Form 8-K

8-K — BEASLEY BROADCAST GROUP INC

Accession: 0001193125-26-356889

Filed: 2026-08-19

Period: 2026-08-19

CIK: 0001099160

SIC: 4832 (RADIO BROADCASTING STATIONS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — d79329d8k.htm (Primary)

EX-99.1 (d79329dex991.htm)

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8-K

8-K (Primary)

Filename: d79329d8k.htm · Sequence: 1

8-K

BEASLEY BROADCAST GROUP INC false 0001099160 0001099160 2026-08-19 2026-08-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 19, 2026

BEASLEY BROADCAST GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware

000-29253

65-0960915

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

3033 Riviera Drive, Suite 200, Naples, Florida 34103

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (239) 263-5000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A Common Stock, par value $0.001 per share

BBGI

The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01

Regulation FD Disclosure.

Beasley Broadcast Group, Inc. (the “Company”) is furnishing presentation materials (the “Investor Presentation”) for use by management, possibly with modifications, in one or more meetings from time to time with current or potential investors. The Investor Presentation includes an update on the Company’s current operations, as well as information relating to the Company’s strategic plans, goals, growth initiatives and outlook.

The foregoing description of the Investor Presentation does not purport to be complete and is qualified in its entirety by reference to the complete text of the Investor Presentation attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”).

The information contained in the Investor Presentation is summary information that should be considered in the context of the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other public announcements the Company may make by press release or otherwise from time to time. The Investor Presentation speaks as of the dates indicated in the Investor Presentation and as of the date of this Current Report, as applicable. While the Company may elect to update the Investor Presentation in the future to reflect events and circumstances occurring or existing after the date of this Current Report, the Company specifically disclaims any obligation to do so.

The information contained in Item 7.01 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Investor Presentation.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BEASLEY BROADCAST GROUP, INC.

Date: August 19, 2026

By:

/s/ Chris Ornelas

Chris Ornelas

General Counsel and Secretary

EX-99.1

Filename: d79329dex991.htm · Sequence: 2

EX-99.1

Investor Presentation Beasley

Broadcast Group, Inc. (NASDAQ: BBGI) Beasley Media Group, LLC August 2026 Exhibit 99.1

Disclaimer

This investor presentation (this “Presentation”) contains certain information pertaining to Beasley Broadcast Group, Inc. and its subsidiaries (the

“Company,” “Beasley” or “BBGI”). The Presentation is not, and may not be relied on in any manner as, legal, tax or investment advice, and is not an offer to sell, or a

solicitation of an offer to buy, any securities of the Company. This Presentation speaks only as of the date of the information herein, and the Company has no obligation to, and does not undertake

to, update or correct any information herein, except as required by law. Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking

statements” about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events. All statements other than statements of historical fact included in this presentation

are forward-looking statements, including, without limitation, statements regarding the Company’s projected net revenue, Adjusted EBITDA and Adjusted EBITDA margin, unlevered free cash flow, digital revenue growth, revenue

enhancement initiatives, political revenue recovery, potential Federal Communications Commission (“FCC”) deregulation, and other financial and operating targets for fiscal years 2026 through 2028. These

forward-looking statements are based on the current beliefs and expectations of the Company’s management, are subject to known and unknown risks and uncertainties, and are generally identified by words such

as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “may,” “will,”

“projects,” “could,” “should,” “would,” “seek,” or “forecast,” or other similar expressions. Forward-looking statements

involve a number of risks and uncertainties, and actual results or events may differ materially from those projected or implied in those statements. Factors that could cause actual results to differ materially from those contemplated

by forward-looking statements include, but are not limited to: (i) the Company’s ability to comply with the Nasdaq Stock Market’s continued listing standards or make periodic filings with the U.S. Securities and

Exchange Commission (the “SEC”); (ii) risks from health epidemics, natural disasters, terrorism, and other catastrophic events; (iii) adverse effects of inflation; external economic forces and conditions that could

adversely affect the Company’s advertising revenues and results of operations; (iv) the ability of the Company’s stations to compete effectively for advertising revenues; (v) the ability of the Company to develop

compelling and differentiated digital content, products, and services; audience acceptance of the Company’s content; (vi) the Company’s ability to adapt to changes in technology, standards, and services affecting the audio

industry; (vii) the Company’s dependence on federally issued licenses subject to extensive federal regulation; (viii) actions by the FCC or new legislation affecting the audio industry, including with respect to the FCC

deregulation and ownership-cap relaxation discussed in this presentation; (ix) increases in royalties payable to copyright owners; (x) the Company’s dependence on selected market clusters for a material portion of its net

revenue; (xi) credit risk on accounts receivable; (xii) the risk that the Company’s FCC licenses could become impaired; (xiii) the Company’s substantial debt levels, including

the Company’s 10.000% Senior Secured Second Lien PIK Notes due 2027 and the Company’s secured asset-based revolving credit facility, and the potential effect of restrictive debt covenants on the Company’s

operational flexibility and ability to pay dividends; (xiv) the potential effects of hurricanes, extreme weather, and other climate-related conditions; (xv) the failure or destruction of internet, satellite, or transmitter

facilities on which the Company depends; (xvi) modifications or interruptions to the Company’s information technology infrastructure; (xvii) the loss of key executives and other employees; (xviii) the

Company’s ability to identify, consummate, and integrate acquired businesses and stations, including in connection with any post-deregulation consolidation activity; (xix) the fact that the Company is controlled by the Beasley

family; and (xx) other economic, business, competitive, and regulatory factors described in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on

Form 10-Q. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation

will not be material, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to update or revise any forward-looking

statements to reflect new information, future events, or otherwise. Non-GAAP Financial Measures This presentation includes certain financial measures that have not been prepared in a manner that complies

with U.S. generally accepted accounting principles (“GAAP”), including, without limitation, Adjusted EBITDA, Adjusted EBITDA margin, unlevered free cash flow and same-station growth. These

non-GAAP financial measures are provided as supplemental information only and should not be considered in isolation from, or as a substitute for, the most directly comparable financial measures prepared in accordance with GAAP, such as net income

(loss), operating income, or net cash provided by (used in) operating activities, as reported in the Company’s condensed consolidated financial statements. Other companies, including companies in the Company’s industry, may

calculate similarly titled non-GAAP measures differently, which limits their usefulness as comparative measures. Management believes these non-GAAP measures provide useful supplemental information to investors regarding the Company’s

underlying operating performance and liquidity by excluding items that management does not consider indicative of the Company’s core operating results, but these measures have limitations as analytical tools and should not be viewed as a

substitute for financial information presented in accordance with GAAP. A definition and reconciliation of each non-GAAP financial measure presented in this presentation to its most directly comparable GAAP financial measure is available

in the Appendix to this presentation. Disclaimer

Company Overview Beasley Broadcast

Group (NASDAQ: BBGI) is a U.S. multi-platform audio company — 49 AM/FM stations across 9 markets reaching ~29MM listeners monthly through broadcast, streaming, podcasting, and digital. Founded 1961 · Headquartered in Naples, FL. Why

Beasley? $202MM FY2028E Net Revenue $29.8MM FY2028E Adj. EBITDA 15% margin $20.6MM FY2028E Unlev. FCF From $5.5MM FY2026E ~$50MM Revenue Enhancement Opportunities 9 U.S. Markets 49 AM/FM Stations ~29MM Monthly Reach $184MM FY2026E Net Revenue 9

Sports Franchises 27% FY 2026E Digital % of Revenue Cluster dominance: Top-3 audio provider in 9 of 9 rated markets; FCC ownership caps create structural scarcity. Sports rights moat: 6 exclusive franchise deals, 200+ locally produced broadcasts/yr

— unavailable to digital-only platforms. Cost reset complete: ~$40MM annualized takeout executed; corporate overhead declining at −9% CAGR. M&A optionality: Strategic Alternatives Committee formed — post-deregulation cluster

consolidation catalyst.

