UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For The Fiscal Year Ended September 2928, ~~2024~~2025

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-6227

LEE ENTERPRISES, INCORPORATED

(Exact name of Registrant as specified in its Charter)


Delaware			42-0823980
(State of incorporation)			(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 Exchange On Which Registered
Common Stock - $0.01 par value	LEE	The Nasdaq Global Select Market
Preferred Share Purchase Rights	LEE	The Nasdaq Global Select Market

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or such shorter period that the Registrant was required to submit). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer xo Non-accelerated filer ox Smaller Reporting Company x 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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registrant's public accounting firm that prepared or issued its audit report. xo

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. x o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

As of March 2430, ~~2024~~2025, the aggregate market value of the Registrant's common stock held by non-affiliates of the registrant was $7657,~~612~~584,~~787~~179. As of ~~November~~October 3031, ~~2024~~2025 6,~~189~~261,~~997~~825 shares of Common Stock $0.01 par value were outstanding.

Documents incorporated by reference: Portions of the registrant’s definitive proxy statement relating to its 2025 Annual Meeting of Stockholders are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.

Table of Contents

TABLE OF CONTENTS			PAGE
Part I
	Item 1	Business	1
	Item 1A	Risk Factors	74
	Item 1B	Unresolved Staff Comments	1312
	Item 1C	Cybersecurity	1312
	Item 2	Properties	1413
	Item 3	Legal Proceedings	1514
	Item 4	Mine Safety Disclosures	1514
Part II
	Item 5	Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1615
	Item 6	[Reserved]	1716
	Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations	1716
	Item 8	Financial Statements and Supplementary Data	24
	Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	24
	Item 9A	Controls and Procedures	24
	Item 9B	Other Information	2725
Part III
	Item 10	Directors, Executive Officers and Corporate Governance	2825
	Item 11	Executive Compensation	2830
	Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	2837
	Item 13	Certain Relationships and Related Transactions, and Director Independence	2838
	Item 14	Principal Accounting Fees and Services	2839
Part IV
	Item 15	Exhibits and Financial Statement Schedules	2941
Consolidated Financial Statements			3042
Exhibit Index			7082
Signatures			7385

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References to "Lee", "the Company", “we”, “our”, “us” and the like throughout this document refer to Lee Enterprises, Incorporated and subsidiaries. References to "~~2024~~2025", "~~2023~~2024", "~~2022~~2023" and the like refer to the fiscal years ended the last Sunday in September.

PART I

ITEM 1. BUSINESS

Lee Enterprises, Incorporated is a leading digital-first subscription ~~business~~and ~~dedicated~~marketing services company committed to delivering high-quality, trusted, and ~~intensely~~deeply local news, ~~information, advertising,~~ and ~~marketing services~~information. We serve 7372 mid-sized communities across 2625 states, engaging ~~over~~audiences ~~771,000 digital subscribers~~ through ~~our~~a rapidly ~~growing~~expanding digital platform. ~~Our~~that ~~mission~~now isreaches ~~to enrich communities by providing engaging local content, enhancing subscriber experiences, and empowering~~ more than 25633,000 ~~local advertisers with a comprehensive suite of omni~~digital-~~channel~~only ~~advertising and marketing solutions~~subscribers.

Our ~~diverse~~mission ~~portfolio~~is ~~includes~~to ~~digital~~strengthen ~~subscription~~and ~~platforms,~~enrich ~~daily,~~the ~~weekly~~communities we serve by providing compelling local content, ~~and~~superior ~~monthly~~subscriber ~~newspapers~~experiences, and ~~niche products~~innovative, ~~all~~data-driven ~~tailored~~advertising toand ~~deliver~~marketing ~~original~~solutions. ~~local~~Through ~~content~~a ~~alongside~~premium, ~~national~~high-margin portfolio of digital products and ~~international~~marketing ~~news.~~services ~~These~~— ~~products~~including ~~are~~owned-and-operated ~~accessible~~platforms, inbranded ~~both~~content, ~~digital~~over-the-top advertising, AI-powered solutions, and targeted print ~~formats~~— we enable more than 20,000 ~~with~~local ~~real-time~~advertisers ~~updates~~to ~~available~~meaningfully ~~through~~engage ~~our~~customers, ~~websites~~strengthen their brands, and ~~mobile~~accelerate ~~apps~~growth.

~~Operating~~Our ~~predominantly~~core instrategy ~~mid-sized~~is ~~communities,~~to ~~our~~expand ~~offerings~~audiences ~~range~~and ~~from~~deepen ~~prominent~~engagement ~~daily~~by ~~newspapers~~delivering ~~and~~robust, ~~their~~hyper-local ~~digital~~content ~~counterparts—such~~that asinforms ~~the~~and ~~St.~~connects ~~Louis~~our ~~Post-Dispatch~~communities. ~~and~~We ~~The~~are ~~Buffalo~~committed ~~News—~~to ~~non-daily~~creating, ~~newspapers~~collecting, and ~~digital~~distributing trusted local news and information across platforms ~~serving~~designed ~~smaller~~to ~~towns.~~meet Byaudiences ~~combining~~wherever ~~deep~~they ~~local~~are ~~insights~~— ~~with~~print, ~~innovative~~web, ~~digital~~mobile, ~~solutions~~social, ~~Lee~~and ~~Enterprises~~emerging ischannels. ~~transforming~~At the ~~way~~same ~~communities~~time, ~~stay~~we ~~informed~~are investing in world-class digital products that elevate the subscriber experience through personalization, seamless access, and ~~connected~~continuous innovation.

~~Technology~~Together, ~~media,~~these ~~and~~pillars ~~consumer~~— ~~behavior~~hyper-local ~~are~~content ~~experiencing~~leadership, aexceptional ~~seismic~~digital ~~shift driven by the rise of generative AI. This groundbreaking innovation is transforming how information is created~~experiences, ~~shared,~~ and ~~consumed,~~full-spectrum ~~offering~~marketing ansolutions ~~unprecedented~~— ~~opportunity~~position ~~for~~the ~~media~~Company ~~companies~~as tothe ~~adapt,~~indispensable ~~innovate,~~media and ~~solidify~~marketing ~~their~~partner ~~role~~in asevery ~~trusted~~community ~~providers~~we ~~of news and information~~serve.

AsOur aportfolio ~~local~~includes ~~news~~digital ~~organization~~subscription ~~operating across 26 states~~platforms, ~~Lee~~daily isand ~~uniquely~~weekly ~~positioned~~newspapers, toand ~~succeed~~specialized inniche ~~this~~products ~~evolving~~designed ~~landscape.~~to ~~Our~~deliver ~~communities~~original, ~~depend~~trusted onlocal uscontent ~~not~~alongside ~~only~~relevant ~~for~~national ~~unbiased~~and ~~reporting~~international ~~but~~news. ~~also~~These asproducts ~~the~~are ~~vital~~accessible ~~connection~~across ~~that~~digital ~~brings~~and ~~together~~print ~~neighbors~~formats, ~~leaders,~~with ~~and~~real-time ~~businesses.~~updates ~~Leveraging~~available ~~the~~through ~~transformative potential of generative AI, we are enhancing~~ our ~~commitment~~websites ~~to truth, transparency,~~ and ~~service—ensuring~~mobile ~~we remain a cornerstone of the communities we serve in this dynamic new era~~applications.

~~While~~Our ~~monetization~~primary ~~opportunities~~revenue ofstreams ~~our~~are ~~content~~derived from subscriptions, advertising, and ~~data~~digital ~~continue~~marketing toservices. ~~grow,~~Subscription werevenue ~~generate~~includes digital and print subscriptions supported by growing digital engagement. Advertising revenue ~~today~~is ~~primarily~~generated through ~~advertising~~a ~~and~~comprehensive suite of omni-channel marketing ~~services~~solutions, ~~subscriptions~~including todigital, ~~our~~print, ~~digital~~programmatic, video, and ~~print~~social ~~products~~media campaigns. Additional revenue is earned through commercial printing, distribution services, and other digital services, ~~primarily~~ through ~~our~~SaaS ~~majority-owned~~content ~~subsidiary~~management solution, BLOX Digital, ~~our~~that ~~software~~extend the Company’s reach and reinforce its position as a ~~service~~trusted ~~content~~local ~~platform.~~media and marketing partner.

Advertising and Marketing Services Lee provides comprehensive advertising and marketing services tailored to local, regional, and national businesses. Our advertising revenue streams are categorized as follows:COMPETITION

~~•Digital~~We ~~Advertising:~~compete ~~Display~~with other media and ~~targeted~~digital companies for advertising onand ~~our~~marketing ~~owned~~spend. Our print and ~~operated~~digital products competed with other forms of media including national media providers and amateur content creators, as well as other news and information outlets for subscription spend. The market for local digital ~~platforms~~marketing solutions is highly competitive and evolving allowing opportunities for new competitors to enter the market.

~~•Digital~~Our ~~Marketing~~suite ~~Services:~~of ~~Offered~~AI-powered ~~through~~solutions, Amplified, competes with other digital marketing solutions agencies as well as other media companies which have a similar strategy for digital marketing solutions. While some of our ~~suite~~competitors ~~includes~~enjoy ~~targeted~~competitive ~~display,~~advantages ~~video,~~such ~~OTT~~as ~~(over-the-top)~~greater name recognition, ~~hyper~~longer ~~targeted~~histories AIas ~~advertising,~~well ~~custom~~as ~~content,~~greater ~~web~~financial ~~development~~resources, ~~social~~we ~~media~~believe ~~management,~~we ~~search~~compete ~~engine~~favorably ~~marketing~~and our product capabilities meet customer requirements due to our data-driven, ~~events~~omni-channel sales approach, ~~email~~our ~~campaigns~~experienced digital sales force, and ~~other~~our ~~advanced~~overall ~~marketing~~customer ~~strategies~~satisfaction.

~~•Print~~The ~~Advertising:~~number ~~Display~~of ~~advertising~~competitors ~~featured~~ in ~~our~~any ~~daily~~given ~~and~~market ~~non-daily~~varies; ~~print~~however, ~~publications~~all of the forms of competition noted above exist to some degree in all of our markets.

•Preprinted Inserts: Advertising distributed within our daily and non-daily print products.

Digital advertising and marketing services remain a cornerstone of our strategic priorities for 2025. Our advertising teams utilize an omni-channel sales approach, integrating the reach of our owned and operated platforms with the capabilities of Amplified. This approach enables us to provide a full suite of digital marketing solutions.

Leveraging a nationally scaled sales force, proprietary ad technology, and robust analytics, we deliver data-driven, customized advertising solutions. Using AI-powered media planning, we craft targeted, integrated campaigns to help advertisers connect with their intended audiences effectively.

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Subscription Business

Lee offers a range of subscription options, including digital-only subscriptions, full-access subscriptions, and single-copy sales.

•Digital-Only Subscriptions: This rapidly growing segment offers access to our content exclusively through digital platforms. Expanding our digital-only subscriber base and revenue remains a top strategic priority for 2025.

•Full-Access Subscriptions: Provide comprehensive access to our content across multiple platforms, including print editions (delivered or available for pickup), websites, smartphone and tablet apps, and e-editions. Pricing varies significantly by market and delivery frequency. Like broader industry trends, print subscription volumes declined in 2024.

To drive digital-only subscription growth, we employ several key strategies:

•Investing in relevant, trusted, and hyper-local news and information that deeply connects with our communities.

•Launching brand marketing campaigns to highlight the value and appeal of our content.

•Continuously enhancing the subscriber experience to improve engagement and satisfaction.

•Converting organic website traffic into subscribers through on-platform promotions, paywalls, and dynamic metering systems.

We also implement a variety of pricing strategies, such as discounted introductory offers, to encourage trial usage and build habituation before transitioning subscribers to standard rates.

This multi-faceted approach ensures we remain a trusted source of information while capitalizing on the opportunities of the digital-first era.

We generate revenue primarily through advertising and marketing services, subscriptions to our digital and print products, and digital services, primarily through our majority-owned subsidiary, BLOX Digital.

Digital advertising and marketing services remain a key strategic priority for us in 2025. Our advertising teams deploy an omni-channel sales approach that leverages our owned and operated products with Amplified to offer a full suite of digital advertising and marketing services. Through our nationally scaled sales force, proprietary ad tech, and sophisticated reporting and analytics, we believe we are well positioned to solve advertising solutions for our advertisers. Through our AI-driven media planning process, we present our advertisers with targeted, integrated solutions that help them reach their intended audiences.

Advertising and marketing services revenues are subject to moderate seasonality primarily due to fluctuations in advertising volumes tied to holidays and seasonal advertising in our first fiscal quarter.

Digital Services Revenue – In 2024, almost all of our digital services revenue is from BLOX Digital. BLOX Digital, operated through our 82.5% owned subsidiary INN Partners, L.C., is one of the largest web-hosting and content management SaaS providers in North America and offers modern integrated digital publishing and content management solutions for creating, distributing, and monetizing multimedia content.

•BLOX Digital services more than 2,000 daily customers, including media publications, universities, television stations and niche publishers, including Lee.

•Including intercompany revenue generated from our markets, revenue at BLOX Digital grew 10.4% in 2024 and totaled $38.6 million.

•We made significant investments in BLOX Digital in 2024 including enhancing its product capabilities that include an AI driven digital platform that offers a personalized mobile news app, a smart paywall, and an AI assistant tool.

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Other Revenue - Excluding digital services revenue, other revenue is comprised mainly of commercial printing and delivery of third-party products.

We compete with other media and digital companies for advertising and marketing spend. Our print and digital products competed with other forms of media including national media providers and amateur content creators, as well as other news and information outlets for subscription spend. The market for local digital marketing solutions is highly competitive and evolving allowing opportunities for new competitors to enter the market.

Amplified competes with other digital marketing solutions agencies as well as other media companies which have a similar strategy for digital marketing solutions. While some of our competitors enjoy competitive advantages such as greater name recognition, longer histories as well as greater financial resources, we believe we compete favorably and our product capabilities meet customer requirements due to our data-driven, omni-channel sales approach, our experienced digital sales force, and our overall customer satisfaction.

The number of competitors in any given market varies; however all of the forms of competition noted above exist to some degree in all of our markets.

STRATEGIC INITIATIVES

Our strategy emphasizes technology leadership through partnerships, products, and operational excellence. There are three pillars to our strategy:

1. Expand Our Audience with Compelling Local Content

Lee is committed to maintaining its leadership position as a trusted provider of local news and information by delivering best-in-class digital experiences. We focus on enhancing consumer engagement and growing audiences by offering relevant, useful, and engaging content through a multi-media approach that leverages AI and includes video, audio, and written content.

In 2025, we plan to make targeted investments to improve the user experience of our digital products, particularly on mobile platforms, and aim to personalize news and content that amplifies and extends our audiences. By recruiting top talent and leveraging data to enhance subscriber retention, we aim to provide our local consumers with trusted, high-quality content that drives digital audience growth and subscription conversions.

Our proprietary local content, presented on best-in-class multimedia platforms and augmented by new and engaging video channels, is designed to not only grow audiences but also increase monetization opportunities.

2. Accelerate Digital Subscription Growth

As the fastest-growing local media digital subscription business, Media Company continues to achieve significant growth in digital-only subscribers. In 2024, digital-only subscriptions increased by 7%, reaching over 771,000 subscribers and offsetting declines in traditional full-access subscriptions. More than 53% of our full-access subscribers have also activated their digital access.

Our strategy includes leveraging data and analytics to target our extensive addressable market of 26 million unique visitors, converting them into digital subscribers. With these efforts, we aim to achieve substantial growth in digital-only subscribers, targeting over 1.2 million by 2028.

This digital transformation is not only a strategic imperative but also an environmentally sustainable one. By shifting to digital platforms, we reduce energy consumption at production hubs, newsprint usage, and the environmental impact of fossil-fuel-driven distribution channels.

3. Diversify and Expand Offerings for Local Advertisers

Our advertising and marketing solutions provide a robust platform for local advertisers to achieve scale both within and beyond our markets.

•Amplified Digital Solutions: Through Amplified, our full-service digital agency, we create sophisticated campaigns on both our owned-and-operated sites and third-party platforms. These campaigns use auction-based ad buying and are tailored to meet the specific needs and scale of each advertiser.

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•Omni-Channel Sales Approach: Our highly skilled and digitally adept salesforce—the largest and most proficient in our markets—works closely with local businesses to provide tailored advertising solutions.

•Advanced Metrics and Collaboration: Collaborating with Google and other ad tech providers, we deliver advanced metrics and analytics to ensure campaign effectiveness and ROI.

NEWSPAPERS AND MARKETS

~~The Company~~We, including our investments in TNI Partners ("TNI") in Tucson, AZ and Madison Newspapers, Inc. ("MNI") in Madison, WI, publish the following daily newspapers and maintain the following primary digital sites:

			September 2024 (3)	2024 Monthly Average ('000s)
			September 2025 (2)(3)	2025 Monthly Average ('000s)
Newspaper	Primary Website	Location	Digital & Print Subscribers ~~(4)~~	Unique Visitors	Page Views
St. Louis Post-Dispatch	stltoday.com	St. Louis, MO	8767,~~358~~357	21,~~642~~577	2118,~~952~~568
Buffalo News	buffalonews.com	Buffalo, NY	78,433	1,679	22,154
Omaha World Herald	omaha.com	Omaha, NE	58,884	607	11,763
Tulsa World	tulsaworld.com	Tulsa, OK	64,352	958	7,988
Buffalo News	buffalonews.com	Buffalo, NY	54,107	961	18,708
Omaha World Herald	omaha.com	Omaha, NE	62,498	1,356	16,391
Wisconsin State Journal (1)	madison.com	Madison, WI	47,600	683	11,466
Wisconsin State Journal (1)	madison.com	Madison, WI	58,758	1,294	13,255
Richmond Times-Dispatch	richmond.com	Richmond, VA	36,258	485	6,585
Richmond Times-Dispatch	richmond.com	Richmond, VA	46,896	970	10,530
		Other Daily Publications	607,152	9,650	99,493
Arizona Daily Star (2)	azstarnet.com	Tucson, AZ	42,980	1,179	2,977
		Other Non-Daily Publications	18,444	546	1,751
The Times	nwitimes.com	Munster, Valparaiso, and Crown Point, IN	40,311	832	7,237
		Total	889,802	14,509	168,334
Billings Gazette	billingsgazette.com	Billings, MT	35,849	665	5,966
Lincoln Journal Star	journalstar.com	Lincoln, NE	34,977	885	8,164
The Press of Atlantic City	pressofatlanticcity.com	Atlantic City, NJ	22,684	649	5,016
Roanoke Times	roanoke.com	Roanoke, VA	21,917	471	4,744
Quad-City Times	qctimes.com	Davenport, IA	20,432	453	4,073
Winston Salem Journal	journalnow.com	Winston-Salem, NC	20,101	538	4,810
The Pantagraph	pantagraph.com	Bloomington, IL	18,768	415	4,705
Greensboro News-Record	greensboro.com	Greensboro, NC	18,563	433	3,259
Freelance-Star	fredericksburg.com	Fredericksburg, VA	16,860	244	2,962
Missoulian	missoulian.com	Missoula, MT	15,615	303	3,723
The Bismarck Tribune	bismarcktribune.com	Bismarck, ND	12,021	315	4,422
Waco Tribune-Herald	wacotrib.com	Waco, TX	11,840	295	2,495
Other Daily Publications			347,178	8,496	69,434
Other Non-Daily Publications			26,598	1,035	2,841
Total			1,104,989	26,107	229,098

(1)Owned by MNI

(2)~~Owned~~Source: byCompany ~~Star Publishing and published through TNI~~statistics.

(3)~~Source:~~Digital ~~Company~~& ~~statistics.~~Print Subscribers represent subscriber volumes as of September 28, 2025

(4)Digital & Print Subscribers represents the subscriber volumes as of September 29, 2024.

NEWSPRINT

The primary raw material of newspapers, and our other print publications, is newsprint. We purchase newsprint from U.S. and Canadian producers. We believe we will continue to receive a supply of newsprint adequate for our needs and consider our relationships with newsprint producers to be good. Newsprint purchase prices can be volatile and fluctuate based upon factors that include foreign currency exchange rates, tariffs and both foreign and domestic production capacity and consumption. Price fluctuations can affect our results of operations. We have not entered into derivative contracts for newsprint.

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EMPLOYEES AND HUMAN CAPITAL RESOURCES

We believe the foundation of our business is the people and employees who support our business strategy. AWe ~~major~~invest ~~focus~~ in ~~2024 was investing in~~ top digital talent to carry out our ~~Three~~digital ~~Pillar~~growth ~~Digital~~strategy ~~Growth Strategy~~ and position us to achieve our long-term growth targets.

AtAs of September 2928, ~~2024~~2025, we had 3approximately 2,~~047~~500 employees, including ~~373~~approximately 270 part- time employees, exclusive of TNI and MNI employees. Full-time ~~equivalent~~ employees in ~~2024~~2025 totaled approximately 2,~~897~~400, of which ~~366~~approximately 250 are represented by unions. We consider our relationships with our employees to be good. We are committed to creating an equitable and inclusive workplace that also reflects the diversity of our local readers and communities ~~in which~~ we serve.

We remain deeply committed to fostering diversity within our organization by continuously evaluating and enhancing our hiring practices, broadening our recruitment efforts, offering skill-building opportunities focused on diverse storytelling, and crafting business strategies that engage historically underserved communities. These initiatives position us to build a more representative workforce at every level, strengthening our company’s culture and driving long-term success.

CORPORATE GOVERNANCE AND PUBLIC INFORMATION

We have a long history of sound corporate governance practices. Currently, our Board of Directors has affirmatively determined that eight of its nine members are independent, including all members of the Board's Audit, Executive Compensation, and Nominating and Corporate Governance committees. The Audit and Risk Management Committee approves all services to be provided by our independent registered public accounting firm and its affiliates.

At www.lee.net, ~~one~~investors ~~may~~can access a wide variety of information, including news releases, SEC filings, financial statistics, annual reports, investor presentations, governance documents, newspaper profiles and digital links. We make available via our website all filings made by the Company under the Securities Exchange Act of 1934 ("Exchange Act"), including Forms 10-K, 10-Q and 8-K, and related amendments, as soon as reasonably practicable after they are filed with, or furnished to, the SEC. All such filings are available free of charge. The content of any website referred to in this Annual Report on Form 10-K ("Annual Report") is not incorporated by reference unless expressly noted.

~~FORWARD-LOOKING STATEMENTS~~2

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This Annual Report 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 the BH Media or Buffalo News for unknown legal and other matters that may arise;

•Our ability to manage declining print revenue;

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

•Change 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;

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~~•Our~~digital ~~ability~~links. We tomake ~~maintain~~available ~~employee~~via our website all filings we make under the Securities Exchange Act of 1934 ("Exchange Act"), including Forms 10-K, 10-Q and ~~customer~~8-K, ~~relationships;~~and related amendments, as soon as reasonably practicable after they are filed with, or furnished to, the SEC. All such filings are available free of charge. The content of any website referred to in this Annual Report on Form 10-K ("Annual Report") is not incorporated by reference unless expressly noted.

~~•Our~~CAUTIONARY ~~ability~~NOTE toREGARDING ~~manage~~FORWARD-LOOKING ~~increased capital costs;~~STATEMENTS

~~•Our~~The ~~ability~~Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This Annual Report contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to ~~maintain~~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 ~~listing~~control, ~~Nasdaq;~~are:

•~~Competition;~~ 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 Group, Inc. and The Buffalo News, Inc. for unknown legal and other matters that may arise;

•Our liquidity position, any need to obtain additional capital and our ability to obtain additional financing; and

•Other risks detailed from time to time in our publicly filed documents, including this Annual Report and particularly in "Risk Factors", Part I, Item 1A herein.

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. ~~They~~Statements ~~reflect~~regarding our plans, strategies, prospects and expectations regarding our business and industry and our responses thereto may have on our future operations, are ~~not~~forward-looking ~~guarantees~~statements. ofThese ~~performance~~forward-looking ~~and~~statements speak only as of the date of this Annual Report and are subject to a number of risks, uncertainties and assumptions described in the ~~statement~~section istitled ~~made~~“Risk Factors” and elsewhere in this Annual Report. They reflect our expectations and are not guarantees of performance. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this Annual Report. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.

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ITEM 1A. RISK FACTORS

The risks described below could materially and adversely affect our business, financial condition and results of operations. We could also be affected by additional risks that apply to all companies operating in the U.S., as well as other risks that are not presently known to us or that we currently consider to be immaterial. These Risk Factors should be carefully reviewed in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7 and our Financial Statements and Supplementary Data in Item 8 of this Report. For ease of review, the risk factors generally have been grouped into categories, but many of the risks described in a given category relate to multiple categories.

Risks Related to our Business and Operations

Our advertising revenues may decline due to weakness in the retail sector.

A significant portion of our revenue is derived from advertising and a decline in the financial or economic conditions of our advertisers could alter discretionary spending by those advertisers. Our publications' and websites' advertisers are primarily retail businesses, which have been challenged in recent years by increased competition from online retailers. This trend has reduced and may continue to reduce advertising revenue from the brick-and-mortar retail sector. Specifically, advertising revenues may worsen if advertisers reduce their budgets, shift their spending priorities, are forced to consolidate, or cease operations.

Our ability to generate revenue is highly sensitive to the strength of the economies in which we operate and the demographics of the local communities ~~that~~ we serve.

Our advertising and marketing services revenues and subscription revenues depend upon a number of factors, including the size and demographic characteristics of the local population; the general local economic conditions; and the economic condition of the retail segments in the communities that our publications serve. In the case of an economic downturn in a market, our publications, revenues, and profitability in that market could be adversely affected. Our advertising and marketing services revenues could also be affected by negative trends in the general economy that affect consumer spending. The advertisers in our newspapers, other publications, and related websites are primarily retail businesses that can be significantly affected by regional or national economic downturns and other developments. Declines in the U.S. economy could also significantly affect key advertising revenue categories, such as help wanted, real estate, and automotive.

Uncertainty and adverse changes in the general economic conditions of markets in which we participate and increases in costs of raw materials, energy, labor and other factors may negatively affect our business.

Our business and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control. Such factors include economic pressures related to high inflation, rising interest rates, economic weakness or recession, as well as geopolitical and public health events such as the wars in Ukraine and Israel, pandemics, and workforce expectations.

In the past, these and other similar conditions and events have resulted in, and could lead to, a tightening of credit and capital markets, lower levels of liquidity, lower consumer and business spending, unemployment, declines in real estate values, increases in employee-related costs, and other adverse economic conditions. These changes may negatively affect the sales of our products, increase exposure to losses from bad debts, increase the cost and decrease the availability of financing, or increase costs associated with publishing and distributing our publications. In addition, printing and distribution costs, including the costs of paper and ink, are a significant expense for ~~the Company~~us. We expect increases in these costs in the near-term from various factors, including increases in the cost of raw materials, energy, labor, transportation, and distribution, due to inflation and other adverse factors on the economy.

If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial results. As a result, current and potential stockholders could lose confidence in our financial reporting, which would harm the business and trading price of our common stock.

As a public company, we are required to maintain effective internal controls for financial reporting and disclosure controls and procedures. In ~~particular~~the past, ~~Section~~our ~~404~~testing ofhas ~~the~~revealed ~~Sarbanes-Oxley~~and ~~Act~~in ~~requires~~the usfuture tomay ~~perform~~reveal ~~system~~deficiencies in our

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~~and process evaluations and testing of our~~ internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting. Compliance with Section 404 may require us to incur substantial accounting expenses and expend significant management efforts. In the past, our testing has revealed and in the future may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses. In the event we identify significant deficiencies or material weaknesses in our internal controls that we cannot remediate in a timely manner, the market price of our stock could decline if investors and others lose confidence in the reliability of our financial statements and we could be subject to sanctions or investigations by the SEC, Nasdaq, or other applicable regulatory authorities.

The collectability of accounts receivable under adverse economic conditions could deteriorate to a greater extent than provided for in our financial statements and in our projections of future results.

Adverse economic conditions in the U.S. may increase our exposure to losses resulting from financial distress, insolvency, and the potential bankruptcy of our advertising and marketing services customers. Our accounts receivable is stated at net estimated realizable value, and our allowance for credit losses has been determined based on several factors, including receivable agings, significant individual credit risk accounts, and historical experience. If such collectability estimates prove inaccurate, adjustments to future operating results could occur.

The value of our intangible assets may become further impaired, depending upon future operating results.

At September 2928, ~~2024~~2025, the carrying value of our goodwill was $~~328~~323.09 million, the carrying value of mastheads was $103.9 million, and the carrying value of our amortizable intangible assets was $5948.20 million. The indefinite-lived assets (goodwill and mastheads) are subject to annual impairment testing and more frequent testing upon the occurrence of certain events or significant changes in our circumstances that indicate all or a portion of their carrying values may no longer be recoverable, in which case a non-cash charge to earnings may be necessary in the relevant period. We may subsequently experience market pressures which could cause future cash flows to decline below our current expectations, or volatile equity markets could negatively impact market factors used in the impairment analysis, including earnings multiples, discount rates, and long-term growth rates. Any future evaluations requiring an asset impairment charge for goodwill or other intangible assets would adversely affect future reported results of operations and stockholders’ equity.

For further information on goodwill and intangible assets, see Note 4 — Goodwill and other intangible assets.

Attracting and retaining highly qualified personnel is difficult and costly, but the failure to do so could negatively affect our operations.

Our businesses depend on the efforts, abilities, and talents of our executive team and other highly qualified employees who possess substantial business, information technology, and operational knowledge. The market for such personnel, including technology-related, product and software development, data science, and digital marketing and sales roles is very competitive, and we cannot ensure success in retaining these employees or hiring and training replacement employees in a timely and cost-effective manner, particularly as we continue to focus on our digital products and services. These risks have been exacerbated by recent labor constraints, a trend of increasing employee turnover, and inflationary pressures on employee wages and benefits.

Natural disasters, extreme weather conditions, public health emergencies or other catastrophic events could negatively affect our business, financial condition, and results of operations.

Natural disasters and extreme weather conditions, such as hurricanes, derecho windstorms, floods, earthquakes, wildfires; acts of terrorism or violence, including active-shooter situations; and public health issues, including pandemics and quarantines, could negatively affect our operations and financial performance. Such events could result in physical damage to our properties, disruptions to our IT systems, temporary or long-term disruption in the supply of products from our suppliers, and delays in the delivery of goods to our printing facilities. Public health issues, whether occurring in the U.S. or Canada, could disrupt our operations, the operations of suppliers, or have an adverse impact on consumer spending and confidence levels.

Generative Artificial Intelligence (AI), as a new and emerging technology, subjects us to risks involving security, protection of intellectual property, ethical concerns, brand trust, reputational harm, legal liability, and the maintenance and growth of revenue streams.5

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~~The~~Risks ~~safe~~Related and responsible integration of AI functionality as it rapidly evolves presents emerging ethical and legal challenges, and the use of such technologies may result in diminished brand trust and reputational harm. Our competitors are integrating AI into their business practices which may result in competitive harm and the need to ~~allocate significant resources to protect intellectual property. To responsibly remain competitive, we must develop and maintain~~ our ~~digital~~Common platform and ethically integrate new AI functionality in accordance with evolving compliance requirements. Developments in the AI field will simultaneously increase both competition and liability risks while also altering the market for our services. In addition, the use of AI by bad actors presents increasingly complex and sophisticated security threats to our confidential subscriber, employee, and Company data, and we must make additional efforts to maintain network security.Stock

~~Risk~~We ~~Related~~have no current plans to ~~Competition~~pay ~~from~~cash ~~Digital~~dividends ~~Media~~on our common stock; as a result, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.

We have no current plans to pay dividends on our common stock. Any future determination to pay dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual, legal, tax and regulatory restrictions, general business conditions and other factors that our board of directors may deem relevant. As a result, you may not receive any return on an investment in our common stock unless you sell your common stock for a price greater than that which you paid for it.

Provisions of our certificate of incorporation and by-laws may delay or prevent a takeover, which may not be in the best interest of our stockholders.

Provisions of Delaware law and our certificate of incorporation and our second amended and restated by-laws (the “by-laws”) could make the acquisition of our Company and the removal of incumbent officers and directors more difficult. Such provisions include restrictions as to when and by whom special meetings of our stockholders may be called. Further, our certificate of incorporation authorizes the issuance of up to 500,000 shares of serial convertible preferred stock and, if, as previously disclosed, certain proposed amendments to the Company’s amended and restated certificate of incorporation (the “Charter Amendments”) are approved by our stockholders at a special meeting of stockholders and effectuated by our board of directors, the Company would be authorized to issue up to an additional 20,000,000 shares of our common stock, 20,000,000 shares of convertible non-voting common stock, and 10,500,000 shares of “blank check” preferred stock with such rights, preferences, privileges and restrictions as may be determined from time to time by our board of directors in its sole discretion, and such preferred stock may be designated rights that could adversely affect the voting power or other rights of the holders of our common stock. Such Charter Amendments to the extent any shares of capital stock are ultimately issued by the Company may also have the effect of diluting equity ownership.

As a Delaware corporation, we are subject to the provisions of Section 203 of the Delaware General Corporation Law (the “DGCL”). In general, the statute prohibits a publicly-held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date that the person became an interested stockholder unless, subject to certain exceptions, the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. These provisions may have the effect of delaying, deferring or preventing a change in control of our Company without further action by the stockholders.

Equity ownership may become diluted if we conduct the proposed rights offering or another potential equity financing transaction.

On November 10, 2025, we filed a registration statement with respect to the proposed rights offering of up to $50.0 million for general corporate purposes, including capital expenditures and working capital, as well as other activities necessary for our operations, such as investments in technology with respect to advertising strategies, audience outreach, our internal operations, and digital products. If we consummate the proposed rights offering or any other potential equity financing transaction, and existing common stockholders as of the record date do not participate, such non-participating holders will experience dilution in equity ownership. The proposed rights offering will be commenced only following the effectiveness of the registration statement relating to the proposed rights offering and will be made only by means of a prospectus.

The stockholder rights plan, or “poison pill,” includes terms and conditions that could discourage a takeover or other transaction that stockholders may consider favorable.

On March 28, 2024, our board of directors adopted the stockholder rights plan, pursuant to which each holder of record of voting common stock received one preferred share purchase right (a “Right”) for each share of voting common stock outstanding as of April 8, 2024. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), of the Company at a price of $90.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. The stockholder rights plan was adopted in response to

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stockholder activism concerns and is intended to protect us and our stockholders from efforts by a single stockholder or group of stockholders to obtain control of the Company without paying a control premium through a number of recognized stockholder protections. Generally, the stockholder rights plan works by causing substantial dilution to any person or group (other than specified exempt persons) that acquires 10% or more of the shares of our voting common stock without the approval of our board of directors. As a result, the overall effect of the stockholder rights plan may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving us that is not approved by our board of directors even if the offer may be considered beneficial by some stockholders.

Risk Related to Competition from Digital Media and Artificial Intelligence

Our operating revenue may be materially adversely affected if we do not successfully respond to the shift in newspaper readership and advertising expenditures away from traditional print media and towards digital media. Significant capital investments may be needed to respond to this shift.

