LEE ENTERPRISES, Inc 10-K

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 24 Table of Contents subsidiaries, required to be disclosed in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow 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 28, 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. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 28, 2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting. ITEM 9B. OTHER INFORMATION None . ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The following contains information concerning the Board members, including their period of service as a director, their recent employment, other directorships, including those held during the past five years with a public company or registered investment company, and age as of year end. 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. 25 Table of Contents 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. 26 Table of Contents 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 27 Table of Contents 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). 28 Table of Contents 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. 29 Table of Contents 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 The Named Executive Officers 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, 30 Table of Contents 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. 31 Table of Contents • 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. 32 Table of Contents 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. 33 Table of Contents 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: 34 Table of Contents • 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. 35 Table of Contents 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 36 Table of Contents ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS VOTING SECURITIES AND PRINCIPAL HOLDERS 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. 37 Table of Contents 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 We have adopted procedures that apply to any transaction or series of transactions in which the Company or a subsidiary is a participant involving an amount in excess of $120,000, and a related person has a direct or indirect material interest. Under SEC rules, a related person is a director, nominee for director, executive officer, owner of more than 5% of our Common Stock or immediate family member of any of the above. On an annual basis, each director, nominee for director and officer and certain 5% or greater shareholders are required to 38 Table of Contents 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 REPORT OF THE AUDIT AND RISK MANAGEMENT COMMITTEE OF THE BOARD OF DIRECTORS The 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. 39 Table of Contents 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. * * * * 40 Table of Contents 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 - 52 weeks ended September 28, 2025, 53 weeks ended September 29, 2024 and 52 weeks ended September 24, 2023 Consolidated Balance Sheets - September 28, 2025 and September 29, 2024 Consolidated Statements of Stockholders' (Deficit) Equity - 52 weeks ended September 28, 2025, 53 weeks ended September 29, 2024 and 52 weeks ended September 24, 2023 Consolidated Statements of Cash Flows - 52 weeks ended September 28, 2025, 53 weeks ended September 29, 2024 and 52 weeks ended September 24, 2023 Notes to Consolidated Financial Statements 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. 41 Table of Contents CONSOLIDATED FINANCIAL STATEMENTS PAGE Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income 43 Consolidated Balance Sheets 44 Consolidated Statements of (Deficit) Equity 46 Consolidated Statements of Cash Flows 47 Notes to Consolidated Financial Statements 48 Report of Independent Registered Public Accounting Firm 80 42 Table of Contents CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (Thousands of Dollars, Except Per Common Share Data) 2025 2024 2023 Operating revenue: Advertising and marketing services 252,991 275,701 318,977 Subscription 258,414 281,915 313,291 Other 50,936 53,764 58,870 Total operating revenue 562,341 611,380 691,138 Operating expenses: Compensation 216,017 234,581 266,907 Newsprint and ink 12,961 16,813 25,346 Other operating expenses 294,642 301,950 323,067 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 Total operating expenses 571,269 611,406 660,496 Equity in earnings of associated companies 4,278 4,572 6,527 Operating (loss) income ( 4,650 ) 4,546 37,169 Non-operating (expense) income: Interest expense ( 40,505 ) ( 41,232 ) ( 41,471 ) Pension withdrawal cost — — ( 1,200 ) Pension and OPEB related benefit and other, net 2,506 1,910 2,420 Curtailment/Settlement gain — 3,593 — Total non-operating expense, net ( 37,999 ) ( 35,729 ) ( 40,251 ) Loss before income taxes ( 42,649 ) ( 31,183 ) ( 3,082 ) Income tax benefit ( 6,903 ) ( 7,610 ) ( 349 ) Net loss ( 35,746 ) ( 23,573 ) ( 2,733 ) Net income attributable to non-controlling interests ( 1,847 ) ( 2,272 ) ( 2,534 ) Loss attributable to Lee Enterprises, Incorporated ( 37,593 ) ( 25,845 ) ( 5,267 ) Other comprehensive income (loss), net of income taxes 2,833 ( 6,923 ) 10,190 Comprehensive (loss) income attributable to Lee Enterprises, Incorporated ( 34,760 ) ( 32,768 ) 4,923 Loss per common share: Basic: ( 6.20 ) ( 4.35 ) ( 0.90 ) Diluted: ( 6.20 ) ( 4.35 ) ( 0.90 ) The accompanying Notes are an integral part of the Consolidated Financial Statements. 