Q4 2025 OUTFRONT Media Inc Earnings Call

February 25, 2026

Call all lines will be muted during the presentation portion of the call with an opportunity, for your questions and answers at the end.

At this time, all I have to pass the call over to our host. Stephanie sun was out front. You may begin today's call.

Good afternoon, and thank you for joining our 2025 fourth quarter earnings call.

with me on the call today, our CEO, Nick Bryant and CFO, Matthew seagull

After a discussion of our financial results will open the line for a question and answer session.

Our comments today will refer to the earnings release and slide presentation that you can find on the investor relations section of our website out front.com.

After today's call has concluded an audio, archive replay will be there as well.

This conference call may include forward-looking statements relevant factors, that could cause actual results to differ materially from these. Forward-looking statements are listed in our earnings materials. And in our SEC filings, including our 2024 form, 10K, as well as our 2025 form 10K, which we expect to file tomorrow,

We will refer to certain non-gaap Financial measures on this call.

Any references made to orbit today, will be made on an adjusted basis, reconciliations of OA. And any other non-gaap Financial measures are in the appendix of the slide presentation, the earnings release and on our website.

Which also includes presentations with prior period. Reconciliations

with that, let me hand the call over to Nick.

Thanks Stefan.

And good afternoon to all of those listening.

So pleased to be here, sharing our fourth quarter results, as well as our 2026 Outlook.

As has become the custom, I would like to quickly highlight some of our accomplishments in 2025.

It was a busy year that was full of change and I'm happy to report. We have made significant progress on the 4 straight imperatives I laid out last May

First, we've made great strides on optimizing our sales strategy.

Primarily through a broad reorganization of our sales force.

We've created distinct Enterprises and Commercial go to market teams and ensure. There's experienced leadership throughout the world's entire organization.

To that end, we work diligently to make sure that the key roles were filled by the best possible leader.

Whether they were found internally or externally.

Second.

We have made important progress in modernizing our workflow and processes.

We've centralized many of our back office functions as well as invested in better sales tools such as Salesforce and AWS, we will continue to invest in our technology and tools to further accelerate our growth and Roi as appropriate.

The latest of these efforts was our investment and exclusive commercial arrangement in adquick a leading independent out of home planning platform. Which we announced earlier today,

we believe this is a first step towards creating an environment in which, our clients can harness the full potential and value of our products to simplify planning, buying and measurement for their advertising campaigns.

Third, we generated new demand.

From both existing clients and new logos.

Importantly, much of this new demand was created within our Transit business accelerating revenues in the segments throughout the year.

Most noticeable of all with our growth in the New York MTA which is up near nearly 20% for the year.

And lastly, our teams have responded to our demands for operational, excellence by rising to the occasion as illustrated by the fourth quarter. And full year results, we are reporting today as well as the strong Trends. We are seeing thus far in 2026.

Turning to those results, we're pleased to report that we had a solid fourth quarter.

You can see the headline numbers on slide 3.

Consolidated revenues are up 4.1% and acceleration from quarter 3 3.5 percent driven by 16% growth in transit and 1% growth in billboard.

1 Consolidated orbit Dal was up, 12% to 174 million and afo was up 8% to 130 million.

54 shows are more detailed Revenue results.

Billboard revenues were up half a percent due to higher demand. Partially offset by previously announced exists of 2. Large marginally profitable billboard contracts 1 in a New York, and the other in LA

Financial statements.

Excluding the revenue generated by these contracts in 2024 billboard revenues would have grown 3.7%.

Transit grew in an impressive, 16% led by the New York MCA which was up over 20% during the quarter driven by strong performances within the finance Tech and legal verticals.

55 shows our detailed billboard Revenue.

Which as I mentioned earlier, was impacted by the 2. Large billboard contracts, we have exited.

on a reported basis, static and other billboard revenues are up 1.1%

during the quarter and digital Billboards revenues were down 0.6%.

However, I believe it's important to note that excluding the results of the 2 large billboard contracts. We exited from the comparable prior year, period, digital revenues would have been up to 6.7%.

56 shows, our detailed Transit Revenue which grew nearly 16% during the quarter.

of digital Transit revenues were up 37% to 73 million while static Transit revenues were down a little over 2%,

Nick: clients and new logos. Importantly, much of this new demand was created within our transit business, accelerating revenues in the segment throughout the year. Most notable of all was our growth in the New York MTA, which was up nearly 20% for the year. Lastly, our teams have responded to our demands for operational excellence by rising to the occasion, as illustrated by the Q4 and full year results we are reporting today, as well as the strong trends we have seen thus far in 2026. Turning to those results, we're pleased to report that we had a solid Q4. You can see the headline numbers on slide 3.

Nick Brien: Clients and new logos. Importantly, much of this new demand was created within our transit business, accelerating revenues in the segment throughout the year. Most notable of all was our growth in the New York MTA, which was up nearly 20% for the year. Lastly, our teams have responded to our demands for operational excellence by rising to the occasion, as illustrated by the Q4 and full year results we are reporting today, as well as the strong trends we have seen thus far in 2026. Turning to those results, we're pleased to report that we had a solid Q4. You can see the headline numbers on slide three.

You have a strength and a Transit business. We could equally buy a commercial and Enterprise teams.

Both continue to operate, an extremely high level.

We are proud of the momentum. We have driven within our Transit business in the last half of 2025, and I'm pleased to report that this strength continues into 2026, which I will discuss later.

On a Consolidated Revenue basis are stronger category during the quarter of financial legal and tax.