Currently, a primary source of revenue is from advertising and marketing services, which accounts for 45% of our 2025 revenue. Subscription revenue accounts for 46% of our 2025 revenue. The media publishing industry has experienced rapid evolution in consumer demands and expectations due to advances in technology, which have led to a proliferation of delivery methods for news and information. The number of consumers who access online services through devices other than personal computers, such as tablets and mobile devices, has increased dramatically in recent years and likely will continue to increase. The media publishing industry also continues to be affected by demographic shifts, with older generations preferring more traditional print newspaper delivery and younger generations consuming news through digital media. Also, the revenues generated by media publishing companies have been affected significantly by the shift in advertising expenditures towards digital media.

The future revenue performance of our digital business depends to a significant degree upon the growth, development, and management of our subscriber and advertising audiences. The growth of our digital business over the long term depends on various factors, including, among other things, the ability to:

•Continue to increase digital audiences;

•Attract advertisers to our digital platforms;

•Tailor our products to efficiently and effectively deliver content and advertising on mobile devices;

•Maintain or increase the advertising rates on our digital platforms;

•Exploit new and existing technologies to distinguish our products and services from those of competitors and develop new content, products and services;

•Invest funds and resources in digital opportunities;

•Partner with, or use services from, providers that can assist us in effectively growing our digital business; and

•Create digital content and platforms that attract and engage audiences in our markets.

If we are unable to grow our digital audience, distinguish our products and services from those of our competitors or develop compelling new products and services that engage users across multiple platforms, then our business, financial condition, and results of operations may be adversely affected. Responding to the changes described above may require us to make significant capital investments and incur significant research and development costs related to building, maintaining, and evolving our technology infrastructure, and our ability to make the level of investments required may be limited.

~~See “Strategic Initiatives” in Item 1, included herein, for additional information on about our print and digital audiences.~~7

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We compete with a large number of companies in the local media industry, including digital media businesses and, if we are unable to compete effectively, our advertising and subscription revenues may decline.

We compete for audiences and advertising revenue with newspapers; ~~and~~digital ~~other~~ media such as web-based digital platforms (e.g., Alphabet, Amazon, Meta, X, TikTok etc.), streaming services, podcasts; and traditional media platforms including magazines, broadcast, cable and satellite television, radio, direct mail, and billboards. As ~~the~~ use of the ~~internet~~Internet and mobile devices ~~has increased~~increases, we ~~have~~lose ~~lost~~revenue ~~some~~from classified advertising and subscribers to ~~online advertising businesses and~~ free Internet sites ~~that~~containing ~~contain~~ abbreviated versions of our publications. Some of our current and potential competitors have greater financial and other resources than we have. If we fail to compete effectively with competing newspapers and other media, our results of operations may be materially adversely affected.

~~Risks~~We ~~Related~~face significant competition from alternative providers of news, information, and entertainment services, some of which provide their products subscription-free. The rapid changes in technologies, platforms and business models and corresponding changes in consumer and customer behavior, may adversely affect our revenue streams if consumers or customers migrate to ~~Our~~alternative ~~Indebtedness~~mediums or providers. In addition, the number of choices available to consumers for content consumption has increased and may adversely impact demand for, and the price consumers are willing to pay for our products and services. As the availability of free content grows so does a consumer trend toward subscription fatigue, which in turn, may negatively affect our circulation, subscription, and advertising revenue and increase subscriber acquisition and retention costs. For example, consumer preferences change frequently and are difficult to predict, and when faced with a multitude of choices, consumers may place greater value on the convenience and price of products and services than they do on their source, quality, or reliability.

Generative AI technology's continued growth, development, and evolution is shifting the landscape among our competitors to adopt AI technology as a tool to create and deliver content to customers as well as act as a stand-alone competitor and such evolutions of AI technology may negatively impact our ability to attract, engage, and retain audience and subscribers, maintain and grow other revenue streams, and other risks.

Recent advances and continued rapid development in generative AI technology may significantly alter the market for our products and services and shift our competitor's focus to adopting AI more quickly. The use of AI both as a tool for our competitors and stand-alone competition, may also affect our ability to monetize our digital audiences. In order to compete effectively, we must differentiate and distinguish our brands and our products and services, respond to and develop new technologies, distribution channels and platforms, products and services, and anticipate and consistently respond to changes in consumer and customer needs, preferences and behaviors.

In addition, online traffic and product and service purchases are also driven by internet search results, referrals from social media and other platforms and visibility on digital marketplace platforms and in mobile app stores. Search engine results and digital marketplace and mobile app store rankings are based on algorithms that are changed frequently, and social media and other platforms may also vary their emphasis on what content to highlight for users. Use of AI in search engines could result in decreased viewership and engagement with our media content. Any failure to successfully manage and adapt to these changes across our businesses, including those affecting how our content, apps, products, and services are discovered, prioritized, displayed, and monetized, could impede our ability to compete effectively by significantly decreasing traffic to our offerings, lowering advertiser interest in those offerings, increasing costs if free traffic is replaced with paid traffic and lowering advertising revenue and subscriptions.

Generative Artificial Intelligence (AI), as a rapidly developing technology, subjects us to risks involving security, protection of intellectual property, ethical concerns, brand trust, reputational harm, legal liability, and the maintenance and growth of revenue streams.

The safe and responsible integration of AI functionality as it rapidly evolves presents emerging ethical and legal challenges, and the use of such technologies may result in diminished brand trust and reputational harm. Our competitors are integrating AI into their business practices which may result in competitive harm and the need to allocate significant resources to protect intellectual property. To responsibly remain competitive, we must develop and maintain our digital platform and ethically integrate new AI functionality in accordance with evolving compliance requirements. Developments in the AI field will simultaneously increase both competition and liability risks while also altering the market for our services. In addition, the use of AI by bad actors presents

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increasingly complex and sophisticated security threats to our confidential subscriber, employee, and Company data, and we must make additional efforts to maintain network security.

Risks Related to Our Indebtedness and Liquidity

Our indebtedness could materially and adversely affect our business or financial condition.

Our current indebtedness, and any future debt incurred, could have significant consequences on our future operations, including making it more difficult to satisfy our debt obligations and meet our operational goals. Our entire outstanding indebtedness is encompassed in a 25-year term loan ("Term Loan") with BH Finance LLC, a Nebraska limited liability company affiliated with Berkshire Hathaway, Inc. ("BH Finance"), which was part of a broader comprehensive refinancing of all of our then-outstanding debt, including a Credit Agreement, dated January 29, 2020 (collectively, the "2020 Refinancing").

At its inception, the aggregate principal amount and applicable interest rate of the Term Loan was $576.0 million and 9% annual rate, respectively, the proceeds of which were used to refinance our then-outstanding debt and fund the acquisition of BH Media and Buffalo News. The Term Loan is collateralized by all Company assets. ~~Currently~~As of September 28, 2025, the Term Note has an aggregate principal outstanding amount of $~~445~~455.95 million. Our ability to make scheduled payments depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, competitive, legislative, regulatory, and other factors beyond our control. We may be unable to maintain a level of cash flow sufficient to permit us to pay the principal and interest on our debt.

If our cash flow and capital resources are insufficient to fund our debt obligations, we could face liquidity issues and be forced to reduce or delay investments, acquisitions, and capital expenditures or sell assets or operations, seek additional capital or restructure or refinance our indebtedness. We cannot assure investors we would be able to take any of these alternative actions, such actions would be permitted under the terms of the Credit Agreement, and, even if successful, that such actions would permit us to meet our scheduled debt service obligations.

In addition, the 2020 Refinancing terms impose operating and financial restrictions, including restrictions on incurring additional indebtedness, creating certain liens, making certain investments or acquisitions, issuing dividends, repurchasing shares of Company stock, and engaging in other capital transactions. A failure to satisfy out debt service obligations on the Term Loan could give rise to default. Moreover, these restrictions limit our flexibility in planning for or reacting to changes in our business, the economy, in general, and the economies in which we operate, which, in turn increases our vulnerability to adverse financial consequences related to such changes.

A failure to satisfy our debt service obligations on the Term Loan could give rise to default and, in turn, the right of our lender to accelerate our indebtedness, making all principal and interest becoming due and payable.

Certain actions, including our ability to incur additional indebtedness, require the consent of our lender which, if not provided, would limit our ability to take advantage of future opportunities.

The terms of the 2020 Refinancing, limit our ability to take certain actions without requisite lender approval and modification of the loan agreements. These limitations include restrictions on incurring additional indebtedness, creating certain liens, making certain investments or acquisitions, issuing dividends, repurchasing shares of Company stock, and engaging in other capital transactions. While we have an established relationship with BH Finance, whose priorities and interests are familiar to us, there is no assurance BH Finance will approve or consent to our activities, even if the activities are in the best interests of our stockholders. If we are unable to secure the required consent of BH Finance (including with respect to the proposed rights offering and other strategic or financing transactions), our ability to take advantage of future opportunities, including acquisition or financing opportunities, could be restricted.

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secure the required consent of BH Finance, our ability to take advantage of future opportunities, including acquisition or financing opportunities, could be restricted.

Risks Related to Cybersecurity

Our business, operating results, and reputation may be negatively impacted, and we may be subject to legal and regulatory claims if there is a loss, destruction, disclosure, misappropriation, or alteration of or unauthorized access to data owned or maintained by us, or if we are the subject of a significant data breach or cyberattack.

We rely on our information technology and communications systems to manage our business data, including communications, news and advertising content, digital products, order entry, fulfillment and other business processes. These technologies and systems also help us manage many of our internal controls over financial reporting, disclosure controls and procedures and financial systems. Attempts to compromise information technology and communications systems occur regularly across many industries and sectors, and we may be vulnerable to security breaches resulting from accidental events (such as human error) or deliberate attacks. Moreover, the techniques used to attempt attacks and the perpetrators of such attacks are constantly expanding. We face threats both from use of malicious code (such as malware, viruses, and ransomware), employee theft or misuse, advanced persistent threats, and phishing and denial-of-service attacks. ~~The~~We ~~Company~~have ~~has~~ complied with all applicable legal requirements relating to this activity. As cyberattacks become increasingly sophisticated, and as tools and resources become more readily available to malicious third parties, ~~the~~we ~~Company~~ will incur increased costs to secure its technology environment and there can be no guarantee that ~~the~~our ~~Company’s~~ and our third-party vendors’ actions, security measures and controls designed to prevent, detect or respond to security breaches, to limit access to data, to prevent destruction, alteration, or exfiltration of data, or to limit the negative impact from such attacks, can provide absolute security against compromise. As a result, our business data, communications, news and advertising content, digital products, order entry, fulfillment and other business processes may be lost, destroyed, disclosed, misappropriated, altered or accessed without consent and various controls, automated procedures and financial systems could be compromised.

A significant security breach or other successful attack could result in significant remediation costs, including repairing system damage, engaging third-party experts, deploying additional personnel or vendor support, training employees, and compensation or incentives offered to third parties whose data has been compromised. These incidents may also lead to lost revenues resulting from a loss in competitive advantage due to the unauthorized disclosure, alteration, destruction or use of business data, the failure to retain or attract customers, the disruption of critical business processes or systems, and the diversion of management’s attention and resources. Moreover, such incidents may result in adverse media coverage, which may harm our reputation. These incidents may also lead to legal claims or proceedings, including regulatory investigations and actions and private lawsuits, and related legal fees, as well as potential settlements, judgments and fines. We maintain insurance, but the coverage and limits of our insurance policies may not be adequate to reimburse us for losses caused by security breaches.

On February 3, 2025, we experienced a cybersecurity incident that disrupted certain IT systems and resulted in unauthorized access to certain files (the “Cyber Incident”). The Cyber Incident had a significant negative impact on our 2025 operating results. Various revenue lines were impacted, certain operating expenses were higher than they were prior to the incident, and many projects underway were significantly delayed. For further discussion of how the Cyber Incident materially affected our business, see "Material Effects of Cybersecurity Threats under Item 1C — Cybersecurity" of this Annual Report.

Our possession and use of personal information and the use of payment cards by our customers present risks and expenses that could harm our business. Unauthorized access to or disclosure or manipulation of such data, whether through breach of our network security or otherwise, could expose us to liabilities and costly litigation and damage our reputation.

Our online systems store and process confidential subscriber and other sensitive data, such as names, email addresses, addresses, and other personal information. Therefore, maintaining our network security is critical. Additionally, we depend on the security of our third-party service providers. Unauthorized use of or inappropriate access to our, or our third-party service providers’ networks, computer systems and services could potentially jeopardize the security of confidential information, including payment card (credit or debit) information, of our customers. Because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and often are not recognized until launched against a target, we or our third-party service providers may be unable to anticipate these techniques or to implement adequate preventative measures. A party that is able to circumvent our security measures could misappropriate our proprietary information or the information of our customers or users, cause interruption in our operations, or damage our computers or those of our customers or users. As a result of any such breaches, customers or users may assert claims of liability against us and these activities may subject us to legal claims, adversely

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proprietary information or the information of our customers or users, cause interruption in our operations, or damage our computers or those of our customers or users. As a result of any such breaches, customers or users may assert claims of liability against us and these activities may subject us to legal claims, adversely impact our reputation, and interfere with our ability to provide our products and services, all of which may have an adverse effect on our business, financial condition and results of operations. The coverage and limits of our insurance policies may not be adequate to reimburse us for losses caused by security breaches.

A significant number of our customers authorize us to bill their payment card accounts directly for all amounts charged by us. These customers provide payment card information and other personally identifiable information which, depending on the particular payment plan, may be maintained to facilitate future payment card transactions. Under payment card rules and our contracts with our card processors, if there is a breach of payment card information that we store, we could be liable to the banks that issue the payment cards for their related expenses and penalties. In addition, if we fail to follow payment card industry data security standards, even if there is no compromise of customer information, we could incur significant fines or lose our ability to give our customers the option of using payment cards. If we were unable to accept payment cards, our business would be seriously harmed.

There can be no assurance that any security measures we, or our third-party service providers, take will be effective in preventing a data breach. We may need to expend significant resources to protect against security breaches or to address problems caused by breaches. If an actual or perceived breach of our security occurs, the perception of the effectiveness of our security measures could be harmed and we could lose customers or users. Failure to protect confidential customer data or to provide customers with adequate notice of our privacy policies could also subject us to liabilities imposed by United States federal and state regulatory agencies or courts. We could also be subject to evolving state laws that impose data breach notification requirements, specific data security obligations, or other consumer privacy-related requirements. Our failure to comply with any of these laws or regulations may have an adverse effect on our business, financial condition and results of operations.

~~Risks~~On ~~Related~~February 3, 2025, we experienced a Cyber Incident that disrupted certain IT systems and resulted in unauthorized access to ~~Pension~~certain ~~Liabilities~~files. The Cyber Incident had a significant negative impact on our 2025 operating results. Various revenue lines were impacted, certain operating expenses were higher than they were prior to the incident, and many projects underway were significantly delayed. For further discussion concerning ongoing litigation related to the Cyber Incident, see "Note 19, Commitments and Contingencies," to the consolidated financial statements included in Item 8 of Part II of this Annual Report.

~~Sustained increases in funding requirements of our pension and postretirement obligations may reduce the cash available for our business.~~11

Our pension and postretirement plans invest in a variety of equity and fixed income securities. Future volatility and disruption in the securities markets could cause declines in the asset values of our pension and postretirement plans. In addition, a decrease in the discount rates or changes to mortality estimates and other assumptions used to determine the liability could increase the benefit obligation of the plans. Unfavorable changes to the plan assets and/or the benefit obligations could increase the level of required contributions above what is currently estimated, which could reduce the cash available for our business and debt service.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

~~(a)~~RISK ~~Definitions~~MANAGEMENT ~~(extracted~~AND ~~from 17 CFR 229.106)~~STRATEGY

~~The~~Processes ~~Company~~for ~~has~~Assessing, ~~adopted~~Identifying, ~~the~~and ~~definitions~~Managing ~~present~~Cybersecurity ~~in 17 CFR 229.106 for the following cybersecurity terms:~~Risks

~~•Cybersecurity~~The ~~Incident:~~Company Anhas ~~unauthorized~~established ~~occurrence~~processes to assess, oridentify, aand ~~series~~manage ofmaterial ~~related~~risks ~~unauthorized~~arising ~~occurrences,~~from oncybersecurity orthreats ~~conducted~~(as ~~through~~defined ~~information~~in ~~systems~~Item ~~that~~106(a) ~~jeopardizes~~of ~~the~~Regulation ~~confidentiality,~~S-K). ~~integrity,~~These orprocesses ~~availability~~are ofintegrated ~~information~~into ~~systems~~the orCompany's' ~~any~~overall ~~information~~risk ~~residing~~management ~~therein~~system. Specifically:

•Cybersecurity Threat: A cybersecurity threat as any potential unauthorized occurrence on or conducted through its information systems that may adversely affect the confidentiality, integrity, or availability of information systems or any information residing therein.

•Information Systems: Electronic information resources owned or used by the organization, including physical or virtual infrastructure controlled by such information resources, or components thereof, organized for the collection, processing, maintenance, use, sharing, dissemination, or disposition of information to maintain or support its operations.

(b) Risk Management and Strategy

(1) Processes for Assessing, Identifying, and Managing Cybersecurity Risks:

The Company has established processes to assess, identify, and manage material risks arising from cybersecurity threats. These processes are integrated into the Company's' overall risk management system. Specifically:

•The addition of an experienced Chief Information Security Officer ("CISO") with over 25 years of experience to lead the IT Cybersecurity and Compliance team.

•Yearly risk assessment designed to help identify material cybersecurity risks to our ~~Information~~information ~~Systems~~systems (as defined in Item 106(a) of Regulation S-K) and ~~Data~~data.

•A security incident response team that is responsible for managing our cybersecurity risk, security controls, response, and reporting cybersecurity incidents (as defined in Item 106(a) of Regulation S-K).

•A cyber and data security incident response plan with policies and procedures for identifying, managing, and recovering from cybersecurity incidents, including escalating tiers of notification and reporting depending on an incident's nature and severity.

•The use of third-party service providers, where appropriate, to manage, assess, test, and assist with aspects of our security controls, such as:

◦24/7 Security Operations Center Managed Services ("SOC") to monitor our cyber environment, correlate logs from all technology assets to identify potential signs of compromise and perform threat hunt exercises.

◦Enterprise-grade email security system managed services.

◦Perform penetration tests, vulnerability assessments, and vulnerability scans of our customer-facing sites, among others.

◦Prevention of denial-of-service attacks

•Cybersecurity insurance designed to reduce the risk of loss resulting from cybersecurity incidents.

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•Policies and procedures related to cybersecurity matters, including but not limited to Acceptable Standards of Use of Technology Systems, Confidential/Sensitive Information and Credit Card Handling Policy, encryption standards, antivirus protection, wireless and remote access, multi-factor authentication, access and change control, and physical security.

•Employee cybersecurity awareness by performing ongoing phishing exercises, and mandatory privacy and cybersecurity training (including spear phishing and other awareness training) for employees.

~~(2)~~ Material Effects of Cybersecurity Threats:

~~The~~On ~~Company~~February ~~consistently~~3, ~~identifies~~2025, ~~and~~we ~~evaluates~~experienced a systems outage caused by a cybersecurity ~~threats~~attack ~~that~~by ~~could~~threat ~~significantly~~actors ~~impact~~who ~~our~~unlawfully ~~business~~accessed ~~strategy~~our network, ~~financial~~encrypted ~~condition~~critical applications, and ~~operational~~exfiltrated ~~results.~~certain Asfiles of(herein ~~fiscal~~defined ~~2024~~as ~~year-end~~the "Cyber Incident"). Upon discovery, nowe ~~significant~~promptly ~~cybersecurity~~activated ~~threats~~our orincident ~~incidents~~response ~~have~~plan, ~~materially~~engaging ~~impacted~~both ~~our~~internal ~~strategy~~teams orand ~~operational~~third-party ~~results~~cybersecurity experts.

During the year ended September 28, 2025, we incurred $10.5 million loss of cash flows related to the Cyber Incident. Approximately $3.7 million of this was incurred expenses that are recognized in "Restructuring and Other" in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. We have filed insurance claims for the remaining $6.8 million to cover business interruption and other costs. The Cyber

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Incident remains under legal and forensic investigation, including evaluation of the extent and potential risk related to unauthorized access to sensitive data.

The incident had a significant negative impact on our 2025 operating results. Various revenue lines were impacted, certain operating expenses were higher than they were prior to the incident, and many projects underway were significantly delayed.

For a description of the risks related to cybersecurity that may materially affect us and how they may do so, see the “Risk Factors—Risks Related to Cybersecurity” section of this Report.

~~(c) Governance~~GOVERNANCE

~~(1)~~ Board of Directors Oversight:

The Board of Directors plays a crucial role in overseeing ~~the~~our ~~Company's~~ management of cybersecurity risks. The Audit and Risk Management Committee is specifically tasked with this responsibility, and it regularly reports to our Board regarding its activities, including those related to cybersecurity risk management. Our Board also receives periodic briefings from management on our cybersecurity risk management program, including presentations on cybersecurity topics from our Chief ~~Transformation Officer, Chief~~ Information Officer, internal information security team, and third-party experts.

These briefings cover the current threat landscape, ongoing cybersecurity initiatives, and ~~the~~our ~~Company's~~ response to significant incidents.

~~(2)~~ Management’s Role in Cybersecurity Risk Management:

Management is actively involved in assessing and managing material risks from cybersecurity threats. The following processes are in place:

•Responsible Positions/Committees: The Chief ~~Transformation Officer, Chief~~ Information Officer, and Chief Information Security Officer are responsible for assessing and managing cybersecurity risks. The individuals in these roles possess extensive expertise in cybersecurity. Specifically, the Chief ~~Transformation Officer has over 30 years of experience in extensive technology and executive leadership experience across diverse industries, the Chief~~ Information Officer has over 25 years in Information Technology across multiple industries, and the Chief Information Security Officer has over 25 years in Security, Risk, Audit, and Compliance across various sectors, including both public and private.

•Monitoring and Response Processes: We have established processes to inform and monitor cybersecurity incidents for prevention, detection, and resolution using a 24/7 third-party SOC Managed Service. The SOC is responsible for providing alerts, updates, and remediation services as needed by monitoring all technology assets for potential signs of compromise and conducting threat hunt exercises.

•Reporting to the Board: Information about cybersecurity risks is regularly reported to the Board of Directors or its relevant committee. This reporting includes updates on ~~the~~our ~~Company's~~ cybersecurity risk profile, significant incidents, and the effectiveness of mitigation strategies.

ITEM 2. PROPERTIES

Our executive offices are located in leased facilities at 4600 E. 53rd Street, Davenport, Iowa. The initial lease term expires August 1, 2029.

We have 14 print sites which print most of our dailies with the exception of 3 that are printed at third-party printers.

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We have 17 print sites which print most of our dailies with the exception of 11 that are printed at third-party printers.

Our newspapers and other publications have formal or informal backup arrangements for printing in the event of a disruption in production capability.

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ITEM 3. LEGAL PROCEEDINGS

WeSee ~~are~~Note ~~involved~~19, inCommitments aand ~~variety~~Contingencies, ofto ~~legal~~the ~~actions~~consolidated ~~that~~financial ~~arise~~statements included in ~~the~~Item ~~normal~~8 ~~course~~ of ~~business.~~Part ~~Insurance~~II ~~coverage~~of ~~mitigates~~this ~~potential~~Annual ~~loss~~Report for information regarding certain oflegal ~~these~~proceedings ~~matters.~~in ~~While~~which we are unable to predict the ultimate outcome of these legal actions, it is our opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a wholeinvolved.

The Company was named as a defendant by a group of Plaintiffs acting on behalf of a proposed class of digital subscribers in a lawsuit in 2022. The lawsuit alleged that the Company violated the Video Privacy Protection Act (“VPPA”) by using pixels to track subscribers’ video viewing activity on Company websites and sharing it with Meta without consent.

The Company has agreed to a preliminary settlement with the Plaintiffs for $9.5 million, subject to required court approval. The Company expects the court approvals to be completed within the next 6 months. The entire settlement amount will be paid by the Company’s insurance carriers.

The settlement liability and insurance receivable are recorded within “Compensation and other accrued liabilities” and “Prepaids and other” on the Consolidated Balance Sheets, respectively.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY,

RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our Common Stock is listed on Nasdaq.

At ~~November~~October 3031, ~~2024~~2025, we had 3,~~968~~804 registered holders of record of our Common Stock.

Our Credit Agreement restricts us from paying dividends on our Common Stock. This restriction does not apply to dividends issued with ~~the~~our ~~Company's~~ Equity Interests or from the proceeds of a sale of ~~the~~our ~~Company's~~ Equity Interest. See Note 56 — Debt, of the Notes to Consolidated Financial Statements, included herein.

STOCK PRICE PERFORMANCE ~~PRESENTATION~~GRAPH

The following graph compares the percentage change in ~~the~~our cumulative total return ~~of the Company~~, the Standard & Poor's 500 Stock Index, and a peer group index, in each case for the five years ended September 2928, ~~2024~~2025 (with September 2927, ~~2019~~2020, as the measurement point). Total return is measured by dividing (a) the sum of (i) the cumulative amount of dividends declared for the measurement period, assuming dividend reinvestment and (ii) the difference between the issuer's share price at the end and the beginning of the measurement period, by (b) the share price at the beginning of the measurement period.

Comparison of 5 Year Cumulative Total Return.jpg

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ITEM 6. RESERVED

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion includes comments and analysis relating to our results of operations and financial condition as of and for the year ended September 2928, ~~2024~~2025, and for fiscal years ~~2023~~2024 and ~~2022~~2023. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes thereto, included herein.

EXECUTIVE OVERVIEW

Our 2025 total operating revenue was $562 million, while total Digital Revenue was $298 million, flat to the prior year. Total Print Revenue was $264 million, a 15% decrease to the prior year, representing a 10 percentage-point improvement over the prior year's decline. We continued to deliver positive performance in our digital-only subscription business, driving year-over-year revenue growth of 12%. Through yield management, expanded rates and disciplined subscriber acquisition, we are nearing $100 million in digital-only subscription revenue. Another key piece of our digital business, Amplified Digital® agency, surpassed $100 million in revenue during the year, with growth of 4%.

Operating expenses totaled $571 million and Cash Costs (a non-GAAP financial measure) totaled $524 million, a 7% and 5% decrease compared to the prior year, respectively. Operating expenses in FY25 included $3.7 million of cyber restoration expenses, which are included in the line "Restructuring costs and other". Net loss totaled $36 million and Adjusted EBITDA (a non-GAAP financial measure) totaled $45 million. Cash on the balance sheet totaled $10 million. Debt, net of cash on the balance sheet, totaled $445 million. Since May 2025, we have satisfied all principal and interest payments through organic free cash flow generation.

RECENT DEVELOPMENTS

Proposed Rights Offering

In addition to the Charter Amendments, we previously disclosed that our board of directors has been considering, among various other financing and capital markets transactions, consummating a proposed rights offering of our common stock to existing stockholders, and on November 10, 2025, we filed a registration statement with respect to a proposed rights offering (the “proposed rights offering”). As set forth in the registration statement, we intend to use the proceeds of the proposed rights offering, if the proposed rights offering is consummated, for general corporate purposes, including capital expenditures and working capital, as well as other activities necessary for our operations, such as investments in technology with respect to advertising strategies, audience outreach, our internal operations, and digital products.

Further, in connection with the proposed rights offering, we have an agreement in-principle with our term loan lender that, if we successfully raise the aggregate proposed rights offering amount of $50.0 million in gross proceeds, we will receive a reduction in our annual interest rate from 9% to 5% for five years, resulting in interest savings of approximately $18 million annually and up to $90 million over the five-year period. The consummation of the proposed rights offering, however, is not conditioned on receipt of this interest rate reduction. While our term lender has agreed in-principle to a reduction in our interest expense (and certain other related amendments to our term loan), subject to definitive documentation, there is no assurance that we may be able to enter into any amendments to our term loan on the terms described herein or at all. The proposed rights offering will be commenced only following effectiveness of the registration statement relating to the proposed rights offering and will be made only by means of a prospectus.

We reserve the right to modify, postpone or cancel the proposed rights offering at any time. There is no assurance that the proposed rights offering will be completed on the terms described in this Annual Report, or at all, including with respect to any reduction in our interest expense (or any other related amendments to our term loan), as the terms of which are subject to definitive documentation with our term loan lender.

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CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ significantly from those estimates. We believe the following discussion addresses our most critical accounting estimates, which are those that are important to the presentation of our financial condition and results of operations and require management's most subjective and complex judgments.

Intangible Assets, Other Than Goodwill

Local mastheads (e.g., publishing periodical titles, web site domain names, and trade names) are not subject to amortization. Non-amortized intangible assets are tested for impairment annually onduring the ~~first day of the~~ fourth fiscal quarter or more frequently if events or changes in circumstances suggest the asset might be impaired.

The quantitative impairment test consists of comparing the fair value of each masthead with its carrying amount. We use a relief from royalty approach which utilizes a discounted cash flow model to determine the fair value of each masthead. Management's judgments and estimates of future operating results in determining the intangibles fair values are consistently applied to each underlying business in determining the fair value of each intangible asset. In ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, we recognized impairment charges of $7.80 million, $7.78 million, and $147.27 million, respectively. As of September 2928, ~~2024~~2025 the masthead carrying value is $103.9 million.

Our amortizable intangible assets consist mainly of customer relationships including subscriber lists and advertiser relationships. These asset values are amortized systematically over their estimated useful lives. Intangible assets subject to amortization are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The carrying amount of each asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of such asset group. There were no indicators of impairment on intangible assets subject to amortization in ~~2024~~2025, ~~2023~~2024 or ~~2022~~2023.

Our quantitative impairment analysis includes several inputs that are considered estimates, these include royalty rates, discount rates, five-year revenue forecast, and long term growth rates. All of these estimates are subject to uncertainty as future results may ~~or may~~ not be achieved. In ~~2024~~2025, the royalty rates utilized a range from 0% to 1.0%; a 50-basis point decrease in royalty rates would result in an additional $41.65 million of impairment. ~~The~~Our ~~Company’s~~ discount rate utilized in the analysis has ranged from 1112.05% in ~~2022~~ 2024 to 1213.50% in ~~2024~~2025, depending on market conditions. Increasing the discount rate by 100 basis points would result in an additional $0.1 million of impairment. ~~The~~We ~~Company~~have ~~has~~used ~~had~~ various ~~revenue~~ forecasts ~~utilized~~ in the analysis over different years.

Future decreases in our market value, or significant differences in revenue, expenses or cash flows from estimates used to determine fair value, could result in additional intangible asset impairment charges in the future.

For information related to ~~the~~our ~~Company's~~ Goodwill impairment analysis, refer to Note 4 to the Consolidated Financial Statements.

Pension, Postretirement and Postemployment Benefit Plans

We, along with our subsidiaries, have various defined benefit retirement plans, postretirement plans and postemployment plans, under which substantially all of the benefits have been frozen in previous years.

We account for our pension, postretirement and postemployment plans in accordance with the applicable accounting guidance, which requires us to include the funded status of our pension plans in our balance sheets and to recognize, as a component of other comprehensive (loss) income, the gains or losses that arise during the period but are not recognized in pension expense. The service cost component of net period benefit cost is reported on the Consolidated Statements of Income and Comprehensive (Loss) Income and included in Compensation while all other components are included in other non-operating income/expense.

The determination of pension and postretirement plan obligations and expense is based on a number of actuarial assumptions. Two critical assumptions are the discount rates applied to pension and postretirement plan obligations and the expected long-term rate of return on plan assets.

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WeThe ~~account~~discount ~~for~~rate ~~our~~assumption ~~pension,~~is ~~postretirement~~based ~~and~~on ~~postemployment~~investment ~~plans~~yields inavailable ~~accordance~~at ~~with~~year-end ~~the~~on ~~applicable~~corporate ~~accounting~~bonds ~~guidance,~~rated ~~which~~AA ~~requires~~and usabove with a maturity to ~~include~~match the ~~funded~~expected ~~status~~benefit ofpayment ~~our~~stream. ~~pension~~To ~~plans~~determine inthe ~~our~~expected ~~balance~~long-term ~~sheets~~rate ~~and~~of toreturn ~~recognize~~of assets, aswe aconsider ~~component~~the ofcurrent ~~other~~and ~~comprehensive~~expected ~~income~~asset ~~(loss)~~allocations, ~~the~~as ~~gains~~well oras ~~losses~~historical ~~that~~and ~~arise~~expected ~~during~~returns ~~the~~on ~~period~~various ~~but~~categories ~~are~~of ~~not~~plan ~~recognized~~assets, ininput ~~pension~~from ~~expense.~~the ~~The~~actuaries ~~service~~and ~~cost~~investment ~~component~~consultants ofand ~~net~~long- ~~period~~term ~~benefit~~inflation ~~cost~~assumptions. In is2025, ~~reported~~we onused ~~the~~an ~~Consolidated~~expected ~~Statements~~return of ~~Income~~assets ~~and~~assumption ~~Comprehensive~~of ~~Income~~5.5% ~~and~~for ~~included~~our inpension ~~Compensation~~plan ~~while~~assets ~~all~~and ~~other~~6.0% ~~components~~for ~~are~~our ~~included~~postretirement inand ~~other~~postemployment ~~non-operating~~benefit ~~income/expense~~plan assets.

~~The~~A ~~determination~~50-basis point decrease in discount rates would result in an increase of $8.4 million to pension and ~~postretirement~~$0.1 million ~~plan~~to ~~obligations~~postretirement and ~~expense~~postemployment isbenefits ~~based~~liabilities. onA a50-basis ~~number~~point ofdecrease ~~actuarial~~in ~~assumptions.~~expected ~~Two~~rate ~~critical~~of ~~assumptions~~return ~~are~~of ~~the~~assets ~~discount~~results ~~rates~~would ~~applied~~result toin ~~pension~~an ~~and~~increase ~~postretirement~~of ~~plan~~$0.9 ~~obligations~~million ~~and~~to ~~the~~pension ~~expected~~and ~~long-term~~$0.1 million ~~rate~~postretirement ofand ~~return~~postemployment onbenefits ~~plan assets~~expense.

The discount rate assumption is based on investment yields available at year-end on corporate bonds rated AA and above with a maturity to match the expected benefit payment stream. To determine the expected long-term rate of return of assets, we consider the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets, input from the actuaries and investment consultants and long- term inflation assumptions. In 2024, we used an expected return of assets assumption of 5.0% for our pension plan assets and 6.0% for our postretirement and postemployment benefit plan assets.

A 50-basis point decrease in discount rates would result in an increase of $9.5 million to pension and $0.5 million to postretirement and postemployment benefits liabilities. A 50-basis point decrease in expected rate of return of assets results would result in an increase of $0.9 million to pension and $0.1 million postretirement and postemployment benefits expense.

