Lee Enterprises (NASDAQ: LEE) adds $50M equity and cuts loan interest

Rhea-AI Filing Summary

Lee Enterprises reported preliminary first-quarter fiscal 2026 results showing a net loss of $5.1 million but significantly stronger operating performance. Total revenue was $130.1 million, down about 10% from a year earlier, while Adjusted EBITDA rose to $12.3 million, an increase of $4.7 million or roughly 61%, helped by a $2 million cyber insurance reimbursement and cost reductions.

Digital businesses continued to reshape the company: total digital revenue was $70.3 million, or 54% of total revenue, with digital-only subscription revenue of $22.7 million and 609,000 digital-only subscribers. The company closed a $50 million private placement of common stock and amended its Berkshire Hathaway–backed credit agreement, cutting the interest rate on its $455 million term loan to 5% from 9% for five years. Lee expects this to save about $18 million of interest annually and up to $90 million over five years, supporting its digital transformation and balance sheet.

Positive

• Adjusted EBITDA surged to $12.3 million in Q1 FY26, up $4.7 million or about 61% year over year, reflecting stronger underlying operations and cost control.
• $50 million private placement of common stock and a credit amendment reduce the term loan interest rate to 5% from 9% for five years, targeting roughly $18 million of annual interest savings.
• Digital revenue mix improved, with $70.3 million in total digital revenue representing 54% of total revenue, underscoring progress toward a more digital-centric, subscription- and advertising-led model.

Negative

• Total operating revenue declined to $130.1 million in Q1 FY26 from $144.6 million a year earlier, driven by continued pressure in print advertising and subscription revenue.
• The company remains unprofitable on a GAAP basis, posting a Q1 FY26 net loss of $5.1 million, although this narrowed from a $16.2 million loss in the prior-year quarter.

Insights

Media sector credit & equity analyst

Stronger cash flow via equity raise, interest cut, and tighter costs.

Lee Enterprises combined cost control with balance sheet moves. Q1 operating revenue fell to $130.1 million, but Adjusted EBITDA climbed to $12.3 million, up $4.7 million year over year, aided by lower compensation and legacy print expenses plus $2.0 million of cyber insurance proceeds.

The company closed a $50.0 million private placement at $3.25 per share and amended its Berkshire Hathaway credit agreement. The term loan balance is $455 million, and the fixed interest rate drops to 5% from 9% for five years, implying about $18 million in annual interest savings.

Digital continues to reshape the model: total digital revenue reached $70.3 million, 54% of total, while print revenue declined. Management reiterates mid-single-digit growth in Adjusted EBITDA for FY26 and highlights actions such as a strategic pension plan termination and approximately $26 million of noncore assets identified for potential monetization.

false000005836100000583612026-02-102026-02-100000058361us-gaap:CommonStockMember2026-02-102026-02-100000058361lee:PreferredSharePurchaseRightsMember2026-02-102026-02-10

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):February 10, 2026

_______________________________________________________________________________________

LEE ENTERPRISES, INCORPORATED

(Exact name of Registrant as specified in its charter)

_______________________________________________________________________________________

Delaware			1-6227			42-0823980
(State of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)
			4600 E. 53rd Street, Davenport, Iowa 52807
			(Address of Principal Executive Offices)
			(563) 383-2100
			Registrant’s telephone number, including area code

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

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $.01 per share			LEE			The Nasdaq Global Select Market
Preferred Share Purchase Rights			LEE			The Nasdaq Global Select Market

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:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 o

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. o

Item 2.02.    Results of Operations and Financial Condition.

On February 10, 2026, Lee Enterprises, Incorporated (the “Company”) reported its preliminary results for the fourth quarter ended December 28, 2025. In connection with the preliminary results, the Company issued a news release, which is attached hereto as Exhibit 99.1 (“News Release”). The Company also prepared presentation materials which were presented by management during the Company’s earnings conference call, which are attached hereto as Exhibit 99.2 and have been made available on the Company’s website, investors.lee.net (“Presentation Materials”). In addition to the information in the News Release, the Presentation Materials include content and financial figures showing its expectation to be sustainable without reliance on print media within five years.

The information furnished by and incorporated by reference in this Item 2.02, including the attached Exhibits, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

			(d)Exhibits
			99.1			Earnings Release
			99.2			Presentation Materials
			104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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 thereunto duly authorized.

LEE ENTERPRISES, INCORPORATED

Date:

February 10, 2026

By:

/s/ Joshua P. Rinehults

Joshua P. Rinehults

Interim Vice President, Chief Financial Officer and Treasurer

Lee Enterprises Reports Strong First Quarter Results and Closing of Strategic Investment

Q1 Adjusted EBITDA(1) growth of $5M or 61% YOY

$50M equity investment(2) enhances financial stability

Interest rate on outstanding debt reduced to 5% from 9%(3)

DAVENPORT, Iowa (February 10, 2026) — 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 first quarter fiscal 2026 financial results(4) for the period ended December 28, 2025.

