Third Quarter 2025 Investor Presentation Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially different from any future results, performance or achievements expressed or im ...

Core Points - NBCUniversal has renewed its exclusive audio partnership with iHeartMedia for the Milan Cortina 2026 Olympic Winter Games, scheduled from February 6 to February 22, 2026 [1][6] - iHeartRadio will provide 24/7 audio coverage of NBCUniversal's linear programming, including play-by-play channels and original podcasts [1][2] - The partnership aims to enhance audience engagement by delivering Olympic content through various iHeart platforms, including popular podcasts [2][4] NBCUniversal and iHeartMedia Collaboration - The collaboration includes the return of the original iHeartPodcast "Two Guys, Five Rings," hosted by Bowen Yang and Matt Rogers, with weekly episodes launching in early January 2026 [3][4] - iHeartMedia will produce Olympic-themed episodes for its popular podcasts, expanding the reach of Olympic content beyond traditional media [4] Coverage and Content Focus - NBCUniversal's audio coverage will focus on key events such as U.S. team ice hockey, figure skating, speed skating, skiing, and snowboarding, emphasizing Team USA's participation [2][3] - The partnership is expected to deepen the connection between audiences and athletes, showcasing inspiring stories from the Winter Games [3] Historical Context of the Games - The 2026 Olympic Winter Games will take place across multiple venues in northern Italy, marking the second time Cortina has hosted the Olympics and the fourth time Italy has hosted overall [5][6] - NBCUniversal holds the U.S. media rights to the Olympic Games through 2036, covering multiple upcoming Olympic events [7]

Q2 2025 Financial Performance - Q2 Revenue reached $934 million, a 0.5% increase year-over-year; excluding political revenue, the increase was 1.5%[10] - Consolidated Adjusted EBITDA increased by 3.9% to $156 million, compared to $150 million in Q2 2024[10] - Digital Audio Group revenue grew by 13% to $324 million[10] - Podcast revenue within the Digital Audio Group increased by 28% to $134 million[10] - Multiplatform Group revenue decreased by 5% to $545 million; excluding political revenue, the decrease remained at 5%[10] Segment Performance - Digital Audio Group Adjusted EBITDA margin was 33.2%[10] - Multiplatform Group Adjusted EBITDA margin was 17.7%[10] - Audio & Media Services Group Adjusted EBITDA margin was 35%[12] Modernization Program - The company is on track with its modernization program, expecting $150 million in net savings in 2025, primarily driven by technology and AI[33] - The modernization program aims for $200 million in gross savings[13] - 55% of net savings are expected from Sales, Marketing, & Support, 30% from Programming & Content, 10% from Product, Tech, & Other, and 5% from General & Admin[14] Podcast Leadership - iHeartMedia is the 1 podcast publisher in the US, leading in downloads, unique listeners, revenue, and earnings[69] - The company's average monthly podcast audience has more than doubled in 8 years, reaching 158 million in 2025 compared to 67 million in 2017[20, 21]

Q1 2025 Consolidated Results - Q1 Revenue reached $807 million, a 10% increase year-over-year; excluding political revenue, the increase was 18%[10] - Consolidated Adjusted EBITDA remained flat at $105 million compared to Q1 2024[10] - The company's cash balance and total available liquidity stood at $168 million and $559 million, respectively, as of March 31, 2025[10] - Free Cash Flow was $(81) million[10] Digital Audio Group Results - Digital Audio Group Revenue increased by 16% to $277 million[10] - Podcast Revenue grew by 28% to $116 million[10] - Digital Revenue excluding Podcast increased by 9% to $161 million[10] - Digital Audio Group Adjusted EBITDA margin was 314%[10] Multiplatform Group Results - Multiplatform Group Revenue decreased by 4% to $473 million; excluding political revenue, the decrease was 3%[10] - Multiplatform Group Adjusted EBITDA margin was 148%[10] Modernization Program - The company is on track with its modernization program, expecting $150 million in net savings in 2025, primarily driven by technology and AI[28]

Financial Performance - Q4 2024 revenue reached $1,118 million, a 4.8% increase, but excluding political revenue, it decreased by 1.8%[10] - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2% from $208 million in Q4 2023[10] - Full year 2025 consolidated revenue is expected to be approximately flat, while Adjusted EBITDA is projected to be around $770 million[10] - Free cash flow was negative $(24) million, but excluding Debt Exchange Transaction impacts, it was $111 million[10] - Full year 2024 revenue was $3,854.5 million, a 2.8% increase from $3,751.0 million in 2023[48] - Full year 2024 Adjusted EBITDA was $705.6 million, a 1.3% increase from $696.6 million in 2023[48] Segment Performance - Digital Audio Group revenue increased by 7% to $339 million, with podcast revenue up 6% to $140 million and digital revenue excluding podcast up 7% to $199 million[10] - Multiplatform Group revenue remained flat at $684 million, but excluding political revenue, it decreased by 5%[10] - Audio & Media Services Group revenue increased significantly by 44.7% to $97.8 million[12] Debt and Liquidity - The company completed a debt exchange transaction, exchanging approximately $4.8 billion of existing debt and extending maturities by three years[10] - The debt exchange resulted in the lowest net debt in the company's history[10] - Cash balance and total available liquidity were $260 million and $686 million, respectively, as of December 31, 2024[10]