Income Taxes

We are subject to income taxes in the U.S. and record our tax provision ~~for~~based on the ~~anticipated~~expected tax consequences inof our ~~reported results of~~ operations. Tax laws are complex and ~~subject~~open to ~~different~~interpretation, ~~interpretations~~requiring bysignificant ~~the taxpayer and respective government taxing authorities. Significant management~~ judgment ~~is required~~ in determining our ~~provision~~current ~~for~~and ~~income taxes,~~ deferred income tax ~~assets~~provisions, ~~and~~as ~~liabilities,~~well ~~and~~as ~~the~~any valuation allowance ~~recorded~~on ~~against our net~~ deferred tax assets, if any.

Our current and deferred income tax provisions are calculated based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed during the subsequent year. ~~These~~ ~~estimates~~We ~~are~~review ~~reviewed~~these ~~and~~estimates ~~adjusted, if needed,~~ throughout the year~~. Adjustments~~ ~~between~~and ~~our~~record ~~estimates~~adjustments ~~and~~when ~~the~~ actual results ~~of filed returns~~ are ~~recorded when identified~~known.

Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using currently enacted tax rates. Deferred ~~income~~ tax assets ~~are recognized for deductible temporary differences~~ and ~~loss carryforwards and deferred income tax~~ liabilities are ~~recognized~~based ~~for~~on ~~taxable temporary~~ differences~~. Temporary~~ ~~differences~~between ~~are~~ the ~~difference~~financial ~~between~~reporting ~~the~~and ~~reported~~tax ~~amounts~~bases of assets and liabilities, ~~and~~using ~~their~~enacted tax ~~basis~~rates. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. ~~Deferred~~These ~~income~~balances ~~tax assets and liabilities~~ are adjusted for the effects of changes in tax laws and rates on the date of enactment.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are ~~reflected~~recorded in the period inof ~~which the~~ change ~~in judgment occurs~~. WeInterest ~~record interest~~ and penalties ~~related~~on to unrecognized tax benefits asare aincluded ~~component~~in of income tax expense.

IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

See Note 1 to the Consolidated Financial Statements for a description of new accounting standards issued and/or adopted in the year ended September 2928, ~~2024~~2025.

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OPERATIONS

Operating results, as reported in the Consolidated Financial Statements, are summarized below:

(Thousands of Dollars, Except Per Common Share Data)	~~2024~~2025	~~2023~~2024	Percent Change		~~2022~~2023	Percent Change
Operating revenue:
Print advertising revenue	81,488	125,804	(35.2)	%	184,963	(32.0)	%
Print Advertising revenue	69,168	81,488	(15.1)	%	125,804	(35.2)	%
Digital advertising and marketing services revenue	194,213	193,173	0.5	%	181,465	6.5	%
Digital Advertising and marketing services revenue	183,823	194,213	(5.3)	%	193,173	0.5	%
Advertising and marketing services revenue	~~275~~252,~~701~~991	~~318~~275,~~977~~701	(138.62)	%	~~366~~318,~~428~~977	(1213.96)	%
Print subscription revenue	197,584	252,591	(21.8)	%	313,504	(19.4)	%
Print Subscription revenue	164,172	197,584	(16.9)	%	252,591	(21.8)	%
Digital subscription revenue	84,331	60,700	38.9	%	40,120	51.3	%
Digital Subscription revenue	94,242	84,331	11.8	%	60,700	38.9	%
Subscription revenue	~~281~~258,~~915~~414	~~313~~281,~~291~~915	(108.03)	%	~~353~~313,~~624~~291	(1110.40)	%
Print other revenue	33,257	39,508	(15.8)	%	42,962	(8.0)	%
Print Other revenue	30,861	33,257	(7.2)	%	39,508	(15.8)	%
Digital other revenue	20,507	19,362	5.9	%	17,955	7.8	%
Digital Other revenue	20,075	20,507	(2.1)	%	19,362	5.9	%
Other revenue	5350,~~764~~936	5853,~~870~~764	(85.73)	%	6058,~~917~~870	(38.47)	%
Total operating revenue	~~611~~562,~~380~~341	~~691~~611,~~138~~380	(118.50)	%	~~780~~691,~~969~~138	(11.5)	%
Operating expenses:
Compensation	~~234~~216,~~581~~017	~~266~~234,~~907~~581	(127.19)	%	~~317~~266,~~789~~907	(1612.01)	%
Newsprint and ink	1612,~~813~~961	2516,~~346~~813	(3322.79)	%	3025,~~101~~346	(1533.87)	%
Other operating expenses	~~301~~294,~~950~~642	~~323~~301,~~067~~950	(62.54)	%	~~344~~323,~~905~~067	(6.35)	%
Depreciation and amortization	2718,~~616~~843	3027,~~621~~616	(931.8)	%	3630,~~544~~621	(169.28)	%
Assets loss on sales, impairments and other, net	112,~~193~~956	111,~~882~~193	NM(73.6)	%	91,~~716~~882	NM494.7	%
Restructuring costs and other	1925,~~253~~850	1219,~~673~~253	5134.93	%	2212,~~720~~673	~~(44~~51.2)9	%
Total operating expenses	~~611~~571,~~406~~269	~~660~~611,~~496~~406	(76.46)	%	~~761~~660,~~775~~496	(137.34)	%
Equity in earnings of associated companies	4,~~572~~278	64,~~527~~572	(306.04)	%	56,~~657~~527	15(30.40)	%
Operating income	4,546	37,169	(87.8)	%	24,851	49.6	%
Operating (loss) income	(4,650)	4,546	(202.3)	%	37,169	(87.8)	%
Non-operating income (expense):
Non-operating (expense) income:
Interest expense	(4140,~~232~~505)	(41,~~471~~232)	(01.68)	%	(41,~~770~~471)	(0.76)	%
Pension withdrawal cost	—	~~(1,200)~~—	~~(100.0)~~NM	%	(21,~~335~~200)	NM
Pension and OPEB related benefit (cost) and other, net	1,910	2,420	(21.1)	%	19,022	(87.3)	%
Pension and OPEB related benefit and other, net	2,506	1,910	31.2	%	2,420	(21.1)	%
Curtailment/Settlement gains	3,593	—	NM		1,027	(100.0)	%
Curtailment/Settlement gain	—	3,593	NM		—	NM
Total non-operating expense, net	(3537,~~729~~999)	(4035,~~251~~729)	~~(11~~6.2)4	%	(2440,~~056~~251)	67(11.32)	%
(Loss) income before income taxes	(31,183)	(3,082)	NM		795	NM
Loss before income taxes	(42,649)	(31,183)	NM		(3,082)	NM
Income tax (benefit) expense	(7,610)	(349)	NM		698	NM
Income tax benefit	(6,903)	(7,610)	NM		(349)	NM
Net (loss) income	(23,573)	(2,733)	NM		97	NM
Net loss	(35,746)	(23,573)	NM		(2,733)	NM
Loss per common share:
Basic	(46.3520)	(04.9035)	NM42.5	%	(0.3590)	NM
Diluted	(46.3520)	(04.9035)	NM42.5	%	(0.3590)	NM

We disposed of certain properties in each of ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023.

Discussions of the year ended September 25, 2022 and comparison of the years ended September 24, 2023 and September 25, 2022 can be found in the "Management's Discussion and Analysis of Financial Condition

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Discussions of the year ended September 29, 2024 and comparison of the years ended September 29, 2024 and September 24, 2023 can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our Annual Report on Form 10-K for the year ended September 2429, ~~2023~~2024, filed on December 812, ~~2023,~~2024 which section is incorporated by reference herein.

To facilitate a comparison of our results without the impact of the 53rd week of revenues and expenses, certain revenue and expense trends, as described below, are presented on a ~~comparative~~comparable basis which is calculated by removing the 53rd week of revenue or expense in 2024.

OPERATING REVENUE

~~Revenue~~Total ~~Comparison~~operating revenue totaled $562.3 million in 2025, down $49.0 million, or 8.0%, compared to 2024~~-2023~~. On a comparable basis, total operating revenue declined 6.5%.

~~Total~~Advertising ~~operating~~and marketing services revenue totaled $~~611~~253.40 million in ~~2024~~2025, down $7922.7 million, or 8.2% compared to 2024. On a comparable basis, advertising and marketing services revenue declined 6.8%. Print advertising revenues were $69.2 million in 2025, down $12.3 million, or 1115.51% compared to 2024. On a comparable basis, print advertising revenue was down 13.3%. The decline is due to continued secular declines in demand for print advertising and impacts from the Cyber Incident, which limited capacity for print advertising for certain publications for several months. Digital advertising revenue totaled $183.8 million in 2025, down $10.4 million, or 5.3% compared to ~~2023~~2024. On a ~~comparative~~comparable basis, revenue declined 4.0%. Digital advertising revenue represented 72.7% of 2025 total ~~operating~~advertising and marketing services revenue ~~declined~~compared 13to 70.4% in 2024. The decline in digital advertising revenue is mainly attributed to the traditional classified categories, programmatic, digital advertising tied to legacy print campaigns, and the cyber incident. Partially offsetting these declines, digital marketing services revenue increased 3.0% compared to the prior year.

~~Advertising~~Subscription ~~and marketing services~~ revenue totaled $~~275~~258.74 million in ~~2024~~2025, down $4323.35 million, or 138.63%, compared to ~~2023~~2024. OnThe adecline ~~comparative~~in ~~basis~~subscription revenue was driven by secular reductions in demand for print subscriptions. Print volumes declined during 2025, ~~Advertising~~consistent with historical and ~~marketing~~industry ~~services~~trends. Digital-only subscription revenue ~~declines~~is ~~14.9~~up nearly 12% over 2024 on a reported basis.

~~Digital~~Other ~~advertising~~revenue, ~~and~~which ~~marketing~~primarily consists of digital services from BLOX Digital and commercial printing revenue, totaled $~~194~~50.29 million ~~in 2024~~, upa 0.5.3% decrease compared to ~~2023~~2024. On a ~~comparative~~comparable basis, other revenue ~~declined~~decreased 04.92%. Digital ~~advertising~~services ~~and~~revenue ~~marketing~~totaled ~~services~~$20.1 ~~revenue~~million ~~represented~~in 702025, a 2.41% ofdecrease compared to 2024. ~~total~~On ~~advertising~~a ~~and~~comparable ~~marketing~~basis digital services revenue ~~compared~~decreased ~~to 60~~1.6%. Commercial printing revenue totaled $16.2 million in ~~2023~~2025, a 7.4% decline compared to 2024, primarily driven by reduction in print volumes from our partners. On a comparable basis, commercial printing revenue was down 5.8%.

~~Print~~Total ~~advertising~~digital ~~revenues~~revenue ~~were~~including ~~$81.5~~digital ~~million~~advertising ~~in 2024~~revenue, ~~down~~digital-only ~~$44.3~~subscription ~~million,~~revenue orand ~~35.2%~~digital ~~compared~~services torevenue ~~2023~~totaled $298.1 Onmillion ain ~~comparative basis~~2025, ~~print~~flat ~~advertising~~to ~~revenue~~2024, ~~was~~and ~~down~~represented 3653.50%. ~~The~~of ~~decline~~our istotal ~~due~~operating torevenue ~~continued secular declines~~ in ~~demand~~2025, ~~for~~compared ~~print~~to ~~advertising~~48.9% ~~and~~in ~~a reduced product portfolio through sales and elimination of products that do not meet profitability standards~~2024.

Subscription revenue totaled $281.9 million in 2024, or down 10.0%, compared to 2023. Decline in full access volume, consistent with historical and industry trends were partially offset by selective increases on our full access subscriptions, growth in digital-only subscribers and price increases on digital subscriptions. Digital-only subscribers grew 7.1% since 2023 and now total more than 771,000. Digital-only subscription revenue grew 38.9% compared to 2023. On a comparative basis, digital-only revenue grew 36.2%.

Other revenue, which primarily consists of commercial printing revenue and digital services from BLOX Digital, totaled $53.8 million, a 8.7% decrease compared to 2023. On a comparative basis other revenue decreased 9.7%. Digital services revenue totaled $20.5 million in 2024, a 5.9% increase compared to 2023. On a comparative basis digital services revenue increased 5.3%. Commercial printing revenue totaled $17.5 million in 2024, a 13.0% decline compared to 2023, primarily driven by reduction in print volumes from our partners. On a comparative basis, commercial printing revenue was down 14.6%.

Total digital revenue including digital advertising revenue, digital-only subscription revenue and digital services revenue totaled $299.1 million in 2024, a 9.4% increase over 2023, and represented 48.9% of our total operating revenue in 2024, compared to 39.5% in 2023.

OPERATING EXPENSES

~~Operating~~Total ~~Expense~~operating ~~Comparison~~expenses totaled $571.3 million, a 6.6% decrease compared to 2024. Cash Costs (a non-~~2023~~GAAP financial measure discussed below) were $523.6 million, a 5.4% decrease compared to 2024.

~~Total~~Compensation ~~operating~~expense ~~expenses~~totaled ~~were~~ $~~611~~216.40 million in 2025, a 7.49% decrease compared to ~~2023~~2024. ~~Cash~~The ~~Costs~~decrease (ais ~~non-GAAP~~attributable ~~financial~~to ~~measure~~reductions ~~discussed~~in ~~below~~full-time employees ("FTEs") ~~were~~due ~~$553.3~~to ~~million~~continued business transformation efforts, apartially ~~10.1%~~offset ~~decrease~~by ~~compared~~investments toin ~~2023~~digital talent.

~~Compensation~~Newsprint ~~expense~~and ~~decreased~~ink costs totaled $3213.30 million in ~~2024~~2025, or a 1222.19% decrease compared to ~~2023~~2024. ~~The~~This decrease iswas attributable to ~~reductions~~declines in ~~full~~newsprint ~~time employees ("FTEs") due to continued business transformation efforts, partially offset by investments in digital talent~~volumes.

~~Newsprint~~Other ~~and~~operating ~~ink~~expenses ~~costs~~totaled ~~decreased~~ $8294.56 million in ~~2024~~2025, ordown ~~a 33~~2.74% ~~decrease~~ compared to ~~2023~~2024. ~~This~~ ~~decrease~~Other ~~was~~operating ~~attributable~~expenses include all operating costs not considered to ~~declines~~be incompensation, newsprint, ~~volumes~~depreciation and amortization, restructuring costs and assets loss on sales, impairments, and other, net. The largest components are costs associated with printing and distribution of our printed products, digital cost of goods sold and facility

Other operating expenses decreased $21.1 million in 2024, or a 6.5% decrease compared to 2023. Other operating expenses include all operating costs not considered to be compensation, newsprint, depreciation and amortization, or restructuring costs and assets loss on sales, impairments, and other, net. The largest components are costs associated with printing and distribution of our printed products, digital cost of goods sold

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~~and facility~~ expenses. The decrease is primarily attributable to lower delivery and other print-related costs due to lower volumes of our print edition, partially offset by increases in digital cost of goods sold.

~~Restructuring~~Depreciation ~~costs~~expense ~~and~~decreased ~~other totaled~~ $192.38 million, ~~and~~or ~~$12~~26.76%, ~~million~~ in ~~2024 and 2023, respectively~~2025. ~~Restructuring~~Amortization ~~costs~~expense ~~and~~decreased ~~other~~$6.0 ~~include severance costs~~million, ~~litigation~~or ~~expenses~~34.9%, ~~and~~in ~~restructuring expenses~~2025. The ~~increase~~decrease in both is attributable to ~~one-time~~assets ~~costs~~becoming tofully ~~outsource~~depreciated ~~certain~~or ~~operations~~amortized.

~~Depreciation~~Assets ~~expense~~loss ~~decreased~~on sales, impairments and other totaled $13.20 million, orin 102025 compared to $11.~~1%,~~2 million in 2024. ~~Amortization~~Impairments ~~expense~~within ~~decreased~~this category were $17.80 million, orin 92025 and $7.~~6%,~~8 million in 2024, respectively, related to mastheads. ~~The~~Additionally, ~~decrease~~$4.2 inmillion ~~both~~of isgoodwill ~~attributable~~was allocated to ~~assets~~the ~~becoming~~sale ~~fully~~of ~~depreciated~~certain ornon-core ~~amortized~~operations in 2025 and $1.3 million in 2024.

~~Assets~~Restructuring ~~loss~~costs ~~(gain) on sales, impairments~~ and other ~~was~~totaled ~~a net loss of~~ $1125.29 million inand ~~2024 compared to a net loss of~~ $119.93 million in ~~2023. Impairment~~2025 ~~losses~~and in 2024, ~~and 2023 totaled $7~~respectively.8 The ~~million~~increase ~~and~~is ~~$7.7~~primarily ~~million~~driven ~~for~~from ~~mastheads.~~costs ~~Additionally,~~associated ~~$1.3~~with ~~million~~recovering ~~and~~from ~~$1.3~~the ~~million~~Cyber ofIncident, ~~goodwill~~closing ~~was~~down ~~allocated~~outsourced toproduction ~~the~~facilities, ~~sale~~ongoing ofbusiness ~~certain~~transformation ~~non-core~~efforts, ~~operations in 2024~~ and ~~2023, respectively~~severance. ~~Assets~~Restructuring ~~loss~~costs ~~(gain) on sales are part the Company's ongoing real estate~~ and ~~non-core~~other ~~asset~~include ~~monetization.~~severance ~~They~~costs, ~~totaled~~litigation aexpenses, ~~net~~restructuring ~~loss~~expenses, ofcyber ~~$2.2 million~~restoration incosts, ~~2024~~ and aadvisor ~~net gain of $6~~expenses.~~0 million in 2023.~~

~~Equity~~The Infactors ~~Equity~~noted ~~Investments~~above resulted in an operating loss of $4.7 million in 2025 compared to a gain of $4.5 million in 2024.

Equity in earnings of TNI and MNI decreased $2.0 million in 2024, or 30.0%, compared to 2023.

NON-OPERATING INCOME AND EXPENSES

Non-operating ~~Income~~expense ~~and~~increased ~~Expense~~by ~~Comparison~~$2.3 million, or 6.4%, primarily due to the absence of a $3.6 million pension curtailment gain recognized in 2024~~-2023~~. Interest expense decreased $0.7 million, or 1.8%, to $40.5 million in 2025, compared to the same period last year. The decrease was due to a lower average outstanding balance on our debt. Our weighted average cost of debt was 9% at September 28, 2025 and September 29, 2024.

~~Interest~~INCOME ~~expense~~TAXES ~~decreased $0.2 million, or 0.6%, to $41.2 million in 2024 due to lower debt balances. Our weighted average cost of debt was 9.0% in 2024 and 2023.~~

~~Other~~We ~~non-operating~~recorded income ~~and~~tax ~~expense~~benefit ~~consists~~ of ~~benefits associated with our pension and other postretirement plans~~$6.9 Wemillion, ~~recorded~~or $516.12% ~~million~~ of ~~periodic~~pretax ~~pension~~loss ~~and other postretirement benefits~~ in ~~2024~~2025 ~~compared~~and to $17.26 million, inor ~~2023~~24.4% ~~The increase was attributable due to the Company recognizing a non-cash curtailment gain~~ of ~~$1.2~~pretax ~~million~~loss in 2024 ~~as a result of outsourcing certain postemployment defined benefit plan functions~~. ~~Additionally,~~See inNote ~~2024,~~13 ~~the Company completed a voluntary lump sum payment~~ of ~~future~~the ~~benefits~~Notes to ~~terminated~~the ~~vested~~Consolidated ~~participants.~~Financial ~~The~~Statements, ~~offer~~included ~~was accepted by 522 participants~~herein, ~~representing~~for a ~~$22.6~~discussion ~~million pension plan liability. As a result~~ of the ~~offer,~~difference abetween ~~non-cash settlement gain of $2.4 million was recorded in Curtailment/Settlement gain on~~ the ~~Consolidated~~expected ~~Statements~~federal ofincome ~~(Loss)~~tax ~~Income~~rate and ~~Comprehensive (Loss) Income. Both assets and liabilities of~~ the ~~plan~~actual ~~were~~tax ~~reduced by $22~~rates.~~6 million.~~

~~INCOME~~NET ~~TAX~~LOSS ~~BENEFIT~~AND EARNINGS PER SHARE

InNet ~~2024,~~loss wewas ~~recorded income tax benefit of~~ $735.67 million, ~~or 24.4% of pretax loss and~~ in ~~2023,~~2025 wecompared ~~recorded~~to annet ~~income~~loss ~~tax benefit~~ of $023.36 million, orin 112024.3% ofLoss ~~pretax~~per ~~loss.~~common ~~See~~share ~~Note~~was 12$6.20 ofin ~~the~~2025 ~~Notes~~compared to ~~the Consolidated Financial Statements, included herein, for~~ a ~~discussion~~loss of ~~the~~$4.35 ~~difference~~per ~~between~~share ~~the~~in ~~expected~~2024. ~~federal~~The ~~income~~change ~~tax~~reflects ~~rate and~~ the ~~actual~~various ~~tax~~items ~~rates~~discussed above.

NET INCOME AND EARNINGS PER SHARE

Net loss was $23.6 million in 2024 compared to net loss of $2.7 million in 2023.

Losses per share was $4.35 in 2024 compared to losses per share of $0.90 in 2023.

NON-GAAP FINANCIAL MEASURES

We use non-GAAP financial performance measures to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis.

In this report, we present Adjusted EBITDA and ~~cash~~Cash ~~costs,~~Costs which are non-GAAP financial performance measures that exclude from our reported GAAP results the impact of certain items consisting primarily of restructuring charges and non-cash charges. We believe such expenses, charges, and gains are not indicative of normal, ongoing operations, and their inclusion in results makes for more difficult comparisons between years and with peer group companies. In the future, however, we are likely to incur expenses, charges and gains similar to the items for which the applicable GAAP financial measures have been adjusted and to report non-GAAP financial measures excluding such items. Accordingly, exclusion of those or similar items in our non-GAAP presentations should not be interpreted as implying the items are non-recurring, infrequent, or unusual.

We define our non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, as follows:

Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users' overall understanding of our operating performance. 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.

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~~and~~This measure also provides users with ~~peer~~a ~~group~~benchmark ~~companies. In~~that ~~the~~can be used when forecasting our future, ~~however~~operating performance that excludes unusual, wenonrecurring ~~are~~or ~~likely~~one-time totransactions. ~~incur~~Adjusted ~~expenses,~~EBITDA ~~charges,~~is ~~and~~also ~~gains~~a ~~similar~~component of the calculation used by stockholders and analysts to determine the ~~items~~value ~~for~~of ~~which~~our business when using the ~~applicable~~market ~~GAAP~~approach, which applies a market multiple to financial ~~measures~~metrics. ~~have~~It ~~been~~is ~~adjusted~~also ~~and~~a measure used to ~~report~~calculate ~~non-GAAP~~our leverage ratio, which is a key financial ~~measures~~ratio ~~excluding~~monitored ~~such~~and ~~items~~used by us and our investors. ~~Accordingly,~~ ~~exclusion~~Adjusted ofEBITDA ~~those~~is ordefined ~~similar~~as ~~items~~net inincome ~~our~~(loss), plus non-~~GAAP~~operating ~~presentations~~expenses, ~~should~~net, ~~not~~income betax ~~interpreted~~expense as(benefit), ~~implying~~depreciation ~~the~~and ~~items~~amortization, ~~are~~assets ~~non-recurring~~loss (gain) on sales, ~~infrequent~~impairments and other, orrestructuring ~~unusual~~costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI.

WeCash ~~define~~Costs ~~our~~represent a non-GAAP ~~measures,~~financial performance measure of operating expenses which ~~may~~are ~~not~~measured beon ~~comparable~~an accrual basis and settled in cash. This measure is useful to ~~similarly~~investors ~~titled~~in ~~measures~~understanding ~~reported~~the components of our cash-settled operating costs. Generally, we provide forward-looking guidance of Cash Costs, which can be used by financial statement users to assess our ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other ~~companies~~operating expenses and exclude restructuring costs and other, aswhich ~~follows:~~are typically settled in cash.

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~~Cash ~~management~~Costs ~~measures~~are ~~the~~reconciled 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 also 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~~and ~~non-~~operating expenses, ~~income tax expense~~below, ~~depreciation~~the ~~and~~closest ~~amortization,~~comparable ~~assets~~numbers ~~loss~~under ~~(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~~GAAP.

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. Cash Costs can be used by financial statement users to assess the Company's ability to manage and control its operating 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, restructuring costs and other non-cash operating expenses and other non-operating expenses are excluded.

Tables reconciling Adjusted EBITDA to net income and Cash Costs to operating expenses, the most directly comparable measure under GAAP, are set forth below under the caption "Reconciliation of Non-GAAP Financial Measures".

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

The table below reconciles the non-GAAP financial performance measure of Adjusted EBITDA to net income, the most directly comparable GAAP measure:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Net (loss) income

(23,573)

(2,733)

Net loss

(35,746)

(23,573)

(2,733)

Adjusted to exclude

Income tax (benefit) expense

(7,610)

(349)

698

Income tax benefit

(6,903)

(7,610)

(349)

Non-operating expenses, net

3537,~~729~~999

4035,~~251~~729

2440,~~056~~251

Equity in earnings of TNI and MNI

(4,~~572~~278)

(64,~~527~~572)

(56,~~657~~527)

Assets loss on sales, impairments and other, net

112,~~193~~956

111,~~882~~193

91,~~716~~882

Depreciation and amortization

2718,~~616~~843

3027,~~621~~616

3630,~~544~~621

Restructuring costs and other

1925,~~253~~850

1219,~~673~~253

2212,~~720~~673

Stock compensation

1,~~751~~757

1,~~806~~751

1,~~337~~806

Add:

Ownership share of TNI and MNI EBITDA (50%)

54,~~519~~901

75,~~604~~519

67,~~541~~604

Adjusted EBITDA

6545,~~306~~379

8565,~~228~~306

9685,~~052~~228

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


(Thousands of Dollars)	2025	2024	2023

Operating expenses	571,269	611,406	660,496
Adjustments
Depreciation and amortization	18,843	27,616	30,621
Assets loss on sales, impairments and other, net	2,956	11,193	1,882
Restructuring costs and other	25,850	19,253	12,673
Cash Costs	523,620	553,344	615,320

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

(Thousands of Dollars)	2024	2023	2022
Operating expenses	611,406	660,496	761,775
Adjustments
Depreciation and amortization	27,616	30,621	36,544
Assets loss on sales, impairments and other, net	11,193	1,882	9,716
Restructuring costs and other	19,253	12,673	22,720
Cash Costs	553,344	615,320	692,795

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LIQUIDITY AND CAPITAL RESOURCES

Our ~~operations~~primary ~~have~~cash ~~historically~~requirements ~~generated~~are ~~positive~~related ~~cash~~to ~~flow~~working capital, debt service obligations, and ~~are~~capital ~~expected~~expenditures. We expect to ~~provide~~meet ~~sufficient~~these ~~liquidity~~needs through cash generated from operations, ~~together~~supplemented ~~with~~by our existing cash onbalances. ~~hand,~~Our ability to ~~meet~~operate as a going concern is dependent on our ~~requirements,~~ability ~~primarily~~to ~~operating~~remain ~~expenses,~~in ~~interest~~compliance ~~expense~~with debt covenants and ~~capital~~to ~~expenditures~~repay, ~~for~~refinance ator ~~least~~amend ~~the~~our ~~next~~debt ~~twelve~~agreements ~~months~~as they become due. AOur ~~summary~~Credit ofAgreement ~~our~~has ~~cash~~only ~~flows~~limited isaffirmative ~~included~~covenants with which we are required to maintain compliance and there are no leverage or financial performance covenants. We are in ~~the~~compliance ~~narrative~~with ~~below~~our debt covenants at September 28, 2025.

We continue to take proactive steps to reduce our cost structure and preserve liquidity. Recent actions include targeted cost-reduction and cash-management initiatives such as lowering discretionary and capital spending, tightening control of print-related operating costs, and enhancing collection efforts to improve working capital. We also received temporary lease and interest payment waivers during the second quarter as part of our cyber-recovery plan. Management is actively evaluating additional strategic initiatives and financing and capital markets transactions designed to ensure adequate cash flow and capital resources to support ongoing operations and meet debt obligations. While there can be no assurance that all initiatives will be implemented as planned, delays or unforeseen challenges in executing these measures could adversely affect our financial position and results of operations.

Operating Activities

Cash ~~provided~~used ~~from~~in operating activities totaled $15.15 million in ~~2024~~2025 ~~compared~~and to$3.2 million in 2023, while cash ~~required~~provided by operating activities oftotaled $31.21 million in ~~2023,~~2024. anOur ~~increase~~primary sources of ~~$4.3 million.~~cash ~~The~~from ~~increase~~operations ~~was~~are ~~driven~~receipts byfrom andigital ~~increase~~and inprint ~~working~~subscribers, ~~capital~~advertising ofand ~~$19.7 million~~marketing services customers, ~~primarily~~and ~~related~~commercial toprinting ~~favorable~~and ~~changes~~delivery incontracts. ~~accounts~~The ~~payable~~primary uses of operating cash include compensation and ~~unearned~~benefits, ~~revenue~~newsprint ~~partially~~and ~~offset~~ink bypurchases, adistribution costs, and payments for third-party services.The year-over-year decrease in cash provided by operating activities was primarily driven by lower operating results, ofreflecting a $1520.41 million ~~(defined~~decline asin operating performance (net loss adjusted for non-working capital items). This was partially offset by $10.1 million of non-cash interest expense related to a waiver of three monthly interest payments owed to BH Finance LLC as a result of the February cyber incident (additional disclosure can be found in Note 6 - Debt). We saw a $3.3 million increase in working capital largely influenced by the February cyber incident, which temporarily elevated both accounts payable and accounts receivable balances.

We continue to focus on initiatives to enhance operating cash flows through improved working capital management, disciplined cost control, and targeted investment in digital growth areas.

Investing Activities

Cash provided by investing activities totaled $7.7 million in 2025, $3.7 million in 2024 and $8.6 million in 2023~~. Capital~~ ~~spending~~and ~~totaled~~is ~~$9.2~~driven ~~million~~by ~~and~~cash received from asset sales of $59.1 3 million in ~~2024~~2025 ~~and~~offset ~~2023,~~by ~~respectively~~purchases capital expenditures during the year of $1. 5 million. Proceeds from asset sales oftotaled ~~assets~~$9.3 ~~totaled~~million in 2025, compared to $13.5 million in 2024 and $12.0 million in ~~2024~~2023. ~~and~~We ~~2023~~continue to pursue opportunities to monetize non-core assets, ~~respectively~~primarily excess real estate, as part of our broader capital optimization efforts.

Financing Activities

Cash ~~required~~used ~~for~~in financing activities totaled $1.8 million in 2025, compared to $9.8 million in 2024 and $7.1 million in 2023. Debt reduction accounted for the majority of cash used in financing activities. We continue to prioritize deleveraging and disciplined capital management to strengthen the ~~usage~~balance ofsheet ~~funds~~and maintain flexibility to invest in ~~2024~~our ~~and~~digital ~~2023,~~transformation ~~respectively~~strategy.

Additional Information on Liquidity

~~Our~~At ~~liquidity~~September 28, ~~consisting~~2025, of cash onand ~~the~~cash ~~balance~~equivalents ~~sheet,~~ totaled $910.60 million ~~at September 29, 2024~~. ~~This~~Liquidity ~~liquidity~~was ~~amount~~negatively ~~excludes~~affected ~~any~~by ~~future~~lower cash ~~flows~~generation ~~from~~during ~~operations.~~the Weyear, ~~expect~~transformation-related ~~all~~investments, ~~interest~~ and ~~principal~~temporary ~~payments~~disruption ~~due~~from in the ~~next~~February ~~twelve~~2025 ~~months~~cyber ~~will be satisfied by existing cash and our cash flows, which will allow us to maintain an adequate level of liquidity~~incident.

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We continue to take proactive steps to reduce our cost structure and preserve liquidity. Recent actions include targeted cost-reduction and cash-management initiatives such as lowering discretionary and capital spending, tightening control of print-related operating costs, and enhancing collection efforts to improve working capital. We also received temporary lease and interest payment waivers during the second quarter as part of our cyber-recovery plan. Management is actively evaluating additional strategic initiatives designed to ensure adequate cash flow and capital resources to support ongoing operations and meet debt obligations. While there can be no assurance that all initiatives will be implemented as planned, delays or unforeseen challenges in executing these measures could adversely affect our financial position and results of operations. To preserve liquidity, we implemented targeted cost-reduction and cash-management initiatives, including lower discretionary and capital spending, tighter control of print-related operating costs, and enhanced collection efforts to reduce outstanding accounts receivable. We also received temporary rent and interest payment waivers during the second quarter as part of our cyber-recovery plan.

These actions contributed to improved operating performance in the second half of fiscal 2025, enabling all mandatory and principal debt payments since May 2025 to be funded entirely from operating cash flows. Based on current projections, we believe our liquidity will be sufficient to fund operations and meet debt service requirements for at least the next twelve months.

SEASONALITY

~~Our~~Advertising ~~largest source of advertising~~ and marketing services revenue, ~~retail advertising,~~ is seasonal and ~~tends~~generally tocorrelates ~~fluctuate~~ with retail ~~sales~~spending patterns in the markets ~~served~~we serve. Historically, retail advertising isactivity ~~higher~~peaks induring the December and June quarters., ~~Advertising~~driven ~~and~~by ~~marketing~~holiday ~~services~~and ~~revenue~~mid-year ispromotional ~~lowest~~periods, inwhile the March quarter typically represents the lowest advertising volume of the year. Subscription and digital revenue streams are less seasonal but can experience modest fluctuations tied to promotional activity and consumer spending trends.

INFLATION

~~Price~~We ~~increases~~evaluate ~~(or~~the ~~decreases)~~impact ~~for~~of inflation on our ~~products~~cost ~~are~~base ~~implemented~~and, when ~~deemed~~ appropriate, byimplement ~~us.~~price Wechanges ~~continuously~~for ~~evaluate~~our ~~price~~products ~~increases~~and services. In parallel, we pursue productivity improvements, sourcing efficiencies, and ~~other~~targeted cost reductions to ~~mitigate~~help ~~the~~offset ~~impact~~inflationary ofpressure. Because pricing and cost actions do not always align in timing, inflation may affect margins in certain periods.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Information with respect to this Item is included herein under the caption “Consolidated Financial Statements”.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we concluded an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our Company’s reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of the Evaluation Date that our disclosure controls and procedures were effective such that the information relating to the Company, including our consolidated

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~~term~~subsidiaries, isrequired ~~defined~~to ~~under~~be ~~Rule~~disclosed ~~13a-15~~in our SEC reports (ei) ~~promulgated~~is ~~under~~recorded, processed, summarized and reported within the ~~Securities~~time ~~Exchange~~periods ~~Act~~specified ofin ~~1934~~SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as ~~amended~~appropriate ~~(the~~to ~~"Exchange~~allow ~~Act")~~timely decisions regarding required disclosure.

Management's Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rule 13a-15(f) of the Exchange Act. Any internal control system, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Accordingly, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Under the supervision and with the participation of our senior management, including our Chief Executive Officer and Chief Financial Officer, we assessed the effectiveness of our internal control over financial reporting as of the September 2928, ~~2024~~2025 (the "Evaluation Date"), using the criteria set forth in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that our internal control over financial reporting was effective as of the Evaluation Date, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

BDO USA, P.C., our independent registered public accounting firm, has issued a report on our internal control over financial reporting as of September 29, 2024, which is included herein.

