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Q4 2025 Earnings Presentation February 25, 2026
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Disclaimer Forward-Looking Statements & Non-GAAP Financial Measures 2 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 "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to the rate of decline in the number of subscribers to services provided by traditional and virtual multi-channel video programming distributors (“Distributors”); the Company’s ability to generate cash to service, or to refinance on attractive terms if at all, its substantial indebtedness; the successful execution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network and Distributor affiliation agreements; the ability of Sinclar, Inc. (the “Company”) to identify and consummate acquisitions and investments, to manage increased leverage resulting from acquisitions and investments, and to achieve anticipated returns on those investments once consummated; the Company’s ability to compete for viewers and advertisers; pricing and demand fluctuations in local and national advertising; the appeal of the Company’s programming and volatility in programming costs; material legal, financial and reputational risks and operational disruptions resulting from a breach of the Company’s information systems; the impact of FCC and other regulatory proceedings against the Company; compliance with laws and uncertainties associated with potential changes in the regulatory environment affecting the Company’s business and growth strategy; the impact of pending and future litigation claims against the Company; the Company’s limited experience in operating or investing in non-broadcast related businesses, ; the outcome and timing of the strategic review process, which may be suspended or modified at any time; the possibility that the Company may decide not to undertake any transactions following the Board’s strategic review process; the Company’s inability to consummate any proposed transactions resulting from the strategic review; the potential for disruption to the Company’s business resulting from the strategic review process; potential adverse effects on the Company’s stock price from the announcement, suspension or consummation of the strategic review process and the results thereof; and any risk factors set forth in the Company's recent reports on Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this presentation will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law. Except as otherwise indicated, the financial information in this presentation is as of December 31, 2025, and all other information is as of February 25, 2026, the date of the Company’s fourth quarter 2025 earnings release. This presentation contains certain financial measures of the Company, including Adjusted EBITDA, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") (collectively, the "non-GAAP financial measures"). Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses; less amortization of program costs. Adjusted EBITDA is a non-GAAP operating performance measure that management and the Company’s Board of Directors use to evaluate the Company’s operating performance and for executive compensation purposes. The Company believes that Adjusted EBITDA provides useful information to investors by allowing them to view the Company’s business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of valuation. Non-GAAP measures are not formulated in accordance with GAAP and are not meant to replace GAAP financial measures and may differ from other companies’ uses or formulations. Further information with respect to and reconciliations of Adjusted EBITDA to net income (or to segment operating income with respect to Adjusted EBITDA for the Company’s segments), the most directly comparable GAAP financial measures, or to other non-GAAP financial measures, as applicable, can be found on Sinclair's website, www.sbgi.net, under "Investors – Financial Reports". The Company does not provide a reconciliation of Adjusted EBITDA guidance to net income in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K.
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2025: Executed, Simplified, Positioned for 2026+ ▶ FY-25: Total revenue $3,169M and Adjusted EBITDA $483M both > guidance midpoint ▶ Q4-25: Total revenue $836M and Adjusted EBITDA $168M both > guidance midpoint ▶ Q4-25: Core advertising +14% y-o-y; early churn stabilization signals across key MVPDs ▶ Ventures received $104M of cash distributions in FY-25 ending the year with $465M in cash Delivered strong financial performance ▶ Strategic review for the broadcast business launched and progressing ▶ Kicked off planning activities for Ventures separation ▶ Continue to expect $30 million in annualized run-rate synergies related to JSA/LMA buy-ins by 2H26; 15 partner station acquisitions have closed, work continuing on remainder of moves Executed concrete portfolio optimization actions ▶ Completed comprehensive debt refinancing (Feb-25), retired final $89M of 2027 notes (Oct-25), and established $375M A/R facility (Nov-25) nearest maturity now Dec-29 (excl. A/R facility) ▶ Deleveraging is top priority supported by cash generation in 2026 – 2028 ▶ Total debt of $4.4B, total liquidity of ~$1.5B, and total cash of $866M at year-end Created deleveraging runway 3
