Beasley Broadcast Group (BBGI) investor relations material

Executive summary

• FY 2025 net revenue was $205.9 million, down from $240 million in 2024, driven by declines in traditional audio and agency-driven channels, while digital revenue grew to $49.5 million, now 24% of total revenue with 21% same-station growth.

• The company executed $30 million in annualized cost reductions and a comprehensive reset of its operating model, including restructuring and asset sales totaling $26 million.

• Adjusted EBITDA for FY 2025 was $10.5 million, down from $25.8 million in 2024, with Q4 2025 adjusted EBITDA at $0.8 million.

• Leadership changes and a renewed focus on operational efficiency, digital expansion, and execution were implemented.

• Q4 2025 net loss was $189.2 million, driven by a $224.8 million non-cash FCC license impairment.

Financial highlights

• Full-year net revenue was $205.9 million, down from $240 million in 2024, mainly due to agency revenue weakness and the absence of $13.6 million in political advertising.

• Adjusted EBITDA declined to $10.5 million from $25.8 million in 2024; adjusted EBITDA margin was 5.1%, down from 10.7%.

• Station operating income was $16.2 million, down from $38.5 million in 2024; adjusted SOI would have been $18.5 million excluding severance and stock-based compensation.

• Digital revenue for FY 2025 was $49.5 million, up 21% on a same-station basis, with digital segment earnings at $12.8 million and operating margin at 23.9%.

• National revenue declined 34% for the year and 50% in Q4; excluding political, national revenue was down 13% for the year.

Outlook and guidance

• 2026 is positioned as a reset year, focusing on rebuilding the revenue engine, scaling digital, and driving local direct relationships.

• Same-station Q1 revenue expected to be down mid-single digits, with sequential improvement through the quarter.

• Political advertising in the midterm election cycle is expected to support revenue in 2026.

• Management expects to complete a debt exchange by end of April 2026, reducing second lien debt by 50% and repaying $15 million of first lien debt.

• Digital revenue is expected to continue growing as a share of total revenue, capitalizing on industry trends.