Gray Media, Inc. (“Gray,” “Gray Media,” “we,” “us” or “our”) (NYSE: GTN) today announced its financial results for the quarter ended March 31, 2025, which included total revenues above the high end of our guidance for the quarter. Total operating expenses were also below our guidance for the quarter. Moreover, for the first time since the COVID slowdown in 2020, our broadcasting operating expenses declined in the first quarter of the year on a year-over-year basis. In addition, we reduced the outstanding principal amount of our outstanding debt by $17 million during the first quarter of this year.

We continue to improve our local content offerings and in particular our broadcast of professional and collegiate sports, optimize our cost structure, strengthen our balance sheet and increase our financial flexibility. We look forward to continuing these trends.

Summary of First Quarter Results

Operating Highlights:

• Total revenue in the first quarter of 2025 was $782 million, a decrease of 5% from the first quarter of 2024 and 1% above the high end of guidance for the quarter.

• Consistent with guidance for the quarter, core advertising revenue in the first quarter of 2025 was $344 million, a decrease of 8%, as a result of the Super Bowl airing on our 33 FOX channels in 2025 compared to our 54 CBS channels in 2024, and by one less selling day in 2025, due to Leap Day in 2024.

• Retransmission consent revenue in the first quarter of 2025 was $379 million, a decrease of 1% from the first quarter of 2024 and 1% above the high end of guidance for the quarter.

• Political advertising revenue in the first quarter of 2025 was $13 million, a decrease of 52% from the first quarter of 2024, consistent with the off-year of the two-year political advertising cycle, but 225% greater than the high end of guidance for the quarter, reflecting strong results in Wisconsin.

• Net loss attributable to common stockholders was $22 million in the first quarter of 2025, compared to Net income attributable to common stockholders $75 million in the first quarter of 2024.

• Adjusted EBITDA was $160 million in the first quarter of 2025, compared to $197 million in the first quarter of 2024, due primarily to the cyclical decrease in political advertising revenue.

Other Key Metrics:

• During the first quarter of 2025, we reduced the principal amount of our outstanding debt by $17 million.

• On March 31, 2025, we amended our revolving accounts receivable securitization facility (the “AR Facility”) to increase the aggregate commitments thereunder from $300 million to $400 million and to extend the maturity date to March 31, 2028. We also increased the aggregate commitments under our Revolving Credit Facility from $680 million to $700 million.

• As of March 31, 2025, calculated as set forth in our Senior Credit Agreement, our First Lien Leverage Ratio and Leverage Ratio, which are net of $210 million of cash, were 2.92 to 1.00 and 5.48 to 1.00, respectively.

• As of March 31, 2025, we had $692 million of borrowing availability under our $700 million undrawn Revolving Credit Facility (availability reduced by outstanding letters of credit) and our AR Facility was fully drawn.

• Non-cash stock-based compensation was $7 million and $6 million during the first quarters ended March 31, 2025 and 2024, respectively.

Guidance for the Quarter Ending June 30, 2025:

Based on our current forecasts for the quarter ending June 30, 2025, we anticipate the following key financial results, as outlined below in approximate ranges and as compared to the quarter ended June 30, 2024, as well as certain currently anticipated full-year financial results. As always, guidance may change in the future based on several factors and therefore may not reflect actual results.

This year began with heightened macroeconomic uncertainty that has negatively impacted on our revenues and our ability to forecast future operating results. We nevertheless remain optimistic that this uncertainty will abate as the year progresses and that we will be able to continue to realize benefits from our cost-cutting initiatives launched in late 2024 and potential improvements in the regulatory environment.

For the quarter ending June 30, 2025, we currently expect that core advertising revenue will be down by mid-single digits (“MSD”) compared to the quarter ending June 30, 2024, due in part to current macroeconomic uncertainties. As part of our core advertising revenue, we are continuing to see strong double-digit growth on a year-over-year basis in digital advertising revenue and continuing growth from local customers who previously have not purchased advertising from us. As such, we believe that our leading stations and digital products are increasing our share of local advertising market revenues.

We have implemented the cost containment measures announced in November 2024, and believe that we have exceeded the $60 million annualized savings run-rate.

Our current availability under our authorization to repurchase additional debt is $240 million. The extent of such repurchases, including the amount and timing of any repurchases, will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. This repurchase program supersedes any previous repurchase authorization, does not require us to repurchase a minimum amount of debt, and it may be modified, suspended or terminated at any time without prior notice.