"Our core business delivered operating results in the first quarter that exceeded our expectations," said Nathan Bekke, Lee’s President and Interim Chief Executive Officer. "Adjusted EBITDA growth of $5 million puts us in a great position to achieve our expectations for year-over-year growth in fiscal 2026. This marks our third consecutive quarter of Adjusted EBITDA growth on a comparable basis(5), led by continued industry-leading performance in digital subscription revenue coupled with disciplined cost management. These results validate our focus on building durable, recurring revenue streams while continuing to actively manage the cost structure tied to legacy revenue. Additionally, our 2026 results are expected to include reimbursement from our insurance carrier for business interruption related to the cyber event last year(6) – $2 million of which was received in the first quarter and included in Adjusted EBITDA. Excluding the insurance reimbursement, Adjusted EBITDA was up $3 million or 35% year-over-year, representing exceptionally strong operating growth.”

“We are also pleased to announce the Company closed on a transformational $50 million private placement of common stock last week led by David Hoffmann,” added Bekke. "This transaction strengthens the Company’s balance sheet which will further fuel our digital transformation and drive long term shareholder value."

"A key component of the transaction is an amendment to the Company’s credit agreement that reduces the annual interest rate on the Company’s outstanding debt to 5% from 9% for a five-year period. This rate reduction is expected to result in interest savings of approximately $18 million annually or up to $90 million over the five-year period, further improving the Company’s capital structure and strengthening the balance sheet," added Bekke.

“The consistent strength of our core business reflects the effectiveness of our Three Pillar Digital Growth Strategy and the progress of our digital transformation," added Bekke. "That strength along with the $50 million capital infusion and up to $90 million of interest savings sets Lee up for an exciting future as we drive sustainable growth and create long-term value for our shareholders."

For the first quarter ended December 28, 2025:

•Total operating revenue was $130 million.

•Total Digital Revenue(7) was $70 million and represented 54% of our total operating revenue.

•Revenue from digital-only subscribers totaled $23 million, up 5% over the prior year. Digital-only subscription revenue increased 23% annually over the past three years. Digital-only subscribers totaled 609,000 at the end of the quarter.

•Digital advertising and marketing services revenue represented 71% of our total advertising revenue and totaled $43 million. Amplified Digital® Agency revenue totaled $24 million in the quarter.

•Digital services revenue, which is predominantly from BLOX Digital, totaled $5 million.

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•Total Print Revenue was $60 million.

•Operating expenses totaled $126 million and Cash Costs(1) totaled $121 million, a 16% and 13% decrease compared to the prior year, respectively. Operating expenses in the quarter included $2 million of cyber insurance reimbursement(6).

•Net loss totaled $5 million and Adjusted EBITDA totaled $12 million. Adjusted EBITDA increased by $5 million over the prior year in the first quarter of fiscal 2026.

2026 Fiscal Year Outlook:

Adjusted EBITDA YOY growth in the mid-single digits

Debt and Free Cash Flow:

The Company has $455 million of debt outstanding under our Credit Agreement 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. The $50 million private placement of common stock closed in February 2026 which made operative certain amendments to the Credit Agreement with BH Finance, resulting in the fixed annual interest dropping to 5% from 9% for a five-year period(3).

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

•The principal amount of debt totaled $455 million.

•Cash on the balance sheet totaled $13 million. Debt, net of cash on the balance sheet, totaled $443 million.

•Capital expenditures totaled $1 million for the quarter. We expect up to $5 million of capital expenditures in FY26.

•We expect cash paid for income taxes to total between $2 million and $8 million in FY26.

•We do not expect any pension contributions in the fiscal year.

•The Company is executing a strategic termination of our fully funded benefit pension plan, eliminating the long-term volatility tied to interest rate movement, mortality assumptions and asset performance, while preserving participant benefits and improving balance sheet flexibility.

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;

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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:

•Our ability to manage declining print revenue and circulation subscribers;

•The impact and duration of adverse conditions in certain aspects of the economy affecting our business;

•Changes in advertising and subscription demand;

•Changes in technology that impact our ability to deliver digital advertising;

•Potential changes in newsprint, other commodities and energy costs;

•Interest rates;

•Labor costs;

•Significant cyber security breaches or failure of our information technology systems;

•Our ability to achieve planned expense reductions and realize the expected benefit of our acquisitions;

•Our ability to maintain employee and customer relationships;

•Our ability to manage increased capital costs;

•Our ability to maintain our listing status on NASDAQ;

•Competition;

•We may be required to indemnify the previous owners of BH Media or The Buffalo News for unknown legal and other matters that may arise;

•The impacts of changes to our leadership and corporate governance; and

•Other risks detailed from time to time in our publicly filed documents.

