#1iHeart MEDIA Second Quarter 2022 Investor Presentation August 4, 2022 | NASDAQ: IHRT AMERICA'S #1 AUDIO COMPANY REACHING 9 OUT OF 10 AMERICANS EVERY MONTH RADIO PODCASTS DIGITAL SOCIAL INFLUENCERS DATA EVENTS#22 Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases "guidance," "believe," "expect," "anticipate," "estimates," "forecast" and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about expectations regarding economic recovery and the recovery of advertising revenue, expectations regarding the Company's digital transformation, financial performance of our segments, our expected costs and savings of our modernization initiatives and other capital and operating expense reduction initiatives, our business plans, strategies and initiatives, our expectations about certain markets and our anticipated financial performance, liquidity and net leverage, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: weak or uncertain global economic conditions; the impact of the COVID-19 pandemic; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological changes and innovations; shifts in population and other demographics; impact of our substantial indebtedness; impact of acquisitions, dispositions and other strategic transactions; legislative or regulatory requirements; impact of legislation, ongoing litigation, or royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection; risk associated with our emergence from the Chapter 11 Cases; risks related to our Class A common stock; and regulations impacting our business and the ownership of our securities. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company's reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors" of iHeartMedia, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Non-GAAP Financial Measures This presentation includes information that does not conform to U.S. generally accepted accounting principles (GAAP), such as (i) Adjusted EBITDA and Adjusted EBITDA margin, (ii) Free cash flow, (iii) Free cash flow including net proceeds from real estate sales, and (iv) revenue excluding the effects of political revenue. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q and 8-K. These reports are available on the Investor Relations page of www.iheartmedia.com. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included at the end of this presentation. In addition, herein we have provided Revenue and Adjusted EBITDA guidance for the quarter ending September 30, 2022 and net leverage (as defined below) guidance for December 31, 2022, which reflects anticipated Adjusted EBITDA for the year ending December 31, 2022 and anticipated net debt as of December 31, 2022. A full reconciliation of the forecasted Adjusted EBITDA and net debt on a non-GAAP basis to its most-directly comparable GAAP metric, Operating Income and total debt, respectively, cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations. This presentation should be read in conjunction with the Q2 2022 earnings release of iHeartMedia, Inc. and Form 10-Q filing of iHeartMedia, Inc. available at www.iheartmedia.com Numbers may not sum due to rounding. In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense, ("SG&A") and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues. Free cash flow from (used for) continuing operations is defined as Cash provided by (used for) operating activities from continuing operations less capital expenditures, which is disclosed as Purchases of property, plant and equipment by continuing operations in the Company's Consolidated Statements of Cash Flows. Free Cash Flow including net proceeds from real estate sales is Free cash flow further adjusted to include net proceeds from real estate sales. See reconciliations in the Appendix. Net debt is Total debt less Cash