Overview

• US audio company's Q4 revenue rose 0.8%, beating analyst expectations

• Adjusted EBITDA for Q4 missed analyst expectations, declining 10.5% yr/yr

• Digital Audio Group revenue grew 14%, driven by podcast demand

Outlook

• iHeartMedia expects Q1 2026 revenue to increase high-single digits

• Company projects full-year 2026 adjusted EBITDA of approximately $800 mln

• iHeartMedia anticipates 2026 programmatic revenue to grow 50% to $200 mln

Result Drivers

• PODCAST DEMAND - Digital Audio Group revenue increased 14.1% driven by higher demand for podcast advertising

• POLITICAL REVENUE DECLINE - Multiplatform Group revenue decreased 2.8% primarily due to lower political revenues

• STRATEGIC MARKETING - Non-cash trade revenue increased due to strategic marketing initiatives

Company press release: ID:nBw9V1Gjfa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$1.13 bln	$1.10 bln (4 Analysts)
Q4 Adjusted EBITDA	Miss	$220 mln	$226.85 mln (4 Analysts)
Q4 Free Cash Flow		$138 mln
Q4 Operating Income		$86 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the broadcasting peer group is "buy."

• Wall Street's median 12-month price target for iHeartMedia Inc is $4.25, about 30% above its February 27 closing price of $3.27

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.