SAGA COMMUNICATIONS INC

Except as described below, there have been no material changes to the risk factors previously disclosed in response to Part 1, “Item 1A. Risk Factors,” of our annual report on Form 10-K for the year ended December 31, 2025 and subsequently updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026..

The termination of our Credit Agreement reduces our committed borrowing capacity and may limit our financial flexibility.

On August 6, 2026, we repaid all outstanding borrowings under our Credit Agreement, and on August 11, 2026, we terminated the Credit Agreement. As a result, we no longer have borrowing availability under that facility. Although we believe our existing cash and cash equivalents, short-term investments and cash flow from operations will be sufficient to fund our current operating requirements, anticipated capital expenditures and dividend payments for at least the next twelve months, the absence of a committed revolving credit facility may reduce our financial flexibility.

In particular, we may have less flexibility to fund acquisitions, special dividends, share repurchases, investments in digital initiatives, capital expenditures or other strategic opportunities without using cash on hand, generating additional cash from operations, selling assets or obtaining new debt or equity financing. Any new financing may not be available on terms acceptable to us, or at all, and could be subject to restrictive covenants, higher costs of capital or other terms that could adversely affect our business, financial condition and results of operations.