and cash equivalents. Net leverage is defined as Net debt divided by Adjusted EBITDA. ¡Heart MEDIA#3Q2 2022 Consolidated Results Executive Summary Q2 Revenue of $954 million, up 11% YoY; in line with guidance of up approximately 10%-14% Consolidated Adjusted EBITDA of $237 million increased 29% YoY; in line with guidance of $225 million to $245 million ° Consolidated Adjusted EBITDA margin of 24.9%, up 345 bps from 21.4% in Q2 2021 Cash Flows from operating activities of $156 million Free Cash Flow of $106 million; Free Cash Flow including $20 million of net proceeds from real estate sales was $127 million Q2 2022 Digital Audio Group Continues Strong Growth and Profit Trajectory Digital Audio Group Revenue of $253 million up 28% YoY о Podcast Revenue of $86 million up 60% YOY о Digital Revenue excluding Podcast of $167 million up 15% YOY Segment Adjusted EBITDA of $79 million increased 45% YoY ° Digital Audio Group Adjusted EBITDA margin of 31.2%, up 380 bps from 27.4% in Q2 2021 Q2 2022 Multiplatform Group Momentum Continues " Multiplatform Group Revenue of $633 million up 5% YoY Segment Adjusted EBITDA of $195 million increased 7% YOY ° Multiplatform Group Adjusted EBITDA margin of 30.7%, up 77 bps from 29.9% in Q2 2021 Strong Free Cash Flow Generation, Proactive Capital Structure Improvement and Debt Paydown " Free Cash Flow of $106 million; including $20 million of net proceeds from real estate sales, Free Cash Flow including net proceeds from real estate sales was $127 million о Capital Expenditures of $50 million vs. $23 million in Q1 2022, driven primarily by accelerated real estate consolidation Cash balance and total available liquidity' of $295 million and $715 million, respectively, as of June 30, 2022 Repurchased $114 million principal balance of 8.375% Senior Unsecured Notes (at a discount to par) for $105 million in cash; expected to generate approximately $10 million of annualized interest savings Replaced existing ABL Facility due 2023 with a new ABL Facility due May 2027 Guidance 3 I " Q3 Consolidated Revenue expected to increase by approximately 3%-7% YOY July Consolidated Revenue up approximately 4% YoY Q3 Consolidated Adjusted EBITDA expected to be $240 million to $255 million Expect to make significant progress in 2022 towards the previously announced Net Debt to Adjusted EBITDA ("net leverage") target of approximately 4x 1. Total available liquidity is defined as cash and cash equivalents plus available borrowings under our ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations. ¡Heart MEDIA#44 $US Dollars in millions Segment Reporting: 2022 Q2 Results Revenue Three Months Ended June 30, Adjusted EBITDA Three Months Ended June 30, Adjusted EBITDA Margin % Three Months Ended June 30, 2022 2021 % Chg 2022 2021 % Chg 2022 2021 Multiplatform Group 633.3 $ 605.9 4.5 % $ 194.5 $ 181.4 7.2 % 30.7 % 29.9 % Digital Audio Group 252.6 197.9 27.6 % 78.9 54.3 45.3 % 31.2 % 27.4 % Audio & Media Services Group 71.1 61.2 16.2 % 22.1 20.5 7.8 % 31.1 % 33.5 % Corporate and Other Items (58.3) (71.7) (18.7)% Eliminations (2.9) (3.4) NM NM Consolidated $ 954.0 $ 861.6 10.7% $ 237.2 $ 184.5 28.5% 24.9 % 21.4% Memo: Podcast $ 85.7 $ 53.4 60.4 % Memo: Digital ex. Podcast $ 166.9 $ 144.5 15.5 % Figures may not foot due to rounding. ¡Heart MEDIA#5Continued Strong Digital Growth Directly Translating to Q1 2020 Consolidated Revenue (% Composition') (Total $781MM) Revenue Mix Shift Q2 2022 Consolidated Revenue (% Composition') (Total $954MM) 8% Audio Media Services Podcast 2% Digital Audio 12% Group 81% Multiplatform Group Podcast 9% Digital Audio 26% Group 7% Audio Media Services 5 Composition based on Total Consolidated Revenue which includes Eliminations of $1.978MM for Q1 2020 and $2.921MM for Q2 2022, not included in charts