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

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CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

			Three months ended
(Thousands of Dollars, Except Per Common Share Data)			December 28, 2025			December 29, 2024
Operating revenue:
Print advertising revenue			17,191			19,861
Digital advertising revenue			42,795			46,729
Advertising and marketing services revenue			59,986			66,590
Print subscription revenue			34,996			43,432
Digital subscription revenue			22,706			21,565
Subscription revenue			57,702			64,997
Print other revenue			7,546			7,888
Digital other revenue			4,828			5,087
Other revenue			12,374			12,975
Total operating revenue			130,062			144,562
Operating expenses:
Compensation			49,433			60,254
Newsprint and ink			2,963			3,616
Other operating expenses			68,814			74,680
Insurance proceeds			(2,000)			—
Depreciation and amortization			3,579			6,265
Assets loss (gain) on sales, impairments and other, net			(3)			(929)
Restructuring costs and other			3,148			5,150
Total operating expenses			125,934			149,036
Equity in earnings of associated companies			1,080			1,122
Operating (loss) income			5,208			(3,352)
Non-operating (expense) income:
Interest expense			(10,248)			(10,282)
Pension and OPEB related benefit and other, net			845			653
Curtailment/Settlement gains			—			—
Total non-operating expense, net			(9,403)			(9,629)
Loss before income taxes			(4,195)			(12,981)
Income tax benefit			931			3,243
Net loss			(5,126)			(16,224)
Net income attributable to non-controlling interests			(485)			(524)
Loss attributable to Lee Enterprises, Incorporated			(5,611)			(16,748)
Other comprehensive loss, net of income taxes			(79)			(115)
Comprehensive loss attributable to Lee Enterprises, Incorporated			(5,690)			(16,863)
Loss per common share:
Basic:			(0.92)			(2.80)
Diluted:			(0.92)			(2.80)

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DIGITAL / PRINT REVENUE COMPOSITION

(UNAUDITED)

			Three months ended
(Thousands of Dollars)			December 28, 2025			December 29, 2024
Digital Advertising and Marketing Services Revenue			42,795			46,729
Digital Only Subscription Revenue			22,706			21,565
Digital Services Revenue			4,828			5,087
Total Digital Revenue			70,329			73,381
Print Advertising Revenue			17,191			19,861
Print Subscription Revenue			34,996			43,432
Other Print Revenue			7,546			7,888
Total Print Revenue			59,733			71,181
Total Operating Revenue			130,062			144,562

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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:

			Three months ended
(Thousands of Dollars)			December 28, 2025			December 29, 2024
Net loss			(5,126)			(16,224)
Adjusted to exclude
Income tax expense			931			3,243
Non-operating expenses, net			9,403			9,629
Equity in earnings of TNI and MNI			(1,080)			(1,122)
Depreciation and amortization			3,579			6,265
Restructuring costs and other			3,148			5,150
Assets gain on sales, impairments and other, net			(3)			(929)
Stock compensation			328			430
Add:
Ownership share of TNI and MNI EBITDA (50%)			1,101			1,167
Adjusted EBITDA			12,281			7,609

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

			Three months ended
(Thousands of Dollars)			December 28, 2025			December 29, 2024
Operating expenses			125,934			149,036
Adjustments
Depreciation and amortization			3,579			6,265
Assets gain on sales, impairments and other, net			(3)			(929)
Restructuring costs and other			3,148			5,150
Insurance proceeds			(2,000)			—
Cash Costs			121,210			138,550

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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:

			Three months ended
(Thousands of Dollars)			December 28, 2025			December 29, 2024
Print Advertising Revenue			17,191			19,861
Exited operations			(76)			(452)
Same-store, Print Advertising Revenue			17,115			19,409
Digital Advertising Revenue			42,795			46,729
Exited operations			(57)			(51)
Same-store, Digital Advertising Revenue			42,738			46,678
Total Advertising Revenue			59,986			66,590
Exited operations			(132)			(504)
Same-store, Total Advertising Revenue			59,854			66,086
Print Subscription Revenue			34,996			43,432
Exited operations			(3)			(59)
Same-store, Print Subscription Revenue			34,993			43,373
Digital Subscription Revenue			22,706			21,565
Exited operations			(1)			(2)
Same-store, Digital Subscription Revenue			22,705			21,563
Total Subscription Revenue			57,702			64,997
Exited operations			(3)			(61)
Same-store, Total Subscription Revenue			57,699			64,936
Print Other Revenue			7,546			7,888
Exited operations			—			—
Same-store, Print Other Revenue			7,546			7,888
Digital Other Revenue			4,828			5,087
Exited operations			—			—
Same-store, Digital Other Revenue			4,828			5,087
Total Other Revenue			12,374			12,975
Exited operations			—			—
Same-store, Total Other Revenue			12,374			12,975
Total Operating Revenue			130,062			144,562
Exited operations			(136)			(565)
Same-store, Total Operating Revenue			129,926			143,997

