Lee Enterprises Reports Fourth Quarter and Full Year FY25 results

Q4 Adjusted EBITDA (1) growth of $2M YOY on a comparable basis (2)

Balance sheet derisking continues with pension plan termination

Total Digital Revenue (3) was 53% of revenue in the quarter, representing $74M

Digital-Only subscription revenue increased 16% YOY (4) in the quarter

DAVENPORT, Iowa, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 72 markets, today reported preliminary fourth quarter fiscal 2025 financial results (5) for the period ended September 28, 2025.

"We are pleased with our fourth quarter results as we continued to outperform the industry," said Kevin Mowbray, Lee’s President and Chief Executive Officer. "Digital subscription revenue increased 16% on a same-store basis (4), marking five consecutive years of industry-leading performance. This consistent strength reflects the effectiveness of our Three Pillar Digital Growth Strategy and the exceptional execution of our team."

"Lee also delivered its second consecutive quarter of Adjusted EBITDA growth (2), underscoring the sustainability of our transformation. Solid top-line performance combined with disciplined cost actions drove our profitability gains. Two consecutive quarters of Adjusted EBITDA growth, coupled with our continued leadership in digital subscriptions and Amplified Digital ® Agency's strong track record, demonstrate the strong momentum we're building across the company. We expect the momentum to continue, delivering strong Adjusted EBITDA growth in fiscal 2026."

"This progress strengthens our position as a growing, sustainable, and digitally focused organization—one that is well positioned to capture long-term value and lead the next chapter of our digital transformation," Mowbray added.

For the fourth quarter ended September 28, 2025:

For the fiscal year ended September 28, 2025:

2026 Fiscal Year Outlook:

Debt and Free Cash Flow:

The Company has $455 million of debt outstanding under our Credit Agreement (6) with BH Finance. The financing has favorable terms including a 25-year maturity, a fixed annual interest rate of 9.0%, no fixed principal payments, and no financial performance covenants.

As of and for the period ended September 28, 2025:

Conference Call Information:

As previously announced, we will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. The live webcast will be accessible at www.lee.net and will be available for replay 24 hours later. Analysts have been invited to ask questions on the call. Questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.

About Lee:

Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 72 markets in 25 states. Lee's markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.

FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:

Any statements that are not statements of historical fact (including statements containing the words “may”, “will”, “would”, “could”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “projects”, “considers” and similar expressions) generally should be considered forward-looking statements. Statements regarding our plans, strategies, prospects and expectations regarding our business and industry and our responses thereto may have on our future operations, are forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this report. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.

Contact:

IR@lee.net

(563) 383-2100

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

DIGITAL / PRINT REVENUE COMPOSITION

(UNAUDITED)

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

The tables below reconcile the non-GAAP financial performance measure of Adjusted EBITDA to Net loss, its most directly comparable U.S. GAAP measure:

The table below reconciles the non-GAAP financial performance measure of Cash Costs to Operating expenses, the most directly comparable U.S. GAAP measure:

The table below reconciles the non-GAAP financial performance measure of Same-store Revenues to Operating Revenues, its most directly comparable U.S. GAAP measure:

NOTES