Boston Omaha (BOC) AGM 2026 presentation summary

Financial performance highlights

• Revenue grew from $28.3M in 2020 to $45.9M in 2025, with a 5-year CAGR of 19.1%.

• Adjusted EBITDA increased from $1.0M in 2020 to $13.3M in 2025, a 67.8% CAGR.

• Unrestricted cash, US Treasuries, stocks, bonds, and investments totaled $133.9M as of YTD Q2 2026.

• Total debt decreased from $149.3M in 2020 to $47.6M in YTD Q2 2026.

• Total Class A & B shares outstanding rose from 27.2M in 2020 to 30.2M in YTD Q2 2026.

Segment performance and operational metrics

• Link Media Outdoor Adjusted EBITDA reached $9.0M for the six months ended June 30, 2026.

• Boston Omaha Broadband Adjusted EBITDA was $5.6M for the same period.

• Fiber passings/subscribers grew from ~1,800/~400 in 2020 to ~43,200/~17,000 in YTD Q2 2026.

• Fixed wireless subscribers increased from ~7,200 in 2020 to ~27,900 in YTD Q2 2026.

• GIG segment fiber passings/subscribers reached ~9,300/~5,300 in YTD Q2 2026.

Strategic investments and risk factors

• Holds significant equity in Sky Harbour Group and other public/private businesses.

• Actively manages acquisitions, dispositions, and integration of acquired businesses.

• Faces risks from economic, regulatory, and competitive environments, as well as cybersecurity and disaster recovery.

• Sale of General Indemnity Group to CopperPoint Insurance Company is pending regulatory approval.

• Uses Adjusted EBITDA as a key non-GAAP metric for internal and external performance assessment.