ATLANTA, GA — May 1, 2025: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2025.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “For the first quarter, we delivered revenue in line with pacing guidance despite worsening economic headwinds reflecting, among other things, the imposition of tariffs that have depressed both consumer and advertiser sentiment. However, with that backdrop, what remains constant is our relentless focus on actions to mitigate the impacts of the macro environment. For example, we accelerated growth in our digital marketing services business, which was up 30% for the quarter; leveraged our entire platform to capture demand opportunities; and drove additional annualized cost reductions of $7.5 million. Moving forward, we will continue to execute these strategies while simultaneously working to fundamentally transform the way we use and leverage our key assets.”

Q1 Key Highlights:

• Posted total net revenue of $187.3 million, a decline of 6.4% year-over-year

• Generated digital revenue of $36.6 million, an increase of 6.1% year-over-year despite the loss of the Daily Wire relationship, or an increase of 20.4% excluding the impact of Daily Wire
  • Digital revenue represented 20% of total revenue
  • Digital marketing services grew 30% driven by investments made in sales, support and fulfillment capabilities
  • Streaming increased by 4% driven by better monetization of the Company’s streaming inventory
  • Podcasting decreased by 13% or increased by 39% when excluding the impact of the Daily Wire relationship with the ex-Daily Wire increase driven by the addition of new shows and growth in existing shows

• Recorded net loss of $32.4 million compared to net loss of $14.2 million in Q1 2024

• Executed actions resulting in $7.5 million of annualized fixed cost reductions

• Recorded Adjusted EBITDA⁽¹⁾ of $3.5 million compared to $8.4 million in Q1 2024

• Reported total debt⁽²⁾⁽³⁾ of $670.2 million, total debt at maturity^(1)(2)(3) of $642.1 million, and net debt less total unamortized discount^(1)(2)(3) of $589.4 million at March 31, 2025, including total debt due in 2026⁽³⁾ of $23.9 million

• Ended quarter with $52.7 million of cash