MPG Revenue ~(2%) @ ~85% Flowthrough AMS Revenue +~19% @ ~100% Flowthrough DAG Revenue +~12% @ ~40% Flowthrough Cost Savings Benefits & Other ~($9M) Flowthrough defined as the year over year revenue change that flows through to year over year Adj EBITDA change after deducting estimated variable expenses (such as sales commissions). These estimates are based on historical internal company performances, do not contemplate the impact of cost savings initiatives and can fluctuate based on variables such as product mix and political advertising, among other factors. Numbers may not foot due to rounding. Q2 2025 Adjusted EBITDA Q2 2026 Adjusted EBITDA Non-Cash Marketing Trade ~($39M) ~$16M
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12 $53M $358M $564M FY19 FY22 FY25 150M U.S Monthly Downloads 945 Active ShowsMonthly Audience 29M iHeart Is #1 Podcast Publisher Leading Podcasting Business With Breadth of Content and Strong Financials ~1,000% Podcast Revenue Growth Over Six Years Podcast Revenue Source: Podtrac Monthly Ranker, June 2026
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13 Katz Media Group Drives Audio & Media Services Group Growth and Profitability for Q2 2026 • Provides scaled audio advertising solutions across broadcast and digital platforms • Represents 3,500+ radio stations across the US • Supports premium digital audio, podcast, and streaming inventory • Connects brands to 290M+ Consumers • Enables national advertisers to execute localized TV campaigns across the US • Partners with 450+ TV stations • Curates live sports and entertainment streaming inventory • Facilitates high-impact, moment-based advertising during live events + Leading Full-service Media Representation Business = Audio & Media Services Group Commissions on media soldBroadcast software, media streaming, & research services $37M Q2 2026 Segment Adjusted EBITDA 55% Q2 2026 Segment Adjusted EBITDA Growth $80M Q2 2026 Revenue 19% Q2 2026 Revenue Growth
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Debt 14 Figures may not foot due to rounding. In millions Maturity June 30, 2026 December 31, 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 Secured Notes 2026 — 44.6 5.25% Senior Secured Notes 2027 7.0 7.0 8.375% Senior Unsecured Notes 2027 72.4 72.4 4.75% Senior Secured Notes 2028 276.9 276.9 9.125% First Lien Notes due 2029 2029 717.6 717.6 7.75% First Lien Notes due 2030 2030 661.3 661.3 7.00% First Lien Notes due 2031 2031 178.4 178.4 10.875% Second Lien Notes due 2030 2030 675.2 675.2 Other Secured Subsidiary Debt 4.8 3.9 Long-term debt fees (6.3) (7.2) Debt Premium 217.3 242.2 Total Debt $ 5,043.0 $ 5,053.1 Less: Debt Premium 217.3 242.2 Less: Cash and cash equivalents 174.4 270.9 Net Debt $ 4,651.3 $ 4,540.0 Trailing Twelve Months Adjusted EBITDA $ 669.2 $ 685.8 Net Debt to Trailing Twelve Months Adjusted EBITDA 7.0 6.6 Total Available Liquidity $ 457.2 Weighted Average Cost of Debt 8.9 % 9.0 %
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Appendix 15
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16 Digital Ex-Podcast Generates Additional Growth and TAM Opportunities Websites Newsletters Social Streaming Audio Ad Tech Video 3rd Party Digital Products
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17 PUBLISHER US STREAMS & DOWNLOADS US UNIQUE MONTHLY AUDIENCE 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 3,381,000 8,662,000 2,640,000 150,301,000 29,461,000 T H E M O S T C R E A T O R S + T H E M O S T - E N G A G E D S U P E R F A N S O N T H E B I G G E S T S T A G E I N P O D C A S T I N G Source: Podtrac Monthly Ranker, June 2026 iHeartPodcasts is the #1 Podcast Publisher in the US
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18 Source: Podtrac Monthly Ranker, June 2026 iHeartAudienceNetwork is the #1 Podcast Sales Rep in the US PODCAST SALES REP MONTHLY DOWNLOADS MONTHLY AUDIENCE 94,860,000 17,034,000 44,317,000 12,846,000 267,631,000 55,148,000
