Sinclair, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $893 million, an increase of 16% year-over-year compared to $773 million in 2025.
• Total revenue for the nine months ended September 30, 2026, was $2,540 million, a 9% increase year-over-year compared to $2,333 million in 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, was $213 million, an increase of 113% year-over-year compared to $100 million in 2025.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $488 million, a 55% increase year-over-year compared to $315 million in 2025.
• Net income attributable to the Company for the three months ended September 30, 2026, was $43 million, compared to a net loss of $1 million in 2025.
• Net loss attributable to the Company for the nine months ended September 30, 2026, was $13 million, compared to a net loss of $221 million in 2025.
• Distribution revenue for the quarter was $426 million (1% YoY growth), while core advertising revenue was $301 million (4% YoY decline).
• Political advertising revenue for the quarter was $136 million, representing a 2,167% increase year-over-year compared to $6 million in 2025.
• Capital expenditures for the third quarter of 2026 were $20 million.
• Total company debt was $4,035 million, all held by Sinclair Broadcast Group, LLC (STG).
• Cash and cash equivalents were $659 million, with total liquidity of approximately $1.4 billion including undrawn revolver and accounts receivable facility capacity.
• First Out First Lien Leverage Ratio was 1.7x (covenant <3.5x), and Total Leverage Ratio was 5.1x (covenant <7.0x).

Guidance and Future Outlook:

• Full-year 2026 Adjusted EBITDA guidance was increased to a range of $825 million to $835 million, up from the previous range of $730 million to $760 million.
• Full-year 2026 Total Revenue guidance was increased to a range of $3,530 million to $3,600 million, up from $3,400 million to $3,540 million.
• Full-year 2026 Political Advertising Revenue is now estimated at approximately $455 million, an increase of $50 million above the prior record of $405 million in 2024.
• Full-year 2026 Capital Expenditures guidance remains $75 million to $80 million.
• Full-year 2026 Net Interest Expense guidance remains $290 million to $295 million.
• Full-year 2026 Net Cash Tax Payments guidance remains approximately $50 million.

Business Segments and Product Lines:

• Local Media segment Adjusted EBITDA for the quarter was $205 million.
• Tennis segment Adjusted EBITDA for the quarter was $15 million.
• Other segment Adjusted EBITDA for the quarter was $5 million.
• The Company reached new network affiliation agreements with both ABC and CBS in recent weeks.
• Tennis Channel reported growth in DTC subscribers, distribution revenue, and core advertising revenue across linear, streaming, and direct-to-consumer platforms.
• The Company noted record-setting audiences for the 2026 FIFA World Cup, NFL, and college football broadcasts.
• The Company determined not to separate the Ventures portfolio through a spin-off, split-off, or other transaction at this time.

Market and Competitive Landscape:

• Political advertising revenue was driven by battleground races and the overall political environment, resulting in record demand across the Company's footprint.
• The Company operates 178 television stations in 79 markets affiliated with all major broadcast networks.
• The Company owns and operates multicast networks CHARGE, Comet, ROAR, and The Nest.

Risks and Challenges:

• Forward-looking statements include risks such as subscriber decline in traditional and virtual multi-channel video programming distributors.
• Risks include the Company's ability to generate cash to service substantial indebtedness and manage increased financial leverage from acquisitions.
• Potential risks involve the successful execution of retransmission consent, network, and distributor affiliation agreements.
• Risks include pricing and demand fluctuations in local and national advertising, programming cost volatility, and regulatory proceedings.
• The outcome of the ongoing strategic review process, including the possibility of no transactions, suspension, or modification, presents uncertainty.

Management Commentary and Tone:

• CEO stated the Company delivered strong third-quarter results with record mid-term political advertising revenue in both the third and fourth quarters.
• Management highlighted disciplined execution across the business and noted that political revenue is expected to exceed the prior record year of 2024.
• Management expressed satisfaction with progress made during the strategic review while noting opportunities remain.
• The CEO noted the new Adjusted EBITDA guidance is higher than the 2024 Adjusted EBITDA of $816 million, excluding Diamond-related management fees received in that year.

Other Key Points:

• The Company retired $25 million of B7 term loan at a discount and terminated the remainder of the B3 term loan.
• A quarterly cash dividend of $0.25 per share was paid in September 2026.
• There were 72,313,697 common shares outstanding (48,558,461 Class A and 23,755,236 Class B) as of September 30, 2026.
• The Company held a conference call on November 4, 2026, to discuss results.
• The Company continues to evaluate various broadcast transactions as part of an ongoing strategic review.