iHeartMedia, Inc. Q4 FY2025 earnings call

• Overall performance in 2025 was pleased, especially non-political year. Fourth quarter adjusted EBITDA at midpoint of guidance range. Consolidated revenue up 0.8% vs prior year, above guidance. Excluding political, consolidated revenue up 7.7%. • Digital Audio Group's podcast revenue momentum continued, with local sales force contributing more. Non-podcast digital revenue grew. • Multi-Platform Group focused on programmatic, integrated sales, broadcast outperformance, and resilient radio audience. Partnership announcements with companies like Netflix and TikTok. • Core savings initiatives: $50 million new in-year cost savings starting in Q2, adding to total $100 million in 2026 cost reductions. Achieved $150 million net cost savings in 2025. • Free cash flow in Q4 2025 was $138 million, with high free cash flow conversion. Year end net debt $4.5 billion, total liquidity $640 million, cash balance $271 million

Digital Audio Group: Fourth quarter revenue $387 million, up 14.1% vs prior year; adjusted EBITDA $132 million, up 10.7% vs prior year; podcast revenue $174 million, up 24.5% vs prior year. Non-podcast digital revenue grew 6.8% vs prior year. Multi-Platform Group: Fourth quarter revenue $665 million, down 2.8% vs prior year; excluding political, up 2.3%; adjusted EBITDA $129 million. Audio or Media Services Group: Fourth quarter revenue $79 million, down 19.3% vs prior year; excluding political, up 21.8%; adjusted NVDA $31 million, down 35.7% vs prior year

• First quarter expected adjusted EBITDA ~$100 million; consolidated revenue up high single digits vs prior year. Digital Audio Group revenue up mid-teens, podcast revenue low 20s growth. Multi-Platform Group revenue up mid-single digits. Audio and Media Services Group revenue up high single digits. • Full year expected adjusted EBITDA ~$800 million, free cash flow ~$200 million. Multi-Platform Group expected to get back to adjusted EBITDA growth in 2026. Programmatic revenue expected ~$200 million in 2026, up 50% from 2025. Political revenue expected strong in 2026 non-presidential cycle. • 2026 net leverage ratio expected in mid fives

Q: Encouraging to see growth in core MPG revenues in 4Q and continued strength on digital side, and why high single-digit revenue growth in first quarter but small decline in year-over-year EBITDA despite cost cuts.

A: Rich explained about first quarter numbers being small compared to rest of year, natural build of programmatic offerings and prepaid marking deployment in Q4 affecting Q1.

Q: How to think about cadence of 100 million cost savings in 2026 across quarters and cash costs.

A: Rich said 100 million cost savings in 2026, about $28 million per quarter after Q1.

Q: On political side, what political assumptions baked into 800 million EBITDA guidance.

A: Expect 2026 to be strong non-presidential cycle political year.

Q: What benchmarks or milestones to look for with programmatic efforts and recently announced partnerships including Netflix, and if partnerships add to strength in podcast forecast.

A: Rich said programmatic benefits everything, broadcast radio entering programmatic platforms like Amazon DSP and Yahoo DSP, video podcast with Netflix as unforeseen revenue opportunity.

Q: Follow up on programmatic revenue growth rate in 2024, DAG margins in 4Q 2025, and how 2026 incremental savings relate to MPG back to EBITDA growth.

A: Rich said can't provide 2024 programmatic growth rate offhand, DAG margins affected by quarter-to-quarter moving pieces, MPG back to EBITDA growth due to outlined factors.

Q: How much drag expected on EBITDA from programmatic mismatch.

A: Rich said been prudent in building programmatic with primarily non-cash marketing expense, not big impact on earnings