as figure is <1% of composition 66% Multiplatform Group iHeart MEDIA#6NFL You me Both HILLARY CLINTON YOU MISSED IN HISTORY CLASS 6 CONTENT iHeartPODCAST NETWORK CULTURA all THE POUCAL RETADRE Black Effect PIIS IS PARIS BEFORE BREAKFAST 3 PAPER GHOSTS STUFF YOU SHOULD KNOW THIETARY PODCAST Radio Stations & Station Websites 100 hewyork 102.7 KIISFM breeze 98.1 BN BLACK INFORMATION NETWORK Networks REAL BIGI 983 iHeartSPORTS NETWORK premiere NETWORKS Total Traffic & Weather Network Personalities THE BREAKFAST CLUB ENRIQUE SANTOS BREAKFAST CLUB RYAN SEACREST DELILAH iHeart Has the Only Total Audio Media Ecosystem RON BURGUNDY MISSING IN ALASKA DISTRIBUTION Broadcast & Digital premiere NETWORKS iHeart RADIO Total Traffic & Weather Network Events (Local & National) iHeart JINGLE BALL Capital One iHeartRADIO Alter GO2 Capital One Capital One MUSIC FESTIVAL FIESTA RADIO LATINA 2021 ¡Heart COUNTRY FESTIVAL 21 iHeartRADIO WANGO TANGO Email Newsletters and iHeart Websites 860+ O&O Broadcast Stations 102.7 hewyork KIISFM breeze REAL BIG 98.1. 92.3 983 TECHNOLOGY Hosting/Infrastructure, Data, Monetization, and Measurement SMART ¡Heart AUDIO MEDIA #radiojar RCS Sound Software TRITON Omny Studio DIGITA A Triton Digital® Company unified Jelli ми VOXNEST w iHeart's Unique Audio Ecosystem Also Has Unsurpassed National Scale MEDIA MONITORS Ⓡ iHeart MEDIA#7High Value 7 iHeartRadio Strategically Positioned in the Podcast Value Chain¹ PODCAST PUBLISHERS Control/produce all content • . Publish content across multiple • distributors Full ad-revenue benefits captured by content Publishers Podtrac Industry Rankings - June 2022 • • PODCAST SALES REPS. Sell/backfill podcasts for certain Publishers Small commission – with most economics to Publisher • • Low Value DISTRIBUTORS Carry podcasts on platform No economics unless for another service (subscriptions, consumer app, device sales) Podcast RSS Feed: Non-Publisher Sales Agents: ත iHeart TRITON DIGITAL iHeart RADIO US UNIQUE RANK PUBLISHER MONTHLY AUDIENCE GLOBAL STREAMS & DOWNLOADS KATZ 1 WiHeartRADIO 431,341,000 AUDIENCE NETWORK 30,332,000 2 WONDERY 23,836,000 185,239,000 3 npr 18,021,000 160,076,000 4 The New York Times 11,000,000 139,753,000 5 NBC NEWS 9,112,000 65,166,000 1 Companies listed represent the major players in each category Apple Podcasts sxm adswizz Spotify Audience Network amazon music MEDIA STITCHER CUMULUS Spotify Google Podcasts ● Audacy iHeart MEDIA#8And Leading Podcast Publisher Across All Podtrac Categories Most Shows In Podtrac RANKING iHeartRADIO 109 WONDERY 51 npr 24 #1 in total global Downloads for 24 consecutive months Most Shows In Podtrac THE TOP 10 by category iHeartRADIO 38 WONDERY 22 npr 14 #1 in unique U.S. Listeners for 21 consecutive months Most Shows 1MM+ LISTENS iHeartRADIO 51 WONDERY 26 npr 17 The Only Network with shows in all 19 Podtrac Categories 8 Source: Podtrac Category Rankers 'IMM+ Listens' indicates average monthly listens, June 2022 iHeart MEDIA#9iHeartRadio is the #1 Podcast Publisher in the US with More Downloads than the Next 2 Publishers Combined PODCAST PUBLISHER MONTHLY DOWNLOADS MONTHLY AUDIENCE iHeartRADIO WONDERY1 431,341,000 30,332,000 185,239,000 23,836,000 npr 160,076,000 18,021,000 The New York Times 139,753,000 11,000,000 65,166,000 9,112,000 NEWS THE DAILY WIRE 78,140,000 8,209,000 The WALT DISNEY Company 48,189,000 7,357,000 pbdcastdne 38,835,000 6,135,000 BARSTOOL SPORTS 35,783,000 5,834,000 × PRX 59,065,000 5,828,000 THE MOST CREATORS + THE MOST ENGAGED SUPERFANS - ON THE BIGGEST STAGE IN PODCASTING 9 Source: Podtrac Monthly Ranker, June 2022 1 Wondery growth attributable to distribution deals with Morbid Network (Morbid: A True Crime Podcast) and Exactly Right Media (My Favorite Murder, The Podcast Will Kill You, Tenfold More Wicked