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SINCLAIR Q2 2026 Earnings Presentation August 5 , 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 resu lts 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 addi tion 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 ability of Sinclair, Inc. (the “Company”) to generate cash to service, or to refinance on attractive terms if at all, its substantial indebtedness; the successful exec ution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network an d Distributor affiliation agreements; the ability 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 dema nd fluctuations in local and national advertising; the appeal of the Company’s programming and volatility in programming costs; material legal, financial and reput ational risks and operational disruptions resulting from a breach of the Company’s information systems; the impact of FCC and other regulatory proceedings against the Com pany; compliance with laws and uncertainties associated with potential changes in the regulatory environment affecting the Company’s business and growth str ategy; 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 strategi c 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 t he 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 June 30, 2026, and all other information is as of August 5, 2026, the date of the Company’s second quarter 2026 earnings release. This presentation contains certain financial measures of the Company, including Adjusted EBITDA, which are not prepared in ac cordance 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 b elieves 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 measu re 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 o f 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 finan cial measures, or to other non-GAAP financial measures, as applicable, can be found in the Appendix . 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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2Q26: Political Advertising Strength Continues Momentum for 2026 ▶ Total revenue $840M, +7% y-o-y due largely to political advertising revenue growth ▶ Political advertising revenue $59M, +9% compared to 2Q of 2022 (mid-term election year) ▶ Distribution revenue of $444M, +2% y-o-y; Core advertising revenue of $308M, -3% y-o-y ▶ Adjusted EBITDA $149M, +45% y-o-y due to political ad revenue growth and expense discipline Strong Quarter Led By Political Revenue and Cost Discipline ▶ Tennis Channel continues to see ratings growth including linear, Tennis Channel 2, DTC, and PBTV ▶ World Cup on FOX delivered record soccer audiences on broadcast AMP Media and the Unfiltered Soccer podcast created three unique, live activations for customer brands, increasing engagement throughout the 2026 World Cup Live Sports Reinforce Broadcast’s Audience Scale ▶ Repaid approximately $320M of debt principal in the quarter including: $165M B6 and B7 term loans and $150M A/R Facility ▶ Retired additional $25M B7 term loan and fully retired the outstanding B3 term loan in July ▶ Total debt of $4.1B and total liquidity of ~$1.4B, including total cash and cash equivalents of $604M Deleveraging Remains Underway 3
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FCC Vote on National Ownership Cap Expected Tomorrow 4 National Ownership Cap ▶ FCC expected to replace the 39% national ownership cap with case-by-case review ▶ Gives broadcasters a better opportunity to preserve local news and continue to serve their local communities 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 next 6 months Local Ownership Rules ▶ FCC rules now allow ownership of any 2 stations in a market ▶ Also 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 network-affiliation relationship review remains pending ▶ FCC opened up review of live sports programming rights ▶ Federal Communications Commission (FCC) expected to replace the 39% cap on national ownership coverage for broadcasters ▶ Deregulatory environment for local broadcast industry continues and we remain optimistic on significant regulatory issues
