Lamar Advertising Company

- No current plans for new fundraising through equity were mentioned during the call. - The company has approximately $3.5 billion in total consolidated debt with a well-laddered maturity schedule (no senior notes maturing until February 2028). - Weighted average interest rate on debt is 4.5%, with an average maturity of 4.3 years. - Total leverage is at 3x net debt-to-EBITDA, comfortably within the target range of 3.5 to 4x. - About $700 million in total liquidity is available (including $39.3 million cash and $662.2 million revolver availability). - The accounts receivable (AR) securitization is fully drawn at $250 million; company plans to potentially extend this securitization later in 2026 if market conditions remain favorable. - No announced plans for new equity issuance; focus remains on deploying capital through acquisitions and maintaining financial strength.

- Total capital expenditures (CapEx) for Q1 2026 were $33.1 million, including $9.3 million for maintenance CapEx. - Full-year 2026 CapEx is anticipated to be approximately $186 million, with $64 million allocated for maintenance CapEx. - M&A activity active in 2026, with 19 acquisitions completed totaling $80 million so far, and a solid pipeline for more accretive billboard deals. - Increased efforts to secure easements beneath best-performing locations, seen as a strategic move to enhance asset value. - Investment capacity remains well over $1 billion with capacity to deploy capital while maintaining target leverage ratios. - No debt maturities until October 2027 (AR securitization) and February 2028 (senior notes), indicating financial flexibility for strategic investments.

- Full year revenue growth expected to accelerate, with Q2, Q3, and Q4 pacing roughly similar to Q1's pro forma growth. - National revenue up 5.8% in Q1 2026, with programmatic growing nearly 25%; pacing for the rest of 2026 is even stronger. - Local and regional sales grew for the 20th consecutive quarter, with local sales accounting for ~82% of billboard revenue in Q1. - Strong bookings: As of May 1, 2026, Lamar was 75% booked to total revenue goal for the year, the strongest since COVID. - Positive momentum across all divisions: billboards, airports (+15.5%), transit, logos (+6.3%), and all regions showing low to mid-single-digit top-line growth. - Outlook includes increased spending from existing national customers and new accounts. - Potential margin expansion of about 1 percentage point for the full year. - Anticipated additional acquisitions, though current AFFO guidance excludes post Q1 acquisitions.

- Full-year AFFO (Adjusted Funds From Operations) per share guidance is affirmed at $8.50 to $8.70, with potential revision upward during the year if momentum continues. - Q1 results exceeded expectations; revenue growth and margin expansion signal strength in earnings. - EBITDA margin improved by approximately 130 basis points over the prior year, with full-year margin expansion expected of at least 1 percentage point (from 46.7% in 2025 to ~47.7% in 2026). - National revenue growth strong (up 5.8% in Q1), with programmatic sales growing nearly 25% QoQ; pacing stronger for remainder of 2026. - Diluted AFFO per share grew 7.5% in Q1 to $1.72 vs. $1.60 in 2025. - Acquisitions add modestly (~20-25 basis points) to top-line growth; no acquisitions layered into AFFO guidance. - Bookings suggest revenue growth will accelerate into Q2 and remain strong through the year.

- As of May 1, Lamar was 75% booked to their total revenue goal for the year, marking the strongest laid-down bookings since COVID (Page 3). - Momentum is continuing into the second quarter, with revenue in April increasing 4.8%, outpacing original budget expectations (Page 2). - Forward bookings are very promising, pacing to the top end or above the prior full-year AFFO guidance, indicating potential for upward revision in August (Page 1). - National revenue bookings are strong, supported by increased spending from long-time customers and new accounts/categories (Page 1). - Book build continues steadily throughout the year, with strong political advertising pacing well ahead of prior year for 2026 midterms (Pages 3-4).