43 Table of Contents CONSOLIDATED BALANCE SHEETS (Thousands of Dollars) September 28 2025 September 29 2024 ASSETS Current assets: Cash and cash equivalents 9,989 9,598 Accounts receivable, less allowance for credit losses: 2025 $ 4,827 ; 2024 $ 6,514 54,613 60,648 Inventories 4,696 5,643 Prepaids and other 20,145 21,884 Total current assets 89,443 97,773 Investments: Associated companies 27,070 27,941 Other 6,118 6,042 Total investments 33,188 33,983 Property and equipment: Land and improvements 5,782 6,420 Buildings and improvements 64,880 70,152 Equipment 191,594 196,312 Construction in process 5,530 5,625 267,786 278,509 Less accumulated depreciation 232,225 234,137 Property and equipment, net 35,561 44,372 Operating lease right-of-use assets 25,155 34,882 Goodwill 323,858 328,040 Other intangible assets, net 51,926 70,075 Pension plan assets, net 10,828 4,663 Medical plan assets, net 22,407 23,300 Other 9,363 12,083 Total assets 601,729 649,171 The accompanying Notes are an integral part of the Consolidated Financial Statements. 44 Table of Contents (Thousands of Dollars and Shares, Except Per Share Data) September 28 2025 September 29 2024 LIABILITIES AND EQUITY Current liabilities: Current portion of lease liabilities 7,301 8,139 Accounts payable 41,715 36,290 Compensation and other accrued liabilities 37,862 39,170 Unearned revenue 26,478 31,755 Total current liabilities 113,356 115,354 Long-term debt, net of current maturities 455,469 445,943 Operating lease liabilities 18,810 29,769 Pension obligations 508 561 Postretirement and postemployment benefit obligations 5,103 7,520 Deferred income taxes 22,477 28,403 Income taxes payable 3,161 3,456 Withdrawal liabilities and other 23,804 25,499 Total liabilities 642,688 656,505 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: 63 62 September 28, 2025; 6,263 shares; $ 0.01 par value September 29, 2024; 6,190 shares; $ 0.01 par value Class B Common Stock, $ 2 par value; authorized 3,000 shares; none issued — — Additional paid-in capital 263,812 262,470 Accumulated deficit ( 329,934 ) ( 292,341 ) Accumulated other comprehensive income 22,753 19,920 Total Lee Enterprises, Inc.stockholders' deficit ( 43,306 ) ( 9,889 ) Non-controlling interests 2,347 2,555 Total deficit ( 40,959 ) ( 7,334 ) Total liabilities and deficit 601,729 649,171 The accompanying Notes are an integral part of the Consolidated Financial Statements. 45 Table of Contents CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY Amount Shares (Thousands of Dollars and Shares) 2025 2024 2023 2025 2024 2023 Common Stock: Balance, beginning of year 62 61 60 6,190 6,064 5,979 Shares issued 1 1 1 126 85 Balance, end of year 63 62 61 6,190 6,190 6,064 Additional paid-in capital: Balance, beginning of year 262,470 260,832 259,521 Stock compensation 1,757 1,751 1,806 Shares redeemed ( 415 ) ( 113 ) ( 495 ) Balance, end of year 263,812 262,470 260,832 Accumulated deficit: Balance, beginning of year ( 292,341 ) ( 266,496 ) ( 261,229 ) Net loss attributable to Lee Enterprises, Inc. ( 37,593 ) ( 25,845 ) ( 5,267 ) Balance, end of year ( 329,934 ) ( 292,341 ) ( 266,496 ) Accumulated other comprehensive income: Balance, beginning of year 19,920 26,843 16,653 Change in pension and postretirement benefits 3,944 ( 9,337 ) 13,364 Deferred income taxes, net ( 1,111 ) 2,414 ( 3,174 ) Balance, end of year 22,753 19,920 26,843 Non-controlling interests: Balance, beginning of year 2,555 2,466 2,232 Net income 1,847 2,272 2,534 Distributions to minority owners ( 2,055 ) ( 2,183 ) ( 2,300 ) Balance, end of year 2,347 2,555 2,466 Total (deficit) equity ( 40,959 ) ( 7,334 ) 23,706 6,190 6,190 6,064 The accompanying Notes are an integral part of the Consolidated Financial Statements. 46 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS (Thousands of Dollars) 2025 2024 2023 Cash provided by (required for) operating activities: Net loss ( 35,746 ) ( 23,573 ) ( 2,733 ) Adjustments to reconcile net loss to net cash provided by (required for) operating activities: Depreciation and amortization 18,843 27,616 30,621 Bad debt expense 15,262 13,633 6,942 Curtailment/Settlement gain — ( 3,593 ) — Pension withdrawal cost — — 1,200 Stock compensation expense 1,757 1,751 1,806 Impairment of non-amortized intangible assets 6,971 7,758 7,671 Asset (gain) loss on sales and other, net ( 4,015 ) 3,435 ( 5,789 ) Earnings, net of distributions, deemed returns on investment of TNI and MNI 885 ( 122 ) ( 657 ) Gain on sale of investment — — ( 1,736 ) Deferred income taxes ( 6,914 ) ( 10,535 ) ( 4,542 ) Non-cash interest 10,118 — — Other, net ( 2,055 ) ( 1,287 ) ( 2,290 ) Changes in operating assets and liabilities: Increase in receivables ( 9,227 ) ( 5,494 ) ( 6,739 ) Decrease in inventories and other 538 901 977 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 ( 3,798 ) ( 2,422 ) ( 83 ) Change in income taxes payable ( 296 ) ( 2,352 ) 345 Other ( 2,075 ) 427 ( 2,019 ) Net cash (required for) provided by operating activities ( 5,541 ) 1,117 ( 3,181 ) Cash provided by investing activities: Purchases of property and equipment ( 1,543 ) ( 9,208 ) ( 5,107 ) Proceeds from sales of assets 9,253 13,456 11,952 Other, net — ( 517 ) 1,791 Net cash provided by investing activities 7,710 3,731 8,636 Cash required for financing activities: Principal payments on long-term borrowings ( 1,778 ) ( 9,798 ) ( 6,813 ) Purchases of common stock — — ( 279 ) Net cash required for financing activities ( 1,778 ) ( 9,798 ) ( 7,092 ) Net increase (decrease) in cash and cash equivalents 391 ( 4,950 ) ( 1,637 ) Cash and cash equivalents: Beginning of year 9,598 14,548 16,185 End of year 9,989 9,598 14,548 The accompanying Notes are an integral part of the Consolidated Financial Statements. 47 Table of Contents 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 72 principally mid-sized media operations (including TNI Partners ("TNI") and Madison Newspapers, Inc. ("MNI")) across 25 states. 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). “Lee,” the “Company,” “we,” “us,” and “our” refer to Lee Enterprises, Incorporated and its consolidated 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 Our fiscal year ends on the last Sunday in September. References to “2025,” “2024,” and “2023” refer to the fiscal years then ended. Fiscal 2025 and 2023 each included 52 weeks of operations; fiscal 2024 included 53 weeks. The additional week occurred in the first fiscal quarter of 2024, which may affect year-over-year comparability of results. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingencies. Significant estimates include, among others, the allowance for credit losses, impairment and fair value of goodwill and indefinite-lived intangibles, useful lives and recoverability of long-lived assets and internal-use software, pension and other postretirement benefit obligations (e.g., discount rates, expected long-term rate of return, mortality), income taxes (valuation allowances and uncertain tax positions), self-insurance and litigation reserves, and lease-related judgments (including the incremental borrowing rate). 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 I ncome 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. 48 Table of Contents 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. Inventories Newsprint inventories and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 28, 2025 and September 29, 2024 are less than replacement cost by $ 0.5 million and $ 0.8 million, respectively. The components of inventory by cost method are as follows: (Thousands of Dollars) September 28, 2025 September 29, 2024 Newsprint - FIFO method 50 71 Newsprint - LIFO method 341 465 Other inventory - FIFO method 1,774 2,026 Specific identification 2,531 3,081 4,696 5,643 Investments Investments in unconsolidated affiliates over which we 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 our share of net income of the unconsolidated affiliate, and decreased by the share of net losses of and distributions from the unconsolidated affiliate. We have 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 2025, 2024 and 2023 was $ 7.7 million, $ 10.4 million, and $ 11.6 million, respectively. 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 49 Table of Contents 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 We determine 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 our leases do not provide an implicit rate, We determined the incremental borrowing rate based on a senior secured collateral adjusted yield curve. This yield curve reflects the estimated rate that would have been paid by us 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 7 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. 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-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 50 Table of Contents 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. Multi-employer Pension Plans We contribute 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. Contributions made to multi-employer plans are based on collective-bargaining agreements and are accounted for under guidance related to multi-employer 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 10 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: Financial instruments consist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1. 51 Table of Contents 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 operations are organized into approximately 50 Strategic Business Units (“SBUs”) based on market. The SBUs generally include print and digital subscription products and the associated advertising and marketing services. Each SBU has 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. Products are produced using similar processes; SBUs serve similar types of customers and use similar distribution processes. SBUs are internal, location-based operating components used for management purposes and do not represent separate operating or reportable segments. Operating decisions are made by the Chief Executive Officer ("CEO"), who is the Chief Operating Decision Maker ("CODM"). The CODM reviews the Consolidated Statements of (Loss) Income and Consolidated Balance Sheets on a monthly basis, and the Consolidated Statement of Cash Flows on a quarterly basis. While selective revenue and expense details by SBU are reviewed by the CODM, these reviews focus on revenue composition (advertising and marketing services and subscription) and do not include full SBU operating results or profitability measures. 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 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 these 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 52 Table of Contents 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 at both September 28, 2025 and September 29, 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. Recent accounting pronouncements 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. Our adoption of this guidance did not have an impact on the Consolidated financial statements except the disclosure in Note 5. New accounting pronouncements not yet adopted In November 2023, the FASB issued guidance, ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures 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. We are currently evaluating the provisions of the updated guidance and assessing the impact on 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 53 Table of Contents 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 we expect 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 our 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. 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 our 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, 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. Commercial printing and delivery revenue is recognized when the product is delivered to the customer. 54 Table of Contents The following table presents our revenue disaggregated by 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. 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. 