SBGI

EX-99

2 exhibit991-3q26pressreleas.htm

EX-99

Document

Press Release

SINCLAIR REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

BALTIMORE (November 4, 2026) - Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2026.

Highlights:

•Total Revenue increased by 16% and Total Adjusted EBITDA increased by 113% year-over-year

•Total Adjusted EBITDA of $213 million

•Political Advertising Revenue of $136 million, an increase of 55% versus 3Q22

•Full-year preliminary Political Advertising Revenue of approximately $455 million, an increase of $50 million above our prior political revenue record of $405 million in 2024 and $122 million above our prior mid-term political revenue record of $333 million in 2022

•As an update to our ongoing strategic review, we continue to evaluate various broadcast transactions and while pleased with some of the progress we have made so far, we believe opportunities still remain. We have also evaluated the separation of the Ventures portfolio through a spin-off, split-off, or other transaction, and have determined at this time not to separate Ventures in a standalone transaction. We will continue to evaluate all options that provide value creation for the Company’s stakeholders

•Increased Full Year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million

CEO Comment:

"Sinclair delivered strong third quarter results, with record mid-term political advertising revenue in both third and fourth quarters, and disciplined execution across the business. Political advertising revenue is expected to exceed our prior record year of 2024 as battleground races and the overall political environment helped drive record demand across our footprint. In addition, we have reached new network affiliation agreements with both ABC and CBS in recent weeks. Lastly, we are increasing our full year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million, which we note is higher than our 2024 Adjusted EBITDA of $816 million excluding the Diamond-related management fees received in that year."

Recent Developments:

Updated Full Year 2026 Guidance

•Increasing Total Company Adjusted EBITDA from a range of $730 million to $760 million to a range of $825 million to $835 million

•Total Company Revenue guidance increasing by $95 million at the mid-point of our new range

•Distribution and Core Advertising Revenue ranges tightened

2026 Midterm Election

•Political revenue of $136 million in the quarter is up 55% compared to the third quarter of the 2022 mid-term election cycle

•Full-year political revenue of approximately $455 million represents a record political year for Sinclair, besting the $405 million in political revenue in 2024

Balance Sheet

•Retired $25 million of B7 term loan at a discount and terminated the remainder of the B3 term loan

•Ended the third quarter with total liquidity of ~$1.4 billion consisting of cash and cash equivalents of $659 million plus undrawn revolver and accounts receivable facility capacity

1

Content and Distribution

•Reached network affiliation agreements with both ABC and CBS in recent weeks

•Record setting 2026 FIFA World Cup, NFL and college football audiences highlight broadcast's lynchpin position for appointment viewing

•Tennis Channel continued to grow engagement across linear, streaming, and direct-to-consumer (DTC) platforms with growth seen in DTC subscribers, as well as both distribution and core advertising revenue

Financial Results:

Consolidated Financial Results

($ in millions)Three Months EndedPercent Change

September 30, 2026June 30, 2026September 30, 2025QTQYOY

Total revenue$893 $840 $773 6%16%

Distribution revenue426 444 422 (4)%1%

Core advertising revenue301 308 315 (2)%(4)%

Political advertising revenue136 59 6 131%2167%

Other media and non-media revenue30 29 30 3%—%

Net income (loss) attributable to the Company$43 $(76)$(1)n/mn/m

Adjusted EBITDA(a) $213 $149 $100 43%113%

Nine Months EndedPercent Change

September 30, 2026September 30, 2025YOY

Total revenue$2,540 $2,333 9%

Distribution revenue1,328 1,307 2%

Core advertising revenue914 923 (1)%

Political advertising revenue213 18 1083%

Other media and non-media revenue85 85 —%

Net loss attributable to the Company$(13)$(221)(94)%

Adjusted EBITDA(a) $488 $315 55%

n/m - not meaningful

(a)Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. Refer to the reconciliation at the end of this press release and the Company’s website.

2

Segment Financial Results

Segment financial information is included in the following tables for the periods presented. The Local Media segment consists primarily

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EX-99.1

2 exhibit991-1q26pressreleas.htm

EX-99.1

Document

Press Release

SINCLAIR REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS

BALTIMORE (April 30, 2026) - Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months ended March 31, 2026.

Highlights:

•Total Revenue increased by 4% and Total Adjusted EBITDA by 13% year-over-year

•Total Adjusted EBITDA of $126 million

•Strong core advertising performance driven by growth in digital

•March 2026 was Tennis Channel's most-watched month ever

•Stable distribution trend due to moderating churn across key MVPDs

•Reaffirmed 2026 full year financial guidance

CEO Comment:

"Sinclair continues to execute on its core broadcast business, with both ratings and subscriber trends showing positive momentum. Broadcast's reach differentiation continues to drive record viewing levels continuing into a political- and sports-heavy 2026 for the industry. Live sports remained a key driver in the quarter, with the Super Bowl in February delivering the second-largest audience in U.S. television history and the Winter Olympics also delivering record viewing levels. Tennis Channel had its most-watched month ever in March, including four of the top-five most-watched matches in network history, and delivered record subscriber numbers for its Direct-to-Consumer product. Based on our first quarter results and current outlook, we are reaffirming our 2026 full year financial guidance."

Recent Developments:

Balance Sheet

•Retired $165 million of term loans at a discount in early April through an unmodified reverse Dutch auction, which will save approximately $12 million in annual interest expense.

•Ended the first quarter with total liquidity of ~$1.5 billion, including cash of $844 million.

Investment Portfolio

•Sinclair Ventures, LLC (Ventures) received distributions of approximately $12 million and ended the quarter with $451 million in cash.

Station Portfolio Optimization

•Closed substantial majority of our partner station acquisitions and continue to expect $30 million in annualized synergies in 2026.

Content and Distribution

•NBC affiliates delivered strong results in the first quarter as the Super Bowl was the 2nd-most watched U.S. telecast of all-time while the Winter Olympics was the most-watched Winter Games since 2014.

•Tennis Channel delivered its two most-watched women's matches of all-time in March and four of its top five most watched matches ever.

1

Financial Results:

Consolidated Financial Results

($ in millions)Three Months EndedPercent Change

March 31, 2026December 31, 2025March 31, 2025QTQYOY

Total revenue$807 $836 $776 (3)%4%

Distribution revenue458 438 451 5%2%

Core advertising revenue305 354 292 (14)%4%

Political advertising revenue18 14 6 29%200%

Other media and non-media revenue26 30 27 (13)%(4)%

Net income (loss) attributable to the Company$20 $109 $(156)(82)%n/m

Adjusted EBITDA(a) $126 $168 $112 (25)%13%

n/m - not meaningful

(a)Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. Refer to the reconciliation at the end of this press release and the Company’s website.

2

Segment Financial Results

Segment financial information is included in the following tables for the periods presented. The Local Media segment consists primarily of broadcast television stations, which the Company owns, operates or to which the Company provides services, and includes multicast networks and original content. The Local Media segment assets are owned and operated by Sinclair Broadcast Group, LLC (SBG). The Tennis segment consists primarily of Tennis Channel, a cable network which includes coverage of most of tennis' top tournaments and original professional sport and tennis lifestyle shows; the Tennis Channel International subscription and streaming service; Tennis Channel streaming service; TennisChannel 2, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Other includes non-broadcast digital solutions such as Digital Remedy, technical services, and other non-media investments. The assets of the Tennis segment and Other are owned and operated by Ventures.

Three months ended March 31, 2026Local MediaTennisOtherCorporate and EliminationsConsolidated

($ in millions)

Distribution revenue$402 $56 $— $— $458

Core advertising revenue261 13 40 (9)305

Political advertising revenue18 — — — 18

Other media revenue20 1 — (1)20

Media revenue$701 $70 $40 $(10)$801

Non-media revenue— — 6 — 6

Total revenue$701 $70 $46 $(10)$807

Media programming and production expenses$382 $30 $— $— $412

Media selling, general and administrative expenses171 19 34 (10)214

Non-media expenses2 — 13 — 15

Amortization of pro