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1. Univision meets a global digital advertising agency.

2. A smaller Univision that has also built a large global digital ad tech business.

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• Digital Advertising Solutions: Provides comprehensive digital marketing services, including programmatic advertising, social media campaigns, search marketing, and data analytics for businesses globally.
• Television Broadcasting: Operates Spanish-language television stations in the U.S., primarily affiliates of Univision and UniMás, offering broadcast content and advertising opportunities.
• Audio Broadcasting & Digital Audio Solutions: Manages a portfolio of radio stations and offers digital audio advertising and content services, including podcast monetization and distribution.

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• Meta Platforms, Inc. (Symbol: META)
  Entravision serves as a key global partner, particularly in Latin America, Africa, and parts of Asia, selling advertising solutions and providing marketing services for Meta's platforms (Facebook, Instagram, WhatsApp) to businesses in these regions. Revenue generated from services provided relating to advertising inventory sold on Meta Platforms, Inc. platforms constituted approximately 69% of Entravision's total consolidated revenue in 2023.
• Diverse Businesses (Advertisers)
  For its traditional U.S. Spanish-language television and radio stations, Entravision sells advertising time and services directly to a wide range of local and national businesses. These advertisers span various industries, including retail, automotive, financial services, healthcare, and political campaigns. No single advertiser in this segment accounts for 10% or more of Entravision's total consolidated revenue.

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• Meta Platforms, Inc. (META)
• Google LLC (GOOG, GOOGL)

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Michael J. Christenson, Chief Executive Officer

Mark Boelke, Chief Financial Officer and Treasurer

Jeffery A. Liberman, President and Chief Operating Officer

Bill McNally, Chief Accounting Officer and Corporate Controller

Jeff DeMartino, General Counsel and Secretary

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The key risks to Entravision Communications (EVC) include:

1. Persistent Unprofitability and Declining Performance in the Media Segment: Entravision has experienced widening net losses over the past five years, with its net profit margin showing no signs of improvement. The company's Media segment, which includes traditional television and radio, has seen declining revenues, for example, an 8% decrease in Q2 2025 and a 10% decrease in Q1 2025. This decline is attributed to fewer active local advertisers, economic uncertainty, and the impact of federal immigration enforcement actions on Spanish language media. The Media segment even reported an operating loss in Q1 2025, contrasting with an operating income in the prior year. The company's stock performance and valuation also reflect these concerns, with its share price potentially overvalued compared to its discounted cash flow fair value without clear improvements in profit or cash generation.
2. Intense Competition and Rapidly Evolving Digital Advertising Landscape: Entravision faces significant competitive pressure, particularly within the digital advertising space where it competes with larger digital advertising companies for dominance in areas like Connected TV (CTV). The company's digital segment, which is its primary growth driver, is susceptible to platform policy changes and consolidation among larger competitors that possess superior scale and resources. To remain competitive, Entravision must make continuous and substantial investments in ad technology platforms and consistently demonstrate return on investment (ROI) and audience reach to advertisers.
3. Economic Volatility in International Markets and Demographic Reliance: The company's financial performance is sensitive to economic conditions in its core international markets, especially Latin America. For instance, economic volatility and hyperinflation in Argentina can significantly impact advertising spend and cause quarterly revenue fluctuations. Furthermore, Entravision's focused strategy on the U.S. Hispanic demographic, while a market strength, also exposes it to specific economic and political factors affecting this audience and related advertiser sentiment.

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The following are clear emerging threats for Entravision Communications (EVC):

• Accelerated Shift to Privacy-Centric Digital Advertising: The ongoing and accelerating industry-wide transition towards a digital advertising ecosystem with stricter privacy controls and reduced reliance on third-party data (e.g., Google's eventual deprecation of third-party cookies, Apple's App Tracking Transparency framework, and evolving global privacy regulations like GDPR and CCPA) poses a significant emerging threat. Entravision's digital advertising segment, which relies on programmatic and data-driven solutions, must rapidly adapt its targeting, measurement, and attribution technologies to function effectively in a first-party data and privacy-compliant world. Failure to invest sufficiently in new methodologies, such as contextual targeting, privacy-enhancing technologies, and robust first-party data strategies, could lead to diminished campaign effectiveness, loss of competitive edge, and potential revenue decline as advertisers shift budgets to platforms better equipped for this new landscape.
• Rapid Disruption from Advanced AI in Advertising Technology: The rapid advancement and integration of Artificial Intelligence (AI) and Machine Learning (ML) are transforming the advertising technology landscape at an unprecedented pace. AI is increasingly critical for superior programmatic media buying, real-time bidding optimization, audience segmentation, hyper-personalization of creatives, fraud detection, and multi-touch attribution. Companies that are at the forefront of developing and deploying advanced AI solutions can offer significantly better campaign performance, efficiency, and ROI to advertisers. If Entravision's digital platforms and offerings do not continuously innovate and integrate state-of-the-art AI capabilities at a competitive rate against larger competitors or specialized AI-first ad tech firms, they risk being outmaneuvered in terms of efficiency, targeting precision, and overall effectiveness, potentially leading to clients diverting ad spend to more technologically advanced platforms.

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Advertising and Technology Services Segment

• Programmatic Advertising: This segment offers programmatic advertising and technology services globally through platforms like Smadex and Adwake.
  • The global programmatic advertising market size was estimated at USD 678.37 billion in 2023 and is projected to reach USD 2,753.03 billion by 2030, with a CAGR of 22.8% from 2024 to 2030.
  • Another estimate values the global programmatic advertising market at USD 64.21 billion in 2024, projected to reach USD 1,207.07 billion by 2032 with a CAGR of 44.3% from 2025 to 2032.
  • The global programmatic advertising market size is estimated at USD 131.28 billion in 2024 and is expected to rise to USD 320.35 billion by 2033, experiencing a CAGR of 10.42%.
  • North America held the largest global market share for programmatic advertising in 2023, at 32.6%, and is projected to have a market share of 25.8% (USD 6.89 billion) in 2024.

Media Segment

• Digital Advertising (U.S. & Global): Entravision provides digital marketing operations within its Media segment, targeting Latino audiences in the U.S..
  • The global digital advertising market was estimated at USD 600 billion in 2024 and is expected to exceed USD 1,483 billion by 2034, growing at a CAGR of 9.47% from 2025 to 2034.
  • The global digital advertising market size was also estimated at USD 488.40 billion in 2024 and is expected to reach USD 1,164.25 billion by 2030, growing at a CAGR of 15.4% from 2025 to 2030.
  • The U.S. digital ad spending market size was evaluated at USD 157.23 billion in 2024 and is projected to be worth around USD 409 billion by 2034, growing at a CAGR of 10.03% from 2025 to 2034.
  • North America dominated the digital advertising market with a share of over 31% in 2024.
• Television Advertising (U.S.): Entravision owns and operates television stations in the U.S., particularly targeting Hispanic and Latino communities.
  • The U.S. television advertising market size was exhibited at USD 60.79 billion in 2024 and is projected to be worth around USD 93.29 billion by 2034, growing at a CAGR of 4.37% from 2025 to 2034.
  • North America dominated the television advertising market by holding the largest share in 2024.
• Radio Advertising (U.S.): The company also owns and operates radio stations in the U.S., focusing on Hispanic audiences.
  • Local radio advertising revenue in the U.S., including over-the-air and digital, is projected to hit USD 12.3 billion in 2025.
  • The U.S. radio advertising market generated USD 28.75 billion in 2025 and is forecast to advance to USD 45.26 billion by 2030, registering a 9.5% CAGR from 2025 to 2030.
  • North America retained a commanding 38% share of the radio advertising market in 2024. The United States accounted for over 93.20% of the radio advertising market in North America in 2024.

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1. Continued Expansion of Advertising Technology & Services (ATS) Segment: Entravision anticipates robust growth from its Advertising Technology & Services (ATS) segment, particularly driven by its programmatic ad purchasing platform, Smadex, and its mobile growth solutions business, Adwake. The company has been actively investing in this segment by expanding its sales team and geographic sales coverage, and strengthening its platform technology and AI capabilities. This focus has led to significant revenue increases, with the ATS segment's revenue more than doubling in Q3 2025 compared to Q3 2024. The company expects continued sequential quarterly growth in this area, although not at the exceptional Q3 2025 rate.
2. Investments in AI Capabilities and Engineering for ATS: A significant driver for the ATS segment's future revenue growth is Entravision's ongoing investment in its engineering team and the integration of more powerful AI capabilities into its platform. These technological advancements are aimed at improving the overall platform and increasing sales capacity, thereby attracting more customers and higher spending per customer.
3. Growth in Local Sales and Digital Operations within the Media Segment: Despite challenges in national advertising and retransmission consent revenue, Entravision is focused on driving revenue growth in its Media segment by expanding its local sales teams and digital sales operations. The company has made strategic decisions to increase its news capacity by adding morning news across its Univision markets and expanding weekend news in key locations, which involved hiring new employees. These investments in local content and sales infrastructure are expected to contribute to revenue growth.
4. Leveraging Political Advertising Cycles: Entravision historically benefits from political advertising revenue, and the company is positioning itself for a strong political spending environment, particularly in the 2026 elections. This is especially relevant given the critical role of the Latino vote in congressional elections in the company's operating markets. The increase in political advertising revenue is expected to provide support for the Media segment's sales efforts.

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Share Repurchases

• As of March 31, 2024, Entravision had repurchased a total of 1.8 million shares of its Class A common stock under its current share repurchase program.
• The company did not repurchase any shares of Class A common stock during the three-month periods ended March 31, 2024, or March 31, 2023.
• From April 1, 2025, to June 30, 2025, the company repurchased no shares under its equity buyback plan, completing the repurchase of 1.7 million shares (1.97% of shares).

Share Issuance

• As of October 2025, Entravision Communications had 90,976,288 shares outstanding.

Outbound Investments

• In October 2020, Entravision acquired a majority stake in Cisneros Interactive, a digital advertising company serving the U.S. and Latin American markets.
• This investment was intended to enhance Entravision's digital product offerings and position the combined platforms as a leading digital advertising company in these markets.

Capital Expenditures

• Capital expenditures for the Media segment were $2.36 million in Q1 2025, $1.97 million in Q2 2025, and $1.15 million in Q3 2025.
• The company is investing in AI capabilities for its Advertising Technology & Services segment and expanding sales capacity for both its Media and ATS segments.
• Forecasted capital expenditures are $12 million for 2025, $17 million for 2026, and $25 million for 2027.