55 Table of Contents Summarized financial information of TNI is as follows: (Thousands of Dollars) September 28 2025 September 29 2024 ASSETS Current assets 712 1,648 Investments and other assets 770 1,020 Total assets 1,482 2,668 LIABILITIES AND MEMBERS' EQUITY (DEFICIT) Liabilities 2,761 3,512 Members' equity (deficit) ( 1,279 ) ( 844 ) Total liabilities and members' equity (deficit) 1,482 2,668 Summarized results of TNI are as follows: (Thousands of Dollars) 2025 2024 2023 Operating revenue 22,727 27,360 31,076 Operating expenses 16,700 20,609 24,446 Operating income 6,027 6,751 6,630 Net income 5,950 6,655 7,142 Equity in earnings of TNI 2,975 3,328 3,571 TNI makes periodic distributions of its earnings. We received $ 3.5 million, $ 3.2 million, and $ 3.6 million in distributions in 2025, 2024 and 2023, respectively. At September 28, 2025 and September 29, 2024, the carrying value of our 50 % investment in TNI is $ 14.7 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 $ 3.7 million, $ 3.9 million, and $ 4.4 million in 2025, 2024 and 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. 56 Table of Contents Summarized financial information of MNI is as follows: (Thousands of Dollars) September 28 2025 September 29 2024 ASSETS Current assets 7,980 8,192 Investments and other assets 28,528 28,816 Total assets 36,508 37,008 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 5,526 5,296 Other liabilities 6,043 6,088 Stockholders' equity 24,939 25,624 Total liabilities and stockholders' equity 36,508 37,008 Summarized results of MNI are as follows: (Thousands of Dollars) 2025 2024 2023 Operating revenue 37,585 41,323 44,109 Operating expenses, excluding restructuring costs, depreciation and amortization 28,741 31,619 30,654 Restructuring costs 118 221 143 Depreciation and amortization 358 483 539 Operating income 8,368 9,000 12,773 Net income 2,606 2,488 5,911 Equity in earnings of MNI 1,303 1,244 2,956 MNI makes periodic distributions of its earnings. We received $ 1.7 million, $ 1.2 million, and $ 2.2 million in distributions in 2025, 2024 and 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 $ 5.3 million, $ 5.5 million, and $ 5.4 million in 2025, 2024 and 2023, respectively. At September 28, 2025 and September 29, 2024, the carrying value of our 50 % investment in MNI is $ 12.5 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) 2025 2024 Goodwill, gross amount 1,616,769 1,618,233 Accumulated impairment losses ( 1,288,729 ) ( 1,288,729 ) Goodwill, beginning of year 328,040 329,504 Disposal ( 4,182 ) ( 1,464 ) Goodwill, end of year 323,858 328,040 57 Table of Contents Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 28 2025 September 29 2024 Non-amortized intangible assets: Mastheads 3,946 10,917 Amortizable intangible assets: Customer and newspaper subscriber lists 262,146 262,242 Less accumulated amortization ( 214,166 ) ( 203,084 ) 47,980 59,158 Identified intangible assets 51,926 70,075 As discussed in Note 1, we review goodwill and non-amortized intangible assets for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with ASC Topic 350. All of our goodwill is attributed to the single reporting unit, which has a negative carrying value as of September 28, 2025. When evaluating these assets for impairment, 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 our fourth fiscal quarter, and determined the fair value of our single reporting unit was in excess of carrying value and as such, there was no impairment in 2025, 2024 and 2023. 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. Due to the continued declining print revenues, we regularly assess mastheads for impairment. The calculated masthead 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 2025, 2024 and 2023, the weighted-average cost of capital used was 13.00 %, 12.50 % and 13.00 %, respectively). These assumptions reflect our best estimates, but these items involve inherent uncertainties based on market conditions generally outside of our control. A 50 -basis point decrease in royalty rates would result in an additional $ 1.5 million of impairment. Increasing the discount rate by 100 basis points would result in an additional $ 0.1 million of impairment. In 2025, 2024, and 2023, we recorded impairment charges to reduce the carrying value of mastheads. Such charges are recorded in assets loss on sales, impairments and other in the Consolidated Statements of Loss and Comprehensive 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) 2025 2024 2023 Mastheads 6,971 7,758 7,671 Property, equipment and other assets — — — 6,971 7,758 7,671 Amortization expense for 2025, 2024, and 2023 was $ 11.2 million, $ 17.2 million, and $ 19.0 million, respectively. Annual 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. 58 Table of Contents 5. SEGMENT REPORTING We operate as a single operating and reportable segment. 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. Our operations are organized into Strategic Business Units (“SBUs”) based on market. The SBU’s generally include one or more daily newspapers, several nondaily publications as well as the related digital operations. SBUs are internal, location-based operating components used for management purposes and do not represent separate operating or reportable segments. Separate operating results for each SBU are not reviewed by the CODM when assessing performance or making operating decisions. The CODM reviews our consolidated statements of (loss) income and balance sheets on a monthly basis and makes key decisions regarding resource allocation, including operating expenses and capital expenditures, primarily focusing on consolidated net (loss) income and consolidated total assets. These consolidated statements are used by the CODM to monitor budget versus actual results and evaluate the return on assets. Significant segment expenses are separately disclosed and presented in the Consolidated Statements of Loss (Income) and Comprehensive Loss (Income). The measure of segment assets is reported on the Consolidated Balance Sheets as Total Assets. The accounting policies of our operating segment are the same as those described in Note 1. 