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NOTES

(1)The following are non-GAAP (Generally Accepted Accounting Principles) financial measures for which reconciliations to relevant U.S GAAP measures are included in tables accompanying this release:

•Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non-cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one-time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI.

•Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company's ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non-cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash.

(2)On February 5, 2026 (the “Closing”), we issued an aggregate of 16,000,000 shares of Common Stock at a price of $3.25 per share in a private placement (the “Private Placement”) pursuant to the stock purchase agreement by and among the Company, David Hoffmann and the other existing investors in the Company (the "Stock Purchase Agreement"). The aggregate gross proceeds from the Private Placement were approximately $50.0 million, before deducting offering expenses.

(3)The Company's debt is the $576 million term loan under a credit agreement with BH Finance LLC dated January 29, 2020 (the "Credit Agreement"). Excess Cash Flow was previously defined under the Credit Agreement as any cash greater than $20.0 million on the balance sheet in accordance with U.S. GAAP at the end of each fiscal quarter, beginning with the quarter ending June 28, 2020. Concurrently with the execution of the Stock Purchase Agreement, we entered into the Second Amendment to the Credit Agreement. The amendments set forth therein became operative upon the Company's receipt of the proceeds from the Private Placement at the Closing. The amendments include a reduction of the applicable margin on our 25-year term loan from 9% to 5% for a period of five years following the closing and amending the definition of Excess Cash Flow such that the minimum amount of cash on hand held by us before being deemed Excess Cash Flow would be equal to $64.0 million.

(4)This earnings release is a preliminary report of results for the periods included. The reader should refer to the Company's most recent reports on Form 10-Q and on Form 10-K for definitive information.

(5)Comparable basis is a non-GAAP performance measure based on U.S. GAAP trends for Lee for the current period, excluding the extra week in fiscal 2024. The fourth quarter and full year of fiscal 2025

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consisted of 13 weeks and 52 weeks, respectively. The fourth quarter and full year of fiscal 2024 consisted of 14 weeks and 53 weeks, respectively.

(6)FY25 revenue and Adjusted EBITDA were materially impacted by a cyber incident in February 2025. The FY25 impact on revenue and Adjusted EBITDA was approximately $12M and $8M, respectively. These metrics exclude any potential reimbursement from cyber insurance carrier in FY25. For the three months ended December 28, 2025, we received $2.0 million in business interruption reimbursements that were recorded on their own line in "Operating Expenses." The remaining business-interruption claims remain under review.

(7)Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified Digital®), digital-only subscription revenue and digital services revenue.

(8)TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI.

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FIRST QUARTER FY2026 EARNINGS FEBRUARY 10, 2026

2 SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “aims”, “anticipates,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements relating to the Company may be found in the Company’s periodic filings with the Commission, including the factors described in the sections entitled “Risk Factors,” copies of which may be obtained from the SEC’s website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this presentation.

3 LEE’S THREE PILLAR DIGITAL GROWTH STRATEGY LEE IS RAPIDLY TRANSFORMING TO A SUSTAINABLE AND VIBRANT DIGITAL-CENTRIC COMPANY PILLAR 1 Expand & engage our audience through rich, credible local content PILLAR 2 Accelerate sustainable digital subscription growth PILLAR 3 Accelerate digital-only advertising revenue growth Lee expects the Three Pillar Digital Growth Strategy to drive more than $450 million of digital revenue by 2030

4 LEE’S INVESTMENT THESIS WE BELIEVE OUR THREE PILLAR DIGITAL GROWTH STRATEGY WILL CREATE SUBSTANTIAL VALUE: Increased Shareholder Value ✓ Enhanced cash generation ✓ Debt reduction ✓ Multiple expansion fueled by increased recurring, high-margin digital revenue Strengthened Balance Sheet & Continued Debt Reduction ✓ Recapitalization substantially improves free cash flow with interest expense reduction ✓ Favorable credit agreement with Berkshire Hathaway ✓ $121M debt reduction since refinancing in March 2020 Execute Three Pillar Digital Growth Strategy ✓ Generate long-term sustainable digital revenue growth, margin expansion, and strong free cash flow ✓ Expand audiences and deepen engagement by delivering hyper-local content that connects our communities ✓ Digital Subs/Revenue are on pace; Developing a more profitable ad model with higher-margin digital products