Beasley Media Group Radio Station

Locations Beasley Media Streaming & Digital Audiences Reach Market Nielsen Rank* Cluster Rank Stations Philadelphia, PA #9 #1 7 Boston, MA #10 #3 5 Detroit, MI #14 #2 7 Charlotte, NC #20 #1 8 Tampa, FL #16 #3 4 Las Vegas, NV #31 #1 5 New Jersey

#42+ #1 5 Fayetteville, NC #131 #2 6 Augusta, GA #106 #1 5 9 Markets 49 Stations ~29MM Monthly Reach Top-3 in 9 of 9 Rated Markets #1 or #2 in 7 of 9 *Nielsen Radio Metro Rank Market Footprint & Audience Scale

WMMR FM Marquee Brands & Exclusive

Sports Rights 98.5 The Sports Hub Boston's Home for Sports Philly’s #1 Morning Show WRIF FM Detroit’s Heritage Rock Station Toucher & Hardy (AM), Zolak & Bertrand (Mid), Felger & Mazz (PM) — each #1 in key demos

YouTube: 57,500 subscribers · 21.3MM views · $150K revenue in 2025 Felger & Mazz: 2.67MM podcast downloads/90 days; peaked Apple Charts #18 Co-hosted by Preston Elliot & Steve Morrison – a Philadelphia institution on WMMR

since 2005 Hosts Camp Out for Hunger, one of the country’s largest food drives that has raised 800+ tons of food in a single year YouTube: 48,100 subscribers · 32.0MM views Owns the MMRBQ, Philadelphia's flagship summer rock festival

Hosts the annual “I Bleed for Preston & Steve” blood drive Detroit’s Premier Morning Show (Hosts) Dave and Chuck (Co-hosts) Lisa, Jason, and Al YouTube: 32,200 subscribers ·12.8MM views · ~1.5MM monthly

listeners Ranked #61 on Apple and #90 on Spotify for comedy Heritage stations, dominant morning shows, and a sports content moat unavailable to pure-digital competitors

Dave and Chuck the Freak WXTU

Philadelphia WPEN Philadelphia Kincade & Salciunas (AM),Middays with Marks (Jon Marks& Sean Brace), and Unfiltered with Rocky Bo & Bill Colarulo (PM), Philly Sports Tonight Exclusive FM radio home of the Philadelphia

76ers, Philadelphia Flyers, Philadelphia Union, Temple Football, Villanova Football, and Basketball YouTube: 34,800 subscribers ·18.6MM views Philly’s 1st FM Sports Station WRBQ Tampa Tampa Bay’s Iconic Brand Home of the legendary,

#1 rated MJ Morning Show One of America’s most iconic radio brands and the birthplace of the original “Morning Zoo” format Deep roots in the Tampa Bay community with a long-standing commitment to local charitable initiatives

Boston's Home for Sports Home of the top-rated, award-winning “Andie Summers Show” Philadelphia’s only Country station since 1983 One of America’s most influential and respected Country radio brands Heritage stations,

dominant morning shows, and a sports content moat unavailable to pure-digital competitors Marquee Brands & Exclusive Sports Rights

The Audience Has Shifted to Digital

Where Quu Fits in the Ecosystem Trackable dashboard brand image — a touchpoint no streamer can offer. Why Established Broadcasters Are Positioned to Win For the first time, digital platforms deliver the majority of Beasley's total audience.

50%+ of total audience now comes from digital — up 40% YoY +7% digital cume growth YoY, while over-the-air declined 5% +21% / +19% website and podcast users — our fastest-growing platforms Total Audience Cume by Platform (millions) Total

audience is up 1% — all of that growth came from streaming, podcasts, websites, social, and email. *Beasley internal data, as of 6/30/2026

Other Involvements Beasley Media Group

invests directly in the communities it serves — showing up in person, on air, and in listeners’ inboxes to reinforce its local identity across all 9 markets. Why It Matters? Community-first Identity: On-the-ground presence at fairs,

fundraisers, and civic events keeps each station rooted in the neighborhoods it serves, not just broadcasting to them. On-air Localism: Live remote broadcasts from community events put station personalities face-to-face with listeners, reinforcing

local relevance over national and digital-only competitors. Direct Listener Relationships: Newsletters extend engagement beyond the airwaves, keeping audiences informed on local happenings and station involvement between broadcasts. Service Over

Syndication: These efforts reflect a deliberately service-oriented, locally-focused strategy — building community goodwill market by market. Newsletters Live Broadcasts from Community Events Live Events & Local Activations Local

Activations Station teams staff booths and sponsor activities at local fairs, festivals, and charity drives across BBGI’s 9 markets. Live Remote Broadcasts On-air talent broadcasts directly from community events, giving listeners real-time

coverage of local happenings. Community Newsletters Regular newsletters keep listeners connected to station news, upcoming events, and community initiatives.

How Beasley Is Adjusting Why Beasley

Is Positioned to Win 1 Established Brands Decades of local trust a start-up would spend years to build. 2 Local Sales Force In-market sellers who monetize the digital migration firsthand. Local advertisers = 76% of FY2025 revenue. 3 First-Party Data

Direct signal on real listeners — raw material for targeting. 4 On-Air Megaphone A promotional engine that launches digital products for free. 94.1% of podcast downloads are time-shifted broadcast Broadcast builds the audience; digital follows

it — and heritage advantages turn the migration into revenue. Broadcast Reach Live AM/FM hosts and local trust build the audience. 18M listeners weekly across our key markets → Digital Migration That audience follows us onto streams,

podcasts, websites, and the dashboard. Digital is now more than half of our total audience → In-Dash Bridge (Quu) Trackable dashboard brand imagery — a touchpoint no streaming-only company can offer. 80% of cars on the road can display

in-dash text FY 2025 Earnings Presentation, Quu. Industry figure

Integrated Media Platform &

Brand Portfolio One audience. Every platform. A full-funnel advertiser proposition no single-channel competitor can match. Broadcast Radio Streaming & Digital Podcasts & Video Syndicated Brands 128MM Streaming Sessions – LTM

Q2’26 49 stations - 9 markets - every major format Live local morning shows — highest-rated, highest-CPM daypart ~29MM Monthly Reach O&O streaming + full digital stack via beasley.digital First-party data powers targeting and

attribution 3.9MM Monthly Downloads On-demand extensions of flagship on-air brands Sports video channel in production — new revenue line 6 Brands Backstage Country · NuTune Country · Fox Sports Radio · QUU visual radio Shared

content across markets — lower cost, broader advertiser reach CONSIDERATION • Earn engagement & intent Podcast host-reads - paid social - SEO ·-targeted email - QUU in-dash visual brand Broadcast spots · streaming audio

· OTT/CTV · live events · on-air endorsements · newsletters AWARENESS • Build reach & brand 40+ in-house specialists deliver paid search, geofencing, retargeting, and foot-traffic attribution with 29M reach CONVERSION

• Drive measurable action Q2 2026 Earnings Presentation, Quu. Industry figure Data LTM as of 6/30/2026 unless noted otherwise

Retention, approved account mgmt.,

bundled audio/digital selling Reduce Churn ~$50MM of identified revenue opportunities (~25% above base plan) through 5 initiatives, supported by digital transformation, political cycle recovery, and potential post-deregulation M&A optionality

New Advertiser Acquisition New Advertiser Cross - Sell Digital Monetization Political Content $22MM $10MM $10MM $8MM $8MM Data-driven prospecting; revised AE incentives & campaign minimums Bundled product revenues from newly acquired advertisers

