ATLANTA, GA — August 7, 2025: Cumulus Media Inc. (OTCQB: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2025.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels. We also significantly outperformed in digital, delivering double the growth rate of our radio peers, driven by the 38% year-over-year increase in our digital marketing services business. Additionally, we executed $5 million of annualized cost reductions, bringing total annualized cost reductions to $175 million over the last 5 years.”

Berner continued, “These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints. Looking ahead, while we do not expect near-term relief from market headwinds, we are confident in our ability to position the business for long-term success through strong execution and by capitalizing on the Company’s valuable underlying assets.”

Q2 Key Highlights:

• Posted total net revenue of $186.0 million, a decline of 9.2% year-over-year

• Generated digital revenue of $38.8 million, a decrease of 1.4% year-over-year, or an increase of 20% excluding the $6.8 million impact from discontinuing the Daily Wire and Dan Bongino relationships
  • Digital marketing services grew 38% driven by investments made in our digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing
  • Digital marketing services revenue now represents approximately 50% of total digital revenue

• Recorded net loss of $12.8 million compared to net loss of $27.7 million in Q2 2024

• Executed actions resulting in $5 million of annualized fixed cost reductions

• Recorded Adjusted EBITDA⁽¹⁾ of $22.4 million compared to $25.2 million in Q2 2024

• Ended quarter with $96.7 million of cash, which reflected a $55.0 million draw on the Company’s revolving credit facility

• Reported total debt⁽²⁾⁽³⁾ of $723.7 million, total debt at maturity^(1)(2)(3) of $697.1 million, and net debt less total unamortized discount^(1)(2)(3)of $600.4 million at June 30, 2025, including total debt due in 2026⁽²⁾ of $23.9 million