Revenue Performance - Total revenue for Gray Media decreased by $549 million, or 15%, to $3.1 billion in 2025 compared to 2024[193] - Core advertising revenue decreased by $38 million, primarily due to macroeconomic softness, with $9 million generated from Super Bowl broadcasts in 2025 compared to $18 million in 2024[194] - Political advertising revenue plummeted by $455 million, or 92%, in 2025 compared to 2024, reflecting the off-year of the election cycle[194] - Retransmission consent revenue decreased by $53 million, or 4%, in 2025 due to a station ceasing its network affiliation and a decrease in subscribers[194] Expenses - Broadcasting expenses decreased by $78 million, or 3%, to $2.2 billion in 2025[193] - Corporate and administrative expenses increased by $9 million to $113 million in 2025, driven by higher professional services costs related to pending business combinations[196] - Interest expense decreased by $11 million, or 2%, to $474 million in 2025, attributed to a reduction in outstanding debt balance despite an increased average interest rate[202] Taxation - The effective income tax rate increased to 25% in 2025 from 24% in 2024, influenced by various nondeductible expenses and state taxes[205] Debt and Liquidity Management - Gray Media amended its Senior Credit Agreement to increase availability under its Revolving Credit Facility by $70 million to $750 million, extending the term to December 1, 2028[208] - The company issued $1.15 billion in aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2032 to enhance liquidity and manage debt obligations[208] - The company issued $775 million in 7.25% senior secured first lien notes due 2033, with proceeds allocated to repay $630 million of the 2021 Term Loan, $80 million of the 2024 Term Loan, and $50 million under the Revolving Credit Facility[209] - As of December 31, 2025, the company estimates approximately $450 million in debt interest payments over the next twelve months, with sufficient liquidity expected to meet these obligations[214] - The First Lien Leverage Ratio as of December 31, 2025, was 2.43, below the maximum permitted incurrence of 3.5 to 1.00[221] - The company had a total outstanding principal secured by a first lien of $2,649 million, resulting in a First Lien Adjusted Total Indebtedness of $2,281 million after accounting for cash[221] - Long-term debt, including the current portion, was $5,744 million as of December 31, 2025, up from $5,621 million in 2024[210] - As of December 31, 2025, the principal outstanding of the company's long-term debt was $5.8 billion, compared to $5.7 billion as of December 31, 2024[262] - The fair value of the company's long-term debt was $5.5 billion as of December 31, 2025, up from $4.6 billion in 2024[262] Cash Flow - Net cash provided by operating activities decreased by $462 million to $289 million in 2025, primarily due to a $460 million decrease in net income and an $89 million decrease in cash provided by changes in working capital[211] - Net cash used in investing activities increased by $35 million to $63 million in 2025, mainly due to a decrease in cash proceeds from the sale of investments and other assets[212] - Net cash provided by financing activities was $7 million in 2025, a significant improvement from cash used of $609 million in 2024, with $123 million in net proceeds from principal borrowings[213] Capital Expenditures and Investments - Capital expenditures are expected to be approximately $140 million during 2026, including significant projects at Assembly Atlanta[231] - Gross capital expenditures related to Assembly Atlanta were $34 million in 2025, with cash reimbursements of $33 million received for infrastructure projects[232] - The company acquired WBBJ-TV for total consideration of $25 million on January 1, 2026[236] - Cash proceeds of $10 million were received from the sale of the investment in FreeTV, Inc., with potential additional consideration of up to $6 million[237] Asset Valuation - The recorded value of broadcast licenses was $5.3 billion and goodwill was $2.6 billion as of December 31, 2025[251] - An impairment charge of $2 million was recorded for one broadcast license in 2025, while the fair values of other licenses exceeded their carrying values[248] Inflation and Operating Expenses - The company expects to incur moderate inflation in operating expenses, which may adversely affect future operating results[239] Interest Rate Management - The Securitization Facility allows for up to $400 million in liquidity, with amounts outstanding totaling $400 million as of December 31, 2025[240] - The company entered into interest rate caps on February 23, 2023, limiting the annual interest on variable rate debt to a maximum one-month SOFR rate of 5 percent, plus the Applicable Margin[260] - Aggregate fees paid for the interest rate caps amounted to approximately $34 million as of December 31, 2025[260] - The majority of the company's outstanding debt bore interest at a fixed rate as of December 31, 2025, reducing exposure to potential interest rate increases[261] - The company aims to manage current and forecasted interest rate risk while maintaining financial flexibility and solvency[263] - The company is focused on proactively managing its cost of capital to enhance shareholder value and maintain a competitive advantage[263] - The interest rate caps were amended on June 25, 2024, and during 2025, to align the notional amount with outstanding indebtedness[260] - The company currently has no interest rate or other derivative instruments in place following the expiration of the Rate Caps on December 31, 2025[260] Compliance and Governance - The company is committed to complying with covenant requirements in its financing agreements[263]

Gray Media (NYSE:GTN) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlan Gould - VP, of Investor RelationsHilton Howell - Chairman and CEOJeff Gignac - CFOKevin Latek - EVP, Chief Legal and Development OfficerPat LaPlatney - President and Co-CEOSandy Breland - EVP and COOConference Call ParticipantsAaron Watts - Equity Research AnalystCraig Huber - Equity Research AnalystDan Kurnos - Senior Research AnalystSteven Cahall - Equity Research AnalystOperatorGood day, everyone, and thank ...

