CCO

• National trends: New inventory lapping, auto insurance, pharma, AI, tech, banking/financial services driving growth. • 2026 confidence: Early dialogues show good increases, new advertisers, macro events like 250th birthday and FIFA. • Local business: Local advertisers looking to grow, In-Flight Insights enabling deals. • New York and San Francisco performance: New York ahead of bid, San Francisco positive supply-demand. • Pharma and other verticals: Pharma spending trending up, focus on beverages, autos, travel, higher ed. • Measurement: Industry working on new measurement system, Radar suite tools, OAAA and GeoPath leading efforts. • Airport segment: Strong profit flow, tactical exclusives and activations, but facing renewals.

• Top line growth expected in 4%-5% range, bottom line 6%-8% in next few years, with next year likely strong. • Margin target of above 20% despite airport contract renewals pressure. • Evaluating ways to de-lever balance sheet, with parties engaged but no announcement yet.

New York: Well ahead of the bid that won the MTA billboard contract, cash flow positive this year, and early returns show good start. San Francisco: Positive supply-demand dynamic, occupancy and rate increases on marquee units. Local business: Consistent, with some competitive dynamics, and In-Flight Insights driving deals. LA market: Started rough with fires and media/entertainment changes, but team built out. Airport segment: Strong revenue growth, good advertiser demand, but facing contract renewals which may pressure margins.

• Airport contract renewals may pressure margins. • L.A. market recovery still in progress with media/entertainment changes. • Measurement system development and adoption challenges, including cost and agency buy-in. • Competition in airport renewal RFPs.

Q: Talk about L.A. market recovery and green shoots.

A: LA started rough with fires, media/entertainment changed, but team built out.

Q: Size of LA market in revenue.

A: Around 10%-11% of total revenue, ~$140 million in good year.

Q: Pharma spend trend and new verticals.

A: Pharma spend trending up, focus on beverages, autos, travel, higher ed.

Q: Evidence of linear disruption on out of home.

A: Money from linear TV, search cost issues driving interest.

Q: Measurement progress.

A: Industry working on new system, trial in 2026, mainstream 2027.

Q: Airport segment strength and advertiser demand.

A: Strong revenue growth, good demand, but facing renewals.

Q: Margin expansion and airport renewals.

A: Target above 20%, renewals not imminent.

Q: Leverage profile de-leveraging.

A: Working on it, no announcement yet