Presents: Wicked Worlds, That's Messed Up: An SVU Podcast) which have increased their U.S. monthly podcast audience iHeart MEDIA#10¡HeartPodcast Network's Monthly Downloads Have Grown 2X As Much As The Next Closest Competitor Podtrac: Monthly Podcast Streams & Downloads Growth vs 2019 450M 400M 350M 300M 250M 200M 150M 100M 50M OM +269M (0,0 +138M¹ WONDERY +2M npr The +86M New York Times Jan-19 Mar-19 May-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 10 Source: Podtrac Rankings, Global Steams & Downloads, Jan 2019 - June 2022 1 Wondery growth attributable to distribution deals with Morbid Network (Morbid: A True Crime Podcast) and Exactly Right Media (My Favorite Murder, The Podcast Will Kill You, Tenfold More Wicked Presents: Wicked Worlds, That's Messed Up: An SVU Podcast) which have increased their U.S. monthly podcast audience iHeart MEDIA Oct-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Apr-22 Jun-22#1111 | iHeartPodcast Network's Growth Is Highly Organic ¡HeartPodcast Network Monthly Streams/Downloads 269M May 2021 Source: Podtrac, May 2022 vs May 2021 448M +67% +180M May 2022 "Existing" and "New" Podcasts reflect podcasts launched before and after June 31, 2021, respectively 180M 22% New Podcasts¹ 78% Existing Podcasts¹ May 2021 to May 2022 YoY Growth iHeart MEDIA#12Outperforming Quarterly YoY Revenue Growth MAGNA Podcast 200% 160% 120% 80% 40% 0% 1Q20 2Q20 12 Source: MAGNA US Media Forecast Summer 2022 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 +60% 1Q22 +22% Industry 2Q22 iHeart MEDIA#1313 Outperforming Quarterly YoY Revenue Growth MAGNA Digital Ex-Podcast 105% 90% 75% 60% 45% 30% +15% 15% +11% Industry 0% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 -15% Source: MAGNA US Media Forecast Summer 2022, MAGNA Digital Ex-Podcast includes: Audio (ex-podcast), Social, Display, Video, Search, and Other (i.e. Lead Generation, Classifieds, Email) iHeart MEDIA#143rd Party Digital Products Digital Ex-Podcast Generates Additional Growth and TAM Opportunities Q2 2022 Revenue: $253M FY 2021 Revenue: $582M ☑ 88 A Websites Ad Tech Video Amplified by: Newsletters Social Streaming Audio 14❘ 1. Largest audio salesforce in the US 2. Long-term sales relationships with SMBS positioning iHeart as a mini-agency 3. Continued investments in training, IT infrastructure, centers of excellence iHeart MEDIA#1515 LTM Revenue Index to 2010 140.0 120.0 100.0 80.0 60.0 40.0 20.0 Miller-Kaplan Outperformance Improving Broadcast Radio Revenue Share Jan-10 May-10 Oct-10 Feb-11 Jul-11 Nov-11 Apr-12 Aug-12 Jan-13 May-13 Oct-13 Feb-14 Source: Miller Kaplan as of June 2022, Broadcast and Network Radio Gross Revenue Jul-14 -Industry ex-iHM -iHM Nov-14 Apr-15 Sep-15 Jan-16 Jun-16 Oct-16 Mar-17 Jul-17 Dec-17 Apr-18 Sep-18 Jan-19 Jun-19 Oct-19 Mar-20 Jul-20 Dec-20 May-21 Sep-21 Feb-22 Jun-22 MEDIA iHeart ¡HM: 128.0 Industry ex-iHM: 80.3#16Resilient Balance Sheet and Improved Debt Structure Q2 2022 Balance Sheet Strength ☐ Cash balance $295 million; total available liquidity1 $715 million о Free Cash Flow including net proceeds from real estate sales of $127 million No debt maintenance covenants No material debt maturities prior to 2026 ➤ ABL Facility Refinancing Replaced existing ABL Facility due June 2023 with a new $450 million ABL Facility due May 2027 Transitioned from LIBOR+125-175bps to Term SOFR2 +125-175bps Improved covenant terms to align with existing Term Loan facilities ➤ 8.375% Senior Unsecured Note Repurchases Proactively retired $114 million principal balance (at a discount to par) for $105 million cash through secondary market repurchases Net leverage positive transaction vs redemption at a call premium of 104.1875 о Expected to generate annualized cash interest savings of approximately $10 million and 2022 anticipated cash interest savings of approximately $4 million. Continue to evaluate additional opportunities to further reduce our cost of capital 16 | 1 Total available liquidity is defined as cash and cash equivalents plus available borrowings under our ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations. 