Programmatic growth, self-serve portal, non-sales digital channels 2026 competitive races; FL, MA, MI, NC, NV, PA, GA markets Digital Transformation O&O prioritization: centralizing customer reporting, reducing TPP reliance, improving margin

visibility Podcasting (~11% of digital audio) + full-scale sports video content in production for new CPM channel FY2026E Political: $5.3MM (~40% below FY2022A peak of $8.8MM — upside potential) Key races: FL (open governor), MA (Senate +

governor), MI (Whitmer term-limited), NC/PA/GA/NV (battlegrounds) Ballot initiatives (Reproductive rights and voter ID ballot initiatives) expected to drive incremental political ad spend FCC relaxation could enable larger cluster formations and

in-market consolidation opportunities Premier cluster positions in Boston, Philadelphia, Detroit, Tampa, are highly strategic assets Strategic Alternatives Committee has sole authority to explore, enter, and consummate transactions Political Revenue

Recovery Post-Deregulation M&A Catalyst Total Identified Revenue Enhancement Opportunities: ~$50MM (+25% to Base Plan) Growth Strategy & Revenue Enhancement

$ Millions FY2023A FY2024A FY2025A

FY2026E FY2027E FY2028E Total Net Revenue $247.1 $240.3 $205.9 $183.7 $183.9 $202.5 % Growth — (2.8%) (14.3%) (10.8%) 0.1% 10.1% Digital Net Revenue $46.4 $48.7 $49.5 $48.9 $56.5 $66.4 % of Total Revenue 18.8% 20.3% 24.0% 26.5% 30.7% 32.8%

Total Station Op Expense $208.2 $201.8 $186.6 $159.1 $155.0 $162.5 Total Station Op Income $38.9 $38.5 $16.2 $24.6 $28.9 $40.0 Corporate Overhead Expense ($18.2) ($17.3) ($14.4) ($9.9) ($9.9) ($10.2) Adj. EBITDA** $22.0 $25.8 $10.5 $17.1 $19.0 $29.8

% Margin 8.9% 10.7% 5.1% 9.3% 10.3% 14.7% $49.5MM Digital Rev. FY2025A +3.9% CAGR ’23A – ’25A $66.4MM Digital Rev. FY2028E +10.2% CAGR ’25A – ’28E $20.6MM Unlev. FCF FY2028E From $5.5MM FY2026E Annualized Cost

Takeout +$40MM Executed last 24 months Financial Performance - Summary P&L Revenue troughs at $184MM (FY2026E) then recovers to $203MM (FY2028E) Adj. EBITDA expands from $10.5MM (5.1%) in 2025A to $29.8MM (14.7%) — a 42% CAGR **Data from

10K published in April 2026 **Adj EBITDA includes addbacks for expenses related to transactions, severance, and stock-based compensation. See reconciliation tables in appendix for more detail **2026E includes impact of sales of FT Myers

Market

PERFORMANCE COMPARISON $’S IN

MILLIONS Q2’25 Q2’26 TOTAL REVENUE $53.0 $44.1 TOTAL EXPENSES $44.8 $38.8 SOI* $8.2 $5.3 CORP. EXPENSES $3.8 $2.4 ADD BACKS1 $0.3 $2.4 ADJ EBITDA* $4.7 $5.3 ADJ EBITDA* MARGIN 8.9% 12.0% 1 ADDBACKS INCLUDE STOCK-BASED COMPENSATION,

SEVERANCE, AND OTHER NON-RECURRING EXPENSES. * NON-GAAP MEASURE, SEE RECONCILIATION TABLES IN APPENDIX SEE APPENDIX FOR MORE DETAIL * Recently Reported Financial Performance Despite 9.6% YoY decline in net revenue on a same-station, Adj. EBITDA

increased by $0.6M demonstrating the impact of Beasley’s expense control in a challenged revenue environment

Business Model & Path to Value

Creation Trading Digital Segment (Primary Growth) Digital Revenue Breakdown $28.5MM O&O FY2025A (+30.1% YoY); highest-margin digital segment $21.0MM Third-Party Programmatic (TPP) FY2025A; de-emphasizing lower-margin TPP $5.2MM Programmatic

FY2025A; growing via beasley.digital Key Metrics O&O + Programmatic = ~57% of Digital revenues FY2025A (up from ~50% FY2024A) Digital CAGR ‘25A–'28E: +10% Digital 24% of total revenue FY 2025, 26% of total revenue Q2 2026 Digital

Same-Station Operating Income $12.8MM / 24.7% margin FY2025A Audio Segment Audio Revenue Breakdown $100.6MM Local Spot FY2025A $27.2M National Spot FY2025A $13.5MM Network FY2025A $113k Political FY2025A (off-cycle) $15.0MM Other Audio FY2025A Key

Metrics −9% CAGR National Spot '23A–’25A +5% CAGR Network '23A–’25A ~9% YoY Local direct channel growth (Q2’26*) ~60% Local spot channel share of revenues Station Operating Income $16.2MM / 7.9% margin FY2025A vs.

$33.9MM / 16.9% FY2023A Audio Segment Revenue mix shifts toward higher-margin O&O and programmatic inventory creating margin expansion FY2025E Mix: Audio $156.5MM (76%) | Digital $49.5MM (24%) Total Net Revenue $206.2MM | Digital share: 18.8%

FY2023A → 24.0% FY2025A Further shift towards digital segment in light of Q2’26 results: Digital increased 7.1% on a same-station basis, accounting for 26% of total revenue for the quarter. This slide includes non-GAAP measures. See

reconciliation tables in appendix for more detail **local direct growth includes digital packages sold locally

Key Investor Considerations Digital

SOI margin 10.9% → 24.7%+ in FY2025A; O&O driving structural gains Non-legacy Digital +10.2% CAGR; revenue to $66.4MM by FY2028E Sports video + self-serve portal (Q1’26) = incremental high margin Digital ~24% of total revenue FY

2025A 21% same-station growth YoY FCC rule relaxation expected to allow larger cluster formations Top-3 clusters (Boston, Philly, Detroit, Tampa) attractive Industry restructurings surfacing in-market strategic buyers SAC formed at closing —

no board approval for eligible deals Digital Upside Optionality M&A Optionality Restructuring Catalyst Out-of-court PIK note exchange eliminates near-term cash interest New $35MM ABL (S+425BPS, 3-yr) funds business-plan execution Strategic

Alternatives Committee: sole authority over transactions 2L PIK Notes convert to 95% of common at maturity (Dec 2027) Revenue trough $184MM FY2026E → $202MM FY2028E (+4.7%) Adj. EBITDA $10.5MM (5.1%) → $29.8MM (14.7%); +42% CAGR

Unlevered FCF $5.5MM (FY2026E) → $20.6MM (FY2028E) ~$40MM cost takeout actioned; ~$50MM incremental revenue opportunities Cluster #1 or #2 in majority of markets — FCC caps limit replication 6 exclusive sports franchises: premium

audience + CPMs ~29MM monthly reach underpins programmatic & O&O monetization Community-embedded local relationships hard to replicate Financial Trajectory Competitive Moat A restructuring-driven entry at an inflection point: digital

momentum, cost reset, and deregulation create a multi-path value thesis Market data sourced from Nielsen Metro Ranking and MK Arase This slide includes non-GAAP measures. See reconciliation tables in appendix for more detail

Board of Directors Peter A. Bordes

CEO, Collective Audience MP, Trajectory Ventures Caroline Beasley Chair and Chief Executive Officer Bruce G. Beasley Vice Chair and President Brian E. Beasley Chief Operating Officer Michael J. Fiorile Past Chair and CEO The Dispatch Company Jeffrey

D. Goldberg Fractional CFO Higher Ground LLC Senator Gordon H. Smith Past President & CEO National Association of Broadcasters (NAB)