6. DEBT On March 16, 2020 concurrent with closing the acquisition of BH Media Group, Inc. and The Buffalo News, Inc., we completed a comprehensive refinancing of our debt (the "2020 Refinancing"). The 2020 Refinancing consists of the Credit Agreement and Term Loan. The proceeds of the Term Loan were used, along with cash on hand, to refinance our outstanding debt at the time of $ 431.5 million as well as to fund the acquisition of BH Media Newspaper Business assets and the stock of Buffalo News for $ 140.0 million in cash. With the closing of this transaction, BH Finance became our sole lender. Proceeds of the Term Loan were used to finance the acquisition of BH Media Group, 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. As of September 28, 2025 and September 29, 2024, we have $ 455.5 million and $ 445.9 million, respectively in aggregate principal debt outstanding under the Term Loan. The debt has a fixed interest rate of 9.0 %. 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. 59 Table of Contents 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. We are required to make mandatory prepayments of the Term Loan as follows: • We 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 us or any of our subsidiaries in excess of $ 0.5 million in any ninety (90) day period. • We are 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 us to prepay the Term Loan in cash equal to 105 % of the unpaid principal balance, plus accrued and unpaid interest. We 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 $ 10.0 million at September 28, 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 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- 60 Table of Contents 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. 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 we, as Tenant, provide for the leasing of approximately 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 us 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 28, 2025, we have earned monthly rent credits of $ 0.3 million, making current annual rent of $ 4.7 million. Total lease expense consists of the following: (Thousands of Dollars) 2025 2024 2023 Operating lease costs 11,069 11,925 12,688 Variable lease costs 1,023 996 1,175 Short-term lease costs 303 301 355 Total Operating Lease Expense 12,395 13,222 14,218 Supplemental cash flow information related to our operating leases is as follows: (Thousands of Dollars) 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases 11,721 12,540 13,403 Right-of-use assets obtained in exchange for operating lease liabilities 3,461 4,679 3,855 As 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 61 Table of Contents estimated rate that would have been paid by us 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. 2025 2024 Weighted average remaining lease term 4.3 years 4.8 years Weighted Average discount rate 7.98 % 7.91 % 8. DEFINED BENEFIT PENSION PLAN 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. During 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. The offer 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. The net periodic (benefit) cost components of our pension plan is as follows: (Thousands of Dollars) 2025 2024 2023 Service cost for benefits earned during the year 5 5 19 Interest cost on projected benefit obligation 8,137 9,274 10,368 Expected return on plan assets ( 9,275 ) ( 9,382 ) ( 10,192 ) Amortization of net (gain) loss — ( 4 ) 10 Amortization of prior service benefit 848 848 852 Settlement gain — ( 2,409 ) — Curtailment gain — — — Net periodic pension cost (benefit) ( 285 ) ( 1,668 ) 1,057 62 Table of Contents Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows: (Thousands of Dollars) 2025 2024 Benefit obligation, beginning of year 188,528 199,187 Service cost 5 5 Interest cost 8,137 9,274 Actuarial loss (gain) ( 7,491 ) 15,703 Benefits paid ( 13,655 ) ( 13,021 ) Settlements — ( 22,620 ) Benefit obligation, end of year 175,524 188,528 Fair value of plan assets, beginning of year: 193,192 210,031 Actual return on plan assets 8,285 19,957 Benefits paid ( 13,655 ) ( 13,021 ) Administrative expenses paid ( 1,470 ) ( 1,155 ) Settlements — ( 22,620 ) Fair value of plan assets, end of year 186,352 193,192 Funded status 10,828 4,664 Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 28 2025 September 29 2024 Net pension assets 10,828 4,664 Accumulated other comprehensive income (before income taxes) 14,683 8,804 Amounts recognized in accumulated other comprehensive (loss) income are as follows: (Thousands of Dollars) September 28 2025 September 29 2024 Unrecognized net actuarial gain 17,581 12,550 Unrecognized prior service cost ( 2,898 ) ( 3,746 ) 14,683 8,804 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 28 2025 September 29 2024 Discount rate 5.2 4.8 Interest crediting rate 2.5 2.5 63 Table of Contents 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) 2025 2024 2023 Discount rate - service cost 5.0 5.8 5.8 Discount rate - interest cost 4.5 5.5 5.7 Expected long-term return on plan assets 5.0 5.0 5.0 For the year ended September 28, 2025, the decrease in benefit obligation is primarily driven by an increase in bond yields which increased the discount rate. For the year ended September 29, 2024, the primary driver of the decrease in benefit obligation was the payout of lump 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. 