2 Term SOFR to include credit spread adjustment of 10 bps iHeart MEDIA#17$US Dollars in millions Q2 '22 Financial Results Three Months Ended June 30, Three Months Ended March 31, 2022 2021 Variance 2022 Revenue $ 954.0 $ 861.6 10.7 % $ 843.5 Direct operating expenses 365.4 320.5 14.0 % 330.5 SG&A expenses 379.1 372.6 1.7 % 384.3 Depreciation & amortization 110.8 127.9 (13.4)% 114.1 Impairment charges 0.2 1.3 Other operating expenses 15.7 12.4 0.9 Operating income $ 82.9 $ 28.1 $ 12.3 Depreciation & amortization 110.8 127.9 114.1 Impairment charges 0.2 1.3 Other operating expenses 15.7 12.4 0.9 Share-based compensation 8.6 5.9 5.5 Restructuring expenses Adjusted EBITDA 19.0 10.2 11.1 $ 237.2 $ 184.5 28.5 % $ 145.2 17 Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense ("SG&A") and share-based compensation expenses included within SG&A, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating expense (income), net. See reconciliations in the Appendix. ¡Heart MEDIA#18$US Dollars in millions Q2 YTD 2022 Financial Results Six Months Ended June 30, 2022 2021 Variance Revenue $ 1,797.5 $ 1,568.3 14.6 % Direct operating expenses 695.9 613.3 13.5 % SG&A expenses 763.4 715.0 6.8 % Depreciation & amortization 224.8 235.3 (4.4)% Impairment charges 1.6 37.7 Other operating expenses 16.5 15.2 Operating income (loss) $ 95.2 $ (48.2) Depreciation & amortization 224.8 235.3 Impairment charges 1.6 37.7 Other operating expenses 16.5 15.2 Share-based compensation 14.1 11.6 Restructuring expenses Adjusted EBITDA 30.1 35.2 $ 382.4 $ 286.8 33.4 % 18 Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense ("SG&A") and share-based compensation expenses included within SG&A, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating expense (income), net. See reconciliations in the Appendix. ¡Heart MEDIA#1919 Figures may not foot due to rounding. iHeartMedia Q2 Revenue Streams $US Dollars in millions Three Months Ended June 30, 2022 2021 Variance Revenue Broadcast Radio $ 463.3 $ 451.1 2.7 % Networks 127.5 123.6 3.2 % Sponsorship and Events 38.1 28.6 33.2 % Other 4.4 2.5 73.4 % Multiplatform Group $ 633.3 $ 605.9 4.5 % Digital ex. Podcast 166.9 144.5 15.5 % Podcast 85.7 53.4 60.4 % Digital Audio Group $ 252.6 $ 197.9 27.6 % Audio & Media Services Group $ 71.1 $ 61.2 16.2% Eliminations (2.9) (3.4) Revenue, total $ 954.0 $ 861.6 10.7% ¡Heart MEDIA#2020 Figures may not foot due to rounding. iHeartMedia Q2 YTD 2022 Revenue Streams $US Dollars in millions Six Months Ended June 30, 2022 2021 Variance Revenue Broadcast Radio Networks Sponsorship and Events +A 879.8 $ 809.7 8.7 % 245.1 238.7 2.7 % 71.7 51.0 40.6 % Other 7.9 4.4 79.2 % Multiplatform Group $ 1,204.5 $ 1,103.7 9.1 % Digital ex. Podcast 312.6 263.7 18.5 % Podcast 154.2 91.8 68.0 % Digital Audio Group $ 466.8 $ 355.5 31.3 % Audio & Media Services Group $ 131.9 $ 116.3 13.4 % Eliminations (5.7) (7.3) Revenue, total $ 1,797.5 $ 1,568.3 14.6 % ¡Heart MEDIA#2121 Figures may not foot due to rounding. Political Revenue Impact by Segment $US Dollars in millions Revenue Political Revenue Impact: Multiplatform Group Digital Audio Group Audio & Media Services Group Total $US Dollars in millions Revenue Political Revenue Impact: Multiplatform Group Digital Audio Group Audio & Media Services Group Total Three Months Ended June 30, 2022 2021 Variance 13.5 $ 4.2 $ 9.2 1.4 0.2 1.2 8.2 1.2 7.0 $ 23.1 $ 5.6 $ 17.5 2022 Six Months Ended June 30, 2021 Variance 19.1 7.6 $ 11.5 2.7 0.7 2 10.4 3.4 7.1 $ 32.2 $ 11.7 $ 20.6 ¡Heart MEDIA#2222 1. $USD in millions Capital Expenditures 2022 Six Months Ended June 30, 2021 Variance Multiplatform Group Digital Audio Group A 48.7 $ 11.1 31.4 $ 17.3 11.7 (0.6) Audio & Media Services Group 4.1 2.3 1.9 Corporate 8.3 5.7 2.6 Total Gross Capital Expenditures $ 72.2 $ 51.1 Less: Proceeds from Real Estate Sales $ 23.8 $ 12.4 $ $ $| 21.1 11.4 Total Net Capital Expenditures' $ 48.4 $ 38.7 $ 9.7 Total Net Capital Expenditures reflect our Total Gross Capital Expenditures less the impact of the Proceeds from Real Estate Asset Sales Figures may not foot due to rounding. ¡Heart MEDIA#23Debt $USD in millions Maturity June 30, 2022 December 31, 2021 iHeartCommunications, Inc. Cash and cash equivalents $ 294.8 $ 352.1 Term Loan Facility due 2026 2026 $ 1,864.0 1,864.0 Incremental Term Loan Facility due 2026 Asset-based Revolving Credit Facility (¹) 2026 401.2 401.2 2027 6.375% Senior Secured Notes 2026 800.0 800.0 5.25% Senior Secured Notes 2027 750.0 750.0 4.75% Senior Secured Notes 2028 500.0 500.0 Other Secured Subsidiary Debt 4.6 5.4 Total Secured Debt 4,319.8 4,320.6 8.375% Senior Unsecured Notes (2) 2027 1,336.5 1,450.0 Other Subsidiary Debt 0.1 0.1 Purchase accounting adjustments and original issue discount (12.0) (13.5) Long-term debt fees (16.9) (18.4) Total Debt Net Debt $ $ 5,627.4 $ 5,738.9 5,332.6 $ 5,386.7 Weighted Average Cost of Debt 5.9% 5.4 % 23 23 1. On May 17, 2022, we entered into a new $450.0 million senior secured asset-based revolving credit facility (the "New ABL Facility") maturing in 2027 which refinanced and replaced in its entirety the existing ABL Facility. As of June 30, 2022, the New ABL Facility had a facility size of $450.0 million, no principal amounts outstanding and $29.4 million of outstanding letters of credit, resulting in $420.6 million of excess availability. 2. During the three months ended June 30, 2022, we repurchased $113.5 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 (at a discount to par) for $105.3 million in cash, excluding accrued interest, for a gain on extinguishment of debt of $8.2 million Figures may not foot due to rounding. ¡Heart MEDIA#2424 Appendix ¡Heart MEDIA#2525 Segment Reporting: Q2 YTD 2022 Results Revenue Adjusted EBITDA $US Dollars in millions Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and Other Items Eliminations Consolidated Six Months Ended June 30, Six Months Ended June 30, Adjusted EBITDA Margin % Six Months Ended June 30, 2022 2021 % Chg 2022 2021 % Chg 2022 2021 1,204.5 $ 466.8 1,103.7 355.5 9.1 % $ 31.3 % 328.4 $ 131.4 286.2 14.8 % 27.3 % 25.9 % 94.3 39.3 % 28.1 % 26.5 % 131.9 116.3 13.4 % 38.5 35.8 7.4 % 29.2 % 30.8 % (115.8) (129.6) NM (5.7) (7.3) NM NM $ 1,797.5 $ 1,568.3 14.6 % $ 382.4 $ 286.8 33.4 % 21.3 % 18.3 % Memo: Podcast $ 154.2 $ 91.8 68.0 % Memo: Digital ex. Podcast $ 312.6 $ 263.7 18.5 % Figures may not foot due to rounding. ¡Heart MEDIA#2626 26 Q2 2022 and Q2 YTD 2022 Reconciliation of Free Cash Flow to Cash Provided by Operating Activities ($US Dollars in thousands) Cash provided by operating activities Purchases of property, plant and equipment Free cash flow Three Months Ended June 30, 2022 2021 155,801 $ 29,129 (49,653) (32,111) $ 106,148 $ (2,982) Net proceeds from real estate sales 20,469 12,441 Free cash flow including net proceeds from real estate sales $ 126,617 $ 9,459 ($US Dollars in thousands) Six Months Ended June 30, 2022 2021 Cash provided by operating activities 103,589 $ 100,857 Purchases of property, plant and equipment (72,210) (51,061) Free cash flow $ 31,379 $ 49,796 Net proceeds from real estate sales' 23,835 12,441 Free cash flow including net proceeds from real estate sales $ 55,214 $ 62,237 1. Continuing through 2022, we will deploy significant capital expenditures to accelerate the