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Regulatory Environment Remains Supportive 4 National Ownership Cap ▶ FCC Chairman Carr has indicated support for modernizing outdated ownership rules ▶ President Trump recently added his support to lift/amend the national ownership cap for local broadcasters ATSC 3.0 Transition ▶ FCC proceeding on accelerating ATSC 3.0 transition remains pending ▶ FCC is currently reviewing the record with a possible decision expected in 6-9 months Local Ownership Rules ▶ FCC rules now allow ownership of any 2 stations in a market ▶ Now allowed to place second Top-4 station on a multicast channel ▶ Ownership beyond 2 stations under review as part of the FCC Quadrennial review Network Affiliation Review ▶ FCC proceeding on empowering local broadcasters remains pending ▶ FCC continues to review, but no indication on timing or ultimate outcome ▶ 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
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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 Ventures Update 5
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Cash $465 Private Equity & Strategic Ventures $143 Bally's $191 Direct Investments $64 Real Estate $17 Book Value of Minority Investments, (as of Dec 31, 2025) 6 Ventures Investment Portfolio Evolution Continues ▶ Strategic pivot continues from passive minority investments to majority- controlled operating businesses ▶ During the quarter, Ventures initiated a process to monetize select legacy Private Equity and Venture Capital fund holdings through secondary market transactions ▶ Ventures will be focused on control positions in businesses with durable, non-discretionary and/or recurring revenue with strong free cash flow conversion Key Takeaways $880M $ in millions
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2025: Operational Highlights & Takeaways ▶ 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 and successful activations helping drive new audiences ▶ 2026 expected to be strong year for live sports broadcasts with Winter Olympics and World Cup ▶ Continue to expect record political revenue for mid-term election year Highlights Takeaways Broadcast’s differentiated role remains durable continuing into a political- and sports- heavy 2026 Sinclair continues to execute on core broadcast business as industry prepares for more consolidation Broadcast ratings and subscriber trends showing positive momentum heading into the new year 7
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Q4 2025: Actual Performance vs. Guidance $ in millions ▶ Total revenue for total company and both segments (Local Media & Tennis) exceeded the midpoint of respective guidance ranges Distribution revenue towards the high end of the guidance range due to moderating subscriber churn across key MVPDs Solid core advertising revenue across most major categories driven by strong demand for live sports as NFL and college football seasons returned ▶ Adjusted EBITDA exceeded the high end of respective guidance ranges for total company and both segments Outperformance complemented by prudent cost management initiatives ▶ Capital expenditures consistent with prior year and at the midpoint of guidance range Key Points Guidance as announced in Company’s 3Q25 Earnings press release on November 5, 2025 Total Company Q4 Guidance Q4 Results vs. Guidance Total Revenue $815 – $851 $836 > Midpoint Distribution Revenue $429 – $441 $438 > Midpoint Core Advertising Revenue $340 – $360 $354 > Midpoint Adjusted EBITDA $132 – $154 $168 > High Capital Expenditures $18 – $20 $19 < Midpoint Local Media Segment Q4 Guidance Q4 Results vs. Guidance Total Revenue $714 – $742 $734 > Midpoint Distribution Revenue $377 – $385 $384 > Midpoint Core Advertising Revenue $296 – $312 $312 ~ High Adjusted EBITDA $131 – $150 $153 > High Tennis Segment Q4 Guidance Q4 Results vs. Guidance Total Revenue $59 – $63 $62 > Midpoint Adjusted EBITDA $12 – $15 $21 > High 8
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Q4 2025: Financial Results $801 $822 $203 $14 TennisLocal MediaTotal Company $330 $168 Total Revenue Adjusted EBITDA Q4 2024 Q4 2025 Political $1,004 $836 $ in millions $729 $720 $203 $14 $321 $153 Total Revenue Adjusted EBITDA Q4 2024 Q4 2025 Political $932 $734 $ in millions $19 $21 Adjusted EBITDA Q4 2024 Q4 2025 $ in millions $57 $62 Total Revenue Key Highlights ▶ Core advertising revenue +14% due to stronger core demand and digital revenue driven by the acquisition of Digital Remedy ▶ Distribution revenue -1% due largely to divestiture of 4 markets to Rincon ▶ Adjusted EBITDA -49% due to significantly lower political revenue in non-political 2025 Key Highlights ▶ Total revenue -21% due to lack of material political revenues in a non-political year ▶ Core advertising revenue +4% driven by strong demand for live sports on broadcast, and strengthening podcast lineup ▶ Distribution revenue -2% ▶ Adjusted EBITDA decreased by $168 million, significantly less than $189 million decrease in political advertising revenue Key Highlights ▶ Core advertising revenue +20% as household and total viewer ratings +8% and minutes viewed on Tennis Channel 2 +12% ▶ Distribution revenue +10% with direct-to- consumer (DTC) subscribers +25% ▶ Adjusted EBITDA +10% driven by higher revenue and lower production expenses Political Political 9
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Debt Maturity Schedule As of December 31, 2025 692 697 489 238 1,862 375 2026 2027 2028 2029 2030 2031 2032 2033 Term Loans Notes Undrawn Revolver A/R Facility (1) First-out first lien net leverage, first lien net leverage, and net leverage are defined as first-out first lien secured net debt, first lien secured net debt, and net debt, respectively, divided by 12/31/25 STG Credit Agreement Adjusted L8QA EBITDA of $689 million. For leverage ratio purposes, net debt excludes the A/R facility. $ in millions ▶ 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) ▶ Consolidated cash and cash equivalents of $866 million $401 million at STG $465 million at Ventures ▶ Total liquidity of $1.5 billion (defined as cash and cash equivalents plus undrawn revolver capacity) Key Debt & Liquidity Metrics Nearest material maturity not until Dec-29 (excl. A/R facility) 10
