Investor Presentation INVESTOR PRESENTATION March 2026 FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains, and our other communications may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements, written, oral or ...

Company Overview - Beasley Media Group's future will be driven by operational efficiency in its core business and expansion of its digital capabilities[12] - The company operates in 12 US markets[13] - Beasley campaigns deliver 30%+ higher intent to purchase when combining radio and digital[20] Revenue Performance - Audio revenue reached $38 million in Q3 2025[22] - Digital revenue reached $129 million in Q3 2025[23] - Digital revenue accounted for 25% of total net revenue in Q3 2025[24] - Same-station digital revenue grew by 285% year-over-year in Q3 2025[24] - Local advertisers make up 79% of the company's revenue[26] Financial Metrics - Total net revenue was $51 million in Q3 2025[48] - Capital expenditures (CAPEX) amounted to $22 million in Q3 2025[48] - Station Operating Income (SOI) was $49 million in Q3 2025[48] - Adjusted EBITDA was $39 million in Q3 2025[48] - Cash and cash equivalents totaled $143 million[48]

Company Overview & Financial Highlights - Townsquare is a community-focused digital and broadcast media company primarily operating outside the top 50 US markets[12] - As of LTM 9/30/25, net revenue was $439 million and adjusted EBITDA was $98 million[16] - Digital net revenue reached $238 million, contributing 54% of total net revenue and 53% of segment profit as of LTM 9/30/25[18] - Digital subscription solutions (Townsquare Interactive) accounted for 18% of total revenue and 27% of adjusted EBITDA as of LTM 9/30/25[18] - The company offers a quarterly dividend of $020 per share, or $080 per share on an annualized basis, representing approximately a 13% dividend yield as of November 7, 2025[17] Digital Segment Performance - Digital advertising revenue for LTM 9/30/25 was $162 million with a segment profit of $39 million and a 24% profit margin[24, 64] - Subscription digital marketing solutions generated $76 million in net revenue and $24 million in segment profit for LTM 9/30/25[24] - September YTD 2025, total digital revenue was $176 million, accounting for 55% of total revenue, with a segment profit of $461 million, also representing 55% of total segment profit[32] Broadcast & Future Outlook - Broadcast advertising net revenue was $185 million ex-political, with a segment profit of $50 million and a 27% profit margin for LTM 9/30/25[27] - The company's Q3 2025 net revenue was $1068 million, a 7% decrease year-over-year, but only a 45% decrease excluding political revenue[133] - Q4 2025 net revenue is guided to be between $105 million and $109 million, compared to $1178 million in Q4 2024[138]

Company Overview - Beasley Media Group's future growth will be driven by operational efficiency in its core business and expansion of its digital capabilities[12] - The company operates in 12 US markets[13] - The company's multimedia platform enables local businesses to maximize audience reach[28] Financial Performance - Q2 2025 - Total net revenue was $53 million[47] - Digital revenue accounted for 25% of total net revenue[23] - Same-station digital revenue grew by 81% year-over-year[23] - Station Operating Income (SOI) was $82 million[47] - Adjusted EBITDA was $47 million[47] Revenue Mix - Audio revenue for Q2 2025 was $398 million[23] - Digital revenue for Q2 2025 was $132 million[22] - Local advertisers accounted for 76% of Q2 2025 revenue[25]

