Urban One (UONE) investor relations material

Executive summary

• Net revenue for Q2 2026 was $85.8 million, down 6.4% year-over-year, with sequential improvement over Q1 as revenue declines moderated across all segments due to weaker market demand and lower advertising spend.

• Operating loss narrowed significantly to $11.2 million from $120.7 million in Q2 2025, mainly due to a substantial reduction in impairment charges.

• Net loss attributable to common stockholders was $7.1 million ($1.58/share), a substantial improvement from $77.9 million loss ($17.41/share) in Q2 2025.

• Adjusted EBITDA was $11.7 million, down from $14.0 million year-over-year.

• Political advertising expected to boost results in Q3, with competitive races in key markets.

Financial highlights

• Consolidated net revenue for Q2 2026 was $85.8 million, down 6.4% year-over-year.

• Net loss of $7 million ($1.58/share) vs. $77.9 million loss ($17.41/share) in Q2 2025.

• Consolidated adjusted EBITDA was $11.7 million, down 16% year-over-year.

• Broadcast and digital operating income was $22.2 million, down $3.5 million year-over-year.

• Interest expense dropped to $2.1 million from $9.7 million year-over-year, reflecting debt repurchases.

Outlook and guidance

• 2026 EBITDA guidance reduced to mid-$50 million range due to first-half weakness and political ad uncertainty.

• Political ad revenue for radio budgeted at $11.1 million, below 2022's $13 million.

• Free cash flow expectation for 2026 likely below $35 million, reflecting lower EBITDA and non-cash adjustments.

• Management expects continued pressure on advertising revenues due to macroeconomic headwinds and industry trends.

• Cash flows and liquidity are expected to be sufficient for ongoing operations, with $16.2 million in cash and $26.1 million in borrowing capacity at quarter-end.