5 STRATEGIC INVESTMENT & AMENDED CREDIT AGREEMENT • $50 million equity raise through private placement of common stock priced at $3.25 / share. Anchored by David Hoffmann • Credit agreement enhancements worth approximately $18 million annually* for five years post recapitalization • Interest on outstanding debt under the Credit Agreement reduced to 5% from 9% for five years, generating expected interest savings of approximately $18 million annually* • Cash infusion will improve working capital, fund new capital projects and accelerate projects already underway which are expected to drive: • Accelerated digital growth • Improved print margin • Deleveraging of the business • Ability to monetize content & scale the business Significant Interest Savings Over Next 5 Years *Annual interest paid estimated based on current outstanding debt ($455 million) 9% 5% $41M $23M 2025 *Annual estimate Strengthen balance sheet Increase flexibility Invest into digital $50M

6 DIGITAL-FIRST SUBSCRIPTION PLATFORM Total Revenue $548M LTM December 2025 Digital Mix of Total Revenue 54% Q1 FY26 Adjusted EBITDA(1) $50M LTM December 2025 Digital Subscribers 609,000 December FY26 Industry-Leading Digital Sub Revenue Growth $95M LTM(2) | 14% YoY Growth(3) Lee is a dominant source of local news, information, and advertising in midsized markets Industry-Leading Digital Agency Revenue Growth $102M LTM (2) (1) Adjusted EBITDA and Cash Costs are non-GAAP financial measures. See appendix. (2) LTM represents last twelve months through December 2025. (3) Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations. Exited operations include (1) business divestitures and (2) the elimination of stand-alone print products discontinued within our markets.

7 FIRST QUARTER 2026 BUSINESS HIGHLIGHTS Digital-only Subscription revenue growth was fueled by price optimization • Leveraged data & marketing to maximize engagement within subscriber base • Executed price increases within highly engaged digital-only subscriber cohorts • Targeted investments in personalization, content delivery, and lifecycle marketing Saw positive momentum in digital revenue mix Adjusted EBITDA and Adjusted EBITDA margin grew over prior year • Significant year-over-year improvement in Digital Revenue mix – by 330 basis points • Digital-only Subscription revenue grew 5.3% over prior year • 71.3% of total advertising revenue sourced from digital revenue streams • Adjusted EBITDA grew 61.4% to $12.3 million • Adjusted EBITDA margin grew 420 basis points year-over-year to 9.4% • Cash Costs declined $17 million, or 13%, over prior year driven by reduced compensation and legacy print costs Digital Subscription Revenue 5.3%1 (1) Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations. Exited operations include (1) business divestitures and (2) the elimination of stand-alone print products discontinued within our markets. (2) Adjusted EBITDA and Cash Costs are non-GAAP financial measures. See appendix. Adjusted EBITDA margin* 420 bps Digital Revenue as a % of Total Revenue *Adjusted EBITDA, a non-GAAP financial measure, as a % of Total Revenue. 330 bps

8 Industry-Leading Digital Sub Revenue Growth Industry-Leading Digital Agency Revenue Growth Total Digital Revenue Growing Significantly $95M LTM Digital Sub Revenue(1) $102M LTM Amplified Digital® Agency(2) $295M LTM Total Digital Revenue INDUSTRY-LEADING DIGITAL GROWTH (1) 14% same-store revenue growth YoY(3). (2) 1% same-store revenue growth YoY(3). (3) Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations. Exited operations include (1) business divestitures and (2) the elimination of stand-alone print products discontinued within our markets. Q4 FY25 3-Year CAGR Q4 FY25 3-Year CAGR LTM Dec FY26 3-Year CAGR 6% • Modernize platforms & monetization tools • Leverage data & marketing to maximize engagement • Expand product ecosystem & transition print model • Innovate with AI and new monetization models • Scale digital operations and services • Invest in talent and expertise • Drive digital transformation across the business • Expand reach through digital innovation • Invest to continue industry-leading growth LTM Dec FY23 LTM Dec FY26 $249M $295M32% 8% 15% Lee Gannett NY Times 5% -1% -7% Lee Gannett TownSquare

9 STRATEGY IS TRANSFORMING THE COMPOSITION OF REVENUE Prior to launch of Three Pillar Digital Growth Strategy Industry-leading digital revenue growth is transforming the mix of revenue FY2020 REVENUE MIX % Digital 7% 21% 46% Q1 FY2026 54% (1) FY2030 reflects the goal of not being reliant on print products; strategy includes managing cash flow from print products as those products mature. FY2030(1) 90% Achieve goal of becoming sustainable without reliance on print products Durable and sustainable business, led by digital