Company Overview - Townsquare is a community-focused digital and broadcast media and digital marketing solutions company, primarily operating outside the top 50 US markets[8, 12] - The company has transformed into a Digital First Local Media Company, with over 50% of profit and revenue from digital advertising divisions and subscription digital marketing solutions[12, 23] - Digital platforms have reached all-time record audience levels, with the digital audience being approximately 5 times the size of the terrestrial radio audience[12] Financial Performance - LTM (Last Twelve Months) as of March 31, 2025, net revenue was $450 million and adjusted EBITDA was $101 million[16] - Digital net revenue for LTM as of March 31, 2025, reached $237 million, contributing to 53% of net revenue and 51% of segment profit[18] - Digital subscription solutions (Townsquare Interactive) accounted for 17% of total revenue and 25% of adjusted EBITDA for LTM as of March 31, 2025[18] - The company announced a quarterly dividend of $020 per share, or $080 on an annualized basis, representing approximately a 12% dividend yield as of May 7, 2025[17] Digital Growth and Strategy - Digital revenue has grown at a compound annual growth rate (CAGR) of 13% year-over-year since 2016[51] - The company's owned and operated digital brands have grown their audience by over 50 times since 2011, reaching approximately 58 million monthly unique visitors[63] - Townsquare Interactive has a total addressable market of approximately 88 million target customers, representing a $32 billion market[72, 77]

Financial Data and Key Metrics Changes - In Q4 2024, net revenue increased by 2.6% year over year to $117.8 million, while full year net revenue declined by 0.7% to $451 million [21][22] - Adjusted EBITDA for Q4 increased by 25.8% year over year to $31.2 million, with full year adjusted EBITDA approximately flat at $100.4 million, a 0.4% increase [22][25] - The company ended 2024 with $33 million in cash and generated $49 million in cash flow from operations [5][25] Business Line Data and Key Metrics Changes - Digital revenue grew by 1% year over year to $234 million, contributing 52% of total net revenue and 50% of total segment profit [7][18] - Townsquare Ignite, the digital advertising segment, saw net revenue increase by 5.5% year over year to $159 million, accounting for 35% of total company net revenue [8][22] - Townsquare Interactive, the subscription-based digital marketing solutions segment, returned to year-over-year revenue growth in Q4 with a 1.9% increase, although full year revenue decreased by 8.4% [23][24] Market Data and Key Metrics Changes - Broadcast advertising net revenue declined by 1.3% year over year, with a 4.1% decrease in Q4 [24][19] - Political revenue for the full year was $13.4 million, with Q4 political revenue at $7.2 million [21][22] - The company expects broadcast revenue to continue declining, projecting a similar decline of approximately 6% for 2025 [65][68] Company Strategy and Development Direction - The company is focused on being a digital-first local media company, with significant investments in digital advertising and marketing solutions [7][10] - A new Media Partnership Division was launched to expand digital programmatic advertising solutions to other local media [11][60] - The company plans to continue investing in digital product technology and maintain a strong competitive advantage in markets outside the top 50 cities [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainty, expecting high single-digit growth in digital advertising [71][73] - The company anticipates strong profit growth in Townsquare Interactive for Q1 2025, with expectations of $2.5 million to $3 million in profit for the year [38][47] - Management views the broadcast business as a mature cash cow, with expectations of continued revenue decline but strong cash flow generation [19][65] Other Important Information - The company successfully refinanced its debt, extending maturities until February 2030, and repurchased approximately $24 million worth of shares in 2024 [26][27] - A dividend increase of 1.3% year over year was approved, raising the annualized dividend to $0.80 per share [29][30] Q&A Session Summary Question: Can you provide more details on Townsquare Interactive's subscriber numbers and outlook for Q1 2025? - Management highlighted a successful turnaround in Townsquare Interactive, expecting revenue growth to double from Q4's 2% to at least 4% in Q1 2025, with profit growth expected to be around 20% [36][38] Question: What are the current subscription rates for Townsquare Interactive? - The average revenue per user (ARPU) remains around $300, with some offerings exceeding $400, and management expects this to continue over the next two years [42][43] Question: Are there updated revenue goals for Interactive and Ignite? - Management expressed confidence in achieving strong growth in digital advertising and expects Townsquare Interactive to return to historical profit levels in the coming years [46][47] Question: How does the company view potential deregulation in radio and M&A opportunities? - Management believes deregulation is likely and positions the company as a potential acquirer of radio assets, particularly in markets outside the top 50 [52][56] Question: What is the outlook for broadcast revenue growth excluding political revenue? - Management expects broadcast revenue to decline in line with previous years, projecting a 6% decline for 2025 [65][68]