Outfront Media Inc. Q1 FY2026 earnings call

We are pleased to report first quarter results better than anticipated, driven by strong demand and execution. Billboard revenues up 7.1% with certain items impacting, transit grew 22% led by NY MTA. Digital revenue grew over 11%, programmatic and digital direct automated sales increased nearly 40%. Investments in technology, workflow, and CapEx planned. New brand platform launched as 'Outfront is the leader in IRL media'.

Consolidated revenues were up 10% driven by 22% growth in transit and 7% growth in billboard. Consolidated OIBDA was up 56% to about $100 million and AFFO more than doubled to $61 million. Billboard revenues were up 7.1%, with transit growing 22% led by the New York MTA which was up over 26% in Q1. Billboard yield growth was up 11% year-over-year to over $2.9 thousand per month. In total, billboard expenses were up about $5 million, or approximately 2% year-over-year. Transit expenses were up $4.5 million, or just under 5% year-over-year.

Q2 revenue growth expected to accelerate to over 10% year-on-year, driven by ~30% growth in transit and mid-single-digit growth in billboard, including World Cup benefit and LA contract exit headwind. 2026 consolidated AFFO expected to grow in the mid-teens relative to 2025 AFFO.

Factors causing actual results to differ from forward-looking statements listed in earnings materials and SEC filings. Impact of industry measurement modernization. Uncertainties related to peers going private and asset sales impact.

Q: Industry outlook on measurement modernization and Outfront's partnerships.

A: Matthew Siegel discussed industry lag on measurement, partnerships like AdQuick help.

Q: Peer being taken private and World Cup impact.

A: Matthew Siegel on peers, World Cup impact sizing not shared yet.

Q: Transit growth upside and FIFA benefit.

A: Matthew and Nick on transit growth drivers, FIFA benefit in billboard and transit.

Q: MTA revenue share and San Francisco post-events.

A: Matthew on MTA revenue share, Nick on San Francisco tech company impact.