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19 Source: Podtrac, Category Ranker, June 2026; Podtrac, Top US Publishers, June 2026. ‘1MM+ Listens’ indicates average monthly listens. Podtrac rankers publish U.S. downloads; prior to 2024, rankers included all global downloads; *Only includes podcasts that appear in the Podtrac Category Ranker – an industry ranking of the top 30 most listened to podcasts in the U.S. by genre in a month And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac RANKING #1 in total Downloads for 72 consecutive months Most Shows In Podtrac THE TOP 10 BY CATEGORY #1 in unique U.S. Listeners for 69 consecutive months Most Shows In Podtrac 1MM+ LISTENS* The Only Network with shows in all 19 Podtrac Content Categories 92 15 28 29 16 7 31 18 7
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20 2026 $100M Savings Modernization Program Details 47% 33% 14% 6% Sales, Marketing, & Support General & Admin Programming & Content Product, Tech, & Other Net Savings by Type Net Savings by Function 37% 30% 28% 5% Cost of Sales Vendor Reductions HC Reductions Occupancy Costs 69% 9% 11% 11% MPG DAG Corporate AMS HC Reductions by Segment 53% 22% 18% 8% MPG DAG Corporate AMS Net Savings by Segment Reducing Costs by Continuing to Leverage Technology and AI *Only includes Phase I and Phase II Cost Reductions Numbers may not foot due to rounding.
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21 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 - $50M (Q1-2026 Annoucement) - - 12.5 12.5 25.0 Total Savings $ 12.5 $ 22.5 $ 45.0 $ 45.0 $ 125.0 F: Forecasted
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Q2 YTD 2026 Financial Results Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income (loss) adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense (“SG&A”) and share-based compensation expenses included within SG&A, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating expense, net. See reconciliations in the Appendix. In millions Six Months Ended 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 Operating income $ 37.0 $ 9.9 Depreciation & amortization 159.7 182.3 Impairment charges — 5.4 Other operating expense 1.3 1.7 Restructuring expenses 26.9 45.1 Share-based compensation 19.3 16.3 Adjusted EBITDA $ 244.2 $ 260.7 (6.3) % 22
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iHeartMedia Q2 Revenue Streams In millions Three Months Ended 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 202.0 189.6 6.6 % Podcast 162.1 134.3 20.7 % Digital Audio Group $ 364.1 $ 323.9 12.4 % Audio & Media Services Group 80.5 67.7 18.8 % Eliminations (3.0) (2.5) Revenue, total $ 977.2 $ 933.7 4.7 % Figures may not foot due to rounding.23
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iHeartMedia Q2 YTD Revenue Streams In millions Six Months Ended 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 382.0 350.8 8.9 % Podcast 309.3 250.3 23.5 % Digital Audio Group $ 691.2 $ 601.1 15.0 % Audio & Media Services Group 147.0 $ 127.1 15.7 % Eliminations (6.0) (5.0) Revenue, total $ 1,861.4 $ 1,740.8 6.9 % 24 Figures may not foot due to rounding.
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Political Revenue Impact by Segment In millions Three Months Ended June 30, Six Months Ended 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 political $ 959.5 $ 927.5 3.5 % $ 1,835.4 $ 1,728.9 6.2 % Multiplatform Group revenue $ 535.7 $ 544.6 (1.6) % $ 1,029.1 $ 1,017.6 1.1 % Excluding: Political revenue (10.1) (4.0) (16.2) (7.6) Multiplatform Group revenue, excluding political $ 525.5 $ 540.6 (2.8) % $ 1,013.0 $ 1,010.0 0.3 % Digital Audio Group revenue $ 364.1 $ 323.9 12.4 % $ 691.2 $ 601.1 15.0 % Excluding: Political revenue (1.1) (1.3) (2.1) (1.8) Digital Audio Group revenue, excluding political $ 363.0 $ 322.5 12.5 % $ 689.2 $ 599.3 15.0 % Audio & Media Group Services revenue $ 80.5 $ 67.7 18.8 % $ 147.0 $ 127.1 15.7 % Excluding: Political revenue (6.5) (0.8) (7.8) (2.4) Audio & Media Services Group revenue, excluding political $ 74.0 $ 66.9 10.6 % $ 139.2 $ 124.6 11.7 % 25 Figures may not foot due to rounding.