Gray Media (NYSE:GTN) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlan Gould - VP, of Investor RelationsHilton Howell - Chairman and CEOJeff Gignac - CFOKevin Latek - EVP, Chief Legal and Development OfficerPat LaPlatney - President and Co-CEOSandy Breland - EVP and COOConference Call ParticipantsAaron Watts - Equity Research AnalystCraig Huber - Equity Research AnalystDan Kurnos - Senior Research AnalystSteven Cahall - Equity Research AnalystOperatorGood day, everyone, and thank ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $792 million, exceeding the high end of guidance [6] - Total operating expenses were $618 million, $5 million below the low end of guidance [6] - Net loss attributable to common stockholders was $23 million in Q4 2025 [7] - Adjusted EBITDA for Q4 2025 was $179 million [7] - Net Retransmission Revenue stabilized at $547 million for the full year 2025, similar to 2024 [8] Business Line Data and Key Metrics Changes - Broadcasting expenses declined by $41 million in Q4 2025 compared to Q4 2024, and by $78 million or about 3% for the full year 2025 compared to 2024 [6] - Core advertising revenue was up 3% compared to Q4 2024, with strong growth in services like financial, health, and home improvement [14] - Political advertising revenue reached $12 million in Q4 2025, exceeding expectations [7] Market Data and Key Metrics Changes - Core advertising categories showed strength in services, while automotive finished down low double digits [14] - Digital advertising continued healthy growth in Q4, up low double digits [15] - The first quarter 2026 guidance for core ad revenue is expected to be flat compared to Q1 2025 [17] Company Strategy and Development Direction - The company is focused on enhancing local content offerings and has won multiple national awards for journalistic excellence [10] - Continued investment in digital platforms, including a transition to the Quickplay platform powered by Google Cloud [11] - The company is optimistic about closing several M&A transactions in early 2026 to strengthen its market position [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming political cycle in 2026, which is expected to drive revenue growth [19] - The company is focused on achieving a sustainable model for net retransmission revenue, aiming for modest growth moving forward [29] - Management acknowledged the competitive landscape and the need for consolidation in the industry to maintain local news [31] Other Important Information - The company completed the acquisition of WBBJ-TV for $25 million and is working towards closing other announced transactions [9] - The total capital investment in Assembly Atlanta was approximately $630 million as of the end of 2025 [54] Q&A Session Summary Question: Impact of Nexstar's potential deal on asset availability - Management indicated that if Nexstar's deal closes, it may change the competitive landscape and could prompt the company to consider larger transactions [30] Question: Expectations for net retransmission revenue growth - Management confirmed that modest growth in net retransmission revenue is expected, despite some lumpiness due to renewals [29] Question: Leverage and M&A opportunities - Management stated that they are focused on reducing leverage and are open to transactions that make sense for the company [36] Question: Health of core advertising backdrop - Management noted that while Q1 is expected to be flat, there is optimism due to strong performance in February and upcoming political advertising [42] Question: NFL TV rights reassessment and its impact - Management believes that extending NFL contracts is a positive for the industry and critical for maintaining audience engagement [46] Question: Subscriber trends for retransmission revenue - Management reported improvements in subscriber trends, with a slower rate of decline in traditional MVPDs [50] Question: AI implementation and cost efficiency - Management highlighted that AI is enhancing efficiency across various departments, likening its impact to having additional interns [60][64]

NYSE: GTN Gray Media, Inc. Quarterly Investor Update February 26, 2026 Reflects Q4 2025 and 2025 Full-Year Results Gray Media, Inc. A multimedia company headquartered in Atlanta, Georgia, Gray Media, Inc. ("Gray Media," "Gray," or the "Company") owns local television stations and digital assets serving 114 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 77 markets with the top-rated television station and 97 markets with the first and/o ...

Gray Media (GTN) came out with a quarterly loss of $0.22 per share versus the Zacks Consensus Estimate of a loss of $0.28. This compares to earnings of $1.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +21.43%. A quarter ago, it was expected that this broadcast television company would post a loss of $0.41 per share when it actually produced a loss of $0.24, delivering a surprise of +41.46%.Over the last four quarters, the ...

Exhibit 99.1 Gray Media Reports Fourth Quarter Results Exceeding Guidance Atlanta, Georgia – February 26, 2026. . . Gray Media (NYSE: GTN) today announced its financial results for the fourth quarter that ended December 31, 2025. EXECUTIVE COMMENTARY Hilton Howell, Jr., Chairman and CEO, commented, "We delivered strong fourth quarter financial results, with revenue and Adjusted EBITDA exceeding consensus expectations. The quarter benefited from better-than-expected MVPD subscriber trends, which drove year-o ...

ATLANTA, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Gray Media (NYSE: GTN) today announced its financial results for the fourth quarter that ended December 31, 2025. EXECUTIVE COMMENTARY Hilton Howell, Jr., Chairman and CEO, commented, “We delivered strong fourth quarter financial results, with revenue and Adjusted EBITDA exceeding consensus expectations. The quarter benefited from better-than-expected MVPD subscriber trends, which drove year-over-year growth in “Net Retransmission Revenue” (retransmission consent r ...

ATLANTA, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Gray Media today announced the launch of Aging Untold, a new 30-minute program designed to provide solutions and hope for the growing population of aging adults and their families across America. The unscripted conversation-style show will debut on Monday, March 2 and air weekdays on Gray stations reaching approximately 35% of U.S. television households. Full episodes of Aging Untold will also be available on all Gray streaming platforms. Aging Untold will featu ...

FOX 12 Plus Will Become The Home of the Portland Fire and Portland Thorns With New Focus On Women’s SportsPortland Fire Announces Partnership With Kiswe To Power Fan-Focused Streaming Platform PORTLAND, Ore., Feb. 24, 2026 (GLOBE NEWSWIRE) -- The WNBA’s Portland Fire and NWSL’s Portland Thorns announced a groundbreaking, multi-year media partnership establishing Gray Media’s KPDX (FOX 12 Plus) as the regional broadcast home for the two professional women’s sports teams in Portland. Additionally, the Portla ...