Executive Management Caroline

Beasley Chair and Chief Executive Officer Brian E. Beasley Chief Operating Officer Kevin LeGrett Chief Business Officer Chris Ornelas Executive Vice President & General Counsel Dave Snyder Head of Digital Justin Chase Chief Content Officer Shaun

Greening Chief Accounting Officer Ilana Goldstein Director of Finance & Investor Relations

APPENDIX

CALCULATION OF SOI Q2 2022 –

Q2 2024 Calculation of Station Operating Income 2q 3q 4q 1q 2q 3q 4q 1q 2q 2022 2022 2022 2023 2023 2023 2023 2024 2024 Net revenue $64,810,450 $63,823,288 $72,027,012 $57,779,120 $63,461,723 $60,119,757 $65,748,658 $54,380,346 $60,435,657 Operating

expenses (53,626,592) (51,511,699) (58,088,223) (50,653,655) (51,327,562) (50,117,044) (56,148,960) (49,240,998) (49,347,793) Station operating income $11,183,858 $12,311,589 $13,938,789 $7,125,465 $12,134,161 $10,002,713 $9,599,698 $5,139,348

$11,087,864

CALCULATION OF SOI Q3 2024 –

Q2 2026 Calculation of Station Operating Income 3q 4q 1q 2q 3q 4q 1q 2q 2024 2024 2025 2025 2025 2025 2026 2026 Net revenue $58,190,116 $67,285,492 $48,912,465 $52,999,711 $50,977,046 $53,050,405 $42,588,735 $44,125,702 Operating expenses

(49,946,133) (53,233,833) (45,241,261) (44,750,198) (46,084,806) (50,538,991) (42,170,631) (38,808,170) Station operating income $8,243,983 $14,051,659 $3,671,204 $8,249,513 $4,892,240 $2,511,414 $418,104 $5,317,532

RECONCILIATION OF NET INCOME (LOSS)

TO SOI Q2 2022 – Q2 2024 Calculation of Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022

2023 2023 2023 2023 2024 2023 2024 2024 2024 2025 2025 2025 2025 2026 2026 Net revenue $57,687,554 $65,658,748 $66,114,701 $72,093,111 $57,650,426 $30,383,132 $49,649,659 $68,460,644 $48,212,040 $59,574,705 $62,902,935 $70,736,628 $55,720,268

$64,810,450 $63,823,288 $72,027,012 $57,779,120 $63,461,723 $60,119,757 $65,748,658 $54,380,346 $,247,109,258 $60,435,657 $58,190,116 $67,285,492 $48,912,465 $52,999,711 $50,977,046 $53,050,405 $42,588,735 $44,125,702 Operating expenses ,-47,451,182

,-47,759,693 ,-49,443,632 ,-56,452,577 ,-50,900,477 ,-41,378,315 ,-41,589,490 ,-48,313,273 ,-42,967,871 ,-48,494,420 ,-51,186,064 ,-56,821,830 ,-50,009,549 ,-53,626,592 ,-51,511,699 ,-58,088,223 ,-50,653,655 ,-51,327,562 ,-50,117,044 ,-56,148,960

,-49,240,998 $-,208,247,221 ,-49,347,793 ,-49,946,133 ,-53,233,833 ,-45,241,261 ,-44,750,198 ,-46,084,806 ,-50,538,991 ,-42,170,631 ,-38,808,170 Station operating income $10,236,372 $17,899,055 $16,671,069 $15,640,534 $6,749,949 $,-10,995,183

$8,060,169 $20,147,371 $5,244,169 $11,080,285 $11,716,871 $13,914,798 $5,710,719 $11,183,858 $12,311,589 $13,938,789 $7,125,465 $12,134,161 $10,002,713 $9,599,698 $5,139,348 $38,862,037 $11,087,864 $8,243,983 $14,051,659 $3,671,204 $8,249,513

$4,892,240 $2,511,414 $,418,104 $5,317,532 Reconciliation of Net Loss Attributable to BBGI Stockholders to Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 3q 4q 1q 2q 2019 2019 2019 2019

2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024 2024 2025 2025 2025 2025 2026 2026 Net gain / loss attributable to BBGI stockholders 1,353,263 4,269,001 3,043,899 4,441,166 -8,836,561 ,-17,734,961

-2,385,398 11,190,998 ,-10,555,392 ,187,694 -1,620,323 10,582,176 -3,590,930 ,-14,454,717 ,498,068 ,-17,869,178 -3,536,566 ,-10,430,629 ,-67,536,837 6,580,317 7,970 ,-74,923,715 -,276,021 -3,560,575 -2,168,604 -2,689,821 -,154,175 -3,556,703

-,189,183,869 3,214,790 90,808,580 Corporate expenses 4,962,414 5,423,561 5,326,660 5,496,797 4,513,092 3,724,764 3,712,816 3,677,698 3,905,289 3,957,854 3,980,815 4,734,088 4,233,460 4,567,470 5,132,362 4,068,067 4,483,095 4,405,031 4,493,277

4,865,328 4,407,832 18,246,731 3,879,771 4,296,615 4,688,478 4,019,462 3,769,243 2,161,204 4,414,378 3,527,570 2,360,974 Depreciation and amortization 1,768,787 1,742,687 1,867,234 1,970,974 2,576,475 2,886,071 2,912,681 2,721,710 2,951,901

2,850,923 2,843,350 2,663,821 2,515,900 2,451,102 2,456,646 2,496,898 2,229,325 2,195,985 2,201,664 2,182,369 1,834,602 8,809,343 1,832,894 1,788,126 1,780,438 1,652,331 1,589,014 1,530,090 1,560,417 1,657,291 1,624,983 Impairment losses FCC

licenses 13,657,941 6,804,412 0 0 2,166,400 1,857,226 8,619,097 33,497,347 0 10,041,000 78,204,065 ,969,600 0 89,214,665 0 0 0 224815149 0 Impairment losses goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,582,360 0 0 10,582,360 0 ,922,000 Gain on

dispositions/sale of investment -3,545,755 0 0 ,-17,111,605 0 0 0 -4,439,710 -,191,988 0 -3,350,539 0 0 0 0 -6,026,776 0 0 0 -12461477 Gain on debt restructure -91785121 Other operating income, net ,241,348 55,163 65,423 ,407,011 0 0 ,600,000

-3,600,000 1,100,000 -1,500,000 0 0 0 0 0 0 0 0 0 -6,000,000 0 -6,000,000 0 0 1737622 1749525 0 Debt Issuance expenses 5,982,414 Interest expense 4,590,885 4,547,036 4,406,162 4,488,586 4,184,811 3,851,660 4,544,235 4,313,701 5,778,071 6,865,369

7,021,577 6,791,219 6,849,037 6,823,217 6,621,540 6,620,251 6,593,852 6,724,469 6,445,746 6,843,853 5,587,308 26,607,920 6,092,829 6,092,820 3,460,070 3,380,642 3,294,772 3,279,031 3,279,355 3,263,397 1,487,741 Loss on extinguishment of long-term

debt 0 0 0 0 0 2,798,789 0 0 4,996,731 0 0 0 -,100,335 0 0 0 0 0 0 0 0 0 0 Gain on repurchases of long-term debt 0 0 0 0 0 0 0 0 0 ,-10,000,000 0 0 0 0 0 0 0 -6,834,667 0 -6,834,667 0 0 -,525,000 Other income, net ,232,583 ,-38,193 86,333 ,-34,568

,-26,425 ,-71,691 42,156 ,-32,070 ,-38,413 -8,080 ,-12,186 -9,758 -,872 ,-89,875 -1,166,430 ,-24,810 -,540,515 ,-36,735 -1,106,918 -,821,171 -,270,005 -2,505,339 -,357,260 75,120 -,247,413 -1,097,485 ,-75,887 ,108,078 ,-95,241 ,-82,916 ,-78,729

