lee-20250807

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 7, 2025

_______________________________________________________________________________________

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 August 7, 2025, Lee Enterprises, Incorporated (the “Company”) reported its preliminary results for the second quarter ended June 29, 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)

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:

August 7, 2025

By:

/s/ Timothy R. Millage

Timothy R. Millage

Vice President, Chief Financial Officer and Treasurer

Lee Enterprises reports third quarter Adjusted EBITDA growth

Adjusted EBITDA(1) growth of 92% over Q2

Total Digital Revenue(2) of $78M represented 55% of total revenue

Digital-Only subscription revenue increased 16% YOY(3)

Amplified Digital® Agency revenue totaled $29M, or up 10% YOY(3)

DAVENPORT, Iowa (August 7, 2025) — 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 third quarter fiscal 2025 financial results(4) for the period ended June 29, 2025.

“Our third quarter results mark significant progress in our transformation strategy," said Kevin Mowbray, Lee's President and Chief Executive Officer. "By rigorously managing our operating expenses and continuing to grow our digital business, we are driving sustainable improvements in profitability. The increase in Adjusted EBITDA demonstrates the strength of our underlying business and our commitment to disciplined execution. Adjusted EBITDA improvement drove organic free cash flow growth. This improvement was a major milestone in our cyber recovery, as since May 2025, all mandatory principal and interest payments were funded through cash from operations."

"During the quarter, Lee achieved meaningful reductions in print-related expenses and corporate overhead, while reinvesting in high-growth digital areas. These efforts enabled Adjusted EBITDA expansion and continued progress toward the Company's long-term digital goals."

"We are pleased with our industry-leading digital subscription and digital agency revenue growth. Digital subscription revenue continues to grow rapidly, up 16% on a same-store basis(3) in the quarter, as we yield higher average digital subscription rates for our 670,000 digital only subscribers. Amplified Digital® Agency, our full-service digital marketing agency, continues to have strong revenue growth, up an industry-leading 10% on a same-store basis(3) over the prior year," added Mowbray.

"The quarter's strong results put us on pace to achieve our second half's guidance of year-over-year growth in Total Digital Revenue and Adjusted EBITDA," said Mowbray.

Key Third Quarter Highlights:

•Total operating revenue was $141 million.

•Total Digital Revenue was $78 million, a 3% increase over the prior year, or 4% on a same-store basis(3), and represented 55% of our total operating revenue.

•Revenue from digital-only subscribers totaled $23 million, up 13% over the prior year, or up 16% on a same-store basis(3). Digital-only subscribers totaled 670,000 at the end of the quarter.

•Digital advertising and marketing services revenue represented 74% of our total advertising revenue and totaled $49 million.

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

•Operating expenses totaled $137 million and Cash Costs(4) totaled $128 million, a 6% and 7% decrease compared to the prior year, respectively. Operating expenses in the quarter included $1 million of cyber restoration expenses, which are included in the line Restructuring costs and other.

•Net loss totaled $2 million and Adjusted EBITDA totaled $15 million, a 1% increase over the prior year.

Debt and Free Cash Flow:

The Company has $455 million of debt outstanding under our Credit Agreement(5) 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 June 29, 2025:

•The principal amount of debt totaled $455 million.

•As a result of the cyber event and in an effort to provide short-term liquidity, the Company's sole lender, BH Finance, waived payment of the Company's March 2025, April 2025 and May 2025 interest and basic rent payments. Waived interest and basic rent payments were added to the principal amount due under the Credit Agreement.

•Since May 2025, the Company has satisfied all principal and interest payments through organic free cash flow generation.

•Cash on the balance sheet totaled $14 million. Debt, net of cash on the balance sheet, totaled $441 million.

•Capital expenditures totaled $1 million for the quarter and $3 million in the first nine months. We expect up to $5 million of capital expenditures in FY25.

•We expect cash paid for income taxes to total between $3 million and $9 million in FY25.