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2026 Mid Term Election Cycle Political Advertising Update (1) Sources: AdImpact Political Projection Report 2025-2026, June 11, 2026. (2) Source: S&P Global Market Intelligence, “Broadcast political ad revenue set to exceed $4 billion in 2026,” April 23, 2026. Key Political Takeaways ▶ Sinclair operates in all 10 of the top states for the highest projected political ad spend, with a footprint spanning 39 distinct markets(1) ▶ Sinclair owns or operates 62 stations across the highlighted states, providing significant scale ▶ Sinclair’s presence in the top political ad-spending states is especially meaningful given that all 10 are identified as having competitive races across Senate (6 states), gubernatorial (7 states), or House races (33 districts) (2) ▶ Increasing full-year 2026 political revenue guidance to at least $375 million from prior guidance of at least $333 million; a 13% increase Sinclair's Local TV Outlets Across Top Political Ad Spending States(1) 5
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2026 FIFA World Cup Advertising Key Advertising TakeawaysSinclair's Reach Goes Beyond Broadcast LOCAL FOX AFFILIATES Linear TV reach in Sinclair markets DIGITAL ASSETS Targeted cross-platform reach UNFILTERED SOCCER Soccer-focused podcast Cross-Platform Reach: Broadcast + Digital + Podcast ▶ Sinclair’s digital assets extended advertising beyond linear TV with targeted, cross-platform advertising capabilities ▶ Sinclair’s FOX affiliate footprint benefitted from advertiser demand around the record 2026 FIFA World Cup broadcast schedule ▶ AMP Media brands generated strong demand across Sinclair’s cross-platform portfolio related to the World Cup ▶ Unfiltered Soccer, featuring Landon Donovan and Tim Howard, added a soccer- specific podcast to engage fans and create new advertiser opportunities ▶ 3 activations around live soccer podcasts allowed advertiser products to be experienced by consumers, increasing the effectiveness of their ad campaigns DIGITAL PODCASTBROADCAST 6
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2Q26: Operational Highlights & Takeaways ▶ Second quarter political revenue reached $59 million, an increase of 9% versus 2Q22, reflecting strong political advertising demand across Sinclair’s markets ▶ Distribution revenue increased 2% y-o-y to $444 million benefitting from our partner station buy-ins ▶ Core advertising down 3% y-o-y, reflecting increased political demand crowding out inventory in our most competitive markets and caution in a handful of cost-pressured advertiser categories ▶ Record-setting World Cup audiences showcased the strength of Sinclair’s FOX affiliate portfolio, while the Company’s digital and podcast platforms extended engagement and advertiser reach beyond traditional linear television ▶ Adjusted EBITDA totaled $149 million, reflecting strong political revenue, continued distribution revenue growth and disciplined cost management Highlights Takeaways Strong early political demand reinforces expectations for a robust 2026 mid-term cycle Broadcast-led sports drive scale, while digital and podcasts extend reach beyond linear TV $149 million of Adjusted EBITDA reflects revenue strength and disciplined expense management 7
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2Q26: Financial Results TennisLocal MediaTotal Company $13 $8 Adjusted EBITDA Q2 2025 Q2 2026 $ in millions $68 $70 Total Revenue Key Highlights ▶ Total Revenue of $840M, +7% y-o-y ▶ Political Advertising Revenue of $59M, +9% vs. last mid-term political cycle in 2Q-2022 ▶ Distribution Revenue +2% driven by partner station buy-ins ▶ Adjusted EBITDA of $149M increased 45% reflecting favorable revenue mix and disciplined expense management Key Highlights ▶ Total Revenue of $731M, +8% driven by political advertising and continued distribution revenue growth ▶ Distribution Revenue +2% due to partner station buy-ins ▶ Expense discipline driving Adjusted EBITDA of $149M, +51% y-o-y Key Highlights ▶ Core Advertising Revenue +8% driven by growth in ratings performance and DTC ▶ Distribution Revenue +2% y-o-y ▶ Adjusted EBITDA lower by $5M due to higher programming costs and continued investment in DTC 8 $778 $781 $6 $59 $103 $149 Total Revenue Adjusted EBITDA Q2 2025 Q2 2026 Political $784 $840 $ in millions Political $673 $672 $6 $59 $99 $149 Total Revenue Adjusted EBITDA Q2 2025 Q2 2026 Political $679 $731 $ in millions Political