10 FY21 FY25 FY26E FY27E FY28E FY29E FY30E EXECUTION OF THREE PILLARS DRIVES SUSTAINABILITY & GROWTH Digital Transformation Digital Sustainability Digital transformation is nearing sustainability Digital gross margin(1) S&GA Key Takeaways ✓ Digital revenue replacing print revenue and growing at 12% CAGR(2) ✓ Digital subscription revenue and gross margin growing at a 35% CAGR(2) ✓ Amplified Digital® Agency revenue growing at a 25% CAGR(2) ✓ Nearing digital sustainability: Digital gross margin(1) expected to surpass SG&A costs in FY27 (1) Digital Gross Margin is a non-GAAP performance measure calculated by Digital Revenue less Cost of Good Sold (“COGS”) directly tied to digital products. Digital Gross Margin excludes all Selling, General, and Administrative (“SG&A”) costs. (2) CAGR represents the compounded annual growth rate from FY21 to FY25.

11 STRONG TRACK RECORD OF SUSTAINABLE COST MANAGEMENT • Proficient in driving efficiencies • Current base of $157M of direct costs associated with our legacy revenue streams will be managed with associated revenue trends • Ongoing initiatives aimed at optimizing manufacturing, distribution, and corporate services • Incremental investments in marketing & branding to drive Digital Subscription revenue growth • Digital COGS investments to support revenue growth at BLOX Digital and Amplified Digital® Agency • Executed approximately $40 million of annualized cost reductions in the second quarter of FY25, and an additional $10 million of annualized reductions entering FY26 Managing legacy business & investing in digital future (1) Adjusted EBITDA and Cash Costs are non-GAAP financial measures. See appendix. Key Takeaways $686M $524M FY21 FY22 FY23 FY24 FY25 Total Cash Costs(1) Digital Costs Print Costs SG&A Total Cash Costs

12 Q2 2020 Q1 2026 CREDIT AGREEMENT REPRESENTS STRATEGIC ASSET • $121 million debt reduction since refinancing in March 2020 • Favorable credit agreement with Berkshire Hathaway • 25-year runway with no breakage costs or prepayment penalties • No financial performance covenants and no fixed amortization • Fixed annual interest rate reduced to 5% from 9% for five years post private placement transaction in February 2026, generating expected interest savings of approximately $18 million annually* • Executing strategic termination of the company’s fully funded defined benefit pension plan • Eliminating the long-term volatility tied to interest rate movement, mortality assumptions and asset performance while preserving participant benefits and improving balance sheet flexibility • Identified approximately $26 million of noncore assets to monetize $576M $455M Debt Reduction Significant Interest Savings Over Next 5 Years *Annual interest paid estimated based on current outstanding debt ($455 million) 9% 5% $41M $23M 2025 *Annual estimate

13 REAFFIRMING 2026 OUTLOOK (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix. Key Metric FY26 Outlook Adjusted EBITDA(1) YOY growth in the mid-single digits

14 Amplify the Moments That Matter HUDL x Lee Enterprises A powerful partnership bringing local brands into the heart of American high school sports — where communities gather, emotions run high, and loyalty is built.

16 NON-GAAP RECONCILIATION The Company uses non-GAAP financial performance measures to supplement the financial information presented on a U.S. GAAP basis. These non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, should not be considered in isolation from or as a substitute for the related U.S. GAAP measures and should be read together with financial information presented on a U.S. GAAP basis. The Company defines its non-GAAP measures as follows: Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non-cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one-time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation, and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI. Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company's ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non-cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash. Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations. Exited operations include (1) business divestitures and (2) the elimination of stand- alone print products discontinued within our markets. Gross Margin is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates operating costs that directly support revenue. Depreciation and amortization, assets loss (gain) on sales, impairments and other, net, other non-cash operating expenses, Selling, General, and Administrative (“SG&A”) compensation and SG&A other operating expenses are excluded from Gross Margin. TNI and MNI – TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI. Management’s Use of Non-GAAP Measures These Non-GAAP Measures are not measurements of financial performance under U.S. GAAP and should not be considered in isolation or as an alternative to income from operations, net income (loss), revenues, or any other measure of performance or liquidity derived in accordance with U.S. GAAP. We believe these non-GAAP financial measures, as we have defined them, are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of controllable expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance. We use these Non-GAAP measures of our day-to-day operating performance, which is evidenced by the publishing and delivery of news and other media and excludes certain expenses that may not be indicative of our day-to-day business operating results. Limitations of Non-GAAP Measures Each of our non-GAAP measures have limitations as analytical tools. They should not be viewed in isolation or as a substitute for U.S. GAAP measures of earnings. Material limitations in making the adjustments to our earnings to calculate Adjusted EBITDA using these non-GAAP financial measures as compared to U.S. GAAP net income (loss) include: the cash portion of interest / financing expense, income tax (benefit) provision, and charges related to asset impairments, which may significantly affect our financial results. Management believes these items are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.

