Cumulus Media (CMLS) investor relations material

Executive summary

• Filed for Chapter 11 bankruptcy on March 4, 2026, to implement a comprehensive debt restructuring plan supported by major creditors.

• Bankruptcy court confirmed the restructuring plan in April 2026; emergence delayed pending regulatory and FCC approvals.

• All existing equity will be canceled; new equity and convertible notes to be issued to debt holders upon emergence.

• Operations continue as debtor-in-possession, with ongoing payments to vendors and employees.

• The company is progressing through Chapter 11 reorganization, with FCC approval pending.

Financial highlights

• Q2 2026 net revenue: $167.9M, down 9.7% year-over-year; six-month revenue: $332.4M, down 11.0%.

• Q2 2026 net loss: $9.2M (vs. $12.8M loss in Q2 2025); six-month net loss: $26.1M (vs. $45.2M loss in 2025).

• Adjusted EBITDA for Q2 2026: $16.0M (down 28.3% YoY); six-month Adjusted EBITDA: $18.7M (down 27.7%).

• Basic and diluted loss per share improved to $(0.52) in Q2 2026 from $(0.74) in Q2 2025.

• Excluding political revenue, Q2 2026 net revenue was $165.7M and Adjusted EBITDA was $14.1M.

Outlook and guidance

• Company expects to continue operations during bankruptcy and pay obligations in the ordinary course.

• Emergence from bankruptcy contingent on regulatory and FCC approvals; no assurance all conditions will be met timely.

• No forward-looking financial guidance provided due to ongoing restructuring and market uncertainties.