Remediation of Previously Reported Material Weaknesses

As previously reported in Item 9A of our Annual Report on Form 10-K for the fiscal year ended September 24, 2023, management had concluded the Company had a material weakness in internal control over financial reporting, specific to a) the Company's controls to assess the reliability of certain internally generated information, or evaluate information received from certain third-party service providers. To address the material weakness, during the fiscal year ended September 29, 2024 we:

•Established a project team to review, evaluate and remediate the material weakness in internal controls over financial reporting.

•Invested in new technology and human capital in the development of new internal controls.

•Expanded Corporate Compliance function to lead management's efforts related to effective control design, documentation and implementation, as well as remediate ineffective controls.

•Implemented a new revenue IT system through collaboration among finance, accounting, sales, and IT with the focus on centralizing our products fulfillment process.

•Coordinated the flow of data with many of our third-party fulfillment vendors to improve processes surrounding customer acceptance and evidence of fulfillment.

•Retained Deloitte & Touche LLP to validate the design of these new controls.

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•Implemented six additional internal controls focused on addressing the material weakness in internal controls over financial reporting.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

~~Other~~There ~~than those implemented to address the material weakness as described above, there~~ have been no changes in our internal control over financial reporting that occurred during the 14quarter ~~weeks~~ ended September 2928, ~~2024~~2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

Report of Independent Registered Public Accounting Firm

Stockholders and Board of Directors

Lee Enterprises, Incorporated

Davenport, Iowa

Opinion on Internal Control over Financial Reporting

We have audited Lee Enterprises, Incorporated’s (the “Company's”) internal control over financial reporting as of September 29, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 29, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of September 29, 2024 and September 24, 2023, the related consolidated statements of (loss) income and comprehensive (loss) income, (deficit) equity, and cash flows for each of the three fiscal years in the period ended September 29, 2024, and the related notes and our report dated December 13, 2024, expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ BDO USA, P.C.

Chicago, Illinois

December 13, 2024

ITEM 9B. OTHER INFORMATION

None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

~~Information~~The ~~with~~following ~~respect~~contains ~~to this Item, except for certain~~ information ~~related~~concerning ~~to our executive officers included under~~ the ~~caption~~Board ~~“Executive~~members, ~~Team”~~including intheir ~~Part~~period I of ~~this~~service ~~Annual~~as ~~Report~~a director, istheir ~~included~~recent inemployment, ~~our~~other ~~Proxy Statement to be filed in January 2025~~directorships, ~~which~~including isthose ~~incorporated~~held ~~herein~~during ~~by reference, under~~ the ~~captions~~past ~~“Proposal~~five 1years -with ~~Election of Directors” and “Section 16(~~a) ~~Beneficial~~public ~~Ownership~~company ~~Reporting~~or ~~Compliance”. Our~~registered ~~executive~~investment ~~officers~~company, ~~are those elected officers whose names~~ and ~~certain~~age ~~information~~as ~~are set forth under the caption “Executive Team” in Part 1~~ of ~~this~~year ~~Annual Report~~end.

We have a Code of Business Conduct and Ethics ("Code") that applies to all of our employees, including our principal executive officer, and principal financial and accounting officer. The Code is monitored by the Audit and Risk Management Committee of our Board of Directors and is annually affirmed by our directors and executive officers. We maintain a corporate governance page on our website which includes the Code. The corporate governance page can be found at www.lee.net by clicking on “Governance” under the "About" tab. A copy of the Code will also be provided without charge to any stockholder who requests it. Any future amendment to, or waiver granted by us from, a provision of the Code will be posted on our website.DIRECTORS

Mary E. Junck, 78, Director since 1999

Mary E. Junck was elected Executive Chairman of the Company in February 2016 and elected Chairman in February 2019. She joined the Company in 1999 as Executive Vice President and Chief Operating Officer. She became president in 2000, Chief Executive Officer in 2001 and Chairman in January 2002, and served in those positions until her retirement in 2016. She previously held senior executive positions at the former Times Mirror Company, where she was responsible for the operations of Newsday, The Baltimore Sun (publisher and chief executive officer), the Hartford Courant, The Morning Call, Southern Connecticut Newspapers and St. Paul Pioneer Press (publisher and president). She also had responsibility for Times Mirror magazines and StayWell, Times Mirror’s consumer health company. She was a member of the board of directors of The Associated Press from 2004 to 2017 and was chairman from 2012 to 2017. Since October 2016, Ms. Junck has served as a director of Postmedia Network Canada Corp. (TSE: PNC.A), a public company based in Toronto, Canada, that owns numerous newspapers and associated online platforms throughout Canada.

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Ms. Junck’s in-depth knowledge of the Company and the publishing industry, in which she has worked in executive and senior management positions for more than 34 years, enables her to lead the Board effectively in her capacity as Chairman. Ms. Junck provides a valuable and unique perspective in Board deliberations about the Company’s business, competitive landscape, strategic relationships and opportunities, senior leadership and operational and financial performance. As Chairman, Ms. Junck serves as an advisor to the Chief Executive Officer and provides overall leadership for the Board. Her experience provides her with a thorough understanding of strategic direction and partnerships, financial matters and board management.

Herbert W. Moloney III, 74, Director since 2001

From December 2006 until his retirement in July 2011, Mr. Moloney was President and Chief Operating Officer of Western Colorprint, Inc., a privately held company that provided advertising supplements and commercial printing services to the publishing industry. From April 2005 to November 2006, Mr. Moloney was President and Publisher of the Washington Examiner. From 2000 to March 2005, Mr. Moloney was the Chief Operating Officer, North America, and an Executive Vice President of Vertis, Inc., a premium provider of targeted advertising and marketing solutions to leading retail and consumer services companies.

Mr. Moloney is Chairman of the Executive Compensation Committee and a member of the Audit and Risk Management Committee and the Nominating and Corporate Governance Committee. Mr. Moloney has been designated as the Company’s Lead Director by the independent directors to preside over executive sessions of non-management directors, among other duties.

Mr. Moloney brings to the Board more than 35 years of executive and management experience in the publishing and television industries. His extensive relevant industry and executive leadership experience provides him with substantive knowledge about a variety of issues that are related to the Company’s business, including digital and print advertising and marketing, operations and strategy development.

Brent M. Magid, 61, Director since 2010

Mr. Magid is President and Chief Executive Officer of Frank N. Magid Associates, Inc., a research-based strategy consulting company with expertise in a wide range of media. From 2007 to 2009, Mr. Magid served as a director of Quattro Wireless, a mobile advertising company. From 1989 to 1991, Mr. Magid worked in the entertainment group of JPMorgan Chase & Co.

Mr. Magid is Chairman of the Nominating and Corporate Governance Committee and serves as a member of the Executive Compensation Committee.

Mr. Magid provides the Board with experience and insight into key marketing and advertising trends and related media industry strategies, especially digital media and digital services. Also, Mr. Magid provides significant financial experience and contributes extensively to the oversight and integrity of the Company’s financial statements, risk management and risk assessment, ethics and compliance functions, and procedures and controls which qualify him as one of its designated financial experts.

Kevin D. Mowbray, 64, Director since 2016

Mr. Mowbray was elected as the Company’s President and Chief Executive Officer (“CEO”) in February 2016. Prior to his election as CEO, Mr. Mowbray was the Company’s Executive Vice President and Chief Operating Officer from April 2015, and served as Vice President and Chief Operating Officer since 2013. He previously was publisher of the Company’s largest newspaper, the St. Louis Post-Dispatch, from 2006 to 2013, where he drove the Company’s digital efforts and piloted many significant digital products and initiatives. Mr. Mowbray is a member of the board of directors of the Associated Press.

As President and CEO, Mr. Mowbray has direct responsibility for all aspects of the Company’s operations, including more than 72 markets in 26 states and the corporate staff, with special focus on digital growth, revenue expansion and business transformation. His familiarity with the Company and his role in spearheading the development of our five-year strategic plan and digital strategies and overseeing our transformation, coupled with his 38 years of executive and management experience in the publishing industry, makes him a valuable addition to our Board.

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Margaret R. Liberman, 57, Director since 2019

Ms. Liberman was formerly Senior Vice President of News, Talk & Entertainment at SiriusXM (NASDAQ: SIRI), where she served from October 2017 until March 2023 and was responsible for content and strategic direction of the talk portfolio, overseeing 60 original and partner channels and all podcast programming produced under the Stitcher and Earwolf labels. Previously, she was Vice President and Editor in Chief of the Yahoo News Group from September 2013 to June 2017 and spent 13 years at The New York Times (NYSE: NYT), most recently as Deputy News Editor for Digital Development from 2010 to 2013. From 2001 to 2010, Ms. Liberman worked at The New York Times Magazine, first as a Story Editor before becoming Deputy Editor, where she oversaw numerous award-winning video and multimedia projects. Ms. Liberman began her career at a small children’s book publisher before assuming various editorial roles at Us Weekly, Swing Magazine, Martha Stewart Living, and Bridal Guide Magazine. Ms. Liberman earned a Bachelor of Arts degree from Barnard College in 1990 and a Master of Science degree from Columbia Graduate School of Journalism in 1995.

Ms. Liberman is a member of the Nominating and Corporate Governance Committee.

Ms. Liberman is a lifelong journalist and highly accomplished digital media executive. She brings top-tier experience and tremendous expertise developing and implementing effective digital platform strategies and directing award-winning editorial content. Her extensive experience and industry familiarity enables her to contribute effectively to the Board’s oversight of the Company’s strategy and operations.

Steven C. Fletcher, 58, Director since 2020

Mr. Fletcher has served as the Chief Executive Officer of technology company Explorer Parent LLC, a firm that sponsors special purpose acquisition companies (SPACs), since July 2020, an advisor to Carney Technology Acquisition Corp. II (NASDAQ: CTAQ) since December 2020, an advisor to Epiphany Technology Acquisition Corp. (NASDAQ: EPHY) since January 2021, an advisor to BioPlus Acquisition Corp. (NASDAQ: BIOS) since January 2021 and an advisor to Enterprise 4.0 Technology Acquisition Corp. (NASDAQ: ENTF) since October 2021. He served from 2013 to August 2022 as an independent director of atVenu, a leading live event commerce platform, where he was a member of the Audit and Compensation Committees, and as an independent director of Life Signals, Inc. a healthcare technology company since November 2021. From 2003 to May 2018, Mr. Fletcher was a Managing Director, Co-Head of the Digital Media Group and Head of the Software Group at GCA Savvian, a global investment bank. He was also a member of the firm’s Management Committee. From 1994 until 2002, Mr. Fletcher worked at Goldman, Sachs & Co., where he held a number of leadership roles including Head of the Private Placement Group, Head of the IT Services sector and Co-Head of the Hardware, Storage, EMS, and Internet Infrastructure sectors. He began his career at Deloitte & Touche as a CPA. Mr. Fletcher received a B.A. in Economics from UCLA and an M.B.A. from the Wharton School of the University of Pennsylvania.

Mr. Fletcher is the Chairman of the Audit and Risk Management Committee, and a member of the Executive Compensation Committee.

Mr. Fletcher brings to the Board more than 20 years of experience in the investment banking industry, and he has extensive expertise with respect to debt and equity financing, strategic transactions, capital allocation, capital markets and corporate financial management, particularly in the digital media sector. He also has significant experience with corporate governance through prior service on several boards. His experience enables him to provide strong oversight of financial and disclosure responsibilities, controls, and procedures, and he serves as one of the Audit and Risk Management Committee’s designated financial experts.

Shaun E. McAlmont, 60, Director since May 2022

Dr. McAlmont is a seasoned executive with deep experience overseeing successful digital transformations, change management and strategic partnerships. In early 2022, Dr. McAlmont joined a cybersecurity training company, NINJIO, LLC, as President and CEO, after serving since 2018 as the President of Career Learning at Stride, Inc. (NYSE: LRN), a $1.5 billion technology-based education company, where he led a multi-year digital transformation that doubled the size of the career learning business through the introduction of new IT, business and healthcare career training programs, three acquisitions, and strategic corporate and higher education partnerships. From 2015 to 2017, he was the President and CEO of Neumont College of Computer Science, a for-profit training institution. Dr. McAlmont also served as the President and CEO of Lincoln Educational Services (NASDAQ: LINC) from 2005 to 2015. Dr. McAlmont held senior-level manager positions at Alta

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Colleges, where he pioneered online learning at scale, and Heald Colleges from 1991 to 2005, after beginning his career at Stanford University. Dr. McAlmont received a Bachelor of Science degree in Psychology from Brigham Young University and multiple graduate degrees in the education field, including a Doctorate of Higher Education Management from the University of Pennsylvania. He recently completed the Board Education Program at Stanford University Directors College. Dr. McAlmont is a member of the BorgWarner (NYSE: BWA) board of directors, where he serves on its compensation committee.

Dr. McAlmont is a member of the Executive Compensation Committee, and a member of the Audit and Risk Management Committee.

Dr. McAlmont brings to the Board more than 25 years of career leading successful digital transformations at scale in online learning and workforce training and has leveraged past learnings to drive growth and generate value at several companies. He has significant executive leadership and public company board experience.

Jonathan F. Miller, 69, Director since 2024

Mr. Miller is a senior executive and investor at the intersection of technology and media. As chairman and CEO of AOL, Inc., he oversaw the world’s largest digital news site. As chairman and CEO of News Corp Digital Media Group, he was responsible for digital strategy and presence for all television and print publications globally. He has been president and CEO of USA Interactive (now IAC), and a partner in venture capital firm Advancit Capital with the chairman of Paramount Global, Shari Redstone, for the past ten years, where he has invested in more than 100 companies. He is senior media advisor to Global Citizen and its upcoming Global Live series of events. He is also an advisor to the Office of the Vice Provost for Advances in Learning at Harvard University, having previously served in that capacity with Harvard/MIT joint venture EdX. He has been honored as a UJA ‘Media Man of the Year’ and has also been awarded the Inaugural Pioneer Prize, Producers Guild of America, the Inaugural Vanguard Award, International Emmy Association, the Digital Power Player of the Year, Hollywood Reporter, and the Monaco Media Festival, Interactive Pioneer Award.

Mr. Miller is a member of the Audit and Risk Management Committee.

He has served as a director of public and private companies, including the boards of BBC News Worldwide, RTL Broadcasting, NY Public Radio, Akamai, Nielsen, First Look Media, Expedia, Trip Advisor and the Interpublic Group. He was executive producer of Live 8, the largest charity event ever produced and an advisor on a related follow up initiative, Live Earth.

Madeline E. McIntosh, 56, Director since 2024

Ms. McIntosh is a digital pioneer and media executive with decades of experience leading business transformations. She is CEO and Publisher of Authors Equity, Inc., a book publisher she launched in March 2024, dedicated to a reshaped relationship with authors and publishing talent. The company’s emphasis on profit sharing, flexibility, transparency and long-term collaboration has drawn a wide-ranging list of bestselling and emerging authors, with the first books coming to market in fall 2024. She is a former CEO of Penguin Random House US, the world’s largest book publisher. While there and during a post at Amazon, she played a seminal role in each of the major inflection points in the consumer book market over the past three decades, including the birth of ecommerce, digital audio and ebooks. She serves as an independent director of Simon & Schuster, the global book publisher acquired by KKR in 2023. She is president of Poets & Writers, a nonprofit dedicated to serving the needs of creative writers, and she is an advisor to Shimmr AI, a startup developing AI-supported ad tech for books. She is a regular speaker about the future of book publishing; including delivering 2024 keynotes at the Readmagine conference in Madrid and the New Zealand Publishers Association.

Ms. McIntosh is a member of the Nominating and Corporate Governance Committee.

A major profile in The New York Times said she “stands out as someone who at every turn has rejected conventional thinking, and who has had an uncanny degree of foresight about technological change.” She is known for her belief in the critical importance of nurturing creative talent during the age of the algorithm and, now, of AI. Her leadership has been celebrated by Forbes (2021 “50 Over 50: Vision” list), Girls Write Now (2021 “Agent of Change” award), and the UJA (2022 Publishing Titan Award).

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EXECUTIVE OFFICERS


Name	Offices or Positions to be Held	Biographical Information
Kevin D. Mowbray	President and Chief Executive Officer	Mr. Mowbray, age 64, has been President and Chief Executive Officer since February 2016. Previously, Mr. Mowbray held the titles of Executive Vice President and Chief Operating Officer from April 2015 to February 2016, Vice President and Chief Operating Officer from May 2013 to April 2015, Publisher of the St. Louis Post-Dispatch from 2006 to May 2013, and Vice President - Publishing from 2004 to May 2013. Mr. Mowbray joined the Company in 1986 and served in several positions in the Company’s sales and marketing and newspaper management functions, including as Vice President for Sales and Marketing and General Manager, the Missoulian.

Timothy R. Millage	Vice President, Chief Financial Officer and Treasurer	Mr. Millage, age 45, has been Vice President, Chief Financial Officer and Treasurer since August 2018. Mr. Millage served as the corporate controller of the Company from 2012 to 2018. Prior to joining the Company, Mr. Millage served as an audit manager with Deloitte, LLP and worked for multinational clients in various industries.

Nathan E. Bekke	Chief Operating Officer	Mr. Bekke, age 56, has been the Chief Operating Officer since June 2025. Before that, he served as Vice President - Consumer Sales and Marketing since February 2015 and Publisher of the Casper Star-Tribune, a Company newspaper, from 2003 to February 2015. Mr. Bekke joined the Company in 1988 and served in several positions in the Company’s sales and marketing function, including as director of sales and marketing at Billings Gazette and the Independent Record. Mr. Bekke is a member of the News Media Alliance board of directors.

Astrid J. Garcia	Vice President - Human Resources and Legal; Chief Legal Officer	Ms. Garcia, age 75, has been Vice President - Human Resources and Legal since 2013. Previously, Ms. Garcia served as Vice President of Human Resources and Operations at the St. Louis Post-Dispatch from December 2006 to 2013. Prior to joining the Company, Ms. Garcia served as a senior human resources professional and legal advisor for a number of companies in the publishing industry.

Joseph J. Battistoni	Vice President - Sales and Marketing	Mr. Battistoni, age 43 has been Vice President - Sales and Marketing since November 2020. Previously, Mr. Battistoni held the titles of Vice President - Local Advertising from January 2020 to November 2020 and General Manager and Vice President of Sales and Marketing at The Times of Northwest Indiana from November 2015 to January 2020. Mr. Battistoni joined the Company as Digital Director of The Times in March 2014. Prior to joining the Company, Mr. Battistoni was employed by Tribune Media Company in various leadership positions involving the delivery of digital services and targeted media.

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DELINQUENT SECTION 16(a) REPORTS

Section 16(a) of the Exchange Act requires our executive officers and directors to file initial reports of ownership and reports of changes in that ownership with the SEC. Specific due dates for these reports have been established and we are required to disclose in our Proxy Statement any failure to file by these dates in 2025.

Based solely on review of the reports received by the Company, and on written representations from certain reporting persons, the Company believes the persons subject to Section 16(a) reporting complied with applicable SEC filing requirements during fiscal year 2025.

CODE OF ETHICS

We have a Code of Business Conduct and Ethics ("Code") that applies to all of our employees, including our principal executive officer, and principal financial and accounting officer. The Code is monitored by the Audit Committee of our Board of Directors and is annually affirmed by our directors and executive officers. We maintain a corporate governance page on our website which includes the Code. The corporate governance page can be found at www.lee.net by clicking on “Governance” under the "About" tab. A copy of the Code will also be provided without charge to any stockholder who requests it. Any future amendment to, or waiver granted by us from, a provision of the Code will be posted on our website.

AUDIT COMMITTEE

The Company’s Board of Directors has a separately designated standing Audit Committee. The Audit Committee of the Company’s Board of Directors consists of Messrs. Fletcher, Moloney, and Miller and Dr. McAlmont with Mr. Fletcher serving as chairman. Each member of the Audit Committee meets the financial sophistication requirements of NASDAQ. Our Board has determined that Messrs. Fletcher and Miller meet the requirements of an audit committee financial expert, as defined by the SEC, and that all Audit Committee members are financially sophisticated and meet the NASDAQ’s independence requirements and definition of an independent director.

ITEM 11. EXECUTIVE COMPENSATION

~~Information~~The ~~with~~Named ~~respect to this Item is included in our Proxy Statement to be filed in January 2025, which is incorporated herein by reference, under the captions, “Compensation of Non-Employee Directors”, “~~Executive ~~Compensation”~~Officers and “Compensation Discussion and Analysis”; provided, however, that the subsection entitled “Executive Compensation - Executive Compensation Committee Report” shall not be deemed to be incorporated by reference.

The Company's NEOs include the principal executive officer, the principal financial officer and the other most highly compensated executive officer who was serving as an executive officer at September 28, 2025. In 2025, the NEOs were:



Kevin D. Mowbray			President and Chief Executive Officer
Timothy R. Millage			Vice President, Chief Financial Officer & Treasurer (2)
Nathan E. Bekke			Chief Operating Officer

(1) Adjusted EBITDA and Cash Costs are non-GAAP (Generally Accepted Accounting Principles) financial measures. See Appendix A for definitions and a reconciliation of Adjusted EBITDA and Cash Costs to the closest available GAAP measures.

(2) On November 17, 2025, Mr. Millage informed the Company of his decision to resign from his positions with the Company to pursue an opportunity in church ministry. His resignation will become effective February 28, 2026, and he has agreed to provide consulting services to the Company through May 31, 2026.

Recent Developments

Executive Compensation Adjustments

Certain of our executive officers voluntarily agreed to, and our board of directors approved, reductions in compensation in order to assist with the reduction of our corporate overhead.

Mr. Mowbray agreed to reduce his total compensation for the fiscal year ended September 28, 2025 by $300,000 and his salary and bonus for the fiscal year ending September 27, 2026 each by $100,000, for a total reduction in compensation across the two fiscal years ending September 27, 2026 of $500,000. Mr. Millage agreed to reduce his total compensation for the fiscal year ended September 28, 2025 by $87,000. Mr. Bekke,

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agreed to reduce his total compensation for the fiscal year ended September 28, 2025 by $100,000 and his salary and bonus for the fiscal year ending September 27, 2026 each by $50,000, for a total reduction in compensation across the two fiscal years ending September 27, 2026 of $200,000.

In the aggregate, as a result of these reductions in executive compensation, we expect to realize approximately $787,000 in cost savings during the two fiscal years ending September 27, 2026. Item 11 reflects the foregoing compensation adjustments.

Resignation of Chief Financial Officer

On November 17, 2025, Mr. Millage informed the Company of his decision to resign as Vice President, Chief Financial Officer, and Treasurer of the Company to pursue an opportunity in church ministry. His resignation will become effective February 28, 2026, and he has agreed to provide consulting services to the Company through May 31, 2026.

Mr. Millage’s decision is due to personal reasons and not the result of any disagreement with the Company or its operations, policies or practices.

The Company has initiated a search process to identify a new chief financial officer.

In connection with Mr. Millage’s resignation, the Company and Mr. Millage entered into a separation agreement, dated November 20, 2025 (the “Separation Agreement”). Under the terms of the Separation Agreement, Mr. Millage will receive (a) his full compensation through the end of his consulting role, (b) a severance payment equaling twenty-six weeks of his base salary, (c) the vesting of all unvested stock awards on February 28, 2026, and (d) survival of the indemnification terms under his employment agreement and indemnity agreement. The Separation Agreement also includes customary non-compete, non-solicitation, and release of claims provisions.

Elements of Compensation

Our compensation program reinforces the key drivers of success in the Company’s business. Our financial emphasis is on revenue and operating cash flow. We believe these two measures are key measures of long and short-term success in our industry. Compensation for our NEOs includes the following:


Element			Description

Base Salary			•Determined based on numerous factors such as:
			◦Competitive conditions for the Names Executive Officer’s position within the peer group and in the broader employment market,
			◦as well as the Named Executive Officer’s level of responsibility, experience, and individual performance


Annual Incentives			•Tied to annual business performance as measured against annual goals established by the ECC
			•Varies depending on a wide range of factors, including:
			◦Competitive conditions for the executive officer’s position within the peer group and in the broader employment market,
			◦as well as the executive officer’s level of responsibility, experience, and individual performance


Long-Term Incentives			The revised Long-Term Incentive Plan includes a mix of awards aligned to achieve the best practice of 50% time based and 50% performance based. The revised plan includes the following types of stock awards:
			•Stock options — Offer the opportunity for executives to purchased shares at the grant date’s fair market value, with vesting over three years to encourage long-term commitment.
			•Restricted stock awards — Each restricted stock unit represents the right to receive one ordinary share upon vesting. The restricted stock awards generally vest one-third on each of the first, second, and third anniversary of the grant date.

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			•Performance share units — reward executives based on the Company’s performance against pre-determined targets, reinforcing accountability to shareholders. Performance share unit represents the right to receive on ordinary share after the end of a three-year performance period if specified performance goals are achieved.

Our annual cash incentive program places a portion of NEO compensation at risk, based on performance criteria. In addition, stock options, when granted, are inherently performance-based because an option only has value if the stock price rises after the option is granted. In some instances, we also make restricted Common Stock awards conditioned on the achievement of one or more specified performance goals under our Incentive Compensation Program.

Summary Compensation Table

The following table summarizes the 2025 and 2024 compensation of the NEOs:


(Dollars)	Year	Salary	Stock Awards (1)	Option Awards (1)	Non-Equity Incentive Plan Compensation (2)	All Other Compensation (3) (4)	Total

Kevin D. Mowbray	2025	830,753	274,832	29,168	—	16,914	1,151,667
President and Chief Executive Officer	2024	900,000	184,590	—	—	21,671	1,106,261

Timothy R. Millage	2025	484,606	106,882	11,343	—	9,611	612,442
Vice President, Chief Financial Officer, and Treasurer	2024	525,000	87,900	—	—	12,446	625,346

Nathan E. Bekke	2025	553,836	122,149	12,962	—	5,077	694,023
Chief Operating Office	2024	577,500	73,783	—	—	5,931	657,214

(1) Stock and option awards are granted at a price equal to the fair market value on the date of grant. Information with respect to stock awards granted to the NEOs is reflected in “Outstanding Equity Awards at September 28, 2025” below.

(2) Includes discretionary amounts paid under the annual cash incentive plan.

(3) Includes matching contributions made to the Company's Retirement Account Plan and Non-Qualified Plan during the year. To the extent qualifying compensation was not received during the year, such as certain non-equity incentive plan compensation, the related matching contribution may be reported in a subsequent year.

(4) The Lee Foundation, an affiliate of the Company, matches on a dollar-for-dollar basis up to $5,000 annually, charitable contributions made by NEOs to qualifying organizations. Such matching contributions are not considered compensation of the NEO.

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Outstanding Equity Awards at September 28, 2025

The following table summarizes outstanding equity awards to the NEOs as of September 28, 2025:


(Dollars, Except Share Data)	Restricted Common Stock Awards
	Number of Shares of Stock That Have Not Vested	Market Value of Shares of Stock That Have Not Vested (1)

Kevin D. Mowbray
2025 Stock Award	13,380	61,013
2024 Stock Award	21,000	95,760
2023 Stock Award	15,000	68,400
Timothy R. Millage
2025 Stock Award	5,203	23,726
2024 Stock Award	10,000	45,600
2023 Stock Award	7,275	33,174
Nathan E. Bekke
2025 Stock Award	5,946	27,114
2024 Stock Award	8,394	38,277
2023 Stock Award	6,995	31,897

(1) Based on closing market price of $4.56 on November 21, 2025.

Option Exercises and Stock Vested

The following table summarizes information related to vesting of restricted Common Stock of the NEOs in 2025:


Restricted Common Stock
(Dollars, Except Share Date)	Number of Shares Acquired on Vesting	Value Realized on Vesting
Kevin D. Mowbray	13,329	224,327
Timothy R. Millage	8,331	140,211
Nathan E. Bekke	8,331	140,211

There were no option exercises in 2025.

Non-Qualified Deferred Compensation

The following table summarizes information related to 2025 activity in the Non-Qualified Plan for the NEOs.


(Dollars)	NEO Contributions	Company Contributions	Aggregate Earnings	Distributions	Aggregate Balance at September 28, 2025
	(1)	(2)	(3)		(4)
Kevin D. Mowbray	26,250	10,500	34,703	—	840,510
Timothy R. Millage	6,562	2,625	18,072	—	178,947
Nathan E. Bekke	—	—	9,849	—	142,954

(1) Amounts included in total compensation in the Summary Compensation Table under “Salary.”

(2) Amounts included in total compensation in the Summary Compensation Table under “All Other Compensation”.

(3) Earnings are based on the performance of investments selected by the NEO.

(4) Amounts include compensation to the NEO in the form of Company contributions prior to 2022.

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For those NEOs continuing to participate in the Non-Qualified Plan in 2020 and thereafter, withdrawals are permitted following termination of employment. Employee contributions are limited to 45% of salary and bonus compensation. See “Primary Benefits” above for additional information with regard to the Non-Qualified Plan.

Change of Control, Employment and Other Agreements

In 2015, we entered into amended and restated employment agreements between the Company and four senior executive officers, including all of our NEOs, with the exception of Mr. Millage, who entered into such agreement in 2018. The employment agreements entitle these executives to severance and other benefits upon termination without cause or for good reason that becomes effective only upon a change of control. We approved the new agreements because we believe they better align our agreements with general industry change of control employment agreements.

A change of control is defined to include certain mergers and acquisitions, liquidation or dissolution of the Company, changes in the membership of the Company's Board and acquisition of 15% of the outstanding stock of the Company for the purpose of changing the control of the Company. The new agreements superseded agreements originally entered into in 1998 and amended and restated in 2008 and provide substantially lower benefits upon a change of control.

Absent a change of control, the agreements do not require the Company to retain the executives or to pay them any specified level of compensation or benefits, and they remain employees at will.

The agreements extend for two years from the date of signature. On each annual anniversary date of the agreements (each a “Renewal Date”), the change of control period will be automatically extended so as to terminate two years from such Renewal Date, unless at least 60 days prior to the Renewal Date the Company gives notice to the executive that the change of control period will not be extended.

The agreements are subject to the following triggers:

•The agreements become effective and the protective features vest upon a change of control or if an executive's employment is terminated as a consequence of such event.

•The agreements provide that each executive is to remain an employee for a two-year period following a change of control of the Company unless the executive resigns for good reason or is terminated for cause, each as defined in the agreement.

Under the agreements, a termination pursuant to the terms of the change of control agreement triggers the following compensation and benefits for the executives:

Employment Period Benefits

During the two-year employment period, the executives are entitled to:

•An annual base salary, payable monthly in an amount at least equal to their highest monthly base salary during the year prior to the change of control;

•An annual bonus, payable in a lump sum within 75 days following each fiscal year in an amount at least equal to their highest annual bonus in the three years prior to the change of control;

•Continued participation in the Company's incentive, savings, retirement, and welfare benefit plans; and

•Payment of expenses and fringe benefits (including office and support staff, tax and financial planning services, applicable club dues and use of an automobile and related expenses) to the extent paid or provided to such executive immediately prior to the change of control or to other peer executives of the Company.

Benefits Upon Termination

If the executive's employment is terminated during the two-year employment period other than for cause, death or disability, or the executive terminates employment for good reason, the executive will be entitled to the following benefits:

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•All accrued and unpaid annual base salary and annual bonus for the prior fiscal year payable in a lump sum within 30 days of termination;

•A lump sum severance payment equal to the amount corresponding to the executive's title set forth in the following table:

◦CEO 3x annual base salary and highest recent annual bonus

◦Vice Presidents 1x annual base salary and highest recent annual bonus

•A payment equal to the payment multiple above of the Company's average annual contributions on behalf of the executive under all defined contribution plans maintained by the Company during the three-year period immediately preceding the termination;

Any legal fees and expenses incurred by the executive in asserting legal rights in connection with the agreement; and

•Continued welfare benefits for the period equal to the multiple of their base salary payable plus certain outplacement services.

Under the agreements, termination for cause means termination of the executive's employment due to the (1) willful and continued failure of the executive to perform substantially the executive's duties with the Company or one of its affiliates, or (2) the willful engaging by the executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.

Good reason means actions taken by the Company that result in a material negative change in the employment relationship, including a detrimental change in responsibilities, a reduction in salary or benefits or a relocation of office, as described in the agreement.

Excise Tax Cap on Payments

To reduce the impact of any excise tax imposed on the executive related to the change of control, the agreements also require the Company to cap the overall value of payments if such reduction results in a larger net after-tax payment than would result if such payments were not capped and subject to an excise tax.

Other Provisions

For a period of one year after the agreements become effective, the executives are restricted from:

•Disclosing the confidential information of the Company and its affiliates;

•Competing against the Company and its affiliates;

•Soliciting the customers of the Company and its affiliates; and

•Soliciting the employees of the Company and its affiliates for employment and hiring them, unless the employee is responding to employment advertising of a general nature or unless approved by the President of the Company in advance.

There is no requirement in the agreements that the executives execute a release of claims in favor of the Company and its affiliates.

Acquirer's Obligations

The agreements mandate that the Company require an acquirer to assume and satisfy the Company's obligations under the agreements.

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Equity Awards

The Company's LTIP was amended to provide that, if a change of control occurs, for early vesting and exercise and issuance or payment will be subject to a “double-trigger” for the following awards to executives (subject to certain limits):

•Awards of restricted Common Stock;

•Stock options and stock grants; or

•Amounts payable instead of such issuance in a lump-sum payment within 30 days of surrender of such stock options to the Company.

Generally, vesting and payment will not occur if replacement awards equal in value and vesting terms are granted to the affected executive in connection with the change of control, unless the executive is thereafter terminated within the specified protection period.

Potential Payments Upon Termination or Change of Control

The following summarizes information as of September 28, 2025 related to estimated potential cash payments upon a change of control to the NEOs. Amounts in the table do not reflect income tax benefits that may be realized by the Company. The estimated payments also make assumptions as to whether certain discretionary bonus payments made to NEOs are qualifying annual incentive plan payments under the agreements.

(Dollars)

Estimated Net Present Value of Change of Control Severance and Benefits

Kevin D. Mowbray

7,137,113

Timothy R. Millage

1,273,877

Nathan E. Bekke

1,959,345

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AND RELATED STOCKHOLDER MATTERS

~~Information~~VOTING ~~with~~SECURITIES ~~respect~~AND toPRINCIPAL ~~this~~HOLDERS Item is included in our Proxy Statement to be filed in January 2025, which is incorporated herein by reference, under the captions “Voting Securities and Principal Holders Thereof” and “Equity Compensation Plan Information”.THEREOF

The following table sets forth information as of November 20, 2025, except as set forth below, as to each person

known by us to own beneficially more than 5% of our voting common stock. As of November 20, 2025, there were 6,261,825 shares of voting common stock and zero shares of our convertible common stock outstanding.

Name and Address of Beneficial Owner

Title of Class

Amount and Nature of Beneficial Ownership

Percent of Class

GAMCO Investors, Inc., et al.

One Corporate Center, Rye, NY 10580

Common Stock

849,775 (3)

13.57%

Quint Digital Ltd., et al.