17 QUARTERLY REVENUE COMPOSITION (1) Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations and the extra week in FY24. Exited operations include (1) business divestitures and (2) the elimination of stand-alone print products discontinued within our markets. (2)Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified), digital-only subscription revenue and digital services revenue. Rounding – Items may not foot due to rounding. (Millions of Dollars) Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 FY 2025 Q1 FY2026 Digital Advertising and Marketing Services 46.7 43.9 49.1 44.1 183.8 42.8 YoY % (1) 1.7% -2.5% -1.0% -11.0% -3.3% -8.4% Digital Only Subscription Revenue 21.6 23.8 23.5 25.4 94.2 22.7 YoY % (1) 13.5% 19.7% 15.5% 16.4% 16.3% 5.3% Digital Services Revenue 5.1 4.8 5.3 4.8 20.1 4.8 YoY % (1) 2.6% -5.7% 3.5% -6.5% -1.6% -5.1% Total Digital Revenue (2) 73.4 72.6 77.9 74.3 298.1 70.3 YoY % (1) 4.9% 3.6% 3.8% -2.9% 2.3% -4.2% % of Total Revenue 50.8% 52.8% 55.1% 53.4% 53.0% 54.1% Print Advertising Revenue 19.9 16.5 17.5 15.3 69.2 17.2 YoY % (1) -15.8% -9.1% -5.8% -11.5% -10.9% -11.8% Print Subscription Revenue 43.4 41.1 38.1 41.6 164.2 35.0 YoY % (1) -15.5% -15.6% -19.6% -8.4% -14.9% -19.3% Other Print Revenue 7.9 7.2 7.8 7.9 30.9 7.5 YoY % (1) -7.0% -10.3% -5.3% -0.1% -5.7% -4.3% Total Print Revenue 71.2 64.8 63.4 64.8 264.2 59.7 YoY % (1) -14.8% -13.5% -14.5% -8.2% -12.9% -15.6% Total Revenue 144.6 137.4 141.3 139.1 562.3 130.1 YoY % (1) -5.8% -5.2% -5.3% -5.4% -5.4% -9.8%

18 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Millions of Dollars) Q1 FY26 Q1 FY25 Net loss (5.1) (16.2) Adjusted to exclude Income tax expense 0.9 3.2 Non-operating expenses, net 9.4 9.6 Equity in earnings of TNI and MNI (1.1) (1.1) Depreciation and amortization 3.6 6.3 Restructuring costs and other 3.1 5.1 Assets gain on sales, impairments and other, net (0.0) (0.9) Stock compensation and other 0.3 0.4 Add Ownership share of TNI and MNI EBITDA (50%) 1.1 1.2 Adjusted EBITDA 12.3 7.6 Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users’ overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non- cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one- time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI. TNI and MNI – TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI. Rounding – Items may not visually foot due to rounding.

19 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company's ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non- cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash. Rounding – Items may not visually foot due to rounding. (Millions of Dollars) Q1 FY26 Q1 FY25 Operating Expenses 125.9 149.0 Adjusted to exclude Depreciation and amortization 3.6 6.3 Assets gain on sales, impairments and other, net (0.0) (0.9) Restructuring costs and other 3.1 5.1 Insurance proceeds (2.0) -- Cash Costs 121.2 138.6

