Here are a few analogies for Saga Communications:

• Saga Communications is like Gannett for radio stations, owning and operating a portfolio of local broadcast properties.
• Think of Saga Communications as AMC Theatres, but for radio stations, managing a network of local entertainment and information outlets.

• Radio Broadcasting

  The company provides diverse radio programming, including various music genres (classic hits, country, adult contemporary, rock) and news/talk formats, to listeners across its markets.

• Advertising Sales

  Saga Communications offers commercial airtime and promotional opportunities on its extensive network of FM and AM radio stations to businesses and advertisers.

Saga Communications (SGA) primarily sells advertising time and related services to other businesses.

Due to the highly fragmented nature of the local and national radio advertising market across its 27 diverse markets, Saga Communications does not typically have individually identifiable "major customer companies" whose names are publicly disclosed or represent a concentrated percentage of its revenue.

Instead, its major customers are broadly categorized as:

• Local and Regional Advertisers: Businesses operating within Saga's broadcast markets, including but not limited to auto dealerships, local retailers, restaurants, and service providers seeking to reach a specific local or regional audience.
• National Advertisers: Larger corporations and brands that purchase advertising time across multiple markets, often through national media buying agencies, to reach a broader audience.

• ASCAP
• BMI
• SESAC
• SoundExchange

Christopher S. Forgy, President & CEO

Christopher S. Forgy was named President and Chief Executive Officer of Saga Communications, Inc. on December 7, 2022, becoming only the second President and CEO in the company's history. He initially joined Saga in 1995. From 2006 to 2011, he served as General Manager for other broadcasters before rejoining Saga in 2011 as General Manager for the Columbus market. In May 2018, he was promoted to Senior Vice President of Operations, overseeing all of Saga's stations. Before his time as CEO, he spent nearly five years as the company's Chief Operating Officer. His career also includes sales and management positions at various broadcasting companies such as Nationwide Communications, Susquehanna Broadcasting, Rodriguez Broadcasting, and Great Trails Broadcasting.

Samuel D. Bush, Executive Vice President, Chief Financial Officer and Treasurer

Samuel D. Bush joined Saga Communications in 1997 as Vice President, Chief Financial Officer, and Treasurer. He was promoted to Senior Vice President in 2002. In September 2024, he also received the title of Executive Vice President. Currently, he is jointly assisting with the CEO's responsibilities during Christopher Forgy's temporary medical leave.

Wayne Leland, Chief Operating Officer

Wayne Leland was elevated to Chief Operating Officer in September 2024. He joined Saga in 2011 as the General Manager of the company's radio stations in Norfolk, VA, and later became President of Tidewater Communications. He joined Saga's executive team in January 2023. He is currently sharing the CEO's duties with Samuel Bush due to Christopher Forgy's temporary medical leave.

Catherine A. Bobinski, Senior Vice President/Controller/Chief Accounting Officer

Catherine A. Bobinski serves as the Senior Vice President, Controller, and Chief Accounting Officer for Saga Communications.

Eric Christian, Chief Marketing Officer

Eric Christian is the Chief Marketing Officer for Saga Communications. He is also listed as the Vice President of Digital Strategies. Eric Christian is the son of the company's former CEO.

The key risks to Saga Communications (SGA) are as follows:

1. Declining Traditional Broadcast Revenue and the Transition to Digital: Saga Communications faces an ongoing challenge with the decline in traditional broadcast revenue, which its increasing interactive/digital revenue has not yet fully offset. The company is investing in digital infrastructure, a necessary expenditure to remain competitive, but these investments are initially more costly than the revenue they generate. This trend reflects a broader industry shift where traditional radio revenue is under pressure.
2. Challenging Advertising Environment and Competition from Digital Platforms: The company's revenue has been impacted by a challenging advertising environment, including reduced political advertising revenue and difficulties in sectors like automotive. More broadly, the broadcast industry contends with lower advertising budgets as brands increasingly favor more measurable digital advertising. Saga Communications also faces significant competition for advertising dollars and audience attention from over-the-top (OTT) content providers and major digital platforms such as Google and Facebook, which can divert ad revenue and influence content distribution.
3. Impact of Non-Recurring Charges and Impairments: Saga Communications has reported substantial non-cash impairment charges, notably a significant goodwill write-off and reductions in FCC license values in late 2025, which materially impacted its operating and net results. Additionally, the company has incurred other non-recurring expenses, such as a retroactive music licensing settlement, which further negatively affected its financial performance. While these are often one-time events, their magnitude indicates underlying pressures on the company's asset valuations and profitability.

• The rise and increasing dominance of digital audio streaming services (e.g., Spotify, Apple Music, Pandora), which offer on-demand music, curated playlists, and personalized listening experiences, directly competing for listeners' attention and advertising revenue traditionally captured by radio. Their continuous innovation, expansion into exclusive content, and deeper integration into connected devices (including vehicles) represent an intensifying threat to traditional radio's listenership and market share.
• The explosive growth and diversification of podcasting, which provides a vast and ever-expanding library of on-demand spoken-word content across various genres. Podcasting directly competes with radio for news, talk, and entertainment audiences, with its accessibility and personalization challenging radio's traditional role as a primary source for such content.
• The increasing integration of advanced infotainment systems and connectivity in vehicles. Modern vehicles frequently feature sophisticated infotainment systems that seamlessly integrate streaming services, satellite radio, and smartphone mirroring (e.g., Apple CarPlay, Android Auto), significantly reducing reliance on traditional AM/FM radio as the primary in-car audio source, a historically crucial segment for radio listenership.

The total radio revenue in the United States, encompassing national and local spot advertising, digital, off-air, and network revenue, was an estimated $14.42 billion in 2024.

More specifically, the U.S. broadcast radio market is projected to reach $10.62 billion (USD 10,615.30 million) in 2025, with an expected increase to $14.63 billion (USD 14,633.21 million) by 2034. The U.S. radio advertising market, a primary revenue source for Saga Communications, is valued at approximately $9.93 billion (USD 9,925.38 million) in 2025, with projections indicating growth to $13.57 billion (USD 13,569.94 million) by 2034.

Saga Communications (SGA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily focusing on the expansion of its digital offerings and the cyclical nature of political advertising, alongside potential strategic acquisitions.

1. Expansion of Digital and Interactive Revenue Streams: Saga Communications is significantly investing in and seeing growth from its digital platforms and interactive services. This includes e-commerce initiatives, online news services, streaming revenue, and various forms of digital advertising such as search, display, and social media. The company has reported substantial year-over-year increases in interactive revenue, with online news sites growing and contributing to overall revenue, and e-commerce platforms generating local direct revenue. This strategic shift aims to diversify its revenue mix beyond traditional broadcast advertising.
2. Growth in Political Advertising Revenue during Election Cycles: Political advertising is a significant, albeit cyclical, driver of revenue for Saga Communications. While non-election years typically see a decline in this segment, management anticipates a notable increase in political advertising spending during election years, which is expected to boost overall revenue. The company expects a return to revenue growth, including political, in the second half of 2026.
3. Strategic Acquisitions of Broadcast Properties: Saga Communications has historically pursued a strategy of acquiring, developing, and operating broadcast properties. Recent acquisitions, such as the Lafayette, Indiana cluster in Q2 2024, are anticipated to contribute to revenue growth across local, digital, and e-commerce verticals once fully integrated. This approach allows the company to expand its market presence and leverage its operational expertise in new territories.

Share Repurchases

• Saga Communications repurchased 219,326 shares of its Class A Common Stock for $2.5 million during the year ended December 31, 2025.
• In December 2025, the company reacquired 184,215 shares of its common stock for approximately $2.1 million at a price of $11.50 per share through a privately negotiated transaction, representing about 2.8% of outstanding shares as of December 11, 2025.
• The Board of Directors plans to continue considering stock buybacks in the future as part of its capital allocation strategy.

Capital Expenditures

• Capital expenditures for the twelve months ended December 31, 2025, totaled $3.0 million, a decrease from $3.8 million in 2024.
• For 2026, Saga Communications expects to spend approximately $3.5 million to $4.5 million on capital expenditures.
• A primary focus of the 2026 capital expenditures is an investment of $1.5 million to strengthen the company's internal digital infrastructure and expand its digital sales and campaign management teams, supporting its digital transformation strategy.