Income tax benefit ,632,847 1,899,800 1,733,980 2,674,019 -2,417,780 -6,041,946 -1,031,166 4,304,900 -2,602,886 -1,299,394 -,515,380 -,903,970 -6,176,446 3,554,469 -1,252,669 ,-11,652,661 -2,163,983 -,821,836 ,-23,299,388 1,801,418 -,410,230

,-24,483,789 ,-75,986 -1,309,803 ,561,030 -1,567,727 ,283,990 -,315,153 ,-44,022,040 1,328,368 ,784,689 Equity in earnings of unconsolidated affiliates, net of tax 0 0 ,141,378 -,283,205 61,527 24,967 4,221 70,164 30,105 25,919 19,018 57,222 23,344

-,186,570 22,072 ,153,414 60,257 56,876 18,744 12,651 8,647 ,148,528 -8,363 ,-60,320 -4,754 ,-26,198 67,556 ,-51,929 -6,260 ,-28,919 ,114,415 Earnings attributable to noncontrolling interest 0 0 0 ,-66,582 -,109,602 -,432,836 -,339,376 -,226,420

-,129,249 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Station operating income $10,236,372 $17,899,055 $16,671,069 $15,640,534 $6,749,949 $,-10,995,183 $8,060,169 $20,147,371 $5,244,169 $11,080,285 $11,716,871 $13,914,798 $5,710,719 $11,183,858 $12,311,589

$13,938,789 $7,125,465 $12,134,161 $10,002,713 $9,599,698 $5,139,348 38,862,037 $11,087,864 $8,243,983 $14,051,659 $3,671,204 $8,249,513 $4,892,240 $2,511,414 $,418,104 $5,317,532 Calculation of EBITDA 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q

1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024 2024 2025 2025 Net revenue $57,687,554 $65,658,748 $66,114,701 $72,093,111 $57,650,426

$30,383,132 $49,649,659 $68,460,644 $48,212,040 $59,574,705 $62,902,935 $70,736,628 $55,720,268 $64,810,450 $63,823,288 $72,027,012 $57,779,120 $63,461,723 $60,119,757 $65,748,658 $54,380,346 ,247,109,258 $60,435,657 $58,190,116 $67,285,492

Operating expenses ,-47,451,182 ,-47,759,693 ,-49,443,632 ,-56,452,577 ,-50,900,477 ,-41,378,315 ,-41,589,490 ,-48,313,273 ,-42,967,871 ,-48,494,420 ,-51,186,064 ,-56,821,830 ,-50,009,549 ,-53,626,592 ,-51,511,699 ,-58,088,223 ,-50,653,655

,-51,327,562 ,-50,117,044 ,-56,148,960 ,-49,240,998 -,208,247,221 ,-49,347,793 ,-49,946,133 ,-53,233,833 Corporate expenses -4,962,414 -5,423,561 -5,326,660 -5,496,797 -4,513,092 -3,724,764 -3,712,816 -3,677,698 -3,905,289 -3,957,854 -3,980,815

-4,734,088 -4,233,460 -4,567,470 -5,132,362 -4,068,067 -4,483,095 -4,405,031 -4,493,277 -4,865,328 -4,407,832 ,-18,246,731 -3,879,771 -4,296,615 -4,688,478 EBITDA $5,273,958 $12,475,494 $11,344,409 $10,143,737 $2,236,857 $,-14,719,947 $4,347,353

$16,469,673 $1,338,880 $7,122,431 $7,736,056 $9,180,710 $1,477,259 $6,616,388 $7,179,227 $9,870,722 $2,642,370 $7,729,130 $5,509,436 $4,734,370 $,731,516 20,615,306 $7,208,093 $3,947,368 $9,363,181 Reconciliation of Net Loss Attributable to BBGI

Stockholders to EBITDA $5,730,247 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024 2024 2025

2025 Net loss attributable to BBGI stockholders 1,353,263 4,269,001 3,043,899 4,441,166 -8,836,561 ,-17,734,961 -2,385,398 11,190,998 ,-10,555,392 ,187,694 -1,620,323 10,582,176 -3,590,930 ,-14,454,717 ,498,068 ,-17,869,178 -3,536,566 ,-10,430,629

,-67,536,837 6,580,317 7,970 ,-74,923,715 -,276,021 -3,560,575 -2,168,604 Depreciation and amortization 1,768,787 1,742,687 1,867,234 1,970,974 2,576,475 2,886,071 2,912,681 2,721,710 2,951,901 2,850,923 2,843,350 2,663,821 2,515,900 2,451,102

2,456,646 2,496,898 2,229,325 2,195,985 2,201,664 2,182,369 1,834,602 8,809,343 1,832,894 1,788,126 1,780,438 Impairment losses FCC licenses 13,657,941 6,804,412 0 0 2,166,400 1,857,226 8,619,097 33,497,347 0 10,041,000 78,204,065 ,969,600 0

89,214,665 0 0 0 Impairment losses goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,582,360 0 0 10,582,360 0 ,922,000 Gain on dispositions/sale of investment -3,545,755 0 0 ,-17,111,605 0 0 0 -4,439,710 -,191,988 0 -3,350,539 0 0 0 -6,000,000 -6,026,776

-6,000,000 Debt Issuance expenses Other operating income, net ,241,348 55,163 65,423 ,407,011 0 0 ,600,000 -3,600,000 1,100,000 -1,500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,982,414 Interest expense 4,590,885 4,547,036 4,406,162 4,488,586 4,184,811

3,851,660 4,544,235 4,313,701 5,778,071 6,865,369 7,021,577 6,791,219 6,849,037 6,823,217 6,621,540 6,620,251 6,593,852 6,724,469 6,445,746 6,843,853 5,587,308 26,607,920 6,092,829 6,092,820 3,460,070 Loss on extinguishment of long-term debt 0 0 0 0

0 2,798,789 0 0 4,996,731 0 0 0 -,100,335 0 0 0 0 0 0 0 0 0 0 Gain on forgiveness of long term debt 0 0 0 0 0 0 0 0 0 ,-10,000,000 0 0 0 0 0 0 0 0 0 0 0 0 Other income, net ,232,583 ,-38,193 86,333 ,-34,568 ,-26,425 ,-71,691 42,156 ,-32,070 ,-38,413

-8,080 ,-12,186 -9,758 -,872 ,-89,875 -1,166,430 ,-24,810 -,540,515 ,-36,735 -1,106,918 -7,655,838 -,270,005 -9,340,006 -,357,260 75,120 -,247,413 Income tax benefit ,632,847 1,899,800 1,733,980 2,674,019 -2,417,780 -6,041,946 -1,031,166 4,304,900

-2,602,886 -1,299,394 -,515,380 -,903,970 -6,176,446 3,554,469 -1,252,669 ,-11,652,661 -2,163,983 -,821,836 ,-23,299,388 1,801,418 -,410,230 ,-24,483,789 ,-75,986 -1,309,803 ,561,030 Equity in earnings of unconsolidated affiliates, net of tax 0 0

,141,378 -,283,205 61,527 24,967 4,221 70,164 30,105 25,919 19,018 57,222 23,344 -,186,570 22,072 ,153,414 60,257 56,876 18,744 12,651 8,647 ,148,528 -8,363 ,-60,320 -4,754 Earnings attributable to noncontrolling interest 0 0 0 ,-66,582 -,109,602

-,432,836 -,339,376 -,226,420 -,129,249 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EBITDA $5,273,958 $12,475,494 $11,344,409 $10,143,737 $2,236,857 $,-14,719,947 $4,347,353 $16,469,673 $1,338,880 $7,122,431 $7,736,056 $9,180,710 $1,477,259 $6,616,388 $7,179,227

$9,870,722 $2,642,370 $7,729,130 $5,509,436 $4,734,370 $,731,516 $20,615,306 $7,208,093 $3,947,368 $9,363,181 Calculation of Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 3q 4q 1q 2q

2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024 2024 2025 2025 2025 2025 2026 2026 Net revenue $57,687,554 $65,658,748 $66,114,701 $72,093,111 $57,650,426 $30,383,132

$49,649,659 $68,460,644 $48,212,040 $59,574,705 $62,902,935 $70,736,628 $55,720,268 $64,810,450 $63,823,288 $72,027,012 $57,779,120 $63,461,723 $60,119,757 $65,748,658 $54,380,346 $,247,109,258 $60,435,657 $58,190,116 $67,285,492 $48,912,465

$52,999,711 $50,977,046 $53,050,405 $42,588,735 $44,125,702 Operating expenses ,-47,451,182 ,-47,759,693 ,-49,443,632 ,-56,452,577 ,-50,900,477 ,-41,378,315 ,-41,589,490 ,-48,313,273 ,-42,967,871 ,-48,494,420 ,-51,186,064 ,-56,821,830 ,-50,009,549

,-53,626,592 ,-51,511,699 ,-58,088,223 ,-50,653,655 ,-51,327,562 ,-50,117,044 ,-56,148,960 ,-49,240,998 $-,208,247,221 ,-49,347,793 ,-49,946,133 ,-53,233,833 ,-45,241,261 ,-44,750,198 ,-46,084,806 ,-50,538,991 ,-42,170,631 ,-38,808,170 Station

operating income $10,236,372 $17,899,055 $16,671,069 $15,640,534 $6,749,949 $,-10,995,183 $8,060,169 $20,147,371 $5,244,169 $11,080,285 $11,716,871 $13,914,798 $5,710,719 $11,183,858 $12,311,589 $13,938,789 $7,125,465 $12,134,161 $10,002,713

$9,599,698 $5,139,348 $38,862,037 $11,087,864 $8,243,983 $14,051,659 $3,671,204 $8,249,513 $4,892,240 $2,511,414 $,418,104 $5,317,532 Reconciliation of Net Loss Attributable to BBGI Stockholders to Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q

2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024 2024 2025 2025 2025 2025 2026 2026 Net gain / loss

attributable to BBGI stockholders 1,353,263 4,269,001 3,043,899 4,441,166 -8,836,561 ,-17,734,961 -2,385,398 11,190,998 ,-10,555,392 ,187,694 -1,620,323 10,582,176 -3,590,930 ,-14,454,717 ,498,068 ,-17,869,178 -3,536,566 ,-10,430,629 ,-67,536,837

6,580,317 7,970 ,-74,923,715 -,276,021 -3,560,575 -2,168,604 -2,689,821 -,154,175 -3,556,703 -,189,183,869 3,214,790 90,808,580 Corporate expenses 4,962,414 5,423,561 5,326,660 5,496,797 4,513,092 3,724,764 3,712,816 3,677,698 3,905,289 3,957,854

3,980,815 4,734,088 4,233,460 4,567,470 5,132,362 4,068,067 4,483,095 4,405,031 4,493,277 4,865,328 4,407,832 18,246,731 3,879,771 4,296,615 4,688,478 4,019,462 3,769,243 2,161,204 4,414,378 3,527,570 2,360,974 Depreciation and amortization

1,768,787 1,742,687 1,867,234 1,970,974 2,576,475 2,886,071 2,912,681 2,721,710 2,951,901 2,850,923 2,843,350 2,663,821 2,515,900 2,451,102 2,456,646 2,496,898 2,229,325 2,195,985 2,201,664 2,182,369 1,834,602 8,809,343 1,832,894 1,788,126 1,780,438

1,652,331 1,589,014 1,530,090 1,560,417 1,657,291 1,624,983 Impairment losses FCC licenses 13,657,941 6,804,412 0 0 2,166,400 1,857,226 8,619,097 33,497,347 0 10,041,000 78,204,065 ,969,600 0 89,214,665 0 0 0 224815149 0 Impairment losses goodwill 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,582,360 0 0 10,582,360 0 ,922,000 Gain on dispositions/sale of investment -3,545,755 0 0 ,-17,111,605 0 0 0 -4,439,710 -,191,988 0 -3,350,539 0 0 0 0 -6,026,776 0 0 0 -12461477 Gain on debt restructure -91785121

Other operating income, net ,241,348 55,163 65,423 ,407,011 0 0 ,600,000 -3,600,000 1,100,000 -1,500,000 0 0 0 0 0 0 0 0 0 -6,000,000 0 -6,000,000 0 0 1737622 1749525 0 Debt Issuance expenses 5,982,414 Interest expense 4,590,885 4,547,036 4,406,162

4,488,586 4,184,811 3,851,660 4,544,235 4,313,701 5,778,071 6,865,369 7,021,577 6,791,219 6,849,037 6,823,217 6,621,540 6,620,251 6,593,852 6,724,469 6,445,746 6,843,853 5,587,308 26,607,920 6,092,829 6,092,820 3,460,070 3,380,642 3,294,772

3,279,031 3,279,355 3,263,397 1,487,741 Loss on extinguishment of long-term debt 0 0 0 0 0 2,798,789 0 0 4,996,731 0 0 0 -,100,335 0 0 0 0 0 0 0 0 0 0 Gain on repurchases of long-term debt 0 0 0 0 0 0 0 0 0 ,-10,000,000 0 0 0 0 0 0 0 -6,834,667 0

-6,834,667 0 0 -,525,000 Other income, net ,232,583 ,-38,193 86,333 ,-34,568 ,-26,425 ,-71,691 42,156 ,-32,070 ,-38,413 -8,080 ,-12,186 -9,758 -,872 ,-89,875 -1,166,430 ,-24,810 -,540,515 ,-36,735 -1,106,918 -,821,171 -,270,005 -2,505,339 -,357,260

75,120 -,247,413 -1,097,485 ,-75,887 ,108,078 ,-95,241 ,-82,916 ,-78,729 Income tax benefit ,632,847 1,899,800 1,733,980 2,674,019 -2,417,780 -6,041,946 -1,031,166 4,304,900 -2,602,886 -1,299,394 -,515,380 -,903,970 -6,176,446 3,554,469 -1,252,669

,-11,652,661 -2,163,983 -,821,836 ,-23,299,388 1,801,418 -,410,230 ,-24,483,789 ,-75,986 -1,309,803 ,561,030 -1,567,727 ,283,990 -,315,153 ,-44,022,040 1,328,368 ,784,689 Equity in earnings of unconsolidated affiliates, net of tax 0 0 ,141,378

-,283,205 61,527 24,967 4,221 70,164 30,105 25,919 19,018 57,222 23,344 -,186,570 22,072 ,153,414 60,257 56,876 18,744 12,651 8,647 ,148,528 -8,363 ,-60,320 -4,754 ,-26,198 67,556 ,-51,929 -6,260 ,-28,919 ,114,415 Earnings attributable to

noncontrolling interest 0 0 0 ,-66,582 -,109,602 -,432,836 -,339,376 -,226,420 -,129,249 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Station operating income $10,236,372 $17,899,055 $16,671,069 $15,640,534 $6,749,949 $,-10,995,183 $8,060,169 $20,147,371

$5,244,169 $11,080,285 $11,716,871 $13,914,798 $5,710,719 $11,183,858 $12,311,589 $13,938,789 $7,125,465 $12,134,161 $10,002,713 $9,599,698 $5,139,348 38,862,037 $11,087,864 $8,243,983 $14,051,659 $3,671,204 $8,249,513 $4,892,240 $2,511,414

$,418,104 $5,317,532 Calculation of EBITDA 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024