A weaker category through the quarter were government political retail and Auto.

Consistent with the broader advertising industry trends.

Turning to those results, we're pleased to report that we had a solid fourth quarter.

Nick: Consolidated revenues were up 4.1%, an acceleration from Q3's 3.5%, driven by 16% growth in transit and 1% growth in billboard, while consolidated EBITDA was up 12% to $174 million, and AFFO was up 8% to $130 million. Slide 4 shows our more detailed revenue results. Billboard revenues were up 0.5% due to higher demand, partially offset by our previously announced exits of 2 large marginally profitable billboard contracts, one in New York and the other in LA. The revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the revenue generated by these contracts in 2024, billboard revenues would have grown 3.7%.

Nick Brien: Consolidated revenues were up 4.1%, an acceleration from Q3's 3.5%, driven by 16% growth in transit and 1% growth in billboard, while consolidated EBITDA was up 12% to $174 million, and AFFO was up 8% to $130 million. Slide 4 shows our more detailed revenue results. Billboard revenues were up 0.5% due to higher demand, partially offset by our previously announced exits of 2 large marginally profitable billboard contracts, one in New York and the other in LA. The revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the revenue generated by these contracts in 2024, billboard revenues would have grown 3.7%.

You can see the headline numbers on Slide 3.

Price, 7 shows, our combined, digital Revenue performance, which grew about 11% in the quarter and represented about 39% of total revenues.

Consolidated revenues are up 4.1%, which is an acceleration from Q3—3.3% and 3.5%.

Driven by 16% growth in transit and 1% growth in billboard.

Even more impressive, excluding the aforementioned, New York, and La contracts, digital revenues would have grown by over 16%.

Consolidated OID DAL was up 12% to $174 million, and ASFO was up 8% to $130 million.

By 4 shows are more detailed Revenue results.

Programmatic and digital direct automated sales were up 11.3% during the period and represented 16.9% of our total digital revenues up slightly from the same period last year.

Moving on the breakdown of Enterprise and Commercial revenues can be seen on slide 8.

Commercial grew by almost 7% during the fourth quarter.

Billboard revenues were up half a percent due to higher demand. Partially offset by previously announced exits. Of 2. Large marginally profitable billboard contracts 1 in a New York, and the other in LA

The transit growing mid teens and billboard up mid single digits.

As the revenues and expenses of these contracts are still included. In our reported 2024, financial statements.

Nick: Transit grew an impressive 16%, led by the New York MTA, which was up over 20% during the quarter, driven by strong performances within the finance, tech, and legal verticals. Slide 5 shows our detailed billboard revenue, which, as I mentioned earlier, was impacted by the two large billboard contracts we have exited. On a reported basis, static and other billboard revenues were up 1.1% during the quarter, and digital billboard revenues were down 0.6%. However, I believe it's important to note that excluding the results of the two large billboard contracts we exited from the comparable prior year period, digital revenues would have been up 6.7%. Slide 6 shows our detailed transit revenue, which grew nearly 16% during the quarter.

Nick Brien: Transit grew an impressive 16%, led by the New York MTA, which was up over 20% during the quarter, driven by strong performances within the finance, tech, and legal verticals. Slide 5 shows our detailed billboard revenue, which, as I mentioned earlier, was impacted by the two large billboard contracts we have exited. On a reported basis, static and other billboard revenues were up 1.1% during the quarter, and digital billboard revenues were down 0.6%. However, I believe it's important to note that excluding the results of the two large billboard contracts we exited from the comparable prior year period, digital revenues would have been up 6.7%. Slide 6 shows our detailed transit revenue, which grew nearly 16% during the quarter.

Excluding the revenue generated by these contracts in 2024 billboard revenues would have grown 3.7%.

Enterprise was up 1% year on year during the quarter with mid teens growth in transit. Been offset by a mid single digit decline in billboard revenues due to the impact of the LA contract exit.

59 shows, our billboard yield growth which was up about 4% a year on the year.

1083300 per month, driven primarily by our in between management efforts,

Transit grew in an impressive, 16% led by the New York MCA which was up over 20% during the quarter driven by strong performances within the finance Tech and legal verticals.

555 shows our detailed billboard revenue.

summing up, we were pleased that we ended 2025 with strong and accelerating revenues this positive momentum continues into 2026

Which as I mentioned earlier, was impacted by the 2, large Global contracts, we have exited.

With that. Let me now hand it over to the mat to review the rest of our financials.

on a reported basis, static and other billboard revenues are up 1.1%

Thank you, Nick and good afternoon everyone.

Please turn to slide 10 for a more detailed. Look at our billboard expenses.

In total billboard expenses were down about 3 million dollars or 1.4% year-over-year.

However, I believe it's important to note that, excluding the results of the two large billboard contracts we exited from the comparable prior year period, digital revenues would have been up 6.7%.

Zooming in on a lease costs. These expenses were down 4 and a half million dollars for about 3.8% year-over-year.

Nick: Our digital transit revenues were up 37% to $73 million, while static transit revenues were down a little over 2%. The overall strength in our transit business was driven equally by our commercial and enterprise teams, which both continue to operate at an extremely high level. We are proud of the momentum we have driven within our transit business in the latter half of 2025, and I'm pleased to report that this strength continues into 2026, which I will discuss later. On a consolidated revenue basis, our stronger categories during the quarter were financial, legal, and tech. The weaker categories during the quarter were government, political, retail, and auto, consistent with the broader advertising industry trends. Slide seven shows our combined digital revenue performance, