Clear Channel Outdoor (CCO) investor relations material

Executive summary

• Revenue grew 8.7% year-over-year for Q2 2026 and 10.2% for the first half, driven by strong digital and print advertising, major events like the FIFA World Cup, and robust demand in key markets such as the San Francisco Bay Area.

• Entered into a definitive agreement to be acquired by an investor consortium, with shareholders to receive $2.43 per share in cash; merger expected to close by end of Q3 2026, pending regulatory approvals.

• Completed sale of Spain business for $132.3 million in August 2026, with proceeds intended to reduce debt.

• No public earnings call or financial guidance provided due to pending merger.

Financial highlights

• Q2 2026 revenue: $438.0 million (up 8.7% YoY); H1 2026 revenue: $811.9 million (up 10.2% YoY).

• Q2 2026 net loss attributable to the company: $(5.3) million; H1 2026 net loss: $(53.9) million.

• Adjusted EBITDA for Q2: $143.4 million (up 11.6% YoY); H1: $299.3 million (up 18.1% YoY).

• Digital revenue rose 10.2% in Q2 and 11.9% in H1, representing 44.6% and 43.6% of total revenue, respectively.

• AFFO up 61.6% to $44.9 million in Q2.

Outlook and guidance

• The pending merger introduces uncertainty regarding future operations, capital structure, and strategic direction.

• No financial guidance issued due to the pending merger.

• Management expects liquidity to be sufficient for at least the next 12 months, with long-term needs dependent on business growth, digital investments, and merger completion.