Sinclair (SBGI) investor relations material

Executive summary

• Adjusted EBITDA exceeded guidance midpoint for Q2 2025, despite macroeconomic headwinds and lower media revenues.

• Core advertising revenue grew year-over-year, while total advertising and distribution revenue were within or slightly below guidance.

• Appointed Narinder Sahai as CFO and Conrad Clemson as CEO of EdgeBeam Wireless, supporting transformation strategies.

• Completed acquisition of Digital Remedy, rebranding Compulse and expanding digital media capabilities.

• Major debt recapitalization extended maturities and included repurchase of $81M in 2027 notes at a discount.

Financial highlights

• Q2 2025 total revenue was $784M, down 5% year-over-year, with core advertising at $272M and distribution revenue flat.

• Adjusted EBITDA for Q2 was $103M, above guidance midpoint but down from $158M year-over-year.

• Net loss attributable to shareholders was $64M, with diluted EPS of $(0.91).

• Media expenses were $542M, $23M favorable to guidance, aided by cost savings and accrual reversals.

• Cash and equivalents at June 30, 2025, were $616M; capital expenditures were $17M.

Outlook and guidance

• Q3 2025 total revenue guidance: $744M–$768M; Adjusted EBITDA: $71M–$93M.

• Full-year 2025 cash tax expense guidance reduced to $46M, a $74M improvement due to new tax legislation.

• Net interest expense includes $68M in non-recurring refinancing fees.

• Management expects liquidity to be sufficient for debt service, capex, and working capital for the next twelve months.

• Core advertising and distribution revenue expected to be pressured by macroeconomic and subscriber trends.