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2026: Updated Full Year Financial Guidance Updated Guidance (August 5, 2026) vs. Prior Guidance (April 30, 2026) Key Assumptionsin millions August 2026 Guidance April 2026 Guidance Total Company Local Media Total Company Local Media Low – High Low – High Low – High Low – High Total Revenue Unchanged Unchanged $3,400 – $3,540 $3,000 – $3,120 Distribution Revenue Unchanged Unchanged $1,720 – $1,790 $1,510 – $1,570 Core Advertising Revenue $1,220 – $1,280 $1,040 – $1,090 $1,260 – $1,320 $1,080 – $1,130 Political Advertising Revenue At least $375 At least $375 At least $333 At least $333 Adjusted EBITDA (1) $730 – $760 $710 – $740 $700 – $740 $680 – $720 Capital Expenditures Unchanged $75 – $80 Net Interest Expense (2) $290 to $295 $300 to $310 Net Cash Tax Payments Approx. $50 $34-$45 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. ▶ Increased political advertising revenue due to continued strong demand across footprint ▶ Increase in Adjusted EBITDA due to strong mid-term political ad revenue and disciplined expense management ▶ Distribution revenue guidance remains the same as subscriber trends continue to moderate across key MVPDs ▶ Resetting core ad revenue expectations due to record political demand crowding out inventory in competitive markets and caution in a handful of cost-pressured advertiser categories ▶ Expected cash taxes reflect higher pre- tax income in a record mid-term political year 9
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Debt Maturity Schedule As of June 30, 2026 $601 $628 0 0 0 0 0 0 $489 0 $238 $1862 0 0 $225 0 0 0 0 $150 2026 2027 2028 2029 2030 2031 2032 2033 Term Loans Notes Undrawn Revolver A/R Facility Undrawn 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 6/30/26 STG Credit Agreement Adjusted L8QA EBITDA of $726 million. For leverage ratio purposes, net debt excludes the A/R facility. in millions ▶ Repaid debt of approximately $320M in 2Q (including paydown of A/R facility) Retired $165M of TLs in 2Q at a discount ▶ Retired $25M Face Value B7 term loan in July at a discount; repaid and terminated the remainder of B3 term loan ▶ Total Sinclair Television Group (STG) debt was $4.1 billion (incl. A/R facility) STG Net First Out First Lien 1.8x Covenant <3.5x (1) STG Net Leverage 5.2x Covenant <7.0x (1) ▶ Consolidated cash & equivalents of $604M $115M at STG $489M at Ventures ▶ Total liquidity of ~$1.4B (defined as cash and cash equivalents plus undrawn revolver and A/R facility capacity) Key Debt & Liquidity Metrics Nearest material maturity not until Dec-29 (excl. A/R facility) 10
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Sinclair Day of Service Delivered Local Community Impact 11
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Summing Up ▶ Increased Adjusted EBITDA guidance based on strong political revenues and disciplined expense management ▶ Political cycle off to a strong start $59M of 2Q political revenue highlights the strength of Sinclair’s broadcast footprint as the cycle builds ▶ 2026 FIFA World Cup on FOX delivered record audiences and revenue ▶ World Cup viewership reinforced broadcast television’s value as a premium live-sports platform ▶ Tennis Channel maintained strong momentum ▶ Viewership grew across linear, Tennis Channel 2, DTC, and PBTV ▶ AMP Media brands expanded Sinclair’s cross-platform reach AMP Media platforms connect advertisers with audiences beyond linear television ▶ Deleveraging plan remains on track Repaid $150M of A/R facility and repurchased $165M of term loans in 2Q, followed by a $25M B7 term loan repurchase and retirement of the B3 term loan early in the third quarter Performance and Progress 12
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Appendix
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Select Consolidated Financial Results 14
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Select Consolidated Financial Results (by Segment) 15
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Consolidated Statement of Operations 16
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Reconciliation of GAAP to Non- GAAP Financial Measures Sinclair, Inc. Consolidated Net Income to Consolidated Adjusted EBITDA 17
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18 Reconciliation of GAAP to Non- GAAP Financial Measures Segment GAAP Operating Income to Segment Adjusted EBITDA
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EdgeBeam: Building Commercial ATSC 3.0 Momentum & Network Scale Q2 2026 Key Takeaways ▶ Acquired Sinclair's Broadspan platform, accelerating integration of a national ATSC 3.0 data-delivery network ▶ Expanded digital-signage trials to 50 live screens across three programs, with 25+ prospective accounts in the pipeline ▶ Grew the eGPS channel to 15+ onboarded dealers and 12 developer kits, including the first dealer-to-end-user resale ▶ Added Soracom as the first cellular partner, expanding the 15+ partner ecosystem and advancing hybrid network delivery ▶ Used AI-first engineering to design and deploy Station Monitor in just two weeks The Power of One-to-Many Data Delivery 19