Investor Presentaiton

Q2 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

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