403 Prabhat Kiran, 17, Rejendra Place, Delhi, India 110008

Common Stock

793,455 (1)

12.67%

Jerrilyn M. Hoffman Revocable Trust dated May 30, 2001

568 Lincoln Avenue, Winnetka, IL 60093

Common Stock

618,900 (2)

9.88%

Solas Capital Management, LLC

1063 Post Road, 2nd Floor, Darien, CT 06820

Common Stock

482,212 (4)

7.70%

(1) Based on information set forth in Schedule 13G filed with the SEC on February 14, 2025, Quint Digital Ltd. reports sole voting and dispositive power over 763,000 shares; Ritu Kapur reports sole voting and dispositive power over 250 shares, Bahl Vidur reports sole voting and dispositive power over 30,205 shares. Quint Digital Ltd, Ritu Kapur, and Bahl Vidur are identified in the Schedule 13G as a Group in accordance with Rule 240.13d-1(b)(1)(ii)(k).

(2) Based on information set forth in Amendment No. 7 to Schedule 13D filed with the SEC on October 15, 2025, Jerrilyn M. Hoffman reports shared voting and dispositive power over 618,900 shares and Jerrilyn M. Hoffman Revocable Trust dated May 30, 2001, reports shared voting and dispositive power over 618,900 shares. Jerrilyn M. Hoffman is the trustee of the Jerrilyn M. Hoffman Revocable Trust dated May 30, 2001.

(3) Based on information set forth in Amendment No. 8 to Schedule 13D filed with the SEC on November 17, 2025, Gabelli Funds, LLC reports sole voting and dispositive power over 234,100 shares; GAMCO Asset Management Inc. reports sole voting and dispositive power over 575,675 shares; Teton Advisors, LLC reports sole voting and dispositive power over 20,000 shares; and Gabelli Foundation, Inc. reports sole voting and dispositive power over 20,000 shares. Gabelli Funds, LLC and GAMCO Asset Management, Inc. are wholly owned subsidiaries of GAMCO Investors, Inc. GGCP Holdings LLC is the controlling shareholder of GAMCO Investors, Inc., and Mario Gabelli is the controlling shareholder, co-Chief Executive Officer, and a director of GGCP Holdings, Inc. Teton Advisors, LLC is subadvised by Gabelli Funds, LLC, and therefore, indirectly controlled by Mario Gabelli. Gabelli Foundation, Inc. is a private foundation, and Mario Gabelli is the Chairman, a Trustee and the Investment Manager of the foundation.

(4) Based on information set forth in Amendment No. 1 to Schedule 13D filed with the SEC on November 14, 2024, Frederick Tucker Golden reports shared voting power over 482,212 shares and shared dispositive power over 482,212 shares and Solas Capital Management, LLC reports shared voting power over 482,212 shares and shared dispositive power over 482,212 shares. Frederick Tucker Golden is the Portfolio Manager of Solas Capital Management, LLC.

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The following table sets forth information as to our voting common stock beneficially owned as of November 21, 2025, by each director, each of our “named executive officers” for our most recently completed fiscal year September 28, 2025, and by all directors and executive officers as a group. The address for each beneficial owner listed below is c/o Lee Enterprises, Incorporated, 4600 E. 53rd Street, Davenport, Iowa 52807.


Beneficial Owner	Shares of Voting Common Stock(1)	Percent of Class
Nathan E. Bekke	41,203	*
Joseph J. Battistoni	19,753	*
Steven C. Fletcher	33,726	*
Astrid J. Garcia	23,153	*
Mary E. Junck	214,061	3.4%
Margaret R. Liberman	26,726	*
Brent M. Magid	35,564	*
Madeline E. McIntosh	12,283	*
Shaun E. McAlmont	22,849	*
Timothy R. Millage	39,961	*
Jonathan F. Miller	12,283	*
Kevin D. Mowbray	142,359	2.3%
Herbert W. Moloney lll	38,901	*
All executive officers and directors as a group (13 persons)	662,822	10.5%

(1)Includes securities exercisable in the next 60 days

(*)Less than one percent of the class

Equity Compensation Plan Information

Information as of September 28, 2025, with respect to equity compensation plans is as follows:


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (A)	Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (Dollars) (B)	Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Shares in column A)
	(1)		(2) (3)
Equity compensations plans approved by shareholders	—	—	496,136

(1) LTIP.

(2) Includes the number of securities remaining available for future issuance under our LTIP

(3) Those securities not issued as a result of cancellation, forfeiture or surrender of previously outstanding options or adjustment of target restricted stock awards remain available for issuance, at the discretion of the Executive Compensation Committee, under the LTIP. Such shares are excluded from the total presented as the amount cannot be ascertained. Unvested restricted stock awards are not included in the number of shares presented as they are no longer available for future issuance once granted.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

AND DIRECTOR INDEPENDENCE

~~Information~~We ~~with~~have ~~respect~~adopted procedures that apply to ~~this~~any ~~Item~~transaction isor ~~included~~series of transactions in ~~our~~which ~~Proxy~~the ~~Statement~~Company toor bea ~~filed~~subsidiary is a participant involving an amount in ~~January~~excess ~~2025~~of $120,000, ~~which~~and a related person has a direct or indirect material interest. Under SEC rules, a related person is ~~incorporated~~a ~~herein~~director, bynominee ~~reference~~for director, ~~under~~executive ~~the~~officer, ~~caption~~owner ~~“Directors'~~of ~~Meetings~~more ~~and~~than ~~Committees~~5% of ~~the~~our ~~Board~~Common Stock or immediate family member of ~~Directors”~~any of the above. On an annual basis, each director, nominee for director and officer and certain 5% or greater shareholders are required to

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complete a Director and Officer Questionnaire that requires disclosure of any transactions with us in which a related person has a direct or indirect material interest. Our general counsel is primarily responsible for the development and implementation of procedures and controls to obtain information from these related persons. The charter of our Audit and Risk Management Committee provides that the Audit and Risk Management Committee is responsible for review, approval, or ratification of related-person transactions. Though we have no written policy, it is the practice of our Audit and Risk Management Committee to approve such transactions only if it deems them to be in the best interests of the Company. When considering a transaction, the Audit and Risk Management Committee will review all relevant factors, including our rationale for entering into a related-person transaction, alternatives to the transaction, whether the transaction is on terms at least as fair to the Company as would be the case were the transaction entered into with a third party, and potential for an actual or apparent conflict of interest. The Audit and Risk Management Committee reports its findings to the Board.

We have entered into indemnification agreements with each of our directors and executive officers. These agreements require us to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with the Company.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

~~Information~~REPORT ~~with~~OF ~~respect~~THE toAUDIT ~~this~~AND ~~Item~~RISK isMANAGEMENT ~~included~~COMMITTEE inOF ~~our~~THE ~~Proxy~~BOARD ~~Statement~~OF ~~to be filed in January 2025, which is incorporated herein by reference, under the caption “Relationship with Independent Registered Public Accounting Firm”.~~DIRECTORS

28The Audit and Risk Management Committee is currently comprised of four directors who are not officers or employees of the Company. All members are independent under Nasdaq and SEC rules. The Board has established a written charter for the Audit and Risk Management Committee.

The Audit and Risk Management Committee held eight meetings in 2025. The meetings were designed to facilitate and encourage private communication among the Audit and Risk Management Committee, management, our internal auditors and our independent registered public accounting firm.

During these meetings, the Audit and Risk Management Committee reviewed and discussed the annual audited and quarterly unaudited financial statements with management and the independent registered public accounting firm and management’s assessment of the effectiveness of our internal control over financial reporting. Based on such review and discussions, the Audit and Risk Management Committee recommended to the Board that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the year ended September 28, 2025, including any applicable amendments thereto.

The discussions with the independent registered public accounting firm also included the matters required by the Public Company Accounting Oversight Board (“PCAOB”) in Rule 3200T regarding “Communications with Audit and Risk Management Committees”. The Audit and Risk Management Committee received from the independent registered public accounting firm written disclosures and the letter required by PCAOB Rule 3600T regarding “Independence Discussions with Audit and Risk Management Committees”. This information was discussed with the independent registered public accounting firm. The Audit and Risk Management Committee considered whether the non-audit services provided by the independent registered public accounting firm to us are compatible with maintaining auditor independence.

The Audit and Risk Management Committee

Steven C. Fletcher, Chairman

Shaun E. McAlmont

Herbert W. Moloney II

Jonathan F. Miller

Each member of the Audit and Risk Management Committee meets the current financial literacy requirements of Nasdaq. Our Board has determined that Mr. Fletcher meets the requirements of an Audit and Risk Management Committee financial expert, as defined by the SEC, and that all Audit and Risk Management Committee members are financially literate and meet Nasdaq’s definition of an independent director.

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RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BDO has served as our independent registered public accounting firm since 2021. Representatives of BDO are expected to be present at the Annual Meeting, will have an opportunity to make a statement, if they desire to do so, and will be available to respond to appropriate questions from shareholders.

For 2025 and 2024, BDO performed the following professional services and received, or will receive, fees in the amounts indicated.


(Dollars)	2025	2024

Audit fees	1,182,517	1,549,000
Audit-related fees	—	—
Tax Fees	—	—
All other Fees	—	—
	1,182,517	1,549,000

Services Provided By BDO

All services rendered by BDO are permissible under applicable laws and regulations. The Audit and Risk Management Committee reviewed and pre-approved all services related to the fees listed in the above table in accordance with our Policy Regarding the Approval of Audit and Non-Audit Services by Independent Public Accountants (“Policy”). Under the Policy, Audit and Risk Management Committee pre-approval includes audit services, audit-related services, tax services, other services and services exceeding the pre-approved cost range. In some instances, pre-approval is provided by the full Audit and Risk Management Committee for up to a year with any such pre-approval relating to a particular defined assignment or scope of work and subject to a specific defined budget. In other instances, the Audit and Risk Management Committee may delegate pre-approval authority of additional services to one or more designated members with any such pre-approval reported to the Audit and Risk Management Committee at its next scheduled meeting. Any pre-approved service requires the submission of an engagement letter or other detailed back-up information. Pursuant to rules of the SEC, the fees paid to BDO for services are disclosed in the table above under the categories described below, as applicable.

Audit Fees – Fees for professional services for the audit of our Consolidated Financial Statements, review of financial statements included in our quarterly Form 10-Q filings, attestation reporting on the effectiveness of our internal control over financial reporting, and services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees – Fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements. This includes due diligence related to mergers and acquisitions, preparation of comfort letters related to financing or other transactions, attestations that are not required by statute or regulation, and consulting related to financial accounting or reporting standards.

Tax Fees – Fees for professional services with respect to tax compliance and advice and planning. This includes preparation of original and amended tax returns for the Company and its consolidated subsidiaries, refund claims, payment planning, tax audit assistance and tax work stemming from audit-related matters. We also engage the services of other accounting firms and law firms for such services. Fees paid to such firms are not reflected in the table above except to the extent BDO is engaged directly by such firms to perform services on behalf of the Company.

All Other Fees - Fees for other permissible work that does not meet the above category descriptions.

These services are actively monitored both as to spending level and work content by the Audit and Risk Management Committee to maintain the appropriate objectivity and independence in our independent registered public accounting firm's core work, which is the audit of our Consolidated Financial Statements.

* * * *

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following documents are filed as part of this Annual Report:

FINANCIAL STATEMENTS

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - 5352 weeks ended September 29 28, ~~2024~~2025, 5253 weeks ended September 24 29, ~~2023~~2024 and 52 weeks ended September 2524, ~~2022~~2023

Consolidated Balance Sheets - September 29 28, ~~2024~~2025 and September 24 29, ~~2023~~2024

Consolidated Statements of Stockholders' (Deficit) Equity - 5352 weeks ended September 29 28, ~~2024~~2025, 5253 weeks ended September 24 29, ~~2023~~ 2024 and 52 weeks ended September 25 24, ~~2022~~2023

Consolidated Statements of Cash Flows - 5352 weeks ended September 29 28, ~~2024~~2025, 5253 weeks ended September 24 29, ~~2023~~ 2024 and 52 weeks ended September 25 24, ~~2022~~2023

Notes to Consolidated Financial Statements

~~Reports~~Report of Independent Registered Public Accounting Firm*

*BDO USA, P.C. Chicago, IL; PCAOB Firm ID#243

FINANCIAL STATEMENT SCHEDULES

All schedules have been omitted as they are not required, not applicable, not deemed material or because the information is included in the Notes to Consolidated Financial Statements, included herein.

EXHIBITS

See Exhibit Index, included herein.

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CONSOLIDATED FINANCIAL STATEMENTS			PAGE
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income			3143
Consolidated Balance Sheets			3244
Consolidated Statements of (Deficit) Equity			3446
Consolidated Statements of Cash Flows			3547
Notes to Consolidated Financial Statements			3648
Report of Independent Registered Public Accounting Firm			6880

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CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME

(Thousands of Dollars, Except Per Common Share Data)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Operating revenue:

Advertising and marketing services

~~275~~252,~~701~~991

~~318~~275,~~977~~701

~~366~~318,~~428~~977

Subscription

~~281~~258,~~915~~414

~~313~~281,~~291~~915

~~353~~313,~~624~~291

Other

5350,~~764~~936

5853,~~870~~764

6058,~~917~~870

Total operating revenue

~~611~~562,~~380~~341

~~691~~611,~~138~~380

~~780~~691,~~969~~138

Operating expenses:

Compensation

~~234~~216,~~581~~017

~~266~~234,~~907~~581

~~317~~266,~~789~~907

Newsprint and ink

1612,~~813~~961

2516,~~346~~813

3025,~~101~~346

Other operating expenses

~~301~~294,~~950~~642

~~323~~301,~~067~~950

~~344~~323,~~905~~067

Depreciation and amortization

2718,~~616~~843

3027,~~621~~616

3630,~~544~~621

Assets loss on sales, impairments and other, net

112,~~193~~956

111,~~882~~193

91,~~716~~882

Restructuring costs and other

1925,~~253~~850

1219,~~673~~253

2212,~~720~~673

Total operating expenses

~~611~~571,~~406~~269

~~660~~611,~~496~~406

~~761~~660,~~775~~496

Equity in earnings of associated companies

4,~~572~~278

64,~~527~~572

56,~~657~~527

Operating income

4,546

37,169

24,851

Operating (loss) income

(4,650)

4,546

37,169

Non-operating (expense) income:

Interest expense

(4140,~~232~~505)

(41,~~471~~232)

(41,~~770~~471)

Pension withdrawal cost

—

~~(1,200)~~—

(21,~~335~~200)

Pension and OPEB related benefit and other, net

12,~~910~~506

21,~~420~~910

192,~~022~~420

Curtailment/Settlement gains

3,593

—

1,027

Curtailment/Settlement gain

—

3,593

—

Total non-operating expense, net

(3537,~~729~~999)

(4035,~~251~~729)

(2440,~~056~~251)

(Loss) income before income taxes

(31,183)

(3,082)

795

Loss before income taxes

(42,649)

(31,183)

(3,082)

Income tax (benefit) expense

(7,610)

(349)

698

Income tax benefit

(6,903)

(7,610)

(349)

Net (loss) income

(23,573)

(2,733)

Net loss

(35,746)

(23,573)

(2,733)

Net income attributable to non-controlling interests

(21,~~272~~847)

(2,~~534~~272)

(2,~~114~~534)

Loss attributable to Lee Enterprises, Incorporated

(2537,~~845~~593)

(525,~~267~~845)

(25,~~017~~267)

Other comprehensive (loss) income, net of income taxes

(6,923)

10,190

(25,534)

Other comprehensive income (loss), net of income taxes

2,833

(6,923)

10,190

Comprehensive (loss) income attributable to Lee Enterprises, Incorporated

(3234,~~768~~760)

4(32,~~923~~768)

~~(27~~4,~~551)~~923

Loss per common share:

Basic:

(46.3520)

(04.9035)

(0.3590)

Diluted:

(46.3520)

(04.9035)

(0.3590)

The accompanying Notes are an integral part of the Consolidated Financial Statements.

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CONSOLIDATED BALANCE SHEETS

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
ASSETS
Current assets:
Cash and cash equivalents	9,~~598~~989	149,~~548~~598
Accounts receivable, less allowance for credit losses: 2024 $6,514; 2023 $5,260	60,648	69,104
Accounts receivable, less allowance for credit losses: 2025 $4,827; 2024 $6,514	54,613	60,648
Inventories	54,~~643~~696	75,~~504~~643
Prepaids and other	2120,~~884~~145	1521,~~373~~884
Total current assets	9789,~~773~~443	~~106~~97,~~529~~773
Investments:
Associated companies	27,~~941~~070	27,~~819~~941
Other	6,~~042~~118	56,~~572~~042
Total investments	33,~~983~~188	33,~~391~~983
Property and equipment:
Land and improvements	65,~~420~~782	126,~~366~~420
Buildings and improvements	7064,~~152~~880	8370,~~140~~152
Equipment	~~196~~191,~~312~~594	~~213~~196,~~714~~312
Construction in process	5,~~625~~530	25,~~453~~625
	278,509	311,673
	267,786	278,509
Less accumulated depreciation	~~234~~232,~~137~~225	~~250~~234,~~439~~137
Property and equipment, net	4435,~~372~~561	6144,~~234~~372
Operating lease right-of-use assets	3425,~~882~~155	4034,~~822~~882
Goodwill	~~328~~323,~~040~~858	~~329~~328,~~504~~040
Other intangible assets, net	7051,~~075~~926	9470,~~988~~075
Pension plan assets, net	410,~~663~~828	104,~~843~~663
Medical plan assets, net	2322,~~300~~407	2123,~~565~~300
Other	129,~~083~~363	12,~~741~~083
Total assets	~~649~~601,~~171~~729	~~711~~649,~~617~~171

The accompanying Notes are an integral part of the Consolidated Financial Statements.

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(Thousands of Dollars and Shares, Except Per Share Data)	September ~~292024~~282025	September ~~242023~~292024
LIABILITIES AND EQUITY
Current liabilities:
Current portion of lease liabilities	87,~~139~~301	78,~~755~~139
Accounts payable	3641,~~290~~715	36,290
Compensation and other accrued liabilities	3937,~~170~~862	2939,~~448~~170
Unearned revenue	3126,~~755~~478	4031,~~843~~755
Total current liabilities	~~115~~113,~~354~~356	~~114~~115,~~336~~354
Long-term debt, net of current maturities	~~445~~455,~~943~~469	~~455~~445,~~741~~943
Operating lease liabilities	2918,~~769~~810	3629,~~580~~769
Pension obligations	~~561~~508	~~586~~561
Postretirement and postemployment benefit obligations	75,~~520~~103	87,~~618~~520
Deferred income taxes	2822,~~403~~477	4128,~~351~~403
Income taxes payable	3,~~456~~161	53,~~809~~456
Withdrawal liabilities and other	2523,~~499~~804	2425,~~890~~499
Total liabilities	~~656~~642,~~505~~688	~~687~~656,~~911~~505
Commitments and Contingent Liabilities (Note 17)
Commitments and Contingent Liabilities (Note 19)
Equity:
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	—	—
Common Stock, authorized 12,000 shares; issued and outstanding:	6263	6162
September 28, 2025; 6,263 shares; $0.01 par value
September 29, 2024; 6,190 shares; $0.01 par value
September 24, 2023; 6,064 shares; $0.01 par value
Class B Common Stock, $2 par value; authorized 3,000 shares; none issued	—	—
Additional paid-in capital	~~262~~263,~~470~~812	~~260~~262,~~832~~470
Accumulated deficit	(~~292~~329,~~341~~934)	(~~266~~292,~~496~~341)
Accumulated other comprehensive income	1922,~~920~~753	2619,~~843~~920
Total Lee Enterprises, Inc.stockholders' (deficit) equity	(9,889)	21,240
Total Lee Enterprises, Inc.stockholders' deficit	(43,306)	(9,889)
Non-controlling interests	2,~~555~~347	2,~~466~~555
Total (deficit) equity	(7,334)	23,706
Total deficit	(40,959)	(7,334)
Total liabilities and (deficit) equity	649,171	711,617
Total liabilities and deficit	601,729	649,171

The accompanying Notes are an integral part of the Consolidated Financial Statements.

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CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY

Amount

(Thousands of Dollars and Shares)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025

~~2023~~2024

~~2022~~2023

Common Stock:

Balance, beginning of year

6162

6061

5960

6,~~064~~190

56,~~979~~064

5,~~889~~979

Shares issued

~~126~~

85126

9085

Balance, end of year

6263

6162

6061

6,190

6,~~064~~190

56,~~979~~064

Additional paid-in capital:

Balance, beginning of year

~~260~~262,~~832~~470

~~259~~260,~~521~~832

~~258~~259,~~063~~521

Stock compensation

1,~~751~~757

1,~~806~~751

1,~~487~~806

Shares redeemed

(~~113~~415)

(~~495~~113)

(29495)

Balance, end of year

~~262~~263,~~470~~812

~~260~~262,~~832~~470

~~259~~260,~~521~~832

Accumulated deficit:

Balance, beginning of year

(~~266~~292,~~496~~341)

(~~261~~266,~~229~~496)

(~~259~~261,~~212~~229)

Net (loss) income attributable to Lee Enterprises, Inc.

(25,845)

(5,267)

(2,017)

Net loss attributable to Lee Enterprises, Inc.

(37,593)

(25,845)

(5,267)

Balance, end of year

(~~292~~329,~~341~~934)

(~~266~~292,~~496~~341)

(~~261~~266,~~229~~496)

Accumulated other comprehensive income (loss):

Accumulated other comprehensive income:

Balance, beginning of year

2619,~~843~~920

1626,~~653~~843

4216,~~187~~653

Change in pension and postretirement benefits

(93,~~337)~~944

13(9,~~364~~337)

~~(32~~13,~~202)~~364

Deferred income taxes, net

2(1,~~414~~111)

(32,~~174)~~414

6(3,~~668~~174)

Balance, end of year

1922,~~920~~753

2619,~~843~~920

1626,~~653~~843

Non-controlling interests:

Balance, beginning of year

2,~~466~~555

2,~~232~~466

2,~~133~~232

Net income

21,~~272~~847

2,~~534~~272

2,~~114~~534

Distributions to minority owners

(2,~~183~~055)

(2,~~300~~183)

(2,~~015~~300)

Balance, end of year

2,~~555~~347

2,~~466~~555

2,~~232~~466

Total (deficit) equity

(740,~~334~~959)

23(7,~~706~~334)

1723,~~237~~706

6,190

6,~~064~~190

56,~~979~~064

The accompanying Notes are an integral part of the Consolidated Financial Statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of Dollars)	~~2024~~2025	~~2023~~2024	~~2022~~2023
Cash provided by (required for) operating activities:
Net (loss) income	(23,573)	(2,733)	97
Net loss	(35,746)	(23,573)	(2,733)
Adjustments to reconcile net (loss) income to net cash provided by (required for) operating activities:
Adjustments to reconcile net loss to net cash provided by (required for) operating activities:
Depreciation and amortization	2718,~~616~~843	3027,~~621~~616	3630,~~544~~621
Bad debt expense	1315,~~633~~262	613,~~942~~633	56,~~190~~942
Curtailment/Settlement gain	~~(3,593)~~—	—(3,593)	~~(1,027)~~—
Pension withdrawal cost	—	~~1,200~~—	21,~~335~~200
Stock compensation expense	1,~~751~~757	1,~~806~~751	1,~~337~~806
Asset loss on sales, impairments and other, net	11,193	1,882	9,716
Impairment of non-amortized intangible assets	6,971	7,758	7,671
Earnings, net of distributions, deemed returns on investment of TNI and MNI	(122)	(657)	(576)
Asset (gain) loss on sales and other, net	(4,015)	3,435	(5,789)
Gain on sale of investment	—	(1,736)	—
Earnings, net of distributions, deemed returns on investment of TNI and MNI	885	(122)	(657)
Deferred income taxes	(10,535)	(4,542)	(4,377)
Gain on sale of investment	—	—	(1,736)
Pension contributions	—	—	(112)
Deferred income taxes	(6,914)	(10,535)	(4,542)
Other, net	(1,287)	(2,290)	(2,015)
Non-cash interest	10,118	—	—
Other, net	(2,055)	(1,287)	(2,290)
Changes in operating assets and liabilities:
Increase in receivables	(59,~~494~~227)	(65,~~739~~494)	(76,~~804~~739)
Decrease (increase) in inventories and other	901	977	(3,088)
Decrease in inventories and other	538	901	977
Decrease in accounts payable, unearned revenue, other accrued liabilities and operating lease obligations	(5,026)	(26,155)	(14,645)
Increase (decrease) in accounts payable, unearned revenue, other accrued liabilities and operating lease obligations	4,211	(5,026)	(26,155)
Decrease in pension, postretirement and postemployment benefit obligations	(23,~~422~~798)	(832,422)	(~~21,449~~83)
Change in income taxes payable	(~~2,352~~296)	~~345~~(2,352)	~~(236)~~345
Other	~~427~~(2,075)	~~(2,019)~~427	(2,~~963~~019)
Net cash provided by (required for) operating activities	1,117	(3,181)	2,853
Net cash (required for) provided by operating activities	(5,541)	1,117	(3,181)
Cash provided by investing activities:
Purchases of property and equipment	(91,~~208~~543)	(59,~~107~~208)	(75,~~536~~107)
Proceeds from sales of assets	139,~~456~~253	1113,~~952~~456	1411,~~835~~952
Other, net	~~(517)~~—	~~1,791~~(517)	~~(386)~~1,791
Net cash provided by investing activities	37,~~731~~710	83,~~636~~731	68,~~913~~636
Cash required for financing activities:
Principal payments on long-term borrowings	(91,~~798~~778)	(69,~~813~~798)	(206,~~062~~813)
Sale (purchases) of common stock transactions	—	(279)	369
Purchases of common stock	—	—	(279)
Net cash required for financing activities	(91,~~798~~778)	(79,~~092~~798)	(197,~~693~~092)
Net decrease in cash and cash equivalents	(4,950)	(1,637)	(9,927)
Net increase (decrease) in cash and cash equivalents	391	(4,950)	(1,637)
Cash and cash equivalents:
Beginning of year	149,~~548~~598	1614,~~185~~548	2616,~~112~~185
End of year	9,~~598~~989	149,~~548~~598	1614,~~185~~548

The accompanying Notes are an integral part of the Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

References to "we", "our", "us" and the like throughout the Consolidated Financial Statements refer to Lee Enterprises, Incorporated and subsidiaries (the "Company"). Lee Enterprises, Incorporated is a leading provider of high quality, trusted, local news and information, and a major platform for advertising in the markets we serve. We operate 7372 principally mid-sized media operations (including TNI Partners ("TNI") and Madison Newspapers, Inc. ("MNI")) across 2625 states.

1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The ~~Consolidated~~consolidated ~~Financial~~financial ~~Statements~~statements ~~include~~have ~~our~~been ~~accounts~~prepared ~~and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest~~ in ~~TNI,~~accordance ~~50%~~with ~~interest in MNI and 82~~U.~~5% interest in BLOX Digital~~S. ~~TNI~~generally ~~and~~accepted ~~MNI~~accounting ~~are~~principles ~~accounted for under the equity method~~(“U.S. ~~Results of BLOX Digital are consolidated~~GAAP”). ~~In 2024~~“Lee,” ~~certain prior period amounts within~~ the ~~consolidated~~“Company,” ~~financial~~“we,” ~~statements~~“us,” ~~have~~and ~~been~~“our” ~~adjusted~~refer to ~~conform~~Lee ~~with current period presentation. These matters did not change operating revenues~~Enterprises, ~~net~~Incorporated ~~income (loss), accumulated deficit,~~ and ~~earnings~~its ~~(losses)~~consolidated ~~per share in all periods presented~~subsidiaries.

We consolidate all entities that we control. All intercompany balances and transactions are eliminated in consolidation. Subsidiaries that are less than wholly owned are consolidated and the portion of equity and earnings (losses) attributable to noncontrolling interests is presented separately within equity and net income (loss).

We hold a 50% interest in TNI and a 50% interest in MNI; both are accounted for under the equity method and our share of their earnings is reported in “Equity in earnings of associated companies.” We hold an 82.5% interest in BLOX Digital, which is consolidated; the noncontrolling interest in BLOX Digital is presented in equity.

Certain prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no effect on total operating revenue, net income (loss), accumulated deficit, or earnings (loss) per share for any period presented.

Unless otherwise indicated, amounts are presented in thousands of U.S. dollars and per-share data are shown on a diluted basis.

Fiscal Year

~~All~~Our ~~of our enterprises use period accounting with the~~ fiscal year ~~ending~~ends on the last Sunday in September. References to ~~"2024"~~“2025,” ~~"2023"~~“2024,” ~~"2022"~~ and ~~the~~“2023” ~~like~~ refer to the fiscal years then ended. ~~the~~Fiscal ~~last~~2025 ~~Sunday~~and in2023 ~~September. Fiscal~~each ~~years~~included 52 weeks of operations; fiscal 2024 ~~include~~included 53 weeks. The additional week occurred in the first fiscal quarter of ~~operations~~2024, ~~2023,~~which ~~and~~may ~~2022~~affect ~~include~~year-over-year 52comparability ~~weeks~~ of ~~operations~~results.

Accounting Estimates

The preparation of financial statements in conformity with ~~accounting~~U.S. ~~principles generally accepted in the United States of America ("~~GAAP") requires usmanagement to make estimates and ~~judgments~~assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and ~~related~~the disclosure of ~~contingent~~contingencies. ~~assets~~Significant ~~and~~estimates ~~liabilities.~~include, Weamong ~~evaluate~~others, ~~our~~the ~~estimates,~~allowance ~~which~~for ~~include~~credit ~~estimates~~losses, ~~used~~impairment inand ~~the~~fair ~~valuation~~value of goodwill and ~~intangible~~indefinite-lived ~~assets~~intangibles, ~~periodically.~~useful Welives ~~evaluate~~and ~~our~~recoverability ~~estimates~~of ~~used~~long-lived inassets ~~connection~~and ~~with~~internal-use ~~our business combinations~~software, ~~the discount rate assumptions applied to our~~ pension and other postretirement ~~plan~~benefit obligations (e.g., ~~the~~discount rates, expected long-term rate of return, ~~on plan assets~~mortality), ~~and the provision for~~ income taxes on(valuation anallowances ~~on-going~~and ~~basis.~~uncertain Wetax ~~base~~positions), self-insurance ~~our estimates on historical experience~~ and onlitigation ~~various other assumptions that are believed to be reasonable under the circumstances~~reserves, ~~the~~and ~~results~~lease-related ~~of which form the basis for making~~ judgments ~~about~~(including the ~~carrying~~incremental ~~values~~borrowing ~~of assets and liabilities that are not readily apparent from other sources~~rate). ~~Actual results may differ from these estimates under different assumptions or conditions.~~

Estimates are based on historical experience and other factors believed to be reasonable under the circumstances and are reviewed on an ongoing basis; revisions are recognized in the period in which they are identified and in future periods, as applicable. Actual results could differ from these estimates.

See Note 4 Goodwill and Other Intangible Assets, Note 8 Pension Plans, Note 9 Postretirement and Postemployment Benefits, Note 13 Income Taxes, Note 2 Revenue, and Note 7 Leases for additional information on these estimates.

Principles of Consolidation

All significant intercompany transactions and balances have been eliminated.

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Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets.

Cash and Cash Equivalents

We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents.

Accounts Receivable

We evaluate our allowance for credit losses based on historical credit experience, payment trends and other economic factors. Accounts considered to be uncollectible are written off.

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Inventories

Newsprint inventories and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024 are less than replacement cost by $0.85 million and $10.18 million, respectively.

The components of inventory by cost method are as follows:

(Thousands of Dollars)	September 2928, ~~2024~~2025	September 2429, ~~2023~~2024
Newsprint - FIFO method	7150	~~200~~71
Newsprint - LIFO method	~~465~~341	~~612~~465
Other inventory - FIFO method	21,~~026~~774	2,~~173~~026
Specific identification	32,~~081~~531	43,~~519~~081
	5,643	7,504
	4,696	5,643

Investments

Investments in unconsolidated affiliates over which ~~Lee~~we ~~exercises~~exercise significant influence, but does not control, are accounted for by the equity method. Under this method, an investment account for each unconsolidated affiliate is increased by contributions made and by ~~Lee's~~our share of net income of the unconsolidated affiliate, and decreased by the share of net losses of and distributions from the unconsolidated affiliate.

~~The~~We ~~Company~~have ~~has~~ elected to account for distributions under the cumulative earnings approach.

Property and Equipment

Property and equipment are carried at cost. Equipment and all other assets are depreciated using the straight line method. The estimated useful lives are as follows:


			Years

Buildings and improvements			5 - 40
Printing presses and insertion equipment			5 - 25
Leasehold improvements			3 - 10
Other			3 - 15

Depreciation expense for ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023 was $107.47 million, $1110.64 million, and $1411.46 million, respectively.

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Goodwill and Other Intangible Assets

Goodwill and other intangible assets are summarized in Note 4. Intangible assets include customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method except for intangible assets acquired with the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. in 2020, which are being amortized in an accelerated manner consistent with the expected economic benefit.

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the straight-line method except for intangible assets acquired with the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. in 2020, which are being amortized in an accelerated manner consistent with the expected economic benefit.


			Years

Customer lists			10 - 20
Newspaper subscriber lists			10 - 20

We review goodwill and non-amortizing intangible assets, which include only newspaper mastheads, for impairment annually as of the first day of the fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 350, Intangibles - Goodwill and Other. Under ASC Topic 350, the impairment test for goodwill and non-amortizing intangible assets must be based on estimated fair values. Impairment would occur when the carrying amount of the reporting unit is greater than its fair value.

Leases

~~The~~We ~~Company~~determine ~~determines~~ if an arrangement is a lease at inception. Operating leases are included in operating lease right of use ("ROU") assets, current portion of long-term lease liabilities and operating lease liabilities on the Consolidated Balance Sheets. Finance leases would be included in property, plant and equipment, current portion of long-term debt and long-term debt on the Consolidated Balance Sheets. Amortization of operating lease ROU assets is included in other operating expenses. Amortization of finance leases would be included in depreciation expense.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The ROU asset is adjusted to include lease payments made to date and initial direct costs incurred and to deduct for lease incentives received and impairment recognized. As most of ~~the~~our ~~Company's~~ leases do not provide an implicit rate, We determined the incremental borrowing rate based on a senior secured collateral adjusted yield curve ~~for the Company~~. This yield curve reflects the estimated rate that would have been paid by ~~the~~us ~~Company~~ to borrow on a collateralized basis over a similar term in a similar economic environment. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Certain lease agreements have lease and non-lease components, which are accounted for together. See Note 67 for additional information related to leases.

Revenue Recognition

Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. See Note 2.

Restructuring Costs and Other

Restructuring costs and other primarily relate to severance expenses associated with involuntary terminations, litigation, business transformation efforts, and other expenses. These costs are expensed as incurred.

Pension, Postretirement and Postemployment Benefit Plans

We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors.

