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 was $7.1 million ($1.58 per share), a substantial improvement from $77.9 million ($17.41 per share) in Q2 2025.

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

• Expectations for political advertising to boost results in Q3 due to competitive races in key states.

Financial highlights

• Six-month net revenue was $163.4 million, down 11.1% year-over-year.

• Broadcast and digital operating income was $22.2 million, down 13.7% year-over-year.

• Operating expenses (excluding D&A, stock comp, impairments) were $75 million, down from $78.1 million in Q2 2025.

• Interest expense dropped to $2.1 million from $9.7 million last year, reflecting debt repurchases and lower rates.

• Impairment charges were $14.2 million, sharply lower than $130.1 million in Q2 2025.

Outlook and guidance

• Full-year adjusted EBITDA guidance reduced to mid-$50 million range, reflecting ongoing market softness and uncertainty in political ad spend.

• Political ad revenue for radio budgeted at $11.1 million for 2026, below the $13 million achieved in 2022.

• Free cash flow expectations for 2026 revised downward, likely below $35 million.

• 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.