•We do not expect any material pension contributions in the fiscal year as our plans are fully funded in the aggregate.

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.

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:

•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;

•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;

•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;

•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.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three months ended		Nine months ended
(Thousands of Dollars, Except Per Common Share Data)	June 29, 2025	June 23, 2024	June 29, 2025	June 23, 2024

Operating revenue:
Print advertising revenue	17,474	18,941	53,867	62,118
Digital advertising revenue	49,097	49,903	139,766	141,747
Advertising and marketing services revenue	66,571	68,844	193,633	203,865
Print subscription revenue	38,076	47,605	122,587	148,443
Digital subscription revenue	23,482	20,701	68,836	60,429
Subscription revenue	61,558	68,306	191,423	208,872
Print other revenue	7,837	8,278	22,938	24,839
Digital other revenue	5,328	5,150	15,241	15,230
Other revenue	13,165	13,428	38,179	40,069
Total operating revenue	141,294	150,578	423,235	452,806
Operating expenses:
Compensation	47,436	59,278	164,349	175,757
Newsprint and ink	3,268	4,096	9,996	13,101
Other operating expenses	77,252	74,177	223,387	221,247
Depreciation and amortization	3,783	6,850	15,218	21,438
Assets loss (gain) on sales, impairments and other, net	(1,562)	(1,421)	(2,365)	4,727
Restructuring costs and other	7,141	3,795	18,806	12,199
Total operating expenses	137,318	146,775	429,391	448,469
Equity in earnings of associated companies	686	1,122	2,963	3,869
Operating (loss) income	4,662	4,925	(3,193)	8,206
Non-operating (expense) income:
Interest expense	(10,132)	(10,082)	(30,365)	(30,427)
Pension and OPEB related benefit and other, net	1,050	617	2,362	1,096
Curtailment/Settlement gains	—	—	—	3,593
Total non-operating expense, net	(9,082)	(9,465)	(28,003)	(25,738)
Loss before income taxes	(4,420)	(4,540)	(31,196)	(17,532)
Income tax benefit	(2,744)	(849)	(1,281)	(3,438)
Net loss	(1,676)	(3,691)	(29,915)	(14,094)
Net income attributable to non-controlling interests	(244)	(575)	(1,264)	(1,663)
Loss attributable to Lee Enterprises, Incorporated	(1,920)	(4,266)	(31,179)	(15,757)
Other comprehensive loss, net of income taxes	(115)	(147)	(230)	(2,609)
Comprehensive loss attributable to Lee Enterprises, Incorporated	(2,035)	(4,413)	(31,409)	(18,366)
Loss per common share:
Basic:	(0.31)	(0.73)	(5.16)	(2.68)
Diluted:	(0.31)	(0.73)	(5.16)	(2.68)

DIGITAL / PRINT REVENUE COMPOSITION


	Three months Ended		Nine months ended
(Thousands of Dollars)	June 29, 2025	June 23, 2024	June 29, 2025	June 23, 2024

Digital Advertising and Marketing Services Revenue	49,097	49,903	139,766	141,747
Digital Only Subscription Revenue	23,482	20,701	68,836	60,429
Digital Services Revenue	5,328	5,150	15,241	15,230
Total Digital Revenue	77,907	75,754	223,843	217,406
Print Advertising Revenue	17,474	18,941	53,867	62,118
Print Subscription Revenue	38,076	47,605	122,587	148,443
Other Print Revenue	7,837	8,278	22,938	24,839
Total Print Revenue	63,387	74,824	199,392	235,400
Total Operating Revenue	141,294	150,578	423,235	452,806

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

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		Nine months ended
(Thousands of Dollars)	June 29, 2025	June 23, 2024	June 29, 2025	June 23, 2024

Net loss	(1,676)	(3,691)	(29,915)	(14,094)
Adjusted to exclude
Income tax benefit	(2,744)	(849)	(1,281)	(3,438)
Non-operating expenses, net	9,082	9,465	28,003	25,738
Equity in earnings of TNI and MNI	(686)	(1,122)	(2,963)	(3,869)
Depreciation and amortization	3,783	6,850	15,218	21,438
Restructuring costs and other	7,141	3,795	18,806	12,199
Assets (gain) loss on sales, impairments and other, net	(1,562)	(1,421)	(2,365)	4,727
Stock compensation	540	474	1,328	1,189
Add:
Ownership share of TNI and MNI EBITDA (50%)	1,066	1,323	3,488	4,644
Adjusted EBITDA	14,944	14,824	30,319	48,534


	Three months ended		Six months ended
(Thousands of Dollars)	March 30, 2025	March 24, 2024	March 30, 2025	March 24, 2024

Net loss	(12,015)	(11,636)	(28,239)	(10,403)
Adjusted to exclude
Income tax (benefit) expense	(1,780)	(2,837)	1,463	(2,589)
Non-operating expenses, net	9,292	9,921	18,921	16,273
Equity in earnings of TNI and MNI	(1,155)	(1,206)	(2,277)	(2,747)
Depreciation and amortization	5,171	7,293	11,436	14,588
Restructuring costs and other	6,516	4,139	11,666	8,404
Assets loss (gain) on sales, impairments and other, net	126	7,617	(803)	6,148
Stock compensation	358	501	788	715
Add:
Ownership share of TNI and MNI EBITDA (50%)	1,255	1,269	2,422	3,321
Adjusted EBITDA	7,768	15,061	15,377	33,710

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		Nine months ended
(Thousands of Dollars)	June 29, 2025	June 23, 2024	June 29, 2025	June 23, 2024

Operating expenses	137,318	146,775	429,391	448,469
Adjustments
Depreciation and amortization	3,783	6,850	15,218	21,438
Assets (gain) loss on sales, impairments and other, net	(1,562)	(1,421)	(2,365)	4,727
Restructuring costs and other	7,141	3,795	18,806	12,199
Cash Costs	127,956	137,551	397,732	410,105

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		Nine months ended
(Thousands of Dollars)	June 29, 2025	June 23, 2024	June 29, 2025	June 23, 2024

Print Advertising Revenue	17,474	18,941	53,867	62,118
Exited operations	—	(387)	(98)	(1,924)
Same-store, Print Advertising Revenue	17,474	18,554	53,769	60,194
Digital Advertising Revenue	49,097	49,903	139,766	141,747
Exited operations	—	(306)	(7)	(1,137)
Same-store, Digital Advertising Revenue	49,097	49,597	139,759	140,610
Total Advertising Revenue	66,571	68,844	193,633	203,865
Exited operations	—	(693)	(105)	(3,061)
Same-store, Total Advertising Revenue	66,571	68,151	193,528	200,804
Print Subscription Revenue	38,076	47,605	122,587	148,443
Exited operations	3	(271)	(29)	(1,024)
Same-store, Print Subscription Revenue	38,079	47,334	122,558	147,419
Digital Subscription Revenue	23,482	20,701	68,836	60,429
Exited operations	—	(379)	(2)	(1,233)
Same-store, Digital Subscription Revenue	23,482	20,322	68,834	59,196
Total Subscription Revenue	61,558	68,306	191,423	208,872
Exited operations	3	(650)	(31)	(2,257)
Same-store, Total Subscription Revenue	61,561	67,656	191,392	206,615
Print Other Revenue	7,837	8,278	22,938	24,839
Exited operations	—	—	—	(35)
Same-store, Print Other Revenue	7,837	8,278	22,938	24,804
Digital Other Revenue	5,328	5,150	15,241	15,230
Exited operations	—	—	—	—
Same-store, Digital Other Revenue	5,328	5,150	15,241	15,230
Total Other Revenue	13,165	13,428	38,179	40,069
Exited operations	—	—	—	(35)
Same-store, Total Other Revenue	13,165	13,428	38,179	40,034
Total Operating Revenue	141,294	150,578	423,235	452,806
Exited operations	3	(1,343)	(136)	(5,353)
Same-store, Total Operating Revenue	141,297	149,235	423,099	447,453

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

(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.