38We apply a practical expedient under ASC Topic 715, Compensation – Retirement Benefits, which allows us to measure plan assets and benefit obligations using the month-end that is closest to our fiscal year-end. Accordingly, we measure our plan assets and benefit obligations as of September 30, or upon a remeasurement

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~~applicable,~~event. ~~employee~~We ~~turnover~~use ~~rates,~~the ~~anticipated~~alternative ~~mortality~~spot ~~rates,~~rate ~~expected~~approach ~~investment~~which ~~returns~~utilizes ona ~~plan~~full ~~assets,~~yield ~~asset~~curve ~~allocation~~to ~~assumptions~~estimate the interest cost component of ~~plan~~benefit ~~assets~~cost ~~and~~by ~~other~~applying ~~factors~~the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

~~We apply a practical expedient under ASC Topic 715, Compensation – Retirement Benefits, which allows us to measure plan assets and benefit obligations using the month~~Multi-~~end~~employer ~~that~~Pension is closest to our fiscal year-end. Accordingly, we measure our plan assets and benefit obligations as of September 30, or upon a remeasurement event. We use the alternative spot rate approach which utilizes a full yield curve to estimate the interest cost component of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.Plans

~~Multiemployer~~We ~~Pension~~contribute ~~Plans~~to a number of multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of our union represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer withdraws from or otherwise ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Alternatively, if we choose to stop participating in one of its multi-employer plans, it may incur a withdrawal liability based on its actuarially determined share of the unfunded status of the plan.

~~The~~Contributions ~~Company~~made ~~contributes~~ to amulti-employer ~~number of multiemployer defined benefit pension~~ plans ~~under~~are ~~the~~based ~~terms~~on of collective-bargaining agreements ~~that~~and ~~cover~~are ~~certain~~accounted offor ~~the~~under ~~Company's~~guidance ~~union~~related ~~represented~~to ~~employees. The risks of participating in these multiemployer plans are different from single~~multi-employer plans, inwhich ~~that~~essentially ~~assets~~provides ~~contributed~~that ~~are~~contributions ~~pooled and may be used~~ to ~~provide~~such ~~benefits~~plans toare ~~employees~~expensed ofwhen ~~other participating employers~~due. If aAny ~~participating~~withdrawal ~~employer~~liability ~~withdraws~~would ~~from~~be orrecognized ~~otherwise~~at ~~ceases to contribute to~~ the ~~plan,~~point ~~the~~withdrawal ~~unfunded~~from ~~obligations of~~ the plan ~~may~~becomes ~~be borne by the remaining participating employers~~probable. See ~~Alternatively,~~Note if10 ~~the~~for ~~Company~~additional ~~chooses to stop participating in one of its multiemployer plans, it may incur a withdrawal liability based on its actuarially determined share of the unfunded status of the plan~~information.

Contributions made to multiemployer plans are based on collective-bargaining agreements and are accounted for under guidance related to multiemployer plans, which essentially provides that contributions to such plans are expensed when due. Any withdrawal liability would be recognized at the point withdrawal from the plan becomes probable. See Note 9 for additional information.

Income Taxes

Deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences which are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Fair Value Measurements

We utilize ASC Topic 820 - Fair Value Measurements and Disclosures, to measure and report fair value. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels:

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Investments measured at net asset value, as a practical expedient for fair value, are excluded from the fair value hierarchy.

Valuation methodologies measured at fair value are as follows:

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Financial instruments consist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1.

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Fixed income securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Certain fixed income securities are part of a collective investment fund for which there is no readily determinable fair value. This fund is valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are excluded from the fair value hierarchy.

Equity securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Certain equity securities are part of a collective investment fund for which there is no readily determinable fair value. This fund is valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are excluded from the fair value hierarchy.

Debt securities consist of government securities, corporate bonds, and mutual funds. Government securities and corporate bonds are valued based upon quoted market prices in an inactive market. Such investments are classified as Level 2. Mutual funds are valued based upon quoted market prices in an active market. Such investments are classified as Level 1.

Hedge funds consist of a long/short equity funds and a diversified fund of funds for which there is no readily determinable fair value. These funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are excluded from the fair value hierarchy.

Segments

We determined our operating segments under ASC 280 “Segment Reporting”. Our ~~business~~operations ~~consists~~are oforganized into approximately 50 ~~strategic~~Strategic ~~business~~Business ~~units~~Units (~~"SBU's"~~“SBUs”) based on market. The SBUs generally include print and digital subscription products and the associated advertising and marketing services. Each ofSBU ~~our~~has ~~SBUs have~~ comparable types of costs (e.g., compensation, newsprint/ink, and other operating costs) to generate similar sources of advertising and marketing services revenue and subscription revenue,. ~~they~~Products ~~produce~~are ~~products~~produced inusing similar ~~manner~~processes; ~~they~~SBUs ~~have~~serve ~~same~~similar ~~class~~types of customers and ~~they~~ use ~~the~~similar ~~same~~ distribution processes. InSBUs ~~other~~are ~~words~~internal, ~~each~~location-based ~~SBU~~operating ~~engages~~components inused ~~the~~for ~~same~~management ~~business~~purposes ~~activities~~and do not represent separate operating or reportable segments.

~~Separate~~Operating ~~operating~~decisions ~~results~~are ofmade ~~each~~by ~~SBU~~the ~~are~~Chief ~~not~~Executive ~~reviewed~~Officer by("CEO"), who is the ~~chief~~Chief ~~operating~~Operating ~~decision~~Decision ~~maker~~Maker ("CODM"). The CODM reviews the Consolidated Statements of (Loss) Income and Consolidated Balance Sheets on a monthly basis, and ~~reviews~~ the Consolidated ~~Statements~~Statement of Cash Flows ~~("SOCF")~~ on a quarterly basis. ~~The balance sheets and SOCF are only prepared on a consolidated level.~~ ~~Selective~~While selective revenue and expense details by SBU are reviewed by the CODM, ~~however,~~these ~~the~~reviews focus ~~of those reviews is~~ on ~~details~~revenue ofcomposition (advertising and marketing services ~~revenue~~and bysubscription) ~~SBU~~ and ~~subscription~~do ~~revenue~~not byinclude full SBU operating results or profitability measures. ~~Complete~~Accordingly, complete operating results or other profitability measures by SBU are not reviewed by the CODM. Further, business decisions by the CODM, including the allocation of resources, are determined based on ~~reviewing~~ consolidated information. Accordingly, we operate as one operating segment, which is also our one reportable segment. Goodwill is assessed for impairment at the same level, consistent with this determination.

Stock Compensation

We have several stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of ASC Topic 718 - Compensation-Stock Compensation. We determine the fair value of stock options using the Black-Scholes option pricing formula. We determine the fair value of the performance based restricted stock units with a market condition using the Black-Scholes framework for an asset-or-nothing call option. Key inputs to ~~this~~these ~~formula~~formulas include expected term, expected volatility and the risk-free interest rate.

The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S.

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awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures.

We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-line method over the requisite service period or restriction period, which is generally one to four years.

Uninsured Risks

We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not-reported claims. Other risks are insured and carry deductible losses of varying amounts. We have posted cash collateral totaling $6.7 million ~~and $7.0 million~~ at both September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024, respectively in support of our insurance programs recorded under Other on the Consolidated Balance Sheets.

Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry.

~~New~~Recent ~~Accounting~~accounting ~~Pronouncements~~pronouncements ~~not yet Adopted~~adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 - Segment Reporting to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This pronouncement is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. ~~Early~~Our adoption isof ~~permitted.~~this ~~The~~guidance ~~Company~~did isnot ~~evaluating~~have ~~the~~an impact ~~this~~on ~~will~~the ~~have~~Consolidated onfinancial ~~our~~statements ~~Consolidated~~except ~~Financial~~the ~~Statements~~disclosure in Note 5.

InNew ~~November~~accounting ~~2023,~~pronouncements ~~the~~not ~~FASB~~yet issued guidance, ASU 2023-09, which enhances annual income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the provisions of the updated guidance and assessing the impact on the Consolidated financial statements.adopted

In November ~~2024~~2023, the FASB issued guidance, ASU ~~2024~~2023-0309, ~~which~~Income ~~requires~~Taxes ~~disaggregated~~(Topic ~~disclosure~~740): ofImprovements to Income Tax Disclosures which enhances annual income ~~statement~~tax ~~expenses~~disclosures. ASU ~~This~~2023-09 requires ~~standard~~disaggregated isinformation about a reporting entity's effective ~~for~~tax ~~fiscal~~rate ~~years~~reconciliation ~~beginning~~as ~~after~~well ~~December~~as ~~15,~~information ~~2026~~on ~~and~~income ~~interim~~taxes ~~periods~~paid. ASU ~~within~~2023-09 will ~~fiscal~~be ~~years~~effective for annual periods beginning after December 15, ~~2027~~2024. ~~Early~~We ~~adoption~~are iscurrently ~~permitted.~~evaluating ~~The~~the ~~Company~~provisions isof ~~evaluating~~ the ~~impact~~updated ~~this~~guidance ~~will~~and ~~have~~assessing the impact on ~~our~~the Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the statement of operations as well as disclosures about specific types of expenses included in the expense captions presented in the statement of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. We expect to enhance annual expense disclosures based on the new requirements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) - Amendments to SEC Paragraphs Pursuant to Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period. We are currently evaluating the provisions of the updated guidance and assessing the impact on the Consolidated Financial Statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides new optional guidance relating to the estimation of expected credit losses on current accounts receivable and current contract assets. This

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ASU permits entities to apply a practical expedient when estimating credit losses and is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently evaluating the provisions of the updated guidance and assessing the impact on the Consolidated Financial Statements.

2. REVENUE

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration ~~the~~we ~~Company~~expect ~~expects~~ to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when an advertisement is published, or over time, such as audience subscription revenue. No single customer represented 10% or more of ~~the~~our ~~Company's~~ net revenue in any fiscal period presented.

Advertising and marketing services revenue

Print advertising revenue includes amounts charged to customers for retail, national, or classified advertising space purchased in our newspapers, advertising marketing services and other print advertising products such as preprint inserts and direct mail.

Digital advertising revenue includes amounts for advertisements placed on our digital platforms, amounts charged to customers for digital marketing services which include: audience extension, search engine optimization, search engine marketing, web and mobile production, social media services and reputation monitoring and management.

Payments for print and digital advertising revenue are due upon completion of our performance obligations at previously agreed upon rates. In instances where the timing of revenue recognition differs from the timing of invoicing, such timing differences are not large. As a result, we have determined that our contracts do not include a significant financing component. Depending on the product revenue is recognized over time or at the point in time in which performance obligations are met.

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include a significant financing component. Depending on the product revenue is recognized over time or at the point in time in which performance obligations are met.

Subscription revenue

Print subscription revenue results from the sale of print editions of newspapers to individual subscribers and to sales outlets that resell the newspapers. Print subscriptions include full access to all forms of content provided. Single copy revenue is also included in subscription revenue. Subscription revenue from single- copy and home delivery subscriptions are recognized at the point in time the publications are delivered.

Digital subscription revenue results from the sale of digital-only access to ~~the~~our ~~Company's~~ content delivered via digital products purchased. Digital subscription revenue is recognized over time as performance obligations are met throughout the subscription period.

Payments for print and digital subscription revenue are typically collected in advance, ~~are~~or for contract periods of one year or less and result in an unearned revenue liability that is reduced when revenue is recognized.

Other revenue

Other revenue primarily consists of digital services, commercial printing and delivery of third party products. Digital services revenues, which are primarily delivered through BLOX Digital, are primarily comprised of contractual agreements to provide web hosting and content management services. As such, digital services revenue is recognized over the contract period. Prices for digital services are agreed upon in advance of the contract beginning and are typically billed in arrears on a monthly basis~~, with the exception of implementation fees which are recognized as deferred revenue and amortized over the contract period~~. Commercial printing and delivery revenue is recognized when the product is delivered to the customer.

~~The following table presents our revenue disaggregated by source:~~54

(Thousands of Dollars)	2024	2023	2022
Operating revenue:
Print advertising revenue	81,488	125,804	184,963
Digital advertising and marketing services revenue	194,213	193,173	181,465
Advertising and marketing services revenue	275,701	318,977	366,428
Print subscription revenue	197,584	252,591	313,504
Digital-only subscription revenue	84,331	60,700	40,120
Subscription Revenue	281,915	313,291	353,624
Print other revenue	33,257	39,508	42,962
Digital other revenue	20,507	19,362	17,955
Other revenue	53,764	58,870	60,917
Total operating revenue	611,380	691,138	780,969

Contract Liabilities: The Company’s primary source of unearned revenue is from subscriptions paid in advance of the service provided. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next twelve months in accordance with the terms of the subscriptions and other contracts with customers. The unearned revenue balances described herein are the Company's only contract liability. Unearned revenue was $31.8 million as of September 29, 2024, $40.8 million as of September 24, 2023, and $49.9 million as of September 25, 2022. Revenue recognized in 2024, 2023 and 2022, that was included in the contract liability as of September 24, 2023, September 25, 2022 and September 26, 2021 was $38.5 million, $47.2 million, and $54.7 million, respectively.

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~~Accounts~~The ~~receivable,~~following ~~excluding~~table ~~allowance~~presents ~~for~~our ~~credit~~revenue ~~losses~~disaggregated ~~and~~by ~~contract assets, was $67.2 million, $74.4 million, $74.8 million as of September 29, 2024, September 24, 2023, and September 25, 2022 respectively. See Note 15 for Allowance for credit losses.~~source:


(Thousands of Dollars)	2025	2024	2023

Operating revenue:
Print advertising revenue	69,168	81,488	125,804
Digital advertising and marketing services revenue	183,823	194,213	193,173
Advertising and marketing services revenue	252,991	275,701	318,977
Print subscription revenue	164,172	197,584	252,591
Digital-only subscription revenue	94,242	84,331	60,700
Subscription Revenue	258,414	281,915	313,291
Print other revenue	30,861	33,257	39,508
Digital other revenue	20,075	20,507	19,362
Other revenue	50,936	53,764	58,870
Total operating revenue	562,341	611,380	691,138

Contract Liabilities: Our primary source of unearned revenue is from subscriptions paid in advance of the service provided. We expect to recognize the revenue related to unsatisfied performance obligations over the next twelve months in accordance with the terms of the subscriptions and other contracts with customers. The unearned revenue balances described herein are our only contract liability. Unearned revenue was $26.5 million as of September 28, 2025, $31.8 million as of September 29, 2024, and $40.8 million as of September 24, 2023. Revenue recognized in 2025, 2024 and 2023, that was included in the contract liability as of September 29, 2024, September 24, 2023 and, September 25, 2022 was $29.4 million, $38.5 million, and $47.2 million, respectively.

Accounts receivable, excluding allowance for credit losses and contract assets, was $59.4 million, $67.2 million, $74.8 million as of September 28, 2025, September 29, 2024, and September 24, 2023 respectively. See Note 16 for Allowance for credit losses.

Practical expedients: Sales commissions are expensed as incurred as the associated contractual periods are one year or less. These costs are recorded within compensation. The vast majority of our contracts have original expected lengths of one year or less and revenue is earned at a rate and amount that corresponds directly with the value to the customer.

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3. INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”) and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising and subscription activities of the Arizona Daily Star, as well as the related digital platforms and specialty publications. TNI collects all receipts and records income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media. Income or loss of TNI is allocated equally to Star Publishing and Citizen.

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Summarized financial information of TNI is as follows:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
ASSETS
Current assets	~~1,648~~712	1,~~901~~648
Investments and other assets	~~1,020~~770	1,~~240~~020
Total assets	21,~~668~~482	32,~~141~~668
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	32,~~512~~761	3,~~837~~512
Members' equity (deficit)	(~~844~~1,279)	(~~696~~844)
Total liabilities and members' equity (deficit)	21,~~668~~482	32,~~141~~668

Summarized results of TNI are as follows:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Operating revenue

2722,~~360~~727

3127,~~076~~360

3431,~~153~~076

Operating expenses

2016,~~609~~700

2420,~~446~~609

2524,~~445~~446

Operating income

6,~~751~~027

6,~~630~~751

86,~~708~~630

Net income

65,~~655~~950

76,~~142~~655

87,~~708~~142

Equity in earnings of TNI

32,~~328~~975

3,~~571~~328

43,~~354~~571

TNI makes periodic distributions of its earnings. We received $3.25 million, $3.62 million, and $3.86 million in distributions in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

At September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024, the carrying value of ~~the~~our ~~Company's~~ 50% investment in TNI is $1514.17 million and $15.1 million, respectively. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12.4 million and other identified intangible assets of $2.3 million, certain of which have been amortized over their estimated useful lives. See Note 4.

TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $3.97 million, $43.49 million, and $54.24 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

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Summarized financial information of MNI is as follows:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
ASSETS
Current assets	87,~~192~~980	8,~~916~~192
Investments and other assets	28,~~816~~528	2928,~~267~~816
Total assets	3736,~~008~~508	3837,~~183~~008
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	5,~~296~~526	65,~~352~~296
Other liabilities	6,~~088~~043	6,~~303~~088
Stockholders' equity	2524,~~624~~939	25,~~528~~624
Total liabilities and stockholders' equity	3736,~~008~~508	3837,~~183~~008

Summarized results of MNI are as follows:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Operating revenue

4137,~~323~~585

4441,~~109~~323

4744,~~621~~109

Operating expenses, excluding restructuring costs, depreciation and amortization

3128,~~619~~741

3031,~~654~~619

3730,~~922~~654

Restructuring costs

~~221~~118

~~143~~221

~~169~~143

Depreciation and amortization

~~483~~358

~~539~~483

~~672~~539

Operating income

98,~~000~~368

129,~~773~~000

812,~~858~~773

Net income

2,~~488~~606

52,~~911~~488

25,~~605~~911

Equity in earnings of MNI

1,~~244~~303

21,~~956~~244

12,~~303~~956

MNI makes periodic distributions of its earnings. We received $1.27 million, $21.2 million, and $12.32 million in distributions in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $5.53 million, $5.45 million, and $5.64 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

At September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024, the carrying value of ~~the~~our ~~Company's~~ 50% investment in MNI is $12.85 million and $12.8 million, respectively.

4. GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:

(Thousands of Dollars)	~~2024~~2025	~~2023~~2024
Goodwill, gross amount	1,~~618~~616,~~233~~769	1,618,233
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	~~329~~328,~~504~~040	329,504
Disposal	(14,~~464~~182)	—(1,464)
Goodwill, end of year	~~328~~323,~~040~~858	~~329~~328,~~504~~040

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Identified intangible assets related to continuing operations consist of the following:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
Non-amortized intangible assets:
Mastheads	103,~~917~~946	1810,~~675~~917
Amortizable intangible assets:
Customer and newspaper subscriber lists	262,~~242~~146	~~306~~262,~~766~~242
Less accumulated amortization	(~~203~~214,~~084~~166)	(~~230~~203,~~453~~084)
	59,158	76,313
	47,980	59,158
Identified intangible assets	7051,~~075~~926	9470,~~988~~075

InAs ~~2024~~discussed in Note 1, ~~the~~we ~~Company~~review ~~disposed~~goodwill ~~$44.5 million~~and non-amortized intangible assets for impairment annually on the first day of ~~gross~~the ~~cost~~fourth ~~and~~quarter, ~~accumulated~~or ~~amortization~~more ~~related~~frequently toif ~~fully~~events ~~amortized~~or ~~customer~~changes ~~and~~in ~~newspaper~~circumstances ~~subscriber~~indicate ~~lists~~that an asset may be impaired in accordance with ASC Topic 350.

AsAll ~~discussed~~of inour ~~Note~~goodwill 1,is attributed to the ~~Company~~single ~~reviews~~reporting ~~goodwill~~unit, ~~and~~which ~~non-amortized~~has ~~intangible~~a negative carrying value as of September 28, 2025. When evaluating these assets for impairment, ~~annually~~we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired, known as Step 0. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds its carrying amount, we would calculate the estimated fair value of the reporting unit using discounted cash flows or a combination of discounted cash flow and market approaches. We performed its annual assessment on the first day of ~~the~~our fourth fiscal quarter, orand ~~more~~determined ~~frequently~~the iffair ~~events~~value orof ~~changes~~our single reporting unit was in ~~circumstances~~excess ~~indicate~~of ~~that~~carrying anvalue ~~asset~~and ~~may~~as besuch, ~~impaired~~there was no impairment in ~~accordance~~2025, ~~with~~2024 ~~ASC~~and ~~Topic~~2023. ~~350~~In 2025 and 2024 we sold certain non-core operations. Goodwill was allocated to these operations, which totaled $4.2 million and $1.3 million, respectively.

~~All~~Due ofto the ~~Company’s~~continued ~~goodwill~~declining isprint ~~attributed~~revenues, towe ~~the~~regularly ~~single~~assess ~~reporting~~mastheads ~~unit,~~for ~~which~~impairment. ~~has~~The acalculated ~~negative~~masthead ~~carrying~~fair value asincludes ofLevel ~~September~~3 ~~29,~~inputs ~~2024.~~that ~~When~~were ~~evaluating~~determined ~~these~~using ~~assets~~the ~~for~~relief ~~impairment,~~from royalty wemethod. ~~may~~The ~~first~~key ~~perform~~assumptions aused ~~qualitative~~in ~~assessment~~the tofair ~~determine~~value ~~whether~~estimates itunder isthe ~~more~~relief ~~likely~~from ~~than~~royalty ~~not~~method ~~that~~are arevenue ~~reporting~~and ~~unit~~market ~~is impaired~~growth, ~~known~~royalty asrates ~~Step~~for 0.newspaper Ifmastheads we(the doroyalty ~~not~~rates ~~perform~~utilized a ~~qualitative~~range ~~assessment~~from 0.0% to 1.0%), orestimated iftax werates, ~~determine~~and ~~that~~appropriate itrisk-adjusted isweighted-average ~~not~~cost ~~more~~of ~~likely~~capital ~~than~~(for ~~not~~2025, ~~that~~2024 and 2023, the ~~fair~~weighted-average ~~value~~cost of ~~the~~capital ~~reporting~~used ~~unit~~was ~~exceeds~~13.00%, ~~its~~12.50% ~~carrying~~and ~~amount~~13.00%, werespectively). These ~~would~~assumptions ~~calculate~~reflect ~~the~~our ~~estimated~~best ~~fair~~estimates, ~~value~~but ofthese ~~the~~items ~~reporting~~involve ~~unit~~inherent ~~using~~uncertainties ~~discounted~~based ~~cash~~on ~~flows~~market orconditions agenerally ~~combination~~outside of ~~discounted~~our ~~cash~~control. A ~~flow~~50-basis ~~and~~point ~~market~~decrease ~~approaches.~~in ~~The~~royalty ~~Company~~rates ~~performed~~would ~~its~~result ~~annual~~in ~~assessment~~an onadditional $1.5 million of impairment. Increasing the ~~first~~discount ~~day~~rate ofby ~~our~~100 ~~fourth~~basis ~~fiscal~~points ~~quarter,~~would ~~and~~result ~~determined~~in ~~the~~an ~~fair~~additional ~~value~~$0.1 million of ~~our~~impairment. ~~single~~In ~~reporting~~2025, ~~unit~~2024, ~~was~~and in2023, ~~excess~~we ofrecorded impairment charges to reduce the carrying value ~~and~~of asmastheads. ~~such,~~Such ~~there~~charges ~~was~~are norecorded ~~impairment~~ in ~~2024,~~assets ~~2023~~loss ~~and~~on ~~2022.~~sales, Inimpairments ~~2024~~ and ~~2022,~~other in the ~~Company~~Consolidated ~~sold~~Statements ~~certain~~of ~~non-core~~Loss ~~operations~~and Comprehensive Loss. We ~~Goodwill~~recorded ~~was~~deferred ~~allocated~~income tax benefits related to these ~~operations,~~charges. ~~which~~Changes ~~totaled~~in ~~$1.3~~market ~~million~~conditions and ~~$1.3~~declines ~~million,~~in ~~respectively~~revenue lead to the impairment charges noted above.

For mastheads, the calculated fair value includes Level 3 inputs that were determined using the relief from royalty method. The key assumptions used in the fair value estimates under the relief from royalty method are revenue and market growth, royalty rates for newspaper mastheads (the royalty rates utilized a range from 0.0% to 1.0%), estimated tax rates, and appropriate risk-adjusted weighted-average cost of capital (for 2024, 2023 and 2022, the weighted-average cost of capital used was 12.50%, 13.00% and 11.00%, respectively). These assumptions reflect Lee's best estimates, but these items involve inherent uncertainties based on market conditions generally outside of the Company's control. A 50-basis point decrease in royalty rates would result in an additional $4.6 million of impairment. Increasing the discount rate by 100 basis points would result in an additional $0.1 million of impairment. In 2024, 2023, and 2022, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. Such charges are recorded in assets loss on sales, impairments and other in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). We recorded deferred income tax benefits related to these charges. Changes in market conditions and declines in revenue lead to the impairment charges noted above.

A summary of the pretax impairment charges is included in the table below:

(Thousands of Dollars)	~~2024~~2025	~~2023~~2024	~~2022~~2023
Non-amortized intangible assets	7,758	7,671	14,203
Mastheads	6,971	7,758	7,671
Property, equipment and other assets	—	—	—
	7,758	7,671	14,203
	6,971	7,758	7,671

Amortization expense for ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 was $1711.2 million, $1917.02 million, and $2219.20 million, respectively.

46Annual amortization of intangible assets for the years ending September 2026 to September 2030 is estimated to be $7.1 million, $6.5 million, $5.8 million, $5.4 million, and $4.7 million, respectively.

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~~Annual amortization of intangible assets for the years ending September 2025 to September 2029 is estimated to be $11.2 million, $7.1 million, $7.1 million, $~~5.7 ~~million,~~SEGMENT ~~and $4.9 million, respectively.~~REPORTING

5We operate as a single operating and reportable segment. ~~DEBT~~ The Chief Executive Officer (“CEO”) serves as our Chief Operating Decision Maker (“CODM”) and is responsible for evaluating financial performance and allocating resources. The CODM reviews financial information and makes operating decisions on a consolidated basis.

OnOur ~~March 16,~~operations ~~2020~~are ~~concurrent~~organized ~~with~~into ~~closing~~Strategic ~~the~~Business ~~acquisition~~Units of(“SBUs”) BHbased ~~Media~~on ~~Group, Inc~~market. ~~and~~ The ~~Buffalo~~SBU’s ~~News,~~generally ~~Inc.,~~include ~~the~~one ~~Company~~or ~~completed~~more adaily ~~comprehensive~~newspapers, ~~refinancing~~several ofnondaily ~~its~~publications ~~debt~~as ~~(the~~well ~~"2020~~as ~~Refinancing"). The 2020 Refinancing consists of~~ the ~~Credit~~related ~~Agreement~~digital ~~and Term Loan~~operations. ~~The~~SBUs ~~proceeds~~are ofinternal, ~~the~~location-based ~~Term~~operating ~~Loan~~components ~~were~~ used, ~~along~~for ~~with~~management ~~cash~~purposes onand ~~hand,~~do tonot ~~refinance~~represent ~~the~~separate ~~Company's~~operating ~~$431.5~~or ~~million~~reportable itsegments. ~~incurred~~Separate inoperating ~~2014~~results ~~(the~~for ~~"2014~~each ~~Refinancing")~~SBU asare ~~well~~not asreviewed toby ~~fund~~ the ~~acquisition~~CODM ofwhen BHassessing ~~Media~~performance ~~Newspaper~~or ~~Business~~making ~~assets~~operating ~~and the stock of Buffalo News for $140~~decisions.0 ~~million~~The inCODM ~~cash.~~reviews ~~With~~our ~~the~~consolidated ~~closing~~statements of ~~this~~(loss) ~~transaction,~~income BHand ~~Finance~~balance ~~became~~sheets ~~Lee's~~on ~~sole~~a ~~lender. Proceeds~~monthly ofbasis ~~the~~and ~~Term~~makes ~~Loan~~key ~~were~~decisions ~~used~~regarding toresource ~~finance~~allocation, ~~the~~including ~~acquisition~~operating ofexpenses ~~BH Media Group, Inc.~~ and ~~The~~capital ~~Buffalo News~~expenditures, ~~Inc.,~~primarily ~~and~~focusing ~~refinance~~on ~~all~~consolidated ofnet ~~the~~(loss) ~~Company's~~income ~~outstanding~~and ~~debt~~consolidated attotal ~~par~~assets. These ~~The~~consolidated ~~Term~~statements ~~Loan~~are ~~matures~~used inby ~~March~~the ~~2045.~~CODM to ~~The~~monitor ~~Company's~~budget ~~debt~~versus isactual ~~collateralized~~results byand ~~all~~evaluate ~~Company~~the return on assets.

AsSignificant ofsegment ~~September 29,~~expenses ~~2024~~are ~~and~~separately ~~September~~disclosed ~~24,~~and ~~2023,~~presented in the ~~Company~~Consolidated ~~has~~Statements ~~$445.9~~of ~~million~~Loss (Income) and ~~$455~~Comprehensive Loss (Income).7 ~~million,~~The ~~respectively~~measure inof ~~aggregate~~segment ~~principal~~assets ~~debt~~is ~~outstanding~~reported ~~under~~on the ~~Term~~Consolidated ~~Loan.~~Balance Sheets as Total Assets. The ~~debt~~accounting ~~has~~policies aof ~~fixed~~our ~~interest~~operating ~~rate~~segment ofare 9the same as those described in Note 1.~~0%.~~

~~During the twelve months ended September 29, 2024, we made principal debt payments of $9~~6.~~8 million. Payments were from the sale of non-core assets. Future payments are contingent on the Company's ability to generate future Excess Cash Flow, as defined in the Credit Agreement.~~ DEBT

~~The~~On ~~Credit~~March 16, ~~Agreement~~2020 ~~contains~~concurrent ~~certain~~with ~~customary~~closing ~~representations~~the acquisition of BH Media Group, Inc. and ~~warranties~~The Buffalo News, ~~certain~~Inc., ~~affirmative~~we ~~and~~completed ~~negative~~a ~~covenants~~comprehensive refinancing of our debt (the "2020 Refinancing"). The 2020 Refinancing consists of the Credit Agreement and ~~certain~~Term ~~conditions,~~Loan. ~~including~~The ~~restrictions~~proceeds onof ~~incurring~~the ~~additional~~Term ~~indebtedness~~Loan were used, ~~creating~~along ~~certain~~with ~~liens~~cash on hand, ~~making~~to ~~certain~~refinance ~~investments~~our oroutstanding ~~acquisitions,~~debt ~~issuing~~at ~~dividends,~~the ~~repurchasing~~time ~~shares~~of $431.5 million as well as to fund the acquisition of BH Media Newspaper Business assets and the stock of ~~the~~Buffalo ~~Company~~News ~~and~~for ~~certain~~$140.0 ~~other~~million ~~capital~~in ~~transactions~~cash. ~~Certain~~With ~~existing~~the ~~and~~closing ~~future~~of ~~direct~~this ~~and~~transaction, ~~indirect~~BH ~~material~~Finance ~~domestic~~became ~~subsidiaries~~our sole lender. Proceeds of the ~~Company~~Term ~~are~~Loan ~~guarantors~~were ofused to finance the ~~Company's~~acquisition ~~obligations~~of ~~under~~BH ~~the~~Media ~~Credit~~Group, ~~Agreement~~Inc. and The Buffalo News, Inc., and refinance all of our outstanding debt at par. The Term Loan matures in March 2045. Our debt is collateralized by all Company assets.

~~The~~As ~~Credit Agreement restricts us from paying dividends on our Common Stock. This restriction does not apply to dividends issued with the Company's Equity Interests or from the proceeds~~ of ~~a sale of the Company's Equity Interests. Further~~September 28, ~~the~~2025 ~~Credit Agreement restricts or limits, among other things, subject to certain exceptions, the ability of the Company~~ and ~~its subsidiaries to: (i) incur additional indebtedness~~September 29, ~~(ii) make certain investments~~2024, ~~(iii)~~we ~~enter~~have ~~into~~$455.5 ~~mergers,~~million ~~acquisitions~~ and ~~asset~~$445.9 ~~sales~~million, ~~(iv)~~respectively ~~incur~~in oraggregate ~~create~~principal ~~liens~~debt ~~and~~outstanding ~~(v)~~under ~~enter~~the ~~into~~Term ~~transactions with certain affiliates~~Loan. The ~~Credit~~debt ~~Agreement~~has ~~contains~~a ~~various~~fixed ~~representations~~interest ~~and~~rate ~~warranties by the Company and may be terminated upon the occurrence~~ of ~~certain events of default, including non-payment~~9. ~~The Credit Agreement also contains cross-default provisions tied to other agreements with BH Finance entered into by the Company and its subsidiaries in connection with the 2020 Refinancing~~0%.

During the year ended September 28, 2025, Net Cash Proceeds, as defined in our Credit Agreement, from non-core asset sales totaled $6.5 million of which we remitted $1.8 million as principal debt payments and the remaining net cash proceeds remain payable to BH Finance. Future payments are contingent on our ability to generate future excess cashflow, as defined in the Credit Agreement.

In February 2025, in an effort to provide short-term liquidity to fund the Cyber Incident's remediation efforts and other operations as described in Note 18, BH Finance LLC waived the interest expense payment and BH Media Group, Inc. waived the lease payment due March 1, 2025, April 1, 2025 and May 1, 2025. As of September 28, 2025, the waivers increased the outstanding debt balance by $11.3 million and is treated as non-cash activity within the statement of cash flows. These waivers were treated as modifications to the existing credit agreement. In addition, the May 2025 waiver was accompanied by an amendment to the Credit Agreement which includes provisions requiring us to prepay the loan in an aggregate amount equal to 100% of net cash proceeds received by us or our subsidiaries within three days following the receipt of net cash proceeds from asset sales and allowing BH Finance to assign its rights and obligations under the Credit Agreement to any person other than a natural person. Future payments are contingent on our ability to generate future Excess Cash Flow, as defined in the Credit Agreement.

The Credit Agreement contains certain customary representations and warranties, certain affirmative and negative covenants and certain conditions, including restrictions on incurring additional indebtedness, creating certain liens, making certain investments or acquisitions, issuing dividends, repurchasing shares of our stock and certain other capital transactions. Certain existing and future direct and indirect material domestic subsidiaries of the Company are guarantors of our obligations under the Credit Agreement.

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The Credit Agreement restricts us from paying dividends on our Common Stock. This restriction does not apply to dividends issued with our Equity Interests or from the proceeds of a sale of our Equity Interests. Further, the Credit Agreement restricts or limits, among other things, subject to certain exceptions, our ability and our subsidiaries to: (i) incur additional indebtedness, (ii) make certain investments, (iii) enter into mergers, acquisitions and asset sales, (iv) incur or create liens and (v) enter into transactions with certain affiliates. The Credit Agreement contains various representations and warranties by us and may be terminated upon the occurrence of certain events of default, including non-payment. The Credit Agreement also contains cross-default provisions tied to other agreements with BH Finance entered into by us and our subsidiaries in connection with the 2020 Refinancing.

Principal Payments

Voluntary prepayments under the Credit Agreement are not subject to call premiums and are payable at par, with the exception of the change-of-control provisions discussed below.