2024 2025 2025 Net revenue $57,687,554 $65,658,748 $66,114,701 $72,093,111 $57,650,426 $30,383,132 $49,649,659 $68,460,644 $48,212,040 $59,574,705 $62,902,935 $70,736,628 $55,720,268 $64,810,450 $63,823,288 $72,027,012 $57,779,120 $63,461,723

$60,119,757 $65,748,658 $54,380,346 ,247,109,258 $60,435,657 $58,190,116 $67,285,492 Operating expenses ,-47,451,182 ,-47,759,693 ,-49,443,632 ,-56,452,577 ,-50,900,477 ,-41,378,315 ,-41,589,490 ,-48,313,273 ,-42,967,871 ,-48,494,420 ,-51,186,064

,-56,821,830 ,-50,009,549 ,-53,626,592 ,-51,511,699 ,-58,088,223 ,-50,653,655 ,-51,327,562 ,-50,117,044 ,-56,148,960 ,-49,240,998 -,208,247,221 ,-49,347,793 ,-49,946,133 ,-53,233,833 Corporate expenses -4,962,414 -5,423,561 -5,326,660 -5,496,797

-4,513,092 -3,724,764 -3,712,816 -3,677,698 -3,905,289 -3,957,854 -3,980,815 -4,734,088 -4,233,460 -4,567,470 -5,132,362 -4,068,067 -4,483,095 -4,405,031 -4,493,277 -4,865,328 -4,407,832 ,-18,246,731 -3,879,771 -4,296,615 -4,688,478 EBITDA

$5,273,958 $12,475,494 $11,344,409 $10,143,737 $2,236,857 $,-14,719,947 $4,347,353 $16,469,673 $1,338,880 $7,122,431 $7,736,056 $9,180,710 $1,477,259 $6,616,388 $7,179,227 $9,870,722 $2,642,370 $7,729,130 $5,509,436 $4,734,370 $,731,516 20,615,306

$7,208,093 $3,947,368 $9,363,181 Reconciliation of Net Loss Attributable to BBGI Stockholders to EBITDA $5,730,247 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021

2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 2024 2024 2025 2025 Net loss attributable to BBGI stockholders 1,353,263 4,269,001 3,043,899 4,441,166 -8,836,561 ,-17,734,961 -2,385,398 11,190,998 ,-10,555,392 ,187,694 -1,620,323

10,582,176 -3,590,930 ,-14,454,717 ,498,068 ,-17,869,178 -3,536,566 ,-10,430,629 ,-67,536,837 6,580,317 7,970 ,-74,923,715 -,276,021 -3,560,575 -2,168,604 Depreciation and amortization 1,768,787 1,742,687 1,867,234 1,970,974 2,576,475 2,886,071

2,912,681 2,721,710 2,951,901 2,850,923 2,843,350 2,663,821 2,515,900 2,451,102 2,456,646 2,496,898 2,229,325 2,195,985 2,201,664 2,182,369 1,834,602 8,809,343 1,832,894 1,788,126 1,780,438 Impairment losses FCC licenses 13,657,941 6,804,412 0 0

2,166,400 1,857,226 8,619,097 33,497,347 0 10,041,000 78,204,065 ,969,600 0 89,214,665 0 0 0 Impairment losses goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,582,360 0 0 10,582,360 0 ,922,000 Gain on dispositions/sale of investment -3,545,755 0 0

,-17,111,605 0 0 0 -4,439,710 -,191,988 0 -3,350,539 0 0 0 -6,000,000 -6,026,776 -6,000,000 Debt Issuance expenses Other operating income, net ,241,348 55,163 65,423 ,407,011 0 0 ,600,000 -3,600,000 1,100,000 -1,500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

5,982,414 Interest expense 4,590,885 4,547,036 4,406,162 4,488,586 4,184,811 3,851,660 4,544,235 4,313,701 5,778,071 6,865,369 7,021,577 6,791,219 6,849,037 6,823,217 6,621,540 6,620,251 6,593,852 6,724,469 6,445,746 6,843,853 5,587,308 26,607,920

6,092,829 6,092,820 3,460,070 Loss on extinguishment of long-term debt 0 0 0 0 0 2,798,789 0 0 4,996,731 0 0 0 -,100,335 0 0 0 0 0 0 0 0 0 0 Gain on forgiveness of long term debt 0 0 0 0 0 0 0 0 0 ,-10,000,000 0 0 0 0 0 0 0 0 0 0 0 0 Other income,

net ,232,583 ,-38,193 86,333 ,-34,568 ,-26,425 ,-71,691 42,156 ,-32,070 ,-38,413 -8,080 ,-12,186 -9,758 -,872 ,-89,875 -1,166,430 ,-24,810 -,540,515 ,-36,735 -1,106,918 -7,655,838 -,270,005 -9,340,006 -,357,260 75,120 -,247,413 Income tax benefit

,632,847 1,899,800 1,733,980 2,674,019 -2,417,780 -6,041,946 -1,031,166 4,304,900 -2,602,886 -1,299,394 -,515,380 -,903,970 -6,176,446 3,554,469 -1,252,669 ,-11,652,661 -2,163,983 -,821,836 ,-23,299,388 1,801,418 -,410,230 ,-24,483,789 ,-75,986

-1,309,803 ,561,030 Equity in earnings of unconsolidated affiliates, net of tax 0 0 ,141,378 -,283,205 61,527 24,967 4,221 70,164 30,105 25,919 19,018 57,222 23,344 -,186,570 22,072 ,153,414 60,257 56,876 18,744 12,651 8,647 ,148,528 -8,363 ,-60,320

-4,754 Earnings attributable to noncontrolling interest 0 0 0 ,-66,582 -,109,602 -,432,836 -,339,376 -,226,420 -,129,249 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EBITDA $5,273,958 $12,475,494 $11,344,409 $10,143,737 $2,236,857 $,-14,719,947 $4,347,353

$16,469,673 $1,338,880 $7,122,431 $7,736,056 $9,180,710 $1,477,259 $6,616,388 $7,179,227 $9,870,722 $2,642,370 $7,729,130 $5,509,436 $4,734,370 $,731,516 $20,615,306 $7,208,093 $3,947,368 $9,363,181

RECONCILIATION OF NET INCOME (LOSS)

TO SOI Q3 2024 – Q2 2026 Calculation of Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 12 mo 2q 3q 4q 1q 2q 3q 4q 1q 2q 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022

-,189,183,869 3,214,790 84,293,430 Corporate expenses 4,962,414 5,423,561 5,326,660 5,496,797 4,513,092 3,724,764 3,712,816 3,677,698 3,905,289 3,957,854 3,980,815 4,734,088 4,233,460 4,567,470 5,132,362 4,068,067 4,483,095 4,405,031 4,493,277

,-24,483,789 ,-75,986 -1,309,803 ,561,030 -1,567,727 ,283,990 -,315,153 ,-44,022,040 1,328,368 7,299,839 Equity in earnings of unconsolidated affiliates, net of tax 0 0 ,141,378 -,283,205 61,527 24,967 4,221 70,164 30,105 25,919 19,018 57,222 23,344

6,580,317 7,970 ,-74,923,715 -,276,021 -3,560,575 -2,168,604 -2,689,821 -,154,175 -3,556,703 -,189,183,869 3,214,790 84,293,430 Corporate expenses 4,962,414 5,423,561 5,326,660 5,496,797 4,513,092 3,724,764 3,712,816 3,677,698 3,905,289 3,957,854

,-11,652,661 -2,163,983 -,821,836 ,-23,299,388 1,801,418 -,410,230 ,-24,483,789 ,-75,986 -1,309,803 ,561,030 -1,567,727 ,283,990 -,315,153 ,-44,022,040 1,328,368 7,299,839 Equity in earnings of unconsolidated affiliates, net of tax 0 0 ,141,378