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Created Foundation for Deleveraging Runway 11 Comprehensive Refinancing (Feb 2025) ▶ Moved out debt maturities; nearest debt maturity now Dec-2029 ▶ Retired last $89M of 2027 notes in October 2025 A/R Securitization Facility (Nov 2025) ▶ 3-year, $375M A/R Securitization Facility increases our flexibility to execute meaningful debt reduction actions Reducing Debt in 2026 Political Year (Dec 2026) ▶ Expect incremental cash generation from record mid-term political advertising year to reduce net debt Continuing through 2028 Political Year (Dec 2028) ▶ 2028 political year expected to have the first dual open primaries in over a decade ▶ Opportunity to drive cash flow and further reduce net debt Multi-year runway to reduce net leverage
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$ in millions 2026: Full Year Financial Guidance As of February 25, 2026 ▶ Stable core advertising trends driven by sports-heavy broadcast calendar Crowd out due to political demand consistent w/ prior comparable cycles ▶ Record mid-term political year across significant Sinclair markets and several competitive House races also in play NC (Senate) ME (Senate/Governor) MI (Senate/Governor) NV (Governor) OH (Senate/Governor) TX (GOP primaries) ▶ Steady gross distribution revenue with subscriber churn moderating across key MVPDs Key Assumptions 1) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non- recurring and unusual transaction, implementation, legal, regulatory, and other costs, as well as certain non -cash items such as stock-based compensation expense and other gains and losses; less amortization of program costs. 2) Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non- cash interest expense, and is net of interest income . Total Company Local Media Low High Low High Total Revenue 3,400 3,540 3,000 3,120 Distribution Revenue 1,720 1,790 1,510 1,570 Core Advertising Revenue 1,260 1,320 1,080 1,130 Political Advertising Revenue At least $333 At least $333 Adjusted EBITDA(1) 700 740 680 720 Capital Expenditures 75 80 Net Interest Expense(2) 300 310 Net Cash Tax Payments 34 45 12
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2025 Community Impact: Sinclair Cares ▶ $5.7M in donated on-air promotional time ▶ More than 300 charitable organizations supported in 2025 to help improve and enrich local lives in the markets we serve ▶ Funds raised for non-profit organizations, schools, community agencies, local disaster relief and other charitable organizations Total funds raised Pounds of food collected Meals provided Toys Collected Diapers Provided School Supplies Distributed Nearly $23 million 4,929,825 2,232,247 184,802 107,065 6,470 13
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Summing Up ▶ 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 established pathway to reduce leverage ▶ Prepared for Industry Consolidation Consolidation is a key strategic objective; continuing to rationalize portfolio and prepared to act as conditions further evolve Deregulatory environment remains favorable ▶ Ventures Value Rationalization Continues More than $100 million in cash distributions in 2025 mainly from minority exits ▶ 2026 outlook anchored by expected resilient revenue mix, strong political revenues, and continued cost discipline Setup into 2026+ 14
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Appendix
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FY 2025: Financial Results $3,143 $3,137 $405 $32 TennisLocal MediaConsolidated $876 $483 Total Revenue Adjusted EBITDA Financial Highlights ▶ Core advertising revenue growth up 6% on as reported basis as strong demand for live sports programming and Digital Remedy acquisition drove results ▶ Distribution revenues flat year-over-year as subscriber churn offset rate increases ▶ Media expenses flat year-over-year driven by cost-discipline throughout company 2024 2025 Financial Highlights ▶ Core advertising down 2% as macro- economic/tariff concerns dampened results ▶ Distribution revenues down 1% ▶ Media expenses down 4% over 2024 levels driven by lower sales expense and production expenses Financial Highlights ▶ Core revenue growth of 15% over 2024 driven by strong demand for live sports programming ▶ Distribution revenues up 6% year-over- year, also driven by strong demand for live sports programming ▶ Media expenses up 7% due to higher sales expenses Political $3,548 $3,169 $ in millions $2,849 $2,742 $405 $32 $859 $447 Total Revenue Adjusted EBITDA 2024 2025 Political $3,254 $2,774 $ in millions $67 $73 Adjusted EBITDA 2024 2025 $ in millions $247 $265 Total Revenue Political Political 16
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Select Consolidated Financial Results 17
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Select Consolidated Financial Results (by Segment) 18
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Consolidated Statement of Operations 19
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Reconciliation of GAAP to Non- GAAP Financial Measures Sinclair, Inc. Consolidated Net Income to Consolidated Adjusted EBITDA 20
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21 Reconciliation of GAAP to Non- GAAP Financial Measures Segment GAAP Operating Income to Segment Adjusted EBITDA