Lamar Advertising Company (LAMR) investor relations material

Executive summary

• Q2 2026 net revenues were $616.7 million, up 6.5% year-over-year, with net income of $164.6 million, up 6.2% from Q2 2025; six-month net revenues reached $1.14 billion, up 5.5% year-over-year, with net income of $266.5 million, down 9.4% due to a prior-year gain on asset sale.

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

• Digital and programmatic channels drove growth, with digital revenue up 15.4% year-over-year and programmatic up over 50%.

• Political, service, retail, and financial categories led growth, while real estate and amusements lagged.

• AFFO for the six months increased 9.2% to $425.7 million, supporting continued dividend growth.

Financial highlights

• Q2 2026 net revenues: $616.7 million (+6.5% YoY); adjusted EBITDA: $303.4 million (+9.0% YoY); six-month net revenues: $1.14 billion (+5.5% YoY); adjusted EBITDA: $529.7 million (+8.4% YoY).

• Diluted AFFO per share for Q2 2026: $2.40 (+8.1% YoY); for six months: $4.12 (+8.1% YoY).

• AFFO for Q2 2026: $247.9 million (+10.1% YoY); FFO for Q2: $236.8 million (+5.1% YoY).

• Airport segment revenue surged 21.1% year-over-year.

• Operating expenses (excluding D&A and gains) rose 4.2% to $639.4 million for the six months.

Outlook and guidance

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

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

• Management expects to recommend a $0.05 dividend increase to $1.65 per share for Q3.

• Anticipated 2026 capital expenditures are approximately $186.0 million, with quarterly distributions to stockholders expected to be at least $6.50 per share for the year.

• Potential for a special dividend at year-end to distribute 100% of taxable income.