Excluding the Excess Cash Flow payments described below, there are no scheduled mandatory principal payments required under the Credit Agreement. ~~The~~We ~~Company~~are is required to make mandatory prepayments of the Term Loan as follows:

•~~The~~We ~~Company~~ must prepay the Term Loan in an aggregate amount equal to 100% of any Net Cash Proceeds received by the Company or any Subsidiary from a sale, transfer, license, or other disposition of any property of ~~the~~us ~~Company~~ or any ~~subsidiary~~of our subsidiaries in excess of $0.5 million in any ninety (90) day period.

•~~The~~We ~~Company~~are is required to prepay the Term Loan with excess cash flow, defined as cash on the balance sheet at quarter-end in excess of $20.0 million ("Excess Cash Flow"). Excess Cash Flow is used to prepay the Term Loan, at par, and is due within 50-days of quarter-end.

•If there is a Change of Control (as defined in the Credit Agreement), BH Finance has the option to require ~~the~~us ~~Company~~ to prepay the Term Loan in cash equal to 105% of the unpaid principal balance, plus accrued and unpaid interest.

47We may, upon notice to BH Finance, at any time or from time to time, voluntarily prepay the Term Loan in whole or in part, at par, provided that any voluntary prepayment of the Term Loan shall be accompanied by payment of all accrued interest on the amount of principal prepaid to the date of prepayment.

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The Company may, upon notice to BH Finance, at any time or from time to time, voluntarily prepay the Term Loan in whole or in part, at par, provided that any voluntary prepayment of the Term Loan shall be accompanied by payment of all accrued interest on the amount of principal prepaid to the date of prepayment.

Liquidity

Pursuant to the terms of the Credit Agreement, our debt does not include a revolver.

Our liquidity, consisting of cash on the balance sheet, totals $910.60 million at September 2928, ~~2024~~2025. This liquidity amount excludes any future cash flows. We expect all interest and principal payments due in the next twelve months will be satisfied by existing cash and our cash flows, which will allow us to maintain an adequate level of liquidity.

There are numerous potential consequences under the Term Loan if an event of default, as defined, occurs and is not remedied. Many of those consequences are beyond our control. The occurrence of one or more events of default would give rise to the right of BH Finance to exercise their remedies under the Credit Agreement including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents.

Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to repay, refinance or amend our debt agreements as they become due. The Credit Agreement (as defined above) has only limited affirmative covenants with which we are required to maintain compliance and there are no leverage or financial performance covenants. We are in compliance with our debt covenants at September 2928, ~~2024~~2025.

48We continue to take proactive steps to reduce our cost structure and preserve liquidity. Recent actions include targeted cost-reduction and cash-management initiatives such as lowering discretionary and capital spending, tightening control of print-related operating costs, and enhancing collection efforts to improve working capital. We also received temporary lease and interest payment waivers during the second quarter as part of our cyber-

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6recovery plan. ~~LEASES~~ Management is actively evaluating additional strategic initiatives designed to ensure adequate cash flow and capital resources to support ongoing operations and meet debt obligations. While there can be no assurance that all initiatives will be implemented as planned, delays or unforeseen challenges in executing these measures could adversely affect our financial position and results of operations.

7. LEASES

We lease certain real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 to 40 years, some of which may include options to extend the leases, and some of which may include options to terminate the leases. The exercise of lease renewal options and terminations are at our sole discretion. The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise.

We entered into a lease agreement between BH Media, as Landlord, and ~~the Company~~we, as Tenant, ~~providing~~provide for the leasing of 68approximately 70 properties and related fixtures (including production equipment) used in the BH Media Newspaper Business ("BH Lease"). The BH Lease commenced on March 16, 2020. The BH Lease requires ~~the~~us ~~Company~~ to pay annual rent of $8.0 million, payable in equal payments, as well as all operating costs relating to the properties (including maintenance, repairs, property taxes and insurance). Rent payments are subject to a Rent Credit (as defined in the Lease) equal to 8.00% of the net consideration for any leased real estate sold by BH Media during the term of the lease. As of September 2928, ~~2024~~2025, ~~the~~we ~~Company~~have ~~has~~ earned monthly rent credits of $0.3 million, making current annual rent of $54.07 million.

During the period ended September 25, 2022, the Company permanently vacated office and distribution space related to 14 leases. The space was vacated as some of our locations have transitioned to long-term remote working arrangements and space consolidation. The abandonment of lease space is an indicator of impairment and the Company assessed the lease ROU asset and leasehold improvements for impairment. Estimates of fair value include Level 3 inputs which are subjective in nature and involve uncertainties and matters of significant judgment and are made at a specific point in time. During the period ended September 25, 2022, the Company recorded non-cash impairment losses of $7.8 million for right-of-use assets, which is recorded on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income under the line item assets loss (gain) on sales, impairments and other.

Total lease expense consists of the following:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Operating lease costs

11,~~925~~069

1211,~~688~~925

1312,~~786~~688

Variable lease costs

~~996~~1,023

~~1,175~~996

1,~~201~~175

Short-term lease costs

~~301~~303

~~355~~301

~~217~~355

Total Operating Lease Expense

1312,~~222~~395

1413,~~218~~222

1514,~~204~~218

Supplemental cash flow information related to our operating leases is as follows:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflow from operating leases

1211,~~540~~721

1312,~~403~~540

1413,~~325~~403

Right-of-use assets obtained in exchange for operating lease liabilities

43,~~679~~461

34,~~855~~679

~~990~~3,855

49As of September 28, 2025, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2026			9,963
2027			7,836
2028			5,695
2029			4,716
2030			2,065
Thereafter			2,126
Total lease payments			32,401
Less: interest			(5,360)
Present value of lease liabilities			27,041

Our lease contracts are discounted using the incremental borrowing rate for us. We determined the incremental borrowing rate based on our senior secured collateral adjusted yield curve. This yield curve reflects the

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Asestimated ofrate ~~September 29,~~that ~~2024,~~would ~~maturities~~have ofbeen paid by us to borrow on a collateralized basis over a similar term in a similar economic environment. The weighted average revolving lease ~~liabilities~~terms and discount rates for all of our operating leases were as follows:.

(Thousands of Dollars)
	2025		2024
2025	11,814
Weighted average remaining lease term	4.3 years		4.8 years
2026	10,078
Weighted Average discount rate	7.98	%	7.91	%
2027	8,067
2028	6,394
2029	5,808
Thereafter	4,715
Total lease payments	46,877
Less: interest	(8,969)
Present value of lease liabilities	37,908

~~Our lease contracts are discounted using the incremental borrowing rate for the Company~~8. DEFINED WeBENEFIT ~~determined~~PENSION the incremental borrowing rate based on a senior secured collateral adjusted yield curve for the Company. This yield curve reflects the estimated rate that would have been paid by the Company to borrow on a collateralized basis over a similar term in a similar economic environment. The weighted average revolving lease terms and discount rates for all of our operating leases were as follows.PLAN

	2024		2023
Weighted average remaining lease term	4.8 years		5.6 years
Weighted Average discount rate	7.91	%	7.88	%

We are the sponsor of one single-employer defined benefit plan, which provide benefits to our certain current and former employees. On October 22, 2025, we notified plan participants that we intend to terminate the Lee Enterprises, Incorporated Pension Plan ("the Plan") on December 28, 2025. Terminating the plan creates an opportunity for plan participants to receive a one-time lump sum payout. It also eliminates pension cost uncertainty for us and allows us to focus on our core business.The termination is planned to be accomplished through a combination of lump-sum payouts to eligible participants and the purchase of a group annuity contract from an insurance company, which irrevocably transferred the pension obligation for the remaining participants.

7During the year ended September 29, 2024, we offered a voluntary lump sum payment of future benefits to terminated vested participants in the defined benefit pension plan. ~~DEFINED~~ ~~BENEFIT~~The ~~PENSION~~offer ~~PLAN~~was accepted by 522 participants, representing a $22.6 million settlement of related pension plan liability. In 2024, we recognized a non-cash settlement gain of $2.4 million, which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. Pension plan assets and liabilities were reduced by $22.6 million.

During 2022, the Company made several changes to its defined benefit plans. At the beginning of 2022, the Company was the sponsor of seven single-employer defined benefit plans, two of which were frozen to new participants and future benefits. As of September 24, 2023, we are the sponsor of one single-employer defined benefit plan, which provide benefits to certain current and former employees of Lee.

During 2022 we notified certain participants in our defined benefit plans of changes to be made to the plans. The Company froze future benefits and participation for an additional four of the defined benefit plans. The freeze of future benefits resulted in a non-cash curtailment gain of $1.0 million related to the four plans. In connection with the freeze the Company provided certain benefit enhancements that resulted in an increase to our net pension liability and a decrease to accumulated other comprehensive income of $6.1 million. Additionally, the Company merged the six frozen plans into one fully-funded defined benefit plan, the Lee Enterprises Incorporated Pension Plan ("Plan") effective in the second quarter of fiscal 2022.

During September of 2022, as part of a pension de-risking strategy for the Plan, the Company, executed an agreement pursuant to which it transferred to a third-party insurance company (the "Insurer") $85.6 million of the Plan's liabilities in exchange for $81.4 million of Plan assets and recorded a non-cash settlement gain of $4.2 million in Pension and OPEB related benefit (cost) and other, net. Collectively, the transactions are known as the "Annuity Purchase"

During the year ended September 29, 2024, the Company offered a voluntary lump sum payment of future benefits to terminated vested participants in the defined benefit pension plan. The offer was accepted by 522 participants, representing a $22.6 million settlement of related pension plan liability. The Company recognized a non-cash settlement gain of $2.4 million, which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. Pension plan assets and liabilities were reduced by $22.6 million.

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The net periodic (benefit) cost components of our pension plan is as follows:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Service cost for benefits earned during the year

195

~~488~~19

Interest cost on projected benefit obligation

98,~~274~~137

109,~~368~~274

710,~~999~~368

Expected return on plan assets

(9,~~382~~275)

(109,~~192~~382)

(1810,~~261~~192)

Amortization of net (gain) loss

~~(4)~~—

10(4)

~~(3,317)~~10

Amortization of prior service benefit

848

~~852~~848

~~641~~852

Settlement gain

~~(2,409)~~—

—(2,409)

~~(4,245)~~—

Curtailment gain

—

~~(1,027)~~—

Net periodic pension cost (benefit)

(~~1,668~~285)

(1,~~057~~668)

~~(17~~1,~~722)~~057

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Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:

(Thousands of Dollars)	~~2024~~2025	~~2023~~2024
Benefit obligation, beginning of year	~~199~~188,~~187~~528	~~210~~199,~~806~~187
Service cost	5	195
Interest cost	98,~~274~~137	109,~~368~~274
Actuarial loss (gain)	15(7,~~703~~491)	(915,~~876)~~703
Benefits paid	(13,~~021~~655)	(1213,~~130~~021)
Settlements	~~(22,620)~~—	—(22,620)
Benefit obligation, end of year	~~188~~175,~~528~~524	~~199~~188,~~187~~528
Fair value of plan assets, beginning of year:	~~210~~193,~~031~~192	~~211~~210,~~058~~031
Actual return on plan assets	198,~~957~~285	1219,~~638~~957
Benefits paid	(13,~~021~~655)	(1213,~~130~~021)
Administrative expenses paid	(1,~~155~~470)	(1,~~535~~155)
Settlements	~~(22,620)~~—	—(22,620)
Fair value of plan assets, end of year	~~193~~186,~~192~~352	~~210~~193,~~031~~192
Funded status	410,~~664~~828	104,~~844~~664

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
Net pension assets	410,~~664~~828	104,~~844~~664
Accumulated other comprehensive income (before income taxes)	814,~~804~~683	168,~~653~~804

Amounts recognized in accumulated other comprehensive ~~income~~ (loss) income are as follows:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
Unrecognized net actuarial gain	1217,~~550~~581	2112,~~246~~550
Unrecognized prior service cost	(32,~~746~~898)	(43,~~593~~746)
	8,804	16,653
	14,683	8,804

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We expect to recognize $0.8 million of unrecognized prior service cost in net periodic pension costs in 2025.

Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:

(Percent)	September ~~292024~~282025	September ~~242023~~292024
Discount rate	45.82	54.78
Interest crediting rate	2.5	2.5

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For 2025, the expected long-term return on Plan assets is 5.5%. The assumptions related to the expected long-term return on Plan assets are developed through an analysis of historical market returns, current market conditions and composition of Plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

(Percent)	~~2024~~2025	~~2023~~2024	~~2022~~2023
Discount rate - service cost	5.80	5.8	5.48
Discount rate - interest cost	54.5	5.75	5.37
Expected long-term return on plan assets	5.0	5.0	5.0

For ~~2024~~the year ended September 28, 2025, the ~~expected~~decrease ~~long-term~~in ~~return~~benefit onobligation ~~Plan~~is ~~assets~~primarily isdriven ~~5.0%. The~~by ~~assumptions~~an ~~related~~increase toin bond yields which increased the ~~expected~~discount ~~long-term~~rate. ~~return~~For onthe ~~Plan~~year ~~assets~~ended ~~are~~September ~~developed~~29, ~~through~~2024, anthe ~~analysis~~primary driver of ~~historical~~the ~~market~~decrease ~~returns,~~in ~~current~~benefit ~~market~~obligation ~~conditions~~was ~~and~~the ~~composition~~payout of ~~Plan~~lump ~~assets~~sums to certain terminated vested participants during December 2023. This was partially offset by an increase in the benefit obligation due to the decrease in discount rate.

For the year ended September 29, 2024, the most significant driver of the decrease in benefit obligation was the voluntary lump sum offering. Additionally, the Plan recognized actuarial losses due to decreases in bond yields that resulted in decreases to the discount rate. For the year ended September 24, 2023, the most significant driver of the decrease in benefit obligation was the actual return on assets exceeding expected returns and higher actuarial gains experienced by the Plan. The Plan recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rate.

Plan Assets

The primary objective of our investment strategy is to satisfy our pension obligations at a reasonable cost. Assets are actively invested to achieve a 100% liability hedge (which includes fixed income investments and cash).

Our investment policy outlines the governance structure for decision-making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation.

The weighted-average asset allocation of our pension assets, is as follows:

(Percent)	Policy Allocation	~~Policy Allocation~~	Actual Allocation
Asset Class	September ~~292024~~282025	September ~~242023~~292024	September ~~292024~~282025	September ~~242023~~292024
Fixed Income	100	—100	95—	—95
Equity securities	—	25	—	25
Common/collective funds	—	—	97	—
Debt securities	—	65—	—	62—
Hedge fund investments	—	10—	31	123
Cash and cash equivalents	—	—	2	12

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Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Fair Value Measurements

The fair value hierarchy of pension assets at September 2928, ~~2024~~2025 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	3,261	—	—
Common/collective funds	181,168	—	—	—

Hedge fund investments	1,934	—	—	—

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The fair value hierarchy of pension assets at September 29, 2024 was as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	3,191	—	—
Fixed income securities	5,043	—	179,042	—
Hedge fund investments	5,931	—	—	—

~~The~~There were no purchases, sales or transfers of assets classified as Level 3 in 2025 or 2024. Pension assets that are excluded from the fair value hierarchy ofand ~~pension~~are ~~assets~~measured at ~~September 24,~~net ~~2023~~asset ~~was~~value asor ~~follows~~"NAV", include eleven investments:

(Thousands of Dollars)	NAV		Level 1	Level 2	Level 3
	•	Return-seeking fixed income common/collective fund which focuses on the high-yielding segment of the fixed income universe. Prices aren’t publicly available. While redemptions are monthly, after year end, we submitted a full redemption for its investment, valued at approximately $4.2 million as of year end 2025.
Cash and cash equivalents	—		1,937	—	—
	•	Private real estate common/collective fund that invests in the U.S. core real estate market for which prices aren’t publicly available. While redemptions are quarterly,we submitted an order for a full redemption for its investment after year end, valued at approximately $4.5 million as of year end 2025.
Domestic equity securities	2,252		30,885	—	—
	•	U.S. long duration fixed income common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $3.1 million as of year end 2025.
International equity securities	—		7,565	5,644	—
	•	U.S. mid duration fixed income common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $6.2 million as of year end 2025.
Emerging equity securities	—		6,263	—	—
	•	Global equity long/short common/collective hedge fund-of-funds for which prices are provided on a monthly basis. While redemptions are bi-annual, we have recently submitted a full redemption for its investment, valued at approximately $1.9 million as of year end 2025 as is waiting for the manager to distribute proceeds.
Debt securities	—		78,740	52,304	—
	•	Passive U.S. large cap equity common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $4.9 million as of year end 2025.
Hedge fund investments	24,441		—	—	—
	•	Passive non-U.S. equity common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $1.3 million as of year end 2025.
	•	Passive U.S. mid and small cap equity common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $0.8 million as of year end 2025.
	•	Active U.S. and non-U.S. equity common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $20.8 million as of year end 2025.
	•	U.S. intermediate credit common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $32.8 million as of 2025 year end.
	•	U.S. long credit common/collective fund for which prices aren’t publicly available. We can redeem this fund on a daily basis. The balance of this investment was $102.5 million as of year end 2025.

There were no purchases, sales or transfers of assets classified as Level 3 in 2024 or 2023. Pension assets that are excluded from the fair value hierarchy and are measured at net asset value or "NAV", include five investments:65

			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. This investment was completely liquidated during 2024, the balance was $2.3 million as of September 24, 2023. We can redeem this fund on a monthly basis.
			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The investment was completely liquidated during 2024, the balance was $11.7 million as of September 24, 2023. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.
			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $5.9 million and $12.7 million as of September 29, 2024 and September 24, 2023, respectively. We can redeem up to 50% of our investment in this fund twice per year.
			•			Global long common/collective fund for which funds prices are not publicly available. The balance of this investment is $2.5 million as of September 29, 2024. We can redeem this fund on a daily basis.
			•			Global long/short common/collective fund for which funds prices are not publicly available. The balance of this investment is $2.5 million as of September 29, 2024. We can redeem this fund on a daily basis.

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Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of, and the changes in, ~~Accumulated~~accumulated other comprehensive income (loss), net of tax:

(Thousand of Dollars)	Pension and postretirement benefit plans
Balance at September 27, 2021	$	42,187
Other comprehensive loss before reclassifications	$	(20,866)
Amounts reclassified from accumulated other comprehensive income (a)(b)	$	(4,668)
Net current period other comprehensive income (loss), net of taxes	$	(25,534)
Balance at September 25, 2022	$	16,653
Other comprehensive income before reclassifications	$	10,750
Amounts reclassified from accumulated other comprehensive income(a)(b)	$	(560)
Net current period other comprehensive income (loss), net of taxes	$	10,190
Balance at September 24, 2023	$	26,843
Other comprehensive loss before reclassifications	$	(3,924)
Amounts reclassified from accumulated other comprehensive income(a)(b)(c)	$	(2,999)
Net current period other comprehensive income (loss), net of taxes	$	(6,923)
Balance at September 29, 2024	$	19,920
Other comprehensive loss before reclassifications	$	3,293
Amounts reclassified from accumulated other comprehensive income(a)(b)	$	(460)
Net current period other comprehensive income (loss), net of taxes	$	2,833
Balance at September 28, 2025	$	22,753

(a) Accumulated other comprehensive income (loss) component represents amortization of actuarial loss and is included in the computation of net periodic benefit cost. See Note 78 - Defined Benefit Pension Plan and Note 89 - Postretirement and Postemployment Benefits.

(b) Amounts reclassified from accumulated other comprehensive income (loss) are recorded net of tax impacts of $01.21 million, $0.2 million, $2.0.2 million for the years ended September 2928, ~~2024~~2025, September 2429, ~~2023~~2024, and September 2524, ~~2022~~2023, respectively.

(c) Amounts reclassified from accumulated other comprehensive income (loss) include a pension settlement gain of $2.4 million for the year ended September 29, 2024. ~~See Note 7 - Defined Benefit Pension Plan.~~

Cash Flows

Based on our forecast atand ~~September 29,~~the ~~2024~~planned termination of the pension plan later in 2025, we expect to make no contributions to our pension trust in ~~2025~~2026.

We anticipate future benefit payments to be paid from the pension trust as follows:

(Thousands of Dollars)
2025			15,591
2026			14,094
2026			14,523
2027			14,368
2027			14,405
2028			14,237
2028			14,262
2029			14,083
2029			14,096
2030			13,877
2030-2033			66,122
Thereafter			64,868

Other Plans

We are the plan sponsor for other funded and unfunded defined benefit pension plans that are not considered material. The net benefit obligation for these plans are $0.65 million and $0.6 million at September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024, respectively.

~~8. POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS~~66

We provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. Our liability

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~~and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations~~9. We POSTRETIREMENT ~~accrue~~AND ~~postemployment~~POSTEMPLOYMENT ~~disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid.~~BENEFITS

~~During~~We ~~the~~provide ~~year~~retiree ~~ended~~medical ~~September~~and ~~29,~~life ~~2024,~~insurance ~~the~~benefits ~~Company~~under ~~completed~~postretirement ~~the~~plans ~~outsourcing~~at several of ~~certain~~our ~~printing~~operating ~~operations,~~locations. The ~~which~~level ~~ceased~~and ~~postretirement~~adjustment ~~medical~~of ~~benefits~~participant ~~for~~contributions avary ~~group~~depending ofon ~~employees~~the specific plan. ~~The~~Our ~~Company~~liability ~~recognized~~and arelated ~~non-cash~~expense ~~curtailment~~for ~~gain~~benefits under the postretirement plans are recorded over the service period of $1active employees based upon annual actuarial calculations.~~2 million~~ We ~~which~~accrue ispostemployment ~~reflected~~disability ~~within~~benefits ~~"Curtailment/Settlement~~when ~~gains"~~it onbecomes ~~the~~probable ~~Consolidated~~that ~~Statements~~such ofbenefits ~~Income~~will ~~(Loss)~~be paid and ~~Comprehensive~~when ~~Income~~sufficient ~~(Loss)~~information exists to make reasonable estimates of the amounts to be paid.

During the year ended September 29, 2024, we completed the outsourcing of certain printing operations, which ceased postretirement medical benefits for a group of employees. We recognized a non-cash curtailment gain of $1.2 million which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income.

The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Service cost for benefits earned during the year

502

6850

~~108~~68

Interest cost on projected benefit obligation

~~596~~434

~~598~~596

~~340~~598

Expected return on plan assets

(1,~~279~~641)

(1,~~182~~279)

(1,~~053~~182)

Amortization of net actuarial gain

(1,~~234~~168)

(1,~~014~~234)

(~~994~~1,014)

Amortization of prior service benefit

(~~375~~285)

(~~647~~375)

(647)

Curtailment gain

~~(1,184)~~—

—(1,184)

—

Net periodic postretirement benefit

(32,~~426~~658)

(23,~~177~~426)

(2,~~246~~177)

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:

(Thousands of Dollars)	~~2024~~2025	~~2023~~2024
Benefit obligation, beginning of year	1110,~~252~~217	1211,~~287~~252
Service cost	502	6850
Interest cost	~~596~~434	~~598~~596
Actuarial (gain) loss	1(2,~~215~~290)	(1,~~049)~~215
Benefits paid, net of premiums received	(~~1,712~~732)	(~~652~~1,712)
Liability (gain)/loss due to curtailment	~~(1,184)~~—	—(1,184)
Benefit obligation, end of year	107,~~217~~631	1110,~~252~~217
Fair value of plan assets, beginning of year	2527,~~809~~570	2325,~~903~~809
Actual return on plan assets	2(1,~~615~~157)	2,~~393~~615
Employer contributions	~~858~~603	~~165~~858
Benefits paid, net of premiums and Medicare Part D subsidies received	(~~1,712~~732)	(~~660~~1,712)
Plan participant contributions	—	8—
Fair value of plan assets at measurement date	2726,~~570~~284	2527,~~809~~570
Funded status	1718,~~353~~653	1417,~~557~~353

~~Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:~~67

(Thousands of Dollars)	September 292024	September 242023
Non-current assets	23,300	21,565
Postretirement benefit obligations	(5,947)	(7,008)
Accumulated other comprehensive income (before income tax benefit)	17,556	19,043

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Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 28 2025	September 29 2024

Non-current assets	22,407	23,300
Postretirement benefit obligations	(3,755)	(5,947)
Accumulated other comprehensive income (before income tax benefit)	15,594	17,556

Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
Unrecognized net actuarial gain	1513,~~548~~872	1615,~~660~~548
Unrecognized prior service benefit	21,~~008~~722	2,~~383~~008
	17,556	19,043
	15,594	17,556

We expect to recognize $1.20 million and $0.3 million of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in ~~2025~~2026.

Assumptions

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:

(Percent)	September ~~292024~~282025	September ~~242023~~292024
Discount rate	45.60	54.6
Expected long-term return on plan assets	56.0	5.0

The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions, and composition of plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

(Percent)	~~2024~~2025	~~2023~~2024	~~2022~~2023
Discount rate - service cost	5.2	5.92	5.59
Discount rate - interest cost	4.4	54.54	5.15
Expected long-term return on plan assets	56.0	5.0	5.0

For ~~2024~~2025, the expected long-term return on plan assets is 56.0%. The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

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Assumed health care cost trend rates are as follows:

(Percent)	September ~~292024~~282025	September ~~242023~~292024
Health care cost trend rates	1812.97	318.9
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”)	4.5	4.5
Year in which the rate reaches the Ultimate Trend Rate	2034	~~2033~~2034

Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above.

For the year ended September 2928, ~~2024~~2025, the ~~most~~decrease ~~significant~~in ~~driver~~benefit ofobligation ~~the~~is ~~decrease~~primarily indriven ~~benefit~~by ~~obligations~~an ~~for~~increase ~~the~~in ~~plans~~bond ~~was~~yields ~~the~~which ~~curtailment,~~increased ~~see~~the ~~above~~discount ~~for details~~rate. For the year ended September 2429, ~~2023~~2024, the most significant driver of the decrease in benefit obligations for the plans was ~~the~~a ~~higher~~curtailment ~~actual~~disclosed ~~return~~in onthe ~~assets~~prior ~~compared~~year. to

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expectations. The plans also recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rates.

Plan Assets

Assets of the retiree medical plan are invested in a master trust. The master trust also pays benefits of active employee medical plans for the same union employees. The fair value of master trust assets allocated to the active employee medical plans at September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024 is $0.56 million and $0.45 million, respectively, which are included within the tables below.

The primary objective of our investment strategy is to satisfy our postretirement obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds.

Our investment policy outlines the governance structure for decision-making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation.

The weighted-average asset allocation of our postretirement assets is as follows:

(Percent)	Policy Allocation		Actual Allocation
Asset Class	September 2928 ~~2024~~2025	September ~~242023~~292024		September ~~292024~~282025	September ~~242023~~292024
Equity securities	25	20		25	20
Equity securities- short term bond fund	25	25		99	25
Debt securities	—	70		—	68
Fixed income securities	75	75		—	73
Fixed income securities	75	—		73	—
Hedge fund investment	—	—		1	—
Hedge fund investment	—	10		—	12
Cash and cash equivalents	—	—		—	2
Cash and cash equivalents	—	—		2	—

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

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Fair Value Measurements

The fair value hierarchy of postretirement assets at September 28, 2025 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	43	—	—
Equity securities (including short term bond fund)	—	26,482	—	—

Hedge fund investment	213	—	—	—

The fair value hierarchy of postretirement assets at September 29, 2024 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	436	—	—
Equity securities	—	6,983	—	—
Fixed income securities	—	20,392	—	—
Hedge fund investment	236	—	—	—

57There were no purchases, sales or transfers of assets classified as Level 3 in 2025 or 2024. Postretirement assets that are excluded from the fair value hierarchy and are measured at net asset value or "NAV", include one investment in global equity long/short common/collective hedge fund-of-funds for which prices are provided on a monthly basis and is valued at approximately $0.2 million, as of September 28, 2025 and September 29, 2024.

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The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2024 or 2023. Postretirement assets that are excluded from the fair value hierarchy and are measured at net asset value or "NAV", include two investments:

			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $— and $0.9 million as of September 29, 2024 and September 24, 2023, respectively. We can redeem this fund on a monthly basis.
			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $0.2 million and $3.0 million as of September 29, 2024 and September 24, 2023, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

Cash Flows

Based on our forecast at September 2928, ~~2024~~2025, we do not expect to contribute to our postretirement plans in 2025.

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Modernization Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) and a federal subsidy to sponsors of retiree health care benefit plans (“Subsidy”) that provide a benefit at least actuarially equivalent (as that term is defined in the Modernization Act) to Medicare Part D. We concluded we qualify for the Subsidy under the Modernization Act since the prescription drug benefits provided under our postretirement health care plans generally require lower premiums from covered retirees and have lower deductibles than the benefits provided in Medicare Part D and, accordingly, are actuarially equivalent to or better than, the benefits provided under the Modernization Act.

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:

(Thousands of Dollars)	~~GrossPayments~~	NetPayments	~~LessMedicarePart DSubsidy~~	~~NetPayments~~
2025	853		—	853
2026		695
2026	891		—	891
2027		703
2027	909		—	909
2028		708
2028	898		—	898
2029		706
2029	881		—	881
2030		700
2030-2033	3,990		—	3,990
Thereafter		3,196

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Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, was $1.6 million at September 2928, ~~2024~~2025 and $1.6 million at September 2429, ~~2023~~2024.

910. OTHER RETIREMENT PLANS

Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits.

~~The defined contribution retirement plan costs were $3.1 million in 2024, $3.5 million in 2023, and $3.6 million in 2022.~~70

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The defined contribution retirement plan costs were $2.7 million in 2025, $3.1 million in 2024, and $3.5 million in 2023.

Multiemployer Pension Plans

We contributed to various multiemployer defined benefit pension plans under the terms of collective bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our Company-sponsored plans in the following aspects:

•We do not manage the plan investments or any other aspect of plan administration;

•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

•If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as a "withdrawal liability".

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Information related to these plans is outlined in the table below:

(Thousands of Dollars)

Zone StatusSeptember 30

Funding ImprovementPlan/Rehabilitation PlanStatus

Contributions

Pension Plan

~~2024~~2025

~~2023~~2024

Status

~~2024~~2025

~~2023~~2024

~~2022~~2023

Surcharge Imposed

EIN

Expiration Dates ofCBAs

GCIU- Employer Retirement Fund

Critical

Implemented

—

91-6024903

N/A (1)

District No. 9, International Association of Machinists and Aerospace Workers Pension Trust

Endangered

Implemented

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Implemented

—

13-6212879

N/A (1)

IAM National Pension Fund

Green

N/A

—

45—

5745

N/A

51-6031295

N/A (1)

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers

Green

N/A

—

32—

5032

N/A

36-6052390

N/A (1)

~~(1)The Company has withdrawn from the multiemployer plan~~71

The Company has effectuated withdrawals from all multiemployer plans. We record estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of September 29, 2024 and September 24, 2023, we had $23.6 million and $25.1 million of accrued withdrawal liabilities. The liabilities reflect the estimated net present value of payments to the fund, payable over 20 years.

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~~10. COMMON~~(1)We ~~STOCK~~have withdrawn from the multiemployer plan

We have effectuated withdrawals from all multiemployer plans. We record estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of September 28, 2025 and September 29, 2024, we had $22.4 million and $23.6 million of accrued withdrawal liabilities. The liabilities reflect the estimated net present value of payments to the fund, payable over 20 years.

11. COMMON STOCK

Rights Agreement

On March 28, 2024, our Board of Directors adopted a stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on March 28, 2024, our Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on April 8, 2024, for each share of our Common Stock outstanding to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), of the Company at a price of $90.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment.

The Rights will initially trade with our Common Stock and will generally become exercisable only if any person or group, other than certain exempt persons, acquires beneficial ownership of 15% or more of our Common Stock outstanding. In the event the Rights become exercisable, each holder of a Right, other than the triggering person(s), will be entitled to purchase additional shares of our Common Stock at a 50% discount or the Company may exchange each Right held by such holders for one share of our Common Stock. The Rights Agreement ~~will~~was to continue in effect until March 27, 2025, or unless earlier redeemed or terminated by the Company, as provided in the Rights Agreement. On March 27, 2025, the Board of Directors extended the termination date of the Rights Agreement to March 27, 2026. The Rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company.

The Rights Agreement applies equally to all current and future stockholders and is not intended to deter offers or preclude our Board of Directors from considering acquisition proposals that are fair and otherwise in the best interest of our stockholders. However, the overall effect of the Rights Agreement may render it more difficult or discourage a merger, tender offer, or other business combination involving us that is not supported by our Board of Directors.

1112. STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $1.8 million, $1.8 million. and $1.38 million, in ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

At September 2928, ~~2024~~2025, we have reserved 69496,~~107~~136 shares of Common Stock for issuance to employees under an incentive and non-statutory stock option and restricted stock plan approved by stockholders~~, of which 69,107 shares are available for granting of non-qualified stock options or issuance of restricted Common Stock~~.

Stock Options

Options are granted at a price equal to the fair market value on the date of the grant and are exercisable, upon vesting, over a ten-year period.

A summary of stock option activity is as follows:

(Thousands of Shares)	~~2024~~2025	~~2023~~2024	~~2022~~2023
Outstanding, beginning of year	—	—	36—
Exercised	—	—	(9)
Granted	40	—	—
Canceled	—	—	(27)
Exercised	—	—	—
Outstanding, end of year	—	—	—
Canceled	(8)	—	—
Exercisable, end of year	—	—	—
Outstanding, end of year	32	—	—
Exercisable, end of year	32	—	—

6172

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~~Weighted~~Options ~~average~~were ~~prices~~valued ofusing ~~stock~~the ~~options~~Black ~~are~~Scholes asvaluation ~~follows~~model and the following assumptions:

(Dollars)	2024		2023	2022
Expected Volatility	58	%
Exercised	—		—	11.30
Risk Free Rate	4.05	%
Cancelled	—		—	11.30
Expected Term (in years)	2.83 years
Outstanding, end of year	—		—	11.40

The weighted average grant date fair value of options granted during the year was $2.18 and the unrecognized compensation is $0.1 million.

Restricted Common Stock

A summary of restricted Common Stock activity is as follows:

(Thousands of Shares)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Outstanding, beginning of year

~~162~~219

~~165~~162

~~154~~165

Granted

9340

6993

7869

Vested

(3597)

(6235)

(6662)

Forfeited

(119)

(101)

(110)

Outstanding, end of year

~~219~~143

~~162~~219

~~165~~162

Weighted average grant date fair values of restricted Common Stock are as follows:

(Dollars)	~~2024~~2025	~~2023~~2024	~~2022~~2023
Outstanding, beginning of year	2117.1474	21.2114	1621.7021
Granted	916.5636	179.8756	3017.0187
Vested	1124.7976	1711.2779	2017.9327
Forfeited	14.2403	2414.0424	2324.6004
Outstanding, end of year	1713.7462	2117.1474	21.2114

Total unrecognized compensation expense for unvested restricted Common Stock at September 2928, ~~2024~~2025 is $10.35 million, which will be recognized over a weighted average period of 10.49 years.

The total fair value of shares that vested during ~~2024~~2025, ~~2023,~~2024 and ~~2022~~2023 were $0.45 million, $10.14 million, and $1.41 million, respectively.

