Lamar Advertising Company’s First Quarter 2025 Operating Results

Three Month Results:

– Net revenues were $505.4 million;
– Net income was $139.2 million;
– Adjusted EBITDA was $210.2 million;

BATON ROUGE, La., May 08, 2025 — Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), an owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the first quarter ended March 31, 2025.

“We delivered our 16th consecutive quarter of acquisition-adjusted revenue growth, aided by increases in local and programmatic,” Lamar chief executive Sean Reilly said. “Based on pacings, we remain on track to reach our previously provided guidance for full-year diluted AFFO per share.”

First Quarter Highlights:

– Net revenues increased 1.5%;
– Net income increased 77.4%;
– Adjusted EBITDA decreased 0.8%;
– AFFO increased 3.8%

First Quarter Results:

Lamar reported net revenues of $505.4 million for the first quarter of 2025 versus $498.2 million for the first quarter of 2024, a 1.5% increase. Operating income for the first quarter of 2025 increased $66.6 million to $191.2 million as compared to $124.6 million for the same period in 2024. Lamar recognized net income of $139.2 million for the first quarter of 2025 as compared to net income of $78.5 million for the same period in 2024, an increase of $60.7 million.

The 77.4% increase in net income for the first quarter of 2025 as compared to the same period in 2024 was primarily related to the $67.7 million gain recorded for the sale of Lamar’s equity interest in Vistar Media, Inc. (“Vistar”) during the period. Net income per diluted share was $1.35 and $0.76 for the three months ended March 31, 2025 and 2024, respectively.

Adjusted EBITDA for the first quarter of 2025 was $210.2 million versus $211.9 million for the first quarter of 2024, a decrease of 0.8%.

Cash flow provided by operating activities was $127.7 million for the three months ended March 31, 2025 versus $110.6 million for the first quarter of 2024, an increase of $17.2 million. Free cash flow for the first quarter of 2025 was $121.1 million as compared to $138.7 million for the same period in 2024, a 12.7% decrease. The decrease in free cash flow was primarily related to current tax expense of $21.2 million associated with the sale of Lamar’s interest in Vistar during the first quarter of 2025.

For the first quarter of 2025, funds from operations, or FFO, was $156.1 million versus $148.5 million for the same period in 2024, an increase of 5.1%. Adjusted funds from operations, or AFFO, for the first quarter of 2025 was $164.3 million compared to $158.2 million for the same period in 2024, an increase of 3.8%. Diluted AFFO per share increased 3.9% to $1.60 for the three months ended March 31, 2025 as compared to $1.54 for the same period in 2024.

Acquisition-Adjusted Three Months Results

Acquisition-adjusted net revenue for the first quarter of 2025 increased 1.1% over acquisition-adjusted net revenue for the first quarter of 2024. Acquisition-adjusted EBITDA for the first quarter of 2025 decreased 1.0% as compared to acquisition-adjusted EBITDA for the first quarter of 2024. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2024 period for acquisitions and divestitures for the same time frame as actually owned in the 2025 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.

Liquidity

As of March 31, 2025, Lamar had $491.3 million in total liquidity that consisted of $455.2 million available for borrowing under its revolving senior credit facility and $36.1 million in cash and cash equivalents. There were $286.0 million in borrowings outstanding under the Company’s revolving credit facility and $223.5 million outstanding under the Accounts Receivable Securitization Program as of the same date.

Recent Developments

During the first quarter of 2025, the Company repurchased 164,529 shares of its Class A common stock outstanding for a total purchase price of $18.4 million under the Company’s Stock Repurchase Program, which provides for the repurchase of up to $250.0 million of Class A common stock in the aggregate. During April 2025, the Company repurchased 1,223,562 shares of its Class A common stock outstanding at a total purchase price of $131.6 million. These repurchases bring the total value purchased under the Stock Repurchase Program to $150.0 million at an average price of $108.06 per share. The Company has $100.0 million remaining under its current share repurchase authorization.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.