Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended December 28, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6227 LEE ENTERPRISES, INCORPORATED (Exact name of Registrant as specified in its Charter) Delaware 42-0823980 (State or other jurisdiction of incorporatio ...

PresentationI would now like to turn the call over to your host, Jared Marks, Vice President, Finance. Please go ahead.Welcome to the Lee Enterprises 2026 First Quarter Webcast and Conference Call. The call is being recorded and will be available for replay at investors.lee.net. [Operator Instructions] A link to the live webcast can be found at investors.lee.net.Jared MarksVice President of Corporate Finance; Assistant Secretary and Assistant Treasurer Thank you, and good morning, everyone. We appreciate yo ...

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, contributing to improved operating efficiency [11][12] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, reflecting a 5% growth [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with digital sources accounting for 71% of total advertising revenue [11][15] - Digital revenue mix improved by 330 basis points year-over-year [11] Market Data and Key Metrics Changes - Company operates in 72 markets across the U.S., providing high-quality local news and advertising [8] - Digital subscription revenue has grown significantly, more than doubling that of the nearest competitor over the past three years [14] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, transitioning to a digital-first company [3][4] - A $50 million equity investment was completed to strengthen the balance sheet and improve liquidity, with plans for future deleveraging [3][5] - The goal is to reach $450 million in digital revenue by 2030, with a trajectory towards approximately 90% digital revenue by fiscal 2030 [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit Adjusted EBITDA growth for fiscal 2026, supported by strong first-quarter results [19] - The amended credit agreement is expected to generate approximately $18 million in annual interest savings, enhancing financial flexibility [17][18] - The company aims to continue building on digital revenue growth while managing declining legacy revenue streams [16] Other Important Information - A strategic partnership with Hudl was announced, aimed at enhancing local sports coverage and community engagement [20][21] - The company has identified $26 million in non-core assets for potential monetization to contribute to future debt reduction [18] Q&A Session Summary - No questions were received from web participants during the Q&A session [22][23]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, contributing to improved operating efficiency [11] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, reflecting a 5% growth [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with a 330 basis points year-over-year improvement in digital revenue mix [11] - Revenue from the Amplified Digital Agency grew at a 5% annual rate over the last three years, indicating strong digital advertising growth [14][15] Market Data and Key Metrics Changes - The company operates in 72 markets across the U.S., positioning itself as a leading provider of local news and advertising [8] - Digital revenue is projected to reach approximately 90% of total revenue by fiscal 2030, reflecting a significant shift from print to digital [15][16] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, emphasizing digital subscription growth and digital advertising [4][5] - A recent $50 million equity investment has strengthened the balance sheet and improved liquidity, allowing for future investments in digital transformation [3][6] - The company aims to enhance operational efficiency while reducing legacy costs, positioning itself for sustainable long-term growth [17] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the outlook for fiscal 2026, expecting mid-single digits Adjusted EBITDA growth [19] - The partnership with Hudl is expected to enhance local sports coverage and community engagement, aligning with the company's mission [20] - Management expressed confidence in the company's ability to achieve long-term sustainability through digital revenue growth and effective cost management [16][24] Other Important Information - The company has identified $26 million in non-core assets for potential monetization, contributing to future debt reduction [18] - The termination of the defined benefit pension plan has eliminated future cost uncertainties [18] Q&A Session Summary - No questions were received from web participants during the Q&A session [22][23]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, reflecting improved operating efficiency [11][12] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, with a 5% growth fueled by engagement and pricing optimization [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with a digital revenue mix improvement of 330 basis points year-over-year [11] - Revenue from the Amplified Digital Agency grew at a 5% annual rate over the last three years, indicating strong digital advertising growth [14] Market Data and Key Metrics Changes - The company operates in 72 markets across the U.S., providing high-quality local news and advertising [8] - Digital revenue is projected to reach approximately 90% by fiscal 2030, reflecting a significant shift from print to digital [14][15] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, emphasizing digital subscription growth and digital advertising [4][8] - A recent $50 million equity investment strengthens the balance sheet and improves liquidity, supporting future digital transformation projects [3][5] - The amended credit agreement reduces the interest rate on outstanding debt from 9% to 5%, expected to generate approximately $18 million in annual interest savings [7][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit Adjusted EBITDA growth for fiscal 2026, supported by strong first-quarter results [18] - The partnership with Hudl aims to enhance local sports coverage and community engagement, aligning with the company's mission [18][19] Other Important Information - The company has identified $26 million in non-core assets for potential monetization, contributing to future debt reduction [17] - The termination of the defined benefit pension plan eliminates future cost uncertainty [17] Q&A Session Summary - No questions were received from web participants during the Q&A session [21]

By strengthening the balance sheet and improving the company's capital structure, we are putting the company in a much better position to execute our strategy and deliver long-term value to our shareholders. I'm excited to share the details of the strategic deal that closed this past week. We raised $50 million in gross proceeds through a private placement of common stock at $3.25 per share. The private placement was anchored and backstopped by David Hoffman, with additional existing investors also particip ...

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FIRST QUARTER FY2026 EARNINGS FEBRUARY 10, 2026 SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "aims", "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions ...

Q1 Adjusted EBITDA(1) growth of $5M or 61% YOY$50M equity investment(2) enhances financial stabilityInterest rate on outstanding debt reduced to 5% from 9%(3) DAVENPORT, Iowa, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 72 markets, today reported preliminary first quarter fiscal 2026 financial results(4) for the period ended December 28, 20 ...

DAVENPORT, Iowa, Feb. 09, 2026 (GLOBE NEWSWIRE) -- Lee Enterprises and Hudl today announced a new content partnership that significantly expands access to high school sports coverage across Lee’s nationwide network of trusted local news brands, marking one of the largest collaborations in local sports media. Through this partnership, the two companies will work to bring high-quality high school sports video and storytelling across Lee Enterprises’ 72 markets, reaching millions of local sports fans, families ...