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 Actual Allocation Asset Class September 28 2025 September 29 2024 September 28 2025 September 29 2024 Fixed Income 100 100 — 95 Common/collective funds — — 97 — Debt securities — — — — Hedge fund investments — — 1 3 Cash and cash equivalents — — 2 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. Fair Value Measurements The fair value hierarchy of pension assets at September 28, 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 — — — 64 Table of Contents 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 — — — 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 and are measured at net asset value or "NAV", include eleven investments: • 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. • 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. • 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. • 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. • 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. • 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. • 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. 65 Table of Contents Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of, and the changes in, accumulated other comprehensive income (loss), net of tax: (Thousand of Dollars) Pension and postretirement benefit plans 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 8 - Defined Benefit Pension Plan and Note 9 - Postretirement and Postemployment Benefits. (b) Amounts reclassified from accumulated other comprehensive income (loss) are recorded net of tax impacts of $ 1.1 million $ 0.2 million, $ 0.2 million for the years ended September 28, 2025, September 29, 2024, and September 24, 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. Cash Flows Based on our forecast and the planned termination of the pension plan later in 2025, we expect to make no contributions to our pension trust in 2026. We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2026 14,094 2027 14,368 2028 14,237 2029 14,083 2030 13,877 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 $ 0.5 million and $ 0.6 million at September 28, 2025 and September 29, 2024, respectively. 66 Table of Contents 9. POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS 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 and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue 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. 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) 2025 2024 2023 Service cost for benefits earned during the year 2 50 68 Interest cost on projected benefit obligation 434 596 598 Expected return on plan assets ( 1,641 ) ( 1,279 ) ( 1,182 ) Amortization of net actuarial gain ( 1,168 ) ( 1,234 ) ( 1,014 ) Amortization of prior service benefit ( 285 ) ( 375 ) ( 647 ) Curtailment gain — ( 1,184 ) — Net periodic postretirement benefit ( 2,658 ) ( 3,426 ) ( 2,177 ) Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows: (Thousands of Dollars) 2025 2024 Benefit obligation, beginning of year 10,217 11,252 Service cost 2 50 Interest cost 434 596 Actuarial (gain) loss ( 2,290 ) 1,215 Benefits paid, net of premiums received ( 732 ) ( 1,712 ) Liability (gain)/loss due to curtailment — ( 1,184 ) Benefit obligation, end of year 7,631 10,217 Fair value of plan assets, beginning of year 27,570 25,809 Actual return on plan assets ( 1,157 ) 2,615 Employer contributions 603 858 Benefits paid, net of premiums and Medicare Part D subsidies received ( 732 ) ( 1,712 ) Plan participant contributions — — Fair value of plan assets at measurement date 26,284 27,570 Funded status 18,653 17,353 67 Table of Contents 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 28 2025 September 29 2024 Unrecognized net actuarial gain 13,872 15,548 Unrecognized prior service benefit 1,722 2,008 15,594 17,556 We expect to recognize $ 1.0 million and $ 0.3 million of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2026 . Assumptions Weighted-average assumptions used to determine postretirement benefit obligations are as follows: (Percent) September 28 2025 September 29 2024 Discount rate 5.0 4.6 Expected long-term return on plan assets 6.0 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) 2025 2024 2023 Discount rate - service cost 5.2 5.2 5.9 Discount rate - interest cost 4.4 4.4 5.5 Expected long-term return on plan assets 6.0 5.0 5.0 For 2025 , the expected long-term return on plan assets is 6.0 %. 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. 68 Table of Contents Assumed health care cost trend rates are as follows: (Percent) September 28 2025 September 29 2024 Health care cost trend rates 12.7 18.9 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 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 28, 2025, the decrease in benefit obligation is primarily driven by an increase in bond yields which increased the discount rate. For the year ended September 29, 2024, the most significant driver of the decrease in benefit obligations for the plans was a curtailment disclosed in the prior year. 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 28, 2025 and September 29, 2024 is $ 0.6 million and $ 0.5 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 28 2025 September 29 2024 September 28 2025 September 29 2024 Equity securities- short term bond fund 25 25 99 25 Fixed income securities 75 75 — 73 Hedge fund investment — — 1 — 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. 69 Table of Contents 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 — — — There 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. Cash Flows Based on our forecast at September 28, 2025, we do not expect to contribute to our postretirement plans in 2025. 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) Net Payments 2026 695 2027 703 2028 708 2029 706 2030 700 Thereafter 3,196 Postemployment Plan Our postemployment benefit obligation, which represents certain disability benefits, was $ 1.6 million at September 28, 2025 and $ 1.6 million at September 29, 2024. 10. 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. 