Lamar Advertising Company (LAMR) investor relations material

Executive summary

• Q2 2026 net revenues were $616.7 million, up 6.5% year-over-year, with all business segments and regions contributing to gains; six-month net revenues reached $1.14 billion, up 5.5% year-over-year.

• Adjusted EBITDA for Q2 2026 was $303.4 million, a 9.0% increase year-over-year; six-month adjusted EBITDA was $530.0 million, up 8.4%.

• Digital revenue rose 15.4% year-over-year and now makes up a third of total billboard revenues; programmatic sales grew over 50%, accounting for 10% of digital billboard revenue.

• Political, service, retail, and financial categories were strong, with political spend up over $5 million year-over-year.

• Net income for the six months was $266.5 million, down 9.4% from the prior year due to a lower gain on asset dispositions and higher expenses.

Financial highlights

• Acquisition-adjusted consolidated revenue grew 6.1% in Q2; adjusted EBITDA margin for the six months ended June 30, 2026, was 46.3%.

• Diluted AFFO per share for Q2 2026 was $2.40, up 8.1% year-over-year; six-month AFFO totaled $425.7 million, up 9.2%.

• Local and regional sales grew for the 21st consecutive quarter, accounting for 77% of billboard revenue.

• National and programmatic revenue increased nearly 16% in Q2.

• Free cash flow for Q2 2026 was $218.7 million, up from $199.1 million in Q2 2025.

Outlook and guidance

• Full-year 2026 diluted AFFO per share guidance raised to $8.75–$8.90, representing ~7% growth over 2025.

• Full-year 2026 diluted EPS expected between $5.95 and $5.99.

• Management recommends increasing the quarterly dividend to $1.65 per share; full-year dividend expected at least $6.50 per share.

• Anticipated 2026 capital expenditures are approximately $186.0 million.

• Management expects liquidity and cash flows to be sufficient for operational, capital, and dividend needs for the next twelve months.