proactive streamlining of our real estate footprint. This initiative has succeeded in making certain real estate assets redundant, enabling the Company to sell such assets to partially fund the initiative's gross capital expenditures. ¡Heart MEDIA#2727 27 Q2 2022 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA $US Dollars in thousands Three Months Ended June 30, Three Months Ended March 31, 2022 2021 2022 Net income (loss) $ 15,182 $ (31,960) $ (48,739) Income tax (benefit) expense 1,782 24,449 (20,209) Interest expense, net 81,494 84,887 79,219 Depreciation and amortization 110,788 127,945 114,051 EBITDA $ 209,246 $ 205,321 124,322 Loss (gain) on investments, net (9,590) (49,644) 1,765 Gain on extinguishment of debt (8,203) Other expense, net 2,175 363 270 Equity in loss of nonconsolidated affiliates 29 31 29 Impairment charges 245 1,334 Other operating expense, net 15,664 12,379 870 Share-based compensation 8,610 5,903 5,535 Restructuring expenses Adjusted EBITDA Adjusted EBITDA margin 19,009 10,155 11,093 $ 237,185 $ 184,508 $ 145,218 24.9% 21.4 % 17.2 % ¡Heart MEDIA#2828 28 Q2 YTD 2022 Reconciliation of Net Loss to EBITDA and Adjusted EBITDA $US Dollars in thousands Net loss Income tax (benefit) expense Interest expense, net Depreciation and amortization EBITDA Gain on investments, net Gain on extinguishment of debt Other expense, net Equity in (income) loss of nonconsolidated affiliates Impairment charges Other operating expense, net Share-based compensation Restructuring expenses Adjusted EBITDA Adjusted EBITDA Margin Six Months Ended June 30, 2022 2021 A (33,557) $ (274,016) (18,427) 104,384 160,713 170,008 224,839 235,308 333,568 $ 235,684 (7,825) (49,835) (8,203) 2,445 1,170 58 59 1,579 37,744 16,534 15,150 14,145 11,588 30,102 35,195 $ 382,403 $ 286,755 21.3 % 18.3 % ¡Heart MEDIA#29($US Dollars in thousands) Q2 2022 Reconciliation of Revenue Excluding Effects of Political Revenue to Revenue Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Consolidated revenue $ 954,005 $ Excluding: Political revenue (23,084) Consolidated revenue excluding effects of political revenue $ 930,921 $ 861,605 $ (5,615) 855,990 $ 1,797,463 $ (32,247) 1,765,216 $ 1,568,270 (11,686) 1,556,584 Multiplatform Group revenue $ 633,300 $ 605,850 $ Excluding: Political revenue (13,470) (4,223) Multiplatform Group revenue excluding effects of political revenue $ 619,830 $ 601,627 $ 1,204,460 $ (19,135) 1,185,325 $ 1,103,747 (7,633) 1,096,114 Digital Audio Group revenue $ 252,561 $ 197,930 $ Excluding: Political revenue (1,397) (205) Digital Audio Group revenue excluding effects of political revenue $ 251,164 $ 197,725 $ 466,780 $ (2,672) 464,108 $ 355,483 (668) 354,815 Audio & Media Services Group revenue SA 71,065 $ 61,175 $ 131,922 $ 116,312 Excluding: Political revenue (8,217) (1,187) (10,440) (3,385) Audio & Media Services Group revenue excluding effects of political revenue $ 62,848 $ 59,988 $ 121,482 $ 112,927 29 29 ¡Heart MEDIA#30iHeart MEDIA About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company's live and virtual events business. It also includes Premiere Networks, the industry's largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base. The iHeartMedia Digital Audio Group includes the company's fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 250 platforms and 2,000 devices; the company's digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint. The company's Audio & Media Services Group segment includes Katz Media Group, the nation's largest media representation company, and RCS, the world's leading provider of broadcast and webcast software. investor.iheartmedia.com 30 30 Investors | Michael McGuinness EVP, Deputy Chief Financial Officer, and Head of Investor Relations ¡Heart Michael [email protected] MEDIA