Performance Share Units

During the year, we awarded performance stock units to reward executives that vest based on our performance against predetermined total shareholder return market based targets. A performance share unit represents the right to receive a defined number of ordinary shares after the end of a three-year performance period if the specified performance goals are achieved. The units were valued using the Black-Scholes framework for an asset-or-nothing call option with the following assumptions:


Expected Volatility	58	%
Risk Free Rate	4.02	%
Expected Term (in years)	2.58

The weighted average grant date fair value of options granted during the year was $12.22.

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A summary of performance share unit activity is as follows:


(Thousands of Shares)	2025	2024	2023

Outstanding, beginning of year	—	—	—
Granted	63	—	—
Vested	—	—	—
Forfeited	(13)	—	—
Outstanding, end of year	50	—	—

Total unrecognized compensation expense for Performance shares at September 28, 2025 is $0.7 million.

Employee Stock Purchase Plans

We have 27,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 870 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in ~~2024~~2025, ~~2023~~2024, or ~~2022~~2023.

6213. INCOME TAXES

Income tax benefit consists of the following:


(Thousands of Dollars)	2025	2024	2023
Current Taxes:
Federal	(9)	2,430	4,528
State	20	488	(336)
	11	2,918	4,192
Deferred Taxes:
Federal	(3,605)	(9,388)	(4,973)
State	(3,309)	(1,140)	432
	(6,914)	(10,528)	(4,541)
Income tax benefit	(6,903)	(7,610)	(349)

Income tax benefit related to operations differs from the amounts computed by applying the U.S. federal income tax rate to loss before income taxes. The reasons for these differences are as follows:


(Percent of Loss Before Income Taxes)	2025	2024	2023

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	6.3	3.8	(5.4)
Net income of associated companies	1.3	2.3	31.2
Resolution of tax matters	0.2	1.8	69.7
Remeasurement due to state rate changes	(0.7)	2.5	(84.0)
Non-deductible expenses	(3.1)	(3.6)	(28.5)
Valuation allowance	(7.4)	(2.4)	28.8
State net operating loss expiration	(4.6)	(3.0)	(12.8)

Recognition of basis differences	3.5	1.6	7.5
Other	(0.2)	0.4	(16.2)
	16.3	24.4	11.3

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12. INCOME TAXES

Income tax (benefit) expense consists of the following:

(Thousands of Dollars)	2024	2023	2022
Current Taxes:
Federal	2,430	4,528	4,932
State	488	(336)	142
	2,918	4,192	5,074
Deferred Taxes:
Federal	(9,388)	(4,973)	(3,913)
State	(1,140)	432	(463)
	(10,528)	(4,541)	(4,376)
Income tax expense	(7,610)	(349)	698

Income tax (benefit) expense related to operations differs from the amounts computed by applying the U.S. federal income tax rate to (loss) income before income taxes. The reasons for these differences are as follows:

(Percent of (Loss) Income Before Income Taxes)	2024	2023	2022
Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	3.8	(5.4)	(8.9)
Net income of associated companies	2.3	31.2	(77.2)
Resolution of tax matters	1.8	69.7	(32.2)
Remeasurement due to state rate changes	2.5	(84.0)	(11.2)
Non-deductible expenses	(3.6)	(28.5)	124.0
Provision to return adjustment	0.4	(0.5)	70.2
Valuation allowance	(2.4)	28.8	(123.3)
State net operating loss expiration	(3.0)	(12.8)	135.2
Wage credit, net addback	0.1	—	(7.5)
Warrant valuation	—	—	(1.9)
Interest and penalties	(0.3)	(9.0)	—
Recognition of basis differences	1.6	7.5	—
Other	0.2	(6.7)	—
	24.4	11.3	88.2

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Net deferred income tax liabilities consist of the following components:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
Deferred income tax liabilities:
Property and equipment	(53,~~327~~468)	(85,~~461~~327)
Identified intangible assets	(1513,~~097~~065)	(1815,~~679~~097)
ASC 842 - Leases DTL	(86,~~308~~357)	(98,~~890~~308)
Other	(21,~~145~~091)	(21,~~298~~738)
Investments	(3129,~~473~~144)	(31,~~296~~150)
	(62,350)	(70,624)
	(53,125)	(61,619)
Deferred income tax assets:
Allowance for credit losses	1,112	1,655
Pension and postretirement benefits	1,460	3,839
Pension and postretirement benefits	2,454	1,102
Interest deduction limitation	22,929	16,097
Interest deduction limitation	16,097	9,828
Operating loss carryforwards	23,771	25,267
Operating loss carryforwards	25,267	25,749
ASC 842 - Leases DTA	6,818	9,306
ASC 842 - Leases DTA	9,306	11,037
Other	5,337	5,208
Other	6,211	5,667
	60,315	59,717
	60,447	55,038
Valuation allowance	(29,667)	(26,500)
Valuation allowance	(26,500)	(25,765)
Net deferred income tax liabilities	(22,477)	(28,403)
Net deferred income tax liabilities	(28,403)	(41,351)

ACertain ~~reconciliation~~prior-period ofdeferred ~~2024~~income tax assets and ~~2023~~liabilities ~~changes~~have inbeen ~~gross~~reclassified ~~unrecognized~~to conform to the current-period presentation. These reclassifications did not impact the previously reported net deferred income tax ~~benefits~~liabilities isor asany ~~follows:~~financial statement balances.

(Thousands of Dollars)	2024	2023
Balance, beginning of year	14,914	18,242
Changes in tax positions for prior years	216	(687)
Increases (decrease) in tax positions for the current year	837	(347)
Lapse in statute of limitations	(1,796)	(2,294)
Balance, end of year	14,171	14,914

A reconciliation of 2025 and 2024 changes in gross unrecognized tax benefits is as follows:

Approximately $11.4 million and $10.7 million of the gross unrecognized tax benefit balances for 2024 and 2023, respectively, relate to state net operating losses which are netted against deferred taxes on our Consolidated Balance Sheet. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $2.2 million at September 29, 2024. The Company does not expect that unrecognized tax benefits will fluctuate significantly in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest related to unrecognized tax benefits was, net of tax, $0.5 million at September 29, 2024 and $1.2 million at September 24, 2023. There were no amounts provided for penalties at September 29, 2024 or September 24, 2023.


(Thousands of Dollars)	2025	2024

Balance, beginning of year	14,171	14,914
Changes in tax positions for prior years	(385)	216
Increases (decrease) in tax positions for the current year	1,277	837
Lapse in statute of limitations	(901)	(1,796)
Balance, end of year	14,162	14,171

AtApproximately ~~September 29,~~$11.6 ~~2024~~million and ~~September 24~~$11.4 million of the gross unrecognized tax benefit balances for 2025 and 2024, ~~2023~~respectively, werelate ~~had~~to astate net operating losses which are netted against deferred ~~tax~~taxes ~~asset~~on our Consolidated Balance Sheet. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $162.1 million at September 28, 2025. We do not expect that unrecognized tax benefits will fluctuate significantly in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest related to unrecognized tax benefits was, net of tax, $90.8 4 million at September 28, ~~respectively~~2025 and $0.5 million at September 29, ~~related~~2024. toThere ~~disallowed~~were ~~interest~~no ~~expense~~amounts provided for penalties at September 28, 2025 or September 29, 2024.

~~The~~At ~~valuation allowance increased from $25.8~~September ~~million~~28, in2025 ~~2023~~and ~~to $26.5~~September ~~million~~29, in 2024~~. During 2024~~, itwe ~~was~~had ~~determined~~a todeferred betax ~~more~~asset ~~likely~~of ~~than~~$22.9 ~~not~~million ~~that~~and ~~the~~$16.1 million, ~~Company~~respectively, ~~would~~related ~~not be able~~ to ~~realize all of its~~ disallowed interest expense ~~carryforwards~~. ~~Therefore,~~A aportion ~~valuation allowance was established on the amount~~ of ~~the~~this deferred tax ~~assets~~asset ~~determined~~is subject to ~~not~~a ~~be realizable. The~~ valuation allowance ~~decreased~~as bywe ~~$0.9 million~~do ~~and~~not ~~$1.0 million~~expect into ~~2023~~fully ~~and~~realize ~~2022,~~a ~~respectively~~future tax benefit.

64The valuation allowance totaled $29.7 million and $26.5 million in 2025 and 2024, respectively. The valuation allowance is on certain state net operating losses and disallowed interest expense carryforwards.

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~~The~~We ~~Company~~are is currently undergoing a New York Franchise Tax audit that includes fiscal year periods 2019 through 2021. Certain of ~~the~~our ~~Company's~~ state income tax returns for the year ended September 24, 2017 are open for examination. The Federal and remaining state returns are open beginning with the September 3029, ~~2018~~2019 year.

At September 2928, ~~2024~~2025, we have state tax benefits of approximately $4341.36 million in net operating loss ("NOL") carryforwards. Of the NOL balance, $4140.36 million expire between 2024 and 2044 and $21.0 million have an indefinite carryforward period. These NOL carryforwards result in a deferred income tax asset of $3432.29 million at September 2928, ~~2024~~2025, a portion of which is offset by a valuation allowance.

13On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law, introducing significant changes to corporate income tax deductions. ~~FAIR~~ ~~VALUE~~For OFfiscal ~~FINANCIAL~~year ~~INSTRUMENTS~~2025, OBBBA did not have a material impact on our financial statements. We continue to evaluate the future impact of the OBBBA for those provision that were effective after fiscal year 2025.

14. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value.

The carrying amounts of cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short maturity of those instruments. Certain other investments totaling $4.4 million, including our 16.7% ownership of the non-voting common stock and 0.7% of the voting common stock of TCT, which represents 8.7% of total TCT stock, are carried at cost. Certain other investments totaling $1.7 million, which include securities held in trust under a deferred compensation arrangement, are carried at fair value with gains and losses reported in earnings. These represent Level 2 fair value measurements.

At September 2928, ~~2024~~2025, we had no floating rate debt. Our fixed rate debt consists of $~~445~~455.95 million principal amount of the Term Note. At September 2928, ~~2024~~2025 the fair value is $~~398~~387.69 million, representing a Level 2 fair value measurement, which are fair values estimated using significant other observable inputs for similar instruments. The inputs used in this measurement include the 20 year treasury rate as the risk free interest rate and a US high yield index option-adjusted spread. There has been no changes in the valuation approach and technique from prior periods.

1415. LOSS PER COMMON SHARE

The following table sets forth the computation of basic and diluted (losses) earnings per common share:

(Thousands of Dollars and Shares, Except Per Common Share Data)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Loss attributable to Lee Enterprises, Incorporated:

(2537,~~845~~593)

(525,~~267~~845)

(25,~~017~~267)

Weighted average Common Shares

6,~~145~~230

6,~~037~~145

56,~~946~~037

Less non-vested restricted Common Shares

(~~201~~164)

(~~170~~201)

(~~167~~170)

Basic weighted average Common Shares

56,~~944~~066

5,~~867~~944

5,~~779~~867

Dilutive stock options and restricted Common Shares

—

Diluted weighted average Common Shares

56,~~944~~066

5,~~867~~944

5,~~779~~867

Loss per common share:

Basic:

(46.3520)

(04.9035)

(0.3590)

Diluted

(46.3520)

(04.9035)

(0.3590)

For ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 we had ~~192~~152,~~737~~189, 48192,~~955~~737, and 7448,~~304~~955 weighted average shares, respectively, not considered in the computation of diluted earnings per share because ~~the~~we ~~Company~~ recorded net losses.

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1516. ALLOWANCE FOR CREDIT LOSSES

Valuation and qualifying account information related to the allowance for credit losses related to continuing operations is as follows:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Balance, beginning of year

56,~~260~~514

5,~~237~~260

65,~~574~~237

Additions charged to expense

1315,~~633~~262

613,~~942~~633

56,~~190~~942

Deductions from reserves

(1216,~~379~~949)

(612,~~919~~379)

(6,~~527~~919)

Balance, end of year

64,~~514~~827

56,~~260~~514

5,~~237~~260

1617. OTHER INFORMATION

Compensation and other accrued liabilities consist of the following:

(Thousands of Dollars)	September ~~292024~~282025	September ~~242023~~292024
Compensation	811,~~819~~233	98,~~114~~819
Retirement plans	~~272~~209	~~327~~272
Other	3026,~~079~~420	2030,~~007~~079
	39,170	29,448
	37,862	39,170

Supplemental cash flow information includes the following cash payments:

(Thousands of Dollars)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Interest

4140,~~232~~505

41,~~471~~232

41,~~770~~471

Income tax payments, net

72,~~374~~914

37,~~722~~374

53,~~311~~722

Accumulated other comprehensive ~~income (~~loss), net of deferred income taxes at September 2928, ~~2024~~2025, and September 2429, ~~2023~~2024, is related to pension and postretirement benefits.

1718. ~~COMMITMENTS~~ ~~AND~~CYBERSECURITY ~~CONTINGENT LIABILITIES~~INCIDENT

On February 3, 2025, the Company experienced a cybersecurity incident that disrupted certain IT systems and resulted in unauthorized access to certain files (the “Cyber Incident”). We activated our incident-response plan, engaged third-party cybersecurity experts, notified law enforcement, and offered identity-protection services to affected customers and subscribers.

For the year ended September 28, 2025, we incurred $10.5 million loss of cash flows related to the Cyber Incident. Approximately $3.7 million of this was incurred expenses that are recognized in "Restructuring and Other" in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. We have filed insurance claims for the remaining $6.8 million to cover business interruption related and other expenses.

We maintain cyber insurance with a $0.5 million deductible. As of year-end, we had submitted $10.0 million of claims (excluding business-interruption claims) and received $2.0 million of reimbursements, which are presented as a reduction of related costs within “Restructuring and other.” Additional recoveries were not yet probable at September 28, 2025; accordingly, no insurance receivable has been recognized. Business-interruption claims remain under review; no related recoveries have been recorded.

The Cyber Incident adversely affected fiscal 2025 operating results; however, the incremental impact on revenues and certain operating expenses is not reasonably separable from other business factors. The incident remains under legal and forensic review, and we continue to implement security enhancements.

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19. COMMITMENTS AND CONTINGENT LIABILITIES

Capital Expenditures

At September 2928, ~~2024~~2025, we had construction and equipment purchase commitments totaling approximately $61.47 million.

Income Taxes

Commitments exclude unrecognized tax benefits to be recorded in accordance with ASC Topic 740, Income Taxes. We are unable to reasonably estimate the ultimate amount or timing of cash settlements with the respective taxing authorities for such matters. See Note 1213.

We file income tax returns with the Internal Revenue Service and various state tax jurisdictions. From time to time, we are subject to routine audits by those agencies, and those audits may result in proposed adjustments. We have considered the alternative interpretations that may be assumed by the various taxing agencies, believe our positions taken regarding our filings are valid, and that adequate tax liabilities have been recorded to resolve such matters. However, the actual outcome cannot be determined with certainty and the difference could be material, either positively or negatively, to the Consolidated Statements of (Loss) Income and Comprehensive Income (Loss) in the periods in which such matters are ultimately determined. We do not believe the final resolution of such matters will be material to our consolidated financial position or cash flows.

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We have various income tax examinations ongoing and at various stages of completion, but generally our income tax returns have been audited or closed to audit through 2014.

Legal Proceedings

We are involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While we are unable to predict the ultimate outcome of these legal actions ~~except for one case~~, ~~which amounts are recognized in "Prepaids and Other" and "Compensation and other accrued liabilities" on the Consolidated Balance Sheets),~~ it is our opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a whole.

~~The~~Stoudemire ~~Company~~et ~~was~~al. v. Lee Enterprises, Incorporated (Video Privacy Claim). On December 19, 2022, named asPlaintiffs filed a ~~defendant~~Complaint in the U.S. District Court for the Southern District of Iowa alleging Company news websites violate the Video Privacy Protection Act by disclosing to third parties certain data about users’ video-watching habits. In particular, the Complaint alleges the websites use Facebook Pixel, a ~~group~~technology ofthat ~~Plaintiffs~~allegedly ~~acting~~links a user’s Facebook profile to videos the user watches on ~~behalf~~the ofCompany’s awebsite. The ~~proposed~~claimants are asserting class action claims and allege statutory damages of ~~digital~~$2,500 ~~subscribers~~per inclass amember, ~~lawsuit~~punitive indamages, ~~2022~~and attorneys’ fees. In ~~The~~July ~~lawsuit~~2023, ~~alleged~~the ~~that~~Court denied the Company’s ~~violated~~Motion to Dismiss. This claim has been submitted for coverage under the ~~Video~~Company’s ~~Privacy~~media ~~Protection~~insurance ~~Act~~policy. The ~~(“VPPA”)~~parties bysuccessfully ~~using~~mediated ~~pixels~~the tocase ~~track~~on ~~subscribers’~~November ~~video~~5, ~~viewing~~2024, ~~activity~~and the court granted final approval of the class action settlement on August 14, 2025. The entire $9.5 million settlement amount will be paid by the Company's ~~websites~~insurance carriers. The settlement liability and ~~sharing~~insurance itreceivable ~~with~~are ~~Meta~~recorded ~~without~~within ~~consent.~~“Compensation and other accrued liabilities” and “Prepaids and other” on the Consolidated Balance Sheets as of September 28, 2025 and September 29, 2024, respectively.

~~The~~Fetes et al. v. Lee Enterprises. Incorporated (Cyber Incident). On June 12, 2025, Sarah Fetes filed a Complaint in the U.S. District Court for the Southern District of Iowa alleging claims arising out of a February 2025 cybersecurity incident, during which a third-party threat actor potentially accessed personal information of past and present Company ~~has~~employees ~~agreed~~existing toon Company systems. Fetes and five additional named Plaintiffs filed a ~~preliminary~~Consolidated ~~settlement~~Complaint ~~with~~on August 11, 2025. Plaintiffs allege the Company failed to properly secure and safeguard personally identifiable information collected as part of Company's regular business practices. Plaintiffs seek damages for ~~$9.5 million~~invasion of privacy and misuse of the compromised data, ~~subject~~on tobehalf ~~required~~of ~~court~~themselves ~~approval~~and a class consisting of approximately 39,700 individuals who received data breach notifications. This claim has been submitted for coverage under the Company's media insurance policy. The ~~entire~~parties have reached a tentative settlement, ~~amount~~all of which will be paid by the Company’'s insurance carriers, in an amount that will be publicly disclosed through the court process. The settlement is subject to required court approval and open to objection by class members. The Company anticipates final approval of the settlement by August 2026.

The settlement liability and insurance receivable are recorded within “Compensation and other accrued liabilities” and “Prepaids and other” on the Consolidated Balance Sheets as of September 29, 2024, respectively.78

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Lineup Systems Corporation v. Lee Enterprises, Incorporated. In July 2025, Lineup filed suit against the Company for breach of contract, breach of the covenant of good faith and fair dealing, and quantum meruit arising from the contract between the two people for an accounting software program. The suit claims $7 million in damages for failure to pay owed amounts, attorneys fees and interest. The Company filed a counter claim alleging breach of contract and fraudulent inducement. Trial has been set for October 18, 2027. Currently, losses or possible losses are not reasonably estimable.

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Report of Independent Registered Public Accounting Firm

Stockholders and Board of Directors

Lee Enterprises, Incorporated

Davenport, Iowa

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Lee Enterprises, Incorporated (the “Company”) as of September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024, the related consolidated statements of (loss) income and comprehensive (loss) income, (deficit) equity, and cash flows for each of the three fiscal years in the period ended September 2928, ~~2024~~2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 2928, ~~2024~~2025 and September 2429, ~~2023~~2024, and the results of its operations and its cash flows for each of the three fiscal years in the period ended September 2928, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company's internal control over financial reporting as of September 29, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and our report dated December 13, 2024 expressed an unqualified opinion thereon.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) related to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

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Valuation of indefinite-lived mastheads

As described in Notes 1 and 4 to the consolidated financial statements, the Company’s non-amortized intangible assets in mastheads are $103.9 million as of September 2928, ~~2024~~2025. The Company reviews the indefinite-lived mastheads for impairment on an annual basis or more frequently if events or changes in circumstances indicate the assets might be impaired. The impairment test consists of comparing the fair value of each masthead with its carrying amount. The Company determines fair value using the relief from royalty method~~, which utilizes a discounted cash flow model to determine the fair value of each masthead~~. The ~~significant~~ assumptions used in the determination of the fair value of indefinite-lived mastheads are the ~~discount~~risk-adjusted ~~rate (~~weighted-average cost of capital) and royalty rates. During the year ended September 2928, ~~2024~~2025, the Company recognized impairments of $76.89 million on these indefinite-lived mastheads.

We identified the determination of the fair values of the indefinite-lived mastheads as a critical audit matter because of the significant estimates and assumptions the Company makes to calculate their fair value, specifically the discount rate and royalty rates. Auditing the significant assumptions involved a high degree of subjective auditor judgment due to their significant estimation uncertainty, including the extent of specialized skills and knowledge needed.80

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We identified the determination of the fair values of the indefinite-lived mastheads as a critical audit matter because of the subjective estimates and assumptions the Company makes to calculate their fair value, specifically the risk-adjusted weighted-average cost of capital and royalty rates. Auditing these assumptions involved especially subjective auditor judgement due to their significant estimation uncertainty, including the extent of specialized skills and knowledge needed.

The following are the primary procedures we performed to address this critical audit matter:

•Utilizing personnel with specialized skills and knowledge in valuation, who assisted in:

◦•Evaluating the ~~discount~~risk-adjusted ~~rate~~weighted-average cost of capital by developing an independent expectation range using independently obtained market data of guideline public companies and ~~comparing~~compared to the rate used by the Company; and

◦•Evaluating the royalty rates by (i) evaluating management’s profit-split analysis and (ii) comparing them to a range based on publicly available royalty rates.

We have served as the Company's auditor since 2021.

/s/ BDO USA, P.C.

Chicago, Illinois

~~December~~November 1326, ~~2024~~2025

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EXHIBIT INDEX

Exhibits marked with an asterisk (*) are incorporated by reference to documents previously filed by us with the SEC, as indicated. Exhibits marked with a plus (+) are management contracts or compensatory plan contracts or arrangements filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K. All other documents listed are filed with this Annual Report on Form 10-K.


Number			Description

3.1 *			Amended and Restated Certificate of Incorporation of Lee Enterprises, Incorporated effective as of January 30, 2012 (Exhibit 3.1 to Form 8-K filed on February 3, 2012)

3.2 *			Second Amended and Restated By-Laws of Lee Enterprises, Incorporated effective as of June 26, 2019 (Exhibit 3.1 to Form 8-K filed June 27, 2019)

4.1 *			Rights Agreement, dated as of March 28, 2024, between Lee Enterprises, Incorporated and Equiniti Trust Company, LLC, as rights agent (Exhibit 4.1 of the Company's Current Report on Form 8-K filed with the SEC on March 29, 2024)

4.2 *			Amendment No. 1 to Rights Agreement, dated as of March 26, 2025, between Lee Enterprises, Incorporated and Equiniti Trust Company, LLC, as rights agent (Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 26, 2025)

4.3 *			Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (filed on Form 8-A/A on March 26, 2025)

10.1 *			Asset and Stock Purchase Agreement dated January 29, 2020 by and among Lee Enterprises, Incorporated, Berkshire Hathaway Inc. and BH Media Group, Inc. (Exhibit 10.1 to Form 8-K filed on January 29, 2020)

10.2 *			Credit Agreement dated January 29, 2020 by and between Lee Enterprises, Incorporated and BH Finance LLC (Exhibit 10.2 to Form 8-K filed on January 29, 2020)

10.3*			Waiver and Amendment to Credit Agreement among Lee Enterprises, Incorporated and BH Media Group, Inc. (Exhibit 10.1 to Form 8-K filed on May 5, 2025)

10.4 *			Form of Lease Agreement by and between Lee Enterprises, Incorporated and BH Media Group, Inc. (Exhibit 10.3 to Form 8-K filed on January 29, 2020)

10.5 *			Operating Agreement of St. Louis Post-Dispatch LLC, dated as of May 1, 2000, as amended by Amendment No. 1 to Operating Agreement of St. Louis Post-Dispatch LLC, dated as of June 1, 2001 (Exhibit 10.5 to Form 10-Q for the Fiscal Quarter Ended June 30, 2005)

10.6 *			Amendment Number Two to Operating Agreement of St. Louis Post-Dispatch LLC, effective February 18, 2009, between Pulitzer Inc. and Pulitzer Technologies, Inc. (Exhibit 10.13 to Form 10-Q for the Fiscal Quarter Ended March 29, 2009)

10.7 *			Amended and Restated Joint Operating Agreement, dated December 22, 1988, between Star Publishing Company and Citizen Publishing Company (Exhibit 10.2 to Form 10-Q for the Fiscal Quarter Ended June 30, 2005)

10.8 *			Amended and Restated Partnership Agreement, dated as of November 30, 2009, between Star Publishing Company and Citizen Publishing Company (Exhibit 10.2 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)

Number			Description
3.1 *			Amended and Restated Certificate of Incorporation of Lee Enterprises, Incorporated effective as of January 30, 2012 (Exhibit 3.1 to Form 8-K filed on February 3, 2012)
3.2 *			Second Amended and Restated By-Laws of Lee Enterprises, Incorporated effective as of June 26, 2019 (Exhibit 3.1 to Form 8-K filed June 27, 2019)
4.2 *			Rights Agreement, dated as of March 28, 2024, between Lee Enterprises, Incorporated and Equiniti Trust Company, LLC, as rights agent (Exhibit 4.1 of the Company's Current Report on Form 8-K filed with the SEC on March 29, 2024)
10.1 *			Asset and Stock Purchase Agreement dated January 29, 2020 by and among Lee Enterprises, Incorporated, Berkshire Hathaway Inc. and BH Media Group, Inc. (Exhibit 10.1 to Form 8-K filed on January 29, 2020)
10.2 *			Credit Agreement dated January 29, 2020 by and between Lee Enterprises, Incorporated and BH Finance LLC (Exhibit 10.2 to Form 8-K filed on January 29, 2020)
10.3 *			Form of Lease Agreement by and between Lee Enterprises, Incorporated and BH Media Group, Inc. (Exhibit 10.3 to Form 8-K filed on January 29, 2020)
10.4 *			Operating Agreement of St. Louis Post-Dispatch LLC, dated as of May 1, 2000, as amended by Amendment No. 1 to Operating Agreement of St. Louis Post-Dispatch LLC, dated as of June 1, 2001 (Exhibit 10.5 to Form 10-Q for the Fiscal Quarter Ended June 30, 2005)
10.5 *			Amendment Number Two to Operating Agreement of St. Louis Post-Dispatch LLC, effective February 18, 2009, between Pulitzer Inc. and Pulitzer Technologies, Inc. (Exhibit 10.13 to Form 10-Q for the Fiscal Quarter Ended March 29, 2009)
10.6 *			Amended and Restated Joint Operating Agreement, dated December 22, 1988, between Star Publishing Company and Citizen Publishing Company (Exhibit 10.2 to Form 10-Q for the Fiscal Quarter Ended June 30, 2005)
10.7 *			Amended and Restated Partnership Agreement, dated as of November 30, 2009, between Star Publishing Company and Citizen Publishing Company (Exhibit 10.2 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)
10.8 *			Amended and Restated Management Agreement, dated as of November 30, 2009, between Star Publishing Company and Citizen Publishing Company (Exhibit 10.1 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)
10.9 *			License Agreement (Star), as amended and restated November 30, 2009, between Star Publishing Company and TNI Partners (Exhibit 10.3 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)

Table of Contents

Number			Description
10.10 *			License Agreement (Citizen), as amended and restated November 30, 2009, between Citizen Publishing Company and TNI Partners (Exhibit 10.4 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)
10.9 *			Amended and Restated Management Agreement, dated as of November 30, 2009, between Star Publishing Company and Citizen Publishing Company (Exhibit 10.1 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)
10.11 *			License Agreement, dated as of May 1, 2000, by and between Pulitzer Inc. and St. Louis Post-Dispatch LLC (Exhibit 10.7 to Form 10-Q for the Fiscal Quarter Ended June 30, 2005)
10.10 *			License Agreement (Star), as amended and restated November 30, 2009, between Star Publishing Company and TNI Partners (Exhibit 10.3 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)
10.12.1+ *			Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (effective February 19, 2020) (Exhibit 4.2 to Registration Statement on Form S-8 (Reference No. 333-237605) filed on April 8, 2020)
10.11 *			License Agreement (Citizen), as amended and restated November 30, 2009, between Citizen Publishing Company and TNI Partners (Exhibit 10.4 to Form 10-Q for the Fiscal Quarter Ended December 27, 2009)
10.12.2+*			Form of Restricted Stock Agreement related to Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (Effective February 19, 2020) (Exhibit 10.2 to Form 8-K filed on February 23, 2016)
10.12 *			License Agreement, dated as of May 1, 2000, by and between Pulitzer Inc. and St. Louis Post-Dispatch LLC (Exhibit 10.7 to Form 10-Q for the Fiscal Quarter Ended June 30, 2005)
10.12.3+ *			Form of Incentive Stock Option Agreement related to Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (Effective February 19, 2020) (Exhibit 10.3 to Form 8-K filed on February 23, 2016)
10.13.1+ *			Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (effective February 19, 2020) (Exhibit 4.2 to Registration Statement on Form S-8 (Reference No. 333-237605) filed on April 8, 2020)
10.12.4+ *			Form of Non-Qualified Stock Option Agreement related to Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (Effective February 19, 2020) (Exhibit 10.4 to Form 8-K filed on February 23, 2016)
10.13.2+*			Form of Restricted Stock Agreement related to Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (Effective February 19, 2020) (Exhibit 10.2 to Form 8-K filed on February 23, 2016)
10.13 +*			Lee Enterprises, Incorporated Supplementary Benefit Plan, Amended and Restated as of January 1, 2008 (Exhibit 10.25 to Form 10-K for the Fiscal Year Ended September 28, 2008)
10.13.3+ *			Form of Incentive Stock Option Agreement related to Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (Effective February 19, 2020) (Exhibit 10.3 to Form 8-K filed on February 23, 2016)
10.14+ *			Lee Enterprises, Incorporated Outside Directors Deferral Plan, Amended and Restated as of January 1, 2008 (Exhibit 10.26 to Form 10-K for the Fiscal Year Ended September 28, 2008)
10.13.4+ *			Form of Non-Qualified Stock Option Agreement related to Lee Enterprises, Incorporated 2020 Long-Term Incentive Plan (Effective February 19, 2020) (Exhibit 10.4 to Form 8-K filed on February 23, 2016)
10.15.1+*			Form of Amended and Restated Employment Agreement between Lee Enterprises, Incorporated and its President and Chief Executive Officer (Exhibit 10.31.2 to Form 10-K for the Fiscal Year Ended September 30, 2018)
10.14 +*			Lee Enterprises, Incorporated Supplementary Benefit Plan, Amended and Restated as of January 1, 2008 (Exhibit 10.25 to Form 10-K for the Fiscal Year Ended September 28, 2008)
10.15.2+*			Form of Employment Agreement between Lee Enterprises, Incorporated and Certain of its Senior Executive Officers (Exhibit 10.31.3 to Form 10-K for the Fiscal Year Ended September 30, 2018)
10.15+ *			Lee Enterprises, Incorporated Outside Directors Deferral Plan, Amended and Restated as of January 1, 2008 (Exhibit 10.26 to Form 10-K for the Fiscal Year Ended September 28, 2008)
10.16+*			Form of Indemnification Agreement for Lee Enterprises, Incorporated Directors and Executive Officers Group (Exhibit 10.32 to Form 10-K for the Fiscal Year Ended September 30, 2018)
10.16.1+*			Form of Amended and Restated Employment Agreement between Lee Enterprises, Incorporated and its President and Chief Executive Officer (Exhibit 10.31.2 to Form 10-K for the Fiscal Year Ended September 30, 2018)
10.17+*			Lee Enterprises, Incorporated Amended and Restated Incentive Compensation Program (Effective February 22, 2017) (Appendix B to Schedule 14A Definitive Proxy Statement for 2017)
10.16.2+*			Form of Employment Agreement between Lee Enterprises, Incorporated and Certain of its Senior Executive Officers (Exhibit 10.31.3 to Form 10-K for the Fiscal Year Ended September 30, 2018)
19 *			Lee Enterprises, Incorporated Insider Trading Policy effective as of September 21, 2023 (Exhibit 19 of the Annual Report on Form 10-K for the Fiscal Year ended September 24, 2023)
10.17+*			Form of Indemnification Agreement for Lee Enterprises, Incorporated Directors and Executive Officers Group (Exhibit 10.32 to Form 10-K for the Fiscal Year Ended September 30, 2018)
21			Subsidiaries and associated companies
10.18+*			Lee Enterprises, Incorporated Amended and Restated Incentive Compensation Program (Effective February 22, 2017) (Appendix B to Schedule 14A Definitive Proxy Statement for 2017)
23			Consent of BDO USA, P.C., Independent Registered Public Accounting Firm
24			Power of Attorney

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Number			Description
31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19 *			Lee Enterprises, Incorporated Insider Trading Policy effective as of September 21, 2023 (Exhibit 19 of the Annual Report on Form 10-K for the Fiscal Year ended September 24, 2023)
31.2			Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
21			Subsidiaries and associated companies
32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
23			Consent of BDO USA, P.C., Independent Registered Public Accounting Firm
97*			Lee Enterprises, Incorporated Recovery of Erroneously Awarded Executive Compensation Policy effective as of September 21, 2023 (Exhibit 97 to to Annual Report on Form 10-K for the Fiscal Year Ended September 24, 2023)
24			Power of Attorney
101.INS			Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
101.SCH			Inline XBRL Taxonomy Extension Schema Document
31.2			Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
97*			Lee Enterprises, Incorporated Recovery of Erroneously Awarded Executive Compensation Policy effective as of September 21, 2023 (Exhibit 97 to Annual Report on Form 10-K for the Fiscal Year Ended September 24, 2023)
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.INS			Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on the ~~13th~~26th day of ~~December 2024~~November 2025.

LEE ENTERPRISES, INCORPORATED


/s/ Kevin D. Mowbray						/s/ Timothy R. Millage
Kevin D. Mowbray						Timothy R. Millage
President and Chief Executive Officer						Vice President, Chief Financial Officer and Treasurer
(Principal Executive Officer)						(Principal Financial and Accounting Officer)

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in their respective capacities on the ~~13th~~26th day of ~~December 2024~~November 2025.

Signature /s/ Steven C. Fletcher Director Steven C. Fletcher /s/ Margaret R. Liberman Director Margaret R. Liberman /s/ Mary E. Junck Director Mary E. Junck /s/ Brent M. Magid Director Brent M. Magid /s/ Shaun E. McAlmont Director Shaun E. McAlmont /s/ Herbert W. Moloney III Director Herbert W. Moloney III /s/ Madeline E. McIntosh Director Madeline E. McIntosh /s/ Jonathan F. Miller Director Jonathan F. Miller /s/ Kevin D. Mowbray President and Chief Executive Officer, and Director Kevin D. Mowbray /s/ Timothy R. Millage Vice President, Chief Financial Officer and Treasurer Timothy R. Millage

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