Sinclair (SBGI) investor relations material

Executive summary

• Q2 2026 revenue grew 7% year-over-year to $840 million, driven by strong political advertising, distribution revenue growth, and disciplined cost management, partially offset by softer core advertising.

• Adjusted EBITDA rose 45% year-over-year to $149 million, reflecting favorable revenue mix and expense control.

• Political advertising revenue reached $59 million, up 9% from Q2 2022, with broad-based demand across competitive races and early campaign finance activity.

• Net loss attributable to shareholders was $76 million for Q2 2026, compared to $64 million in Q2 2025.

• Significant events included $320 million in debt repayment, acquisitions of WSWB and KFXA, and record digital engagement around the World Cup.

Financial highlights

• Q2 2026 total revenue: $840 million (up 7% year-over-year); Adjusted EBITDA: $149 million (up 45%).

• Political advertising revenue: $59 million (up 9% vs. Q2 2022); Distribution revenue: $444 million (up 2% year-over-year); Core advertising revenue: $308 million (down 3% year-over-year).

• Six-month total revenue: $1.65 billion (up 6% year-over-year); Adjusted EBITDA: $275 million (up 28% year-over-year).

• Net loss attributable to the company: $(76) million for Q2 2026.

• Operating expenses rose to $790 million in Q2 2026, up from $763 million in Q2 2025.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance raised to $730–$760 million, up $25 million at the midpoint.

• Political advertising revenue guidance increased to at least $375 million, a 13% increase over previous guidance and above 2022 record.

• Core advertising revenue guidance reset to $1.22–$1.28 billion, reflecting expected crowd-out from elevated political spending.

• Maintained total company revenue guidance at $3.4–$3.54 billion.

• Capital expenditure forecast unchanged at $75–$80 million; net interest expense guidance lowered to $290–$295 million.