Investor Presentation August 2021 1 Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements, including risks relating to the coronavirus (COVID-19) pandemic and its effect on our revenues, particularly our nonpolitical advertising revenues. Potential regulatory actions, changes in consumer behaviors and impacts on and modifications to TEGNA’s operations and business relating thereto and TEGNA’s ability to execute on its standalone plan can also cause actual results to differ materially. Other economic, competitive, governmental, technological and other factors and risks that may affect TEGNA’s operations or financial results are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this press release should be evaluated in light of these important risk factors. TEGNA is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media. 2 Introduction and Current Environment TEGNA’s Business Strategy Drives Long-Term Value Five Key Pillars of Value Creation Superior Execution . Subscription revenue expected to grow by mid-to-high teens percent YoY in 2021, with net subscription profits Continue to be best in class expected to grow by mid-to-high twenties along with accelerating, strong advertising and marketing services revenue despite negative impact of current supply chain issues on auto category operator . Record second quarter revenue, subscription revenue, advertising and marketing services revenue, net income and Adjusted EBITDA Aggressive yet disciplined pursuit . 16 stations acquired representing $1.8B of transaction value since becoming a pure-play in 20171 of accretive M&A opportunities, . Acquired stations have been accretive to FCF and EPS, successfully integrated with synergies achieved ahead of schedule and strategically located in high-spend political battleground states including adjacent businesses . Recent acquisitions and partnerships (i.e., Locked On and FreeWheel) expanded our audience, customer base and and technologies technical capabilities Pursuing growth opportunities . Premion revenue continues its strong growth trajectory, reaching record second quarter, and record non-political year through organic innovation such quarter revenue and remaining on track to grow revenue 45 to 50% relative to 2020 as Premion, our best-in-class . Capitalizing on growth of OTA television audiences through True Crime Network (formerly known as Justice Network), OTT advertising service Quest and Twist (launched in April 2021) multicast networks Maintaining a strong balance . Reduced net leverage to 3.64x as of the end of Q2 2021 and expect to further reduce it to low 3x by the end of 2021 sheet . $1.5B revolver extended through 2024 increases capital flexibility Commitment to free cash flow . Board is actively reviewing all additional capital allocation options in anticipation of achieving net leverage of low 3x by the end of 2021, with a goal of staying below 4x net leverage generation and a balanced . Expect to achieve high end of new 2020-2021 free cash flow as a percentage of revenue guidance range of 21.5-22.0% capital allocation process . Approved a 3-year, $300M share repurchase authorization and 36% annual increase to prior dividend 1 Includes all material acquisitions since becoming a pure-play in 2017, totaling $1.8B in value – KFMB’s San Diego 4 stations, Toledo/Midland-Odessa, True Crime/Quest, Dispatch, and Nexstar/Tribune divestitures History of Objectively Evaluating the Portfolio and M&A Opportunities to Best Position TEGNA for Shareholder Value Creation Successful execution of M&A and strategic initiatives transforming TEGNA …positioning TEGNA for future into a pure-play broadcasting company… growth and value creation . Successful . Changed name to . Launched the . Enhanced focus . 2018 – 2019, . Commitment to innovation and integration post TEGNA (Apr. 2015) industry’s first on digital-first completed 5 operational excellence including the Belo acquisition and completed OTT local strategy, including acquisitions totaling successful integration of recently (Dec. 2013, $2.2B) spin-off of advertising integrating digital ~$1.8B ($1.5B acquired stations, allowed TEGNA to publishing network, Premion, into newsrooms closed in 2019) end 2020 in a position of strength, . Acquired six of business Gannett to help TEGNA (May 2017) strengthening our despite the pandemic: London (Jun. 2015) expand its revenue market positioning, Broadcasting’s TV . Completed spin- ‒ Trailing 2-year FCF as a % of base and provide portfolio of stations stations off of Cars.com Revenues: 21.4%3 access to (Jun. 2017), sale of and shareholder (Jul. 2014, $215M) 1 . 2021 guidance reflects expectations for new markets CareerBuilder value and visibility into continued growth . Announced spin off (Nov. 2016) (Jul. 2017) . Acquired 15 TV & 2 of publishing radio stations in and value drivers as well as a commitment to prudent expense business Acquired KFMB’s San 2019: to begin evolution Diego stations (announced ‒ Toledo / Midland-Odessa (Jan. management and capital allocation: Dec. 2017) 2019, $105M) into a pure play ‒ Justice / Quest (June 2019, ‒ Subscription Revenue Growth: +Mid to broadcasting First acquisition as a $77M)2 pure-play ‒ Dispatch (Aug. 2019, $535M) High Teens percent company ‒ Nexstar / Tribune Divestiture ‒ 2020/21 Free Cash Flow as a % of (Aug. 2014) (Sept. 2019, $740M) . Created TEGNA combined 2020/21 Revenue: Marketing Solutions 21.5 – 22.0% (Nov. 2018) ‒ Net Leverage Ratio: Low 3x 2014 2015 2016 2017 2018 2019 2020+ Note: date of M&A deals represents transaction close unless otherwise noted 1 Includes all material acquisitions since becoming a pure-play in 2017, totaling $1.8B in value – KFMB’s San Diego stations, Toledo/Midland-Odessa, True Crime/Quest, Dispatch, and Nexstar/Tribune divestitures 5 2 Acquisition of 85% of multicast networks not owned from Cooper Media 3 For the trailing two-year period ending June 30, 2021 Second Quarter Financial Highlights1 Record second quarter total company revenue, subscription revenue, advertising and marketing services revenue, net income, and Adjusted EBITDA Based on our accelerating performance, we expect to achieve the high end of new 2020 to 2021 free cash flow as a percentage of revenue guidance range of 21.5 to 22.0% . Total company revenue was $733 million, up 27% year-over-year driven by record second quarter subscription revenue and advertising and marketing services (“AMS”) revenue – On a two-year basis, revenue was up 37 percent from the second quarter of 2019 driven by higher subscription revenue, as well as acquisitions2 – Subscription revenue was $375 million in the second quarter, up 16% – AMS revenue was $341 million, up 49% year-over-year and compared to two years ago, AMS revenue was down less than one percent on a pro forma basis3. Excluding the auto category, on a pro forma basis AMS was up mid-single digits percent compared to the second quarter of 2019. We achieved net income of $107 million in the second quarter on a GAAP basis, or $112 million on a non-GAAP basis . Adjusted EBITDA was $228 million, up 83% year-over-year, reflecting strong operational performance of TEGNA’s stations as well as an improving economy – Second quarter Adjusted EBITDA was up 35% compared with the second quarter of 2019 . Free cash flow for the second quarter was $92 million, driven by continued growth in subscription revenue and sequential improvement in AMS revenue, as well as the ongoing benefit of cost saving initiatives that have been underway for more than 24 months – Free cash flow was offset by approximately $118 million in income tax payments, elevated due to strong fourth quarter 2020 results driven in great part by record political advertising 1 For full results, see second quarter earnings press release 2 Includes (1) the Nexstar/Tribune acquisitions, (2) the Dispatch acquisitions and (3) the acquisitions of multicast networks Justice Network and Quest 6 3 Reflects 2019 acquisitions as if they had been completed on April 1, 2019 2021 Third Quarter and Full-Year Expectations Third Quarter 2021 Metric Third Quarter 2021 Outlook (relative to third quarter 2020) Total Company GAAP Revenue . +Low-Single Digits percent Non-GAAP Revenue (excluding political) . +High-Teens percent Total Non-GAAP Operating Expenses . +Mid-to-High Single Digits percent Non-GAAP Operating Expenses (excluding . +Mid-Single Digits percent programming) Full Year 2021 Metric Full Year 2021 Outlook Subscription Revenue Growth . +Mid-to-High teens percent1 Corporate Expenses . $44 – 48 million Depreciation . $62 – 66 million Amortization . $60 – 65 million Interest Expense . $187 – 192 million Capital Expenditures (Non-recurring capital . $64 – 69 million2 expenditures) Effective Tax Rate . 24.0 – 25.0% Net Leverage Ratio . Low 3x 2020/21 Free Cash Flow as a % of combined . 21.5 – 22.0% 2020/21 Revenue 1 Relative to full-year 2020 results 7 2 Including $20 – 22 million non-recurring Recent Strategic and Capital Allocation Highlights . Multi-year distribution