$16,469,673 $1,338,880 $7,122,431 $7,736,056 $9,180,710 $1,477,259 $6,616,388 $7,179,227 $9,870,722 $2,642,370 $7,729,130 $5,509,436 $4,734,370 $,731,516 $20,615,306 $7,208,093 $3,947,368 $9,363,181

RECONCILIATION OF NET LOSS TO ADJ

EBITDA Three months ended Year ended December 31, December 31, 2024 2025 2024 2025 Net loss $(2,058,632) $(189,183,869) $(5,887,258) $(195,584,568) Interest expense 3,460,070 3,279,355 21,233,027 13,233,800 Income tax expense (benefit)

451,058 (44,022,040) (1,344,961) (45,620,930) Depreciation and amortization 1,780,438 1,560,417 7,236,060 6,331,852 EBITDA 3,632,934 (228,366,137) 21,236,868 (221,639,846) Severance expenses 1,195,411 426,609 3,696,913 2,441,345 Non-recurring

expenses — 535,592 — 1,127,985 Stock-based compensation expenses 120,034 (24,605) 893,292 202,802 FCC licenses impairment losses — 224,815,149 — 224,815,149 Goodwill impairment loss — — 922,000 — Debt

issuance expenses 5,982,414 815,000 5,982,414 815,000 Other operating expenses — 2,710,525 — 4,448,147 Gain on repurchase of long-term debt — — — (525,000) Gain on sale of investment — — (6,026,776) —

Other income, net (247,413) (95,241) (799,558) (1,160,535) Equity in earnings of unconsolidated affiliates, net of tax (4,754) (6,260) (64,790) (16,831) Adjusted EBITDA 10,678,626 810,632 25,840,363 10,508,216

RECONCILIATION OF NET LOSS TO ADJ

EBITDA

CALCULATION OF SAME-STATION NET

REVENUE AND OPERATING EXPENSES Three months ended Year ended December 31, December 31, 2024 2025 2024 2025 Net revenue $ 67,285,492 $ 53,050,405 $ 240,291,611 $ 205,939,627 Atlanta — — (965) — Wilmington

— — (55,117) — Digital Direct & Guarantee Digital (2,035,625) 20,200 (9,675,572) (4,897,784) Outlaws (1,932) — (204,890) — Same station net revenue $ 65,247,935 $ 53,070,605 $ 230,355,067 $ 201,041,843 Three months

ended Year ended December 31, December 31, 2024 2025 2024 2025 Operating expenses $ 53,233,833 $ 50,538,991 $ 201,768,757 $ 186,615,256 Atlanta (3,870) — (97,014) — Wilmington — — (58,060) —

Digital Direct & Guarantee Digital (2,287,767) (32,670) (11,792,818) (5,934,976) Outlaws 700 — (903,197) — Same station operating expenses $ 50,942,896 $ 50,506,321 $ 188,917,668 $ 180,680,280

CALCULATION OF SAME-STATION DIGITAL

REVENUE AND DIGITAL OPERATING EXPENSES Three months ended Year ended December 31, December 31, 2024 2025 2024 2025 Digital net revenue $ 11,472,340 $ 12,585,650 $ 46,730,332 $ 49,472,312 Digital Direct & Guarantee Digital

(2,035,625) 20,200 (9,675,572) (4,897,784) Outlaws (1,932) — (204,890) — Same station digital net revenue $ 9,434,783 $ 12,605,850 $ 36,849,870 $ 44,574,528 Three months ended Year ended December 31, December 31, 2024

2025 2024 2025 Digital operating expenses $ 10,077,384 $ 8,938,328 $ 41,193,712 $ 37,661,036 Digital Direct & Guarantee Digital (2,287,767) (32,670) (11,792,818) (5,934,976) Outlaws 700 — (903,197) — Same station digital

operating expenses $ 7,790,317 $ 8,905,658 $ 28,497,697 $ 31,726,060

CALCULATION OF SAME-STATION AUDIO

REVENUE AND AUDIO OPERATING EXPENSES Three months ended Year ended December 31, December 31, 2024 2025 2024 2025 Audio net revenue $ 55,813,152 $ 40,464,755 $ 193,561,279 $ 156,467,315 Atlanta — — (965) —

Wilmington — — (55,117) — Same station audio net revenue $ 55,813,152 $ 40,464,755 $ 193,505,197 $ 156,467,315 Three months ended Year ended December 31, December 31, 2024 2025 2024 2025 Audio operating

expenses $ 43,156,449 $ 41,600,663 $ 160,575,045 $ 148,954,220 Atlanta (3,870) — (97,014) — Wilmington — — (58,060) — Same station audio operating expenses $ 43,152,579 $ 41,600,663 $ 160,419,971 $

148,954,220

CALCULATION OF SAME-STATION NET

REVENUE AND OPERATING EXPENSES Three months ended Six months ended June 30, June 30, 2025 2026 2025 2026 Net revenue $52,999,711 $44,125,702 $101,912,176 $86,714,437 Fort Myers (1,964,133) 808 (3,853,572) (299,007) Tampa (WPBB-FM)

(357,369) — (646,215) — Digital Direct (1,890,898) — (3,597,531) — Same station net revenue $48,787,311 $44,126,510 $93,814,858 $86,415,430 Three months ended Six months ended June 30, June 30, 2025 2026 2025 2026

Operating expenses $44,750,198 $38,808,170 $89,991,459 $80,978,801 Fort Myers (1,573,346) (43,110) (3,250,632) (1,280,533) Tampa (WPBB-FM) (256,629) — (498,868) — Digital Direct (2,044,752) — (4,014,535) — Same station

operating expenses $40,875,471 $38,765,060 $82,227,424 $79,698,268

CALCULATION OF SAME-STATION AUDIO

REVENUE AND AUDIO OPERATING EXPENSES Three months ended Six months ended June 30, June 30, 2025 2026 2025 2026 Audio net revenue $39,818,870 $32,470,043 $77,972,240 $64,354,495 Fort Myers (1,561,217) 808 (3,067,205) (225,659) Tampa

(WPBB-FM) (357,369) — (646,215) — Same station audio net revenue $37,900,284 $32,470,851 $74,258,820 $64,128,836 Three months ended Six months ended June 30, June 30, 2025 2026 2025 2026 Audio operating expenses $35,095,319

$28,950,275 $71,490,295 $9,857,895 Fort Myers (1,293,770) (36,567) (2,762,771) (1,044,102) Tampa (WPBB-FM) (256,629) — (498,868) — Same station audio operating expenses $33,544,920 $28,913,708 $68,228,656 $8,813,793

CALCULATION OF SAME-STATION DIGITAL

REVENUE AND DIGIAL OPERATING EXPENSES Three months ended Six months ended June 30, June 30, 2025 2026 2025 2026 Digital net revenue $13,180,481 $11,655,659 $23,939,936 $22,359,942 Fort Myers (402,916) — (786,367) (73,348) Digital

Direct (1,890,898) — (3,597,531) — Same station digital net revenue $10,886,667 $11,655,659 $19,556,038 $22,286,594 Three months ended Six months ended June 30, June 30, 2025 2026 2025 2026 Digital operating expenses $9,654,879

$9,857,895 $18,501,164 $18,901,609 Fort Myers (279,576) (6,543) (487,861) (236,431) Digital Direct (2,044,752) — (4,014,535) — Same station digital operating expenses $7,330,551 $9,851,352 $13,998,768 $18,665,178

CALCULATION OF UNLEVERED FREE CASH

FLOW (FCF) $s in millions 2026E 2027E 2028E EBITDA $17.1 $19.0 $29.8 TAXES (2.9) (1.4) (2.9) CHANGE IN NWC (5.7) (0.3) (3.1) CAPEX (3.0) (3.1) (3.2) FCF $5.5 $14.2 $20.6

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Aug. 19, 2026

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Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration