Boston Omaha (BOC) investor relations material

Executive summary

• Q1 2026 revenue increased 1.9% year-over-year to $28.2 million, driven by growth in billboard and broadband segments.

• Net loss attributable to common stockholders widened to $2.1 million from $0.7 million in Q1 2025, mainly due to higher insurance claims and professional fees.

• Cash flow from operations improved to $3.9 million, up from $2.6 million in the prior year period.

• Share repurchases totaled 375,286 shares for ~$4.8 million in Q1, with additional repurchases after quarter-end.

• Investments in Sky Harbour Group contributed an unrealized gain of ~$0.4 million but also an equity method loss of ~$1.9 million.

Financial highlights

• Billboard rentals rose 1.9% YoY to $11.0M; broadband services grew 4.2% to $10.8M.

• Insurance segment revenue declined 1.6% due to higher reinsurance reinstatement fees and increased claims.

• Gross margin for billboards improved to 68.2%; broadband gross margin was 76.1%.

• Adjusted EBITDA for Q1 2026 was $4.2 million, down from $5.3 million in Q1 2025.

• Unrestricted cash and U.S. Treasury securities totaled $48.2M–$48.4M as of March 31, 2026.

Outlook and guidance

• Focus remains on growing fiber subscribers, expanding contracted backlog, and pursuing acquisitions and organic growth in scalable geographies.

• Continued emphasis on cost efficiencies, strategic partnerships, and caution regarding risks and uncertainties.