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Capital Expenditures Figures may not foot due to rounding. 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 $ 1.1 2.8 % 26
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Segment Reporting: Q2 YTD 2026 Results Figures may not foot due to rounding. Revenue Adjusted EBITDA Adjusted EBITDA Margin % In millions Six Months Ended June 30, Six Months Ended June 30, Six Months Ended 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) % 10.3 % 16.3 % Digital Audio Group 691.2 601.1 15.0 % 210.0 194.7 7.9 % 30.4 % 32.4 % Audio & Media Services Group 147.0 127.1 15.7 % 61.1 39.5 54.6 % 41.6 % 31.1 % Corporate and Other Items (132.5) (139.9) NM Eliminations (6.0) (5.0) 18.6 % — — NM Consolidated $ 1,861.4 $ 1,740.8 6.9 % $ 244.2 $ 260.7 (6.4) % 13.1 % 15.0 % Memo: Podcast $ 309.3 $ 250.3 23.5 % Memo: Digital ex. Podcast $ 382.0 $ 350.8 8.9 % 27
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Reconciliation of Cash Provided by (Used for) Operating Activities to Free Cash Flow In thousands Three Months Ended June 30, Six Months Ended 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 equipment (18,929) (19,997) (40,842) (39,727) Free cash flow $ 45,954 $ (13,176) $ (68,499) $ (93,850) 28
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Q2 '26 Financial Results Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income (loss) adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense (“SG&A”) and share-based compensation expenses included within SG&A, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating expense (income), net. See reconciliations in the Appendix. In millions Three Months Ended 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 income $ 35.5 $ 35.4 Depreciation & amortization 78.3 90.4 Impairment charges — 2.6 Other operating expense 1.2 1.1 Restructuring expenses 17.5 19.5 Share-based compensation 18.9 7.3 Adjusted EBITDA $ 151.5 $ 156.1 (2.9) % 29
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Reconciliation of Net Loss to EBITDA and Adjusted EBITDA In thousands Three Months Ended 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, net 1,550 901 Other (income) expense, net 276 (741) Equity in loss of nonconsolidated affiliates 178 51 Impairment charges — 2,552 Other operating expense 1,233 1,086 Restructuring expenses 17,527 19,490 Share-based compensation 18,938 7,260 Adjusted EBITDA $ 151,523 $ 156,127 Adjusted EBITDA margin 15.5 % 16.7 % 30
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Reconciliation of Net Loss to EBITDA and Adjusted EBITDA In thousands Six Months Ended June 30, Year Ended December 31, Trailing Twelve Months 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 expense, net 191,955 201,280 402,535 393,210 Depreciation and amortization 159,698 182,270 360,047 337,475 EBITDA $ 193,767 $ 172,291 $ 288,900 $ 310,376 Loss on investments, net 2,095 19,495 43,025 25,625 Other (income) expense, net 596 419 484 661 Equity in loss of nonconsolidated affiliates 230 1 6,998 7,227 Impairment charges — 5,407 213,908 208,501 Other operating expense 1,311 1,745 10,634 10,200 Restructuring expenses 26,860 45,068 77,714 59,506 Share-based compensation 19,297 16,289 44,104 47,112 Adjusted EBITDA $ 244,156 $ 260,715 $ 685,767 $ 669,208 Adjusted EBITDA Margin 13.1 % 15.0 % 17.7 % 16.8 % 31
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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 any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base. The iHeartMedia Digital Audio Group includes the company’s growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500 platforms and thousands of devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint. The company’s Audio & Media Services Group segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software. Investors Andrey Hart SVP of Investor Relations AndreyHart@iheartmedia.com32 investor.iheartmedia.com