Gray Media (GTN) investor relations material

Executive summary

• Q2 2026 revenue reached $839 million, up 9% year-over-year, exceeding guidance, with strong political and retransmission revenue and significant contributions from acquisitions and station swaps.

• Political advertising revenue surged, reaching $83 million in Q2 and $113 million for the first half, trending above prior cycles and guidance.

• The company operates 117 TV markets, reaching 37% of US TV households, and completed multiple acquisitions and swaps, expanding scale and market presence.

• Integration of acquisitions is underway, with continued investment in stations, people, local content, and digital/media assets.

• Received 93 regional Edward R. Murrow Awards, reflecting journalistic excellence.

Financial highlights

• Net income attributable to stockholders was $21 million for Q2 2026, with net loss for the six months narrowing to $12 million.

• Adjusted EBITDA for Q2 2026 was $214 million, up 27% year-over-year; for the first half, $368 million.

• Net retransmission revenue was $150 million in Q2, up 10% year-over-year, despite a temporary blackout.

• Broadcast expenses before depreciation and amortization were $569 million in Q2, including $30 million from new acquisitions.

• Digital revenue grew 12% year-over-year, with new local direct business up 5%.

Outlook and guidance

• Q3 2026 revenue guidance is $935–$965 million, with political advertising expected between $165–$185 million.

• Core advertising for Q3 is guided to be flat year-over-year as reported, with a mid-single-digit decline excluding acquisitions.

• All retransmission contracts are locked through 2027, supporting stable recurring revenue.

• CapEx estimate for 2026 is $120–$130 million; full-year tax guide is $80–$100 million.

• Board authorized up to $250 million in debt repurchases through December 2027.