20 SAME-STORE NON-GAAP REVENUE RECONCILIATION(1) (1) Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the periods presented, excluding exited operations. Exited operations include (1) businesses divested and (2) the elimination of stand-alone print products discontinued within our markets. Rounding – Items may not foot due to rounding. (Millions of Dollars) Q1 FY2026 Q1 FY2025 $ Change % Change Print Advertising Revenue 17.2 19.9 (2.7) -13.4% Exited operations (0.1) (0.5) 0.4 NM Same-store, Print Advertising Revenue 17.1 19.4 (2.3) -11.8% Digital Advertising and Marketing Services Revenue 42.8 46.7 (3.9) -8.4% Exited operations (0.1) (0.1) (0.0) NM Same-store, Digital Advertising and Marketing Services 42.7 46.7 (3.9) -8.4% Total Advertising Revenue 60.0 66.6 (6.6) -9.9% Exited operations (0.1) (0.5) 0.4 NM Same-store, Total Advertising Revenue 59.9 66.1 (6.2) -9.4% (Millions of Dollars) Q1 FY2026 Q1 FY2025 $ Change % Change Print Subscription Revenue 35.0 43.4 (8.4) -19.4% Exited operations (0.0) (0.1) 0.1 NM Same-store, Print Subscription Revenue 35.0 43.4 (8.4) -19.3% Digital Subscription Revenue 22.7 21.6 1.1 5.3% Exited operations (0.0) (0.0) 0.0 NM Same-store, Digital Subscription Revenue 22.7 21.6 1.1 5.3% Total Subscription Revenue 57.7 65.0 (7.3) -11.2% Exited operations (0.0) (0.1) 0.1 NM Same-store, Total Subscription Revenue 57.7 64.9 (7.2) -11.1% (Millions of Dollars) Q1 FY2026 Q1 FY2025 $ Change % Change Print Other Revenue 7.5 7.9 (0.3) -4.3% Exited operations - - - NM Same-store, Print Other Revenue 7.5 7.9 (0.3) -4.3% Digital Other Revenue 4.8 5.1 (0.3) -5.1% Exited operations - - - NM Same-store, Digital Other Revenue 4.8 5.1 (0.3) -5.1% Total Other Revenue 12.4 13.0 (0.6) -4.6% Exited operations - - - NM Same-store, Total Other Revenue 12.4 13.0 (0.6) -4.6% (Millions of Dollars) Q1 FY2026 Q1 FY2025 $ Change % Change Total Operating Revenue 130.1 144.6 (14.5) -10.0% Exited operations (0.1) (0.6) 0.4 NM Same-store, Total Operating Revenue 129.9 144.0 (14.1) -9.8%

21 DIRECT COSTS RECONCILIATION (Millions of Dollars) Q1 FY26 Q1 FY25 Operating expenses 125.9 149.0 Adjusted to exclude Depreciation and amortization 3.6 6.3 Assets gain on sales, impairments and other, net (0.0) (0.9) Restructuring costs and other 3.1 5.1 Insurance proceeds (2.0) -- Selling, General, and Administrative (SG&A) 63.6 74.3 Direct Costs 57.6 64.3 Direct Costs is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates operating costs that directly support revenue. Depreciation and amortization, assets loss (gain) on sales, impairments and other, net, other non-cash operating expenses, Selling, General, and Administrative (“SG&A”) are excluded. Rounding – Items may not visually foot due to rounding. (Millions of Dollars) Q1 FY26 Q1 FY25 Print Direct Costs 35.4 41.7 Digital Direct Costs 22.2 22.5 Total Direct Costs 57.6 64.3

FAQ

How did Lee Enterprises (LEE) perform financially in Q1 fiscal 2026?

Lee Enterprises posted Q1 FY26 operating revenue of $130.1 million and a net loss of $5.1 million. However, Adjusted EBITDA improved sharply to $12.3 million, up about $4.7 million year over year, reflecting lower costs and insurance proceeds.

What is the significance of Lee Enterprises’ $50 million equity investment?

Lee Enterprises closed a $50 million private placement of common stock at $3.25 per share. The company says this capital will strengthen its balance sheet, support working capital, fund capital projects, and help accelerate its ongoing digital transformation initiatives.

How did the credit agreement change for Lee Enterprises (LEE)?

Lee’s $455 million term loan under its Berkshire Hathaway–backed credit agreement now carries a 5% fixed interest rate for five years, reduced from 9%. Management expects this change to save approximately $18 million in annual interest, or up to $90 million over five years.

What portion of Lee Enterprises’ revenue is digital, and how is it trending?

In Q1 FY26, Lee generated $70.3 million in total digital revenue, equal to 54% of total operating revenue. Digital-only subscription revenue was $22.7 million, up about 5.3% on a same-store basis, with 609,000 digital-only subscribers at quarter-end.

Why did Lee Enterprises’ Adjusted EBITDA increase while revenue declined?

Adjusted EBITDA rose to $12.3 million despite lower revenue because operating expenses declined. Cash Costs fell to $121.2 million from $138.6 million, helped by reduced compensation and legacy print costs, plus a $2.0 million cyber insurance reimbursement recorded in operating expenses.

What is Lee Enterprises’ outlook for fiscal 2026 Adjusted EBITDA?

Lee Enterprises reaffirmed that it expects mid-single-digit year-over-year growth in Adjusted EBITDA for fiscal 2026. This guidance assumes continued progress in its Three Pillar Digital Growth Strategy and benefits from the recent interest-rate reduction and cost-management actions.

How is Lee Enterprises addressing its pension and noncore assets?

The company is executing a strategic termination of its fully funded defined benefit pension plan, aiming to reduce volatility while preserving benefits. Management has also identified approximately $26 million of noncore assets that could be monetized to further enhance balance sheet flexibility.

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