Outfront Media (OUT) Citi’s 2026 Global TMT Conference summary

Industry trends and growth drivers

• Underlying out-of-home advertising growth is strong, with industry-wide revenue gains beyond episodic events like the World Cup.

• Increased focus on digital ecosystem, pricing, and programmatic sales is distinguishing performance.

• Experiential and in-real-life activations are gaining traction, driving marketing buzz and client engagement.

• Out-of-home is benefiting from a shift toward tangible media in a digital-heavy environment.

• There is opportunity to gain share both within out-of-home and across the broader media landscape.

M&A and financial strategy

• Improved balance sheet and reduced leverage enable more material M&A activity, with flexibility for larger deals.

• Recent tuck-in acquisitions have been small, but there is intent to participate more aggressively as opportunities arise.

• UPREIT structure could be used for acquisitions if preferred by targets, with readiness to implement quickly.

Programmatic and digital transformation

• Out-of-home programmatic adoption lags other media, but investments in digital leadership and sales are accelerating growth.

• Programmatic sales require dedicated staff to drive demand, with a focus on attracting budgets from outside traditional out-of-home.

• Ad tech costs are managed by setting higher CPM minimums, and programmatic is not seen as a margin headwind.