(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)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 is defined under the Credit Agreement as any cash greater than $20,000,000 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.

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

THIRD QUARTER FY2025 EARNINGS AUGUST 7, 2025

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 FROM A PRINT-CENTRIC TO A 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 2028, resulting in a business that is sustainable and vibrant from solely our digital products

4 Digital Sub Revenue Growth Leads Industry Digital Agency Revenue Growth Leads Industry Total Digital Revenue Growing Significantly $93M LTM Digital Sub Revenue $106M LTM Amplified Digital® Agency $305M LTM Total Digital Revenue Industry-leading 17% YOY growth, or 19% on a Same-store basis(1) Q2 FY25 3-Year CAGR Industry-leading 12% YOY growth, or 13% on a Same-store basis(1) Q2 FY25 3-Year CAGR 5% YOY growth, or 6% on a Same-store basis(1) LTM June FY25 3-Year CAGR 11% INDUSTRY-LEADING DIGITAL GROWTH LTM Jun FY22 LTM Jun FY25 (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. $305M $224M

5 DIGITAL REVENUE CONTINUES TO GROW Digital Advertising Digital-only Subscription Digital Other Total Digital Revenue Q3 FY25 % of Total Revenue $49M % Variance to PY Same-store(1) -1% YOY $23M +16% YOY $5M +3% YOY $78M +4% YOY (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. 4% 17% 35% Amplified Digital® Agency $29M +10% YOY20% 55% % Variance to Prior Year (PY) -2% YOY +13% YOY +3% YOY +3% YOY +9% YOY Q3 FY2025 Revenue Mix 55% Digital 45% Print

6 Digital transformation Digital sustainability LEE NEARS SUSTAINABILITY FROM DIGITAL REVENUE KEY TAKEAWAYS • Digital revenue replacing print revenue and growing at 17% CAGR (FY21-FY24) • Digital subscription revenue and gross margin growing at a 44% CAGR (FY21-FY24) • Amplified Digital® Agency revenue growing at a 34% CAGR (FY21-FY24) • Digital gross margin(1) expected to exceed total SG&A costs in FY26 DIGITAL GROSS MARGIN (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. FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E Digital Gross Margin SG&A

7 THIRD QUARTER 2025 RESULTS (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. Q3 Revenue Total Operating Revenue $141M, -6% YOY, or -5% on a same-store basis(1) Total Digital Revenue $78M, +4% YOY(1) • Digital subscription $23M, +16%(1) • Digital advertising $49M, -1%(1) • Amplified Digital® agency $29M, +10%(1) Total Print Revenue $63M, -15%(1) Q3 Cash Costs(2) • Total Cash Costs $128M, -7% YOY Q3 Adjusted EBITDA(2) • Adjusted EBITDA $15M, +1% YOY Continued digital revenue growth Strong cost control of legacy business Investments to drive digital transformation

8 STRONG TRACK RECORD OF SUSTAINABLE COST MANAGEMENT KEY TAKEAWAYS • Proficient in driving efficiencies • Current base of $187M of direct costs associated with our legacy revenue streams that 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 $1.0B $705M $693M $615M $553M 2017 2020 2022 2023 2024 Total Cash Costs(1) Managing legacy business & investing in digital future (1) Adjusted EBITDA and Cash Costs are non-GAAP financial measures. See appendix. $522- $532M ~$15M ~$40M $553M

9 Q2 2020 Q3 2025 CREDIT AGREEMENT REPRESENTS STRATEGIC ASSET • $121M debt reduction since refinancing in March 2020 • Favorable credit agreement with Berkshire Hathaway • 25-year runway with no breakage costs or prepayment penalties • Fixed annual interest rate, no financial performance covenants and no fixed amortization • Pension plans now frozen and fully funded in the aggregate with no material pension contributions expected in 2025 • Identified approximately $20M of noncore assets to monetize Monetization of noncore assets will propel debt reduction $576M $455M Significant Gross Debt Reduction

10 OUTLOOK (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix. Key Metric Second Half FY25 Outlook Total Digital Revenue YOY growth in the low single digits Adjusted EBITDA(1) YOY growth in the low single digits

12 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.

13 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. 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 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 FY 2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Digital Advertising and Marketing Services 46.5 45.4 49.9 52.5 194.2 46.7 43.9 49.1 YoY % (1) -1.1% -0.2% 1.6% 7.5% 2.0% 1.7% -2.5% -1.0% Digital Only Subscription Revenue 19.5 20.3 20.7 23.9 84.3 21.6 23.8 23.5 YoY % (1) 60.2% 47.6% 34.1% 29.9% 41.2% 13.5% 19.7% 15.5% Digital Services Revenue 5.0 5.1 5.2 5.3 20.5 5.1 4.8 5.3 YoY % (1) 4.9% 7.6% 6.0% 5.1% 5.9% 2.6% -5.7% 3.5% Total Digital Revenue(2) 70.9 70.8 75.8 81.6 299.1 73.4 72.6 77.9 YoY % (1) 11.0% 10.7% 9.2% 13.0% 11.0% 4.9% 3.6% 3.8% % of Total Revenue 45.5% 48.3% 50.3% 51.5% 48.9% 50.8% 52.8% 55.1% Print Advertising Revenue 24.4 18.7 18.9 19.4 81.5 19.9 16.5 17.5 YoY % (1) -27.6% -29.4% -24.8% -13.9% -24.5% -15.7% -9.2% -5.8% Print Subscription Revenue 51.9 49.0 47.6 49.1 197.6 43.4 41.1 38.1 YoY % (1) -22.5% -23.5% -22.4% -15.9% -21.2% -15.5% -15.6% -19.6% Other Print Revenue 8.5 8.1 8.3 8.4 33.3 7.9 7.2 7.8 YoY % (1) -22.8% -15.5% -14.4% -5.3% -15.0% -7.0% -10.3% -5.3% Total Print Revenue 84.8 75.8 74.8 76.9 312.3 71.2 64.8 63.4 YoY % (1) -24.0% -24.3% -22.2% -14.3% -21.5% -14.7% -13.5% -14.5% Total Revenue 155.7 146.5 150.6 158.6 611.4 144.6 137.4 141.3 YoY % (1) -11.3% -10.6% -9.1% -2.2% -8.3% -5.7% -5.2% -5.3%

14 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 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. (Millions of Dollars) Q3 FY2025 Net loss (1.7) Adjusted to exclude Income tax benefit (2.7) Non-operating expenses, net 9.1 Equity in earnings of TNI and MNI (0.7) Depreciation and amortization 3.8 Restructuring costs and other 7.1 Assets gain on sales, impairments and other, net (1.6) Stock compensation 0.5 Add Ownership share of TNI and MNI EBITDA (50%) 1.1 Adjusted EBITDA 14.9

15 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 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. (Millions of Dollars) Q2 FY2025 Net loss (12.0) Adjusted to exclude Income tax benefit (1.8) Non-operating expenses, net 9.3 Equity in earnings of TNI and MNI (1.2) Depreciation and amortization 5.2 Restructuring costs and other 6.5 Assets loss on sales, impairments and other, net 0.1 Stock compensation 0.4 Add Ownership share of TNI and MNI EBITDA (50%) 1.3 Adjusted EBITDA 7.8

16 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 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. (Millions of Dollars) FY2024 Net loss (23.6) Adjusted to exclude Income tax benefit (7.6) Non-operating expenses, net 35.7 Equity in earnings of TNI and MNI (4.6) Depreciation and amortization 27.6 Restructuring costs and other 19.3 Assets loss on sales, impairments and other, net 11.2 Stock compensation 1.8 Add Ownership share of TNI and MNI EBITDA (50%) 5.5 Adjusted EBITDA 65.3

17 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) Q3 FY2025 Q3 FY2024 Operating Expenses 137.3 146.8 Adjusted to exclude Depreciation and amortization 3.8 6.9 Assets gain on sales, impairments and other, net (1.6) (1.4) Restructuring costs and other 7.1 3.8 Cash Costs 128.0 137.6

18 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) FY2024 FY2023 Operating Expenses 611.4 660.5 Adjusted to exclude Depreciation and amortization 27.6 30.6 Assets loss on sales, impairments and other, net 11.2 1.9 Restructuring costs and other 19.3 12.7 Cash Costs 553.4 615.3

19 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) Q3 FY2025 Q3 FY2024 $ Change % Change Print Advertising Revenue 17.5 18.9 (1.5) -7.7% Exited operations (0.0) (0.4) 0.4 NM Same-store, Print Advertising Revenue 17.5 18.6 (1.1) -5.8% Digital Advertising and Marketing Services Revenue 49.1 49.9 (0.8) -1.6% Exited operations (0.0) (0.3) 0.3 NM Same-store, Digital Advertising and Marketing Services 49.1 49.6 (0.5) -1.0% Total Advertising Revenue 66.6 68.8 (2.3) -3.3% Exited operations (0.0) (0.7) 0.7 NM Same-store, Total Advertising Revenue 66.6 68.2 (1.6) -2.3% (Millions of Dollars) Q3 FY2025 Q3 FY2024 $ Change % Change Print Subscription Revenue 38.1 47.6 (9.5) -20.0% Exited operations 0.0 (0.3) 0.3 NM Same-store, Print Subscription Revenue 38.1 47.3 (9.3) -19.6% Digital Subscription Revenue 23.5 20.7 2.8 13.4% Exited operations (0.0) (0.4) 0.4 NM Same-store, Digital Subscription Revenue 23.5 20.3 3.2 15.5% Total Subscription Revenue 61.6 68.3 (6.7) -9.9% Exited operations 0.0 (0.6) 0.7 NM Same-store, Total Subscription Revenue 61.6 67.7 (6.1) -9.0% (Millions of Dollars) Q3 FY2025 Q3 FY2024 $ Change % Change Print Other Revenue 7.8 8.3 (0.4) -5.3% Exited operations (0.0) 0.0 (0.0) NM Same-store, Print Other Revenue 7.8 8.3 (0.4) -5.3% Digital Other Revenue 5.3 5.2 0.2 3.5% Exited operations - - - NM Same-store, Digital Other Revenue 5.3 5.2 0.2 3.5% Total Other Revenue 13.2 13.4 (0.3) -2.0% Exited operations (0.0) 0.0 (0.0) NM Same-store, Total Other Revenue 13.2 13.4 (0.3) -2.0% (Millions of Dollars) Q3 FY2025 Q3 FY2024 $ Change % Change Total Operating Revenue 141.3 150.6 (9.3) -6.2% Exited operations 0.0 (1.3) 1.3 NM Same-store, Total Operating Revenue 141.3 149.2 (7.9) -5.3%