70 Table of Contents 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". Information related to these plans is outlined in the table below: (Thousands of Dollars) Zone Status September 30 Funding Improvement Plan/Rehabilitation Plan Status Contributions Pension Plan 2025 2024 Status 2025 2024 2023 Surcharge Imposed EIN Expiration Dates of CBAs GCIU- Employer Retirement Fund Critical Critical Implemented — — — No 91-6024903 N/A (1) District No. 9, International Association of Machinists and Aerospace Workers Pension Trust Endangered Endangered Implemented — — — N/A 51-0138317 N/A (1) CWA/ITU negotiated Pension Plan Critical Critical Implemented — — — No 13-6212879 N/A (1) IAM National Pension Fund Green Green N/A — — 45 N/A 51-6031295 N/A (1) Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers Green Green N/A — — 32 N/A 36-6052390 N/A (1) 71 Table of Contents (1) We 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 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. 12. STOCK OWNERSHIP PLANS Total non-cash stock compensation expense is $ 1.8 million, $ 1.8 million. and $ 1.8 million, in 2025, 2024, and 2023, respectively. At September 28, 2025, we have reserved 496,136 shares of Common Stock for issuance to employees under an incentive and non-statutory stock option and restricted stock plan approved by stockholders. 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) 2025 2024 2023 Outstanding, beginning of year — — — Granted 40 — — Exercised — — — Canceled ( 8 ) — — Outstanding, end of year 32 — — Exercisable, end of year 32 — — 72 Table of Contents Options were valued using the Black Scholes valuation model and the following assumptions: Expected Volatility 58 % Risk Free Rate 4.05 % Expected Term (in years) 2.83 years 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) 2025 2024 2023 Outstanding, beginning of year 219 162 165 Granted 40 93 69 Vested ( 97 ) ( 35 ) ( 62 ) Forfeited ( 19 ) ( 1 ) ( 10 ) Outstanding, end of year 143 219 162 Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2025 2024 2023 Outstanding, beginning of year 17.74 21.14 21.21 Granted 16.36 9.56 17.87 Vested 24.76 11.79 17.27 Forfeited 14.03 14.24 24.04 Outstanding, end of year 13.62 17.74 21.14 Total unrecognized compensation expense for unvested restricted Common Stock at September 28, 2025 is $ 0.5 million, which will be recognized over a weighted average period of 0.9 years. The total fair value of shares that vested during 2025, 2024 and 2023 were $ 0.5 million, $ 0.4 million, and $ 1.1 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 . 73 Table of Contents 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 2025, 2024, or 2023. 13. 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 74 Table of Contents Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 28 2025 September 29 2024 Deferred income tax liabilities: Property and equipment ( 3,468 ) ( 5,327 ) Identified intangible assets ( 13,065 ) ( 15,097 ) ASC 842 - Leases DTL ( 6,357 ) ( 8,308 ) Other ( 1,091 ) ( 1,738 ) Investments ( 29,144 ) ( 31,150 ) ( 53,125 ) ( 61,619 ) Deferred income tax assets: Pension and postretirement benefits 1,460 3,839 Interest deduction limitation 22,929 16,097 Operating loss carryforwards 23,771 25,267 ASC 842 - Leases DTA 6,818 9,306 Other 5,337 5,208 60,315 59,717 Valuation allowance ( 29,667 ) ( 26,500 ) Net deferred income tax liabilities ( 22,477 ) ( 28,403 ) Certain prior-period deferred income tax assets and liabilities have been reclassified to conform to the current-period presentation. These reclassifications did not impact the previously reported net deferred income tax liabilities or any financial statement balances. A reconciliation of 2025 and 2024 changes in gross unrecognized tax benefits is as follows: (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 Approximately $ 11.6 million and $ 11.4 million of the gross unrecognized tax benefit balances for 2025 and 2024, 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 $ 2.1 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, $ 0.4 million at September 28, 2025 and $ 0.5 million at September 29, 2024. There were no amounts provided for penalties at September 28, 2025 or September 29, 2024. At September 28, 2025 and September 29, 2024, we had a deferred tax asset of $ 22.9 million and $ 16.1 million, respectively, related to disallowed interest expense. A portion of this deferred tax asset is subject to a valuation allowance as we do not expect to fully realize a future tax benefit. The 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. 75 Table of Contents We are currently undergoing a New York Franchise Tax audit that includes fiscal year periods 2019 through 2021. Certain of our 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 29, 2019 year. At September 28, 2025, we have state tax benefits of approximately $ 41.6 million in net operating loss ("NOL") carryforwards. Of the NOL balance, $ 40.6 million expire between 2024 and 2044 and $ 1.0 million have an indefinite carryforward period. These NOL carryforwards result in a deferred income tax asset of $ 32.9 million at September 28, 2025, a portion of which is offset by a valuation allowance. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law, introducing significant changes to corporate income tax deductions. For fiscal year 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 28, 2025, we had no floating rate debt. Our fixed rate debt consists of $ 455.5 million principal amount of the Term Note. At September 28, 2025 the fair value is $ 387.9 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. 15. 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) 2025 2024 2023 Loss attributable to Lee Enterprises, Incorporated: ( 37,593 ) ( 25,845 ) ( 5,267 ) Weighted average Common Shares 6,230 6,145 6,037 Less non-vested restricted Common Shares ( 164 ) ( 201 ) ( 170 ) Basic weighted average Common Shares 6,066 5,944 5,867 Dilutive stock options and restricted Common Shares — — — Diluted weighted average Common Shares 6,066 5,944 5,867 Loss per common share: Basic: ( 6.20 ) ( 4.35 ) ( 0.90 ) Diluted ( 6.20 ) ( 4.35 ) ( 0.90 ) For 2025, 2024, and 2023 we had 152,189 , 192,737 , and 48,955 weighted average shares, respectively, not considered in the computation of diluted earnings per share because we recorded net losses. 76 Table of Contents 16. 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) 2025 2024 2023 Balance, beginning of year 6,514 5,260 5,237 Additions charged to expense 15,262 13,633 6,942 Deductions from reserves ( 16,949 ) ( 12,379 ) ( 6,919 ) Balance, end of year 4,827 6,514 5,260 17. OTHER INFORMATION Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 28 2025 September 29 2024 Compensation 11,233 8,819 Retirement plans 209 272 Other 26,420 30,079 37,862 39,170 Supplemental cash flow information includes the following cash payments: (Thousands of Dollars) 2025 2024 2023 Interest 40,505 41,232 41,471 Income tax payments, net 2,914 7,374 3,722 Accumulated other comprehensive loss, net of deferred income taxes at September 28, 2025, and September 29, 2024, is related to pension and postretirement benefits. 18. CYBERSECURITY 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 . 77 Table of Contents 19. COMMITMENTS AND CONTINGENT LIABILITIES Capital Expenditures At September 28, 2025, we had construction and equipment purchase commitments totaling approximately $ 1.7 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 13. 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. 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, 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. Stoudemire et al. v. Lee Enterprises, Incorporated (Video Privacy Claim) . On December 19, 2022, named Plaintiffs filed a 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 technology that allegedly links a user’s Facebook profile to videos the user watches on the Company’s website. The claimants are asserting class action claims and allege statutory damages of $ 2,500 per class member, punitive damages, and attorneys’ fees. In July 2023, the Court denied the Company’s Motion to Dismiss. This claim has been submitted for coverage under the Company’s media insurance policy. The parties successfully mediated the case on November 5, 2024, 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 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 as of September 28, 2025 and September 29, 2024, respectively. 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 employees existing on Company systems. Fetes and five additional named Plaintiffs filed a Consolidated Complaint 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 invasion of privacy and misuse of the compromised data, on behalf of themselves 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 parties have reached a tentative settlement, 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. 78 Table of Contents 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. 79 Table of Contents 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 28, 2025 and September 29, 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 28, 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 28, 2025 and September 29, 2024, and the results of its operations and its cash flows for each of the three fiscal years in the period ended September 28, 2025, in conformity with accounting principles generally accepted in the United States of America. 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. 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 $3.9 million as of September 28, 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. The assumptions used in the determination of the fair value of indefinite-lived mastheads are the risk-adjusted weighted-average cost of capital and royalty rates. During the year ended September 28, 2025, the Company recognized impairments of $6.9 million on these indefinite-lived mastheads. 80 Table of Contents 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 risk-adjusted weighted-average cost of capital by developing an independent expectation range using independently obtained market data of guideline public companies and 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 November 26, 2025 81 Table of Contents 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) 82 Table of Contents Number Description 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) 10.10 * 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) 10.11 * 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 * 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) 10.13.1+ * 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) 10.13.2+* 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) 10.13.3+ * 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) 10.13.4+ * 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) 10.14 +* 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+ * 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) 10.16.1+* 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) 10.16.2+* 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) 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) 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) 83 Table of Contents Number Description 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) 21 Subsidiaries and associated companies 23 Consent of BDO USA, P.C., Independent Registered Public Accounting Firm 24 Power of Attorney 31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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.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.SCH Inline XBRL Taxonomy Extension Schema Document 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) 84 Table of Contents 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 26 th day of 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) 85 Table of Contents 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 26 th day of 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 86