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) 1H FY2025 1H FY2024 $ Change % Change Print Advertising Revenue 36.4 43.2 (6.8) -15.7% Exited operations (0.1) (1.5) 1.4 NM Same-store, Print Advertising Revenue 36.3 41.6 (5.3) -12.8% Digital Advertising and Marketing Services Revenue 90.7 91.8 (1.2) -1.3% Exited operations (0.0) (0.8) 0.8 NM Same-store, Digital Advertising and Marketing Services 90.7 91.0 (0.4) -0.4% Total Advertising Revenue 127.1 135.0 (8.0) -5.9% Exited operations (0.1) (2.4) 2.3 NM Same-store, Total Advertising Revenue 127.0 132.7 (5.7) -4.3% (Millions of Dollars) 1H FY2025 1H FY2024 $ Change % Change Print Subscription Revenue 84.5 100.8 (16.3) -16.2% Exited operations (0.0) (0.8) 0.7 NM Same-store, Print Subscription Revenue 84.5 100.1 (15.6) -15.6% Digital Subscription Revenue 45.4 39.7 5.6 14.2% Exited operations (0.0) (0.9) 0.9 NM Same-store, Digital Subscription Revenue 45.4 38.9 6.5 16.7% Total Subscription Revenue 129.9 140.6 (10.7) -7.6% Exited operations (0.0) (1.6) 1.6 NM Same-store, Total Subscription Revenue 129.8 139.0 (9.1) -6.6% (Millions of Dollars) 1H FY2025 1H FY2024 $ Change % Change Print Other Revenue 15.1 16.6 (1.5) -8.8% Exited operations (0.0) (0.0) 0.0 NM Same-store, Print Other Revenue 15.1 16.5 (1.4) -8.6% Digital Other Revenue 9.9 10.1 (0.2) -1.7% Exited operations - - - NM Same-store, Digital Other Revenue 9.9 10.1 (0.2) -1.7% Total Other Revenue 25.0 26.6 (1.6) -6.1% Exited operations (0.0) (0.0) 0.0 NM Same-store, Total Other Revenue 25.0 26.6 (1.6) -6.0% (Millions of Dollars) 1H FY2025 1H FY2024 $ Change % Change Total Operating Revenue 281.9 302.2 (20.3) -6.7% Exited operations (0.1) (4.0) 3.9 NM Same-store, Total Operating Revenue 281.8 298.2 (16.4) -5.5%

21 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) FY2024 FY2023 $ Change % Change Print Advertising Revenue 81.5 125.8 (44.3) -35.2% Exited operations (0.9) (19.1) 18.2 NM Same-store, Print Advertising Revenue 80.6 106.8 (26.2) -24.5% Digital Advertising and Marketing Services Revenue 194.2 193.2 1.0 0.5% Exited operations (0.1) (2.9) 2.8 NM Same-store, Digital Advertising and Marketing Services 194.1 190.3 3.8 2.0% Total Advertising Revenue 275.7 319.0 (43.3) -13.6% Exited operations (1.0) (21.9) 21.0 NM Same-store, Total Advertising Revenue 274.7 297.0 (22.3) -7.5% (Millions of Dollars) FY2024 FY2023 $ Change % Change Print Subscription Revenue 197.6 252.6 (55.0) -21.8% Exited operations (0.2) (2.2) 2.0 NM Same-store, Print Subscription Revenue 197.4 250.4 (53.0) -21.2% Digital Subscription Revenue 84.3 60.7 23.6 38.9% Exited operations (0.1) (1.0) 1.0 NM Same-store, Digital Subscription Revenue 84.2 59.7 24.6 41.2% Total Subscription Revenue 281.9 313.3 (31.4) -10.0% Exited operations (0.3) (3.2) 2.9 NM Same-store, Total Subscription Revenue 281.7 310.1 (28.4) -9.2% (Millions of Dollars) FY2024 FY2023 $ Change % Change Print Other Revenue 33.3 39.5 (6.3) -15.8% Exited operations (0.0) (0.4) 0.4 NM Same-store, Print Other Revenue 33.3 39.1 (5.9) -15.0% Digital Other Revenue 20.5 19.4 1.1 5.9% Exited operations - - - NM Same-store, Digital Other Revenue 20.5 19.4 1.1 5.9% Total Other Revenue 53.8 58.9 (5.1) -8.7% Exited operations (0.0) (0.4) 0.4 NM Same-store, Total Other Revenue 53.8 58.5 (4.7) -8.1% (Millions of Dollars) FY2024 FY2023 $ Change % Change Total Operating Revenue 611.4 691.1 (79.8) -11.5% Exited operations (1.3) (25.5) 24.3 NM Same-store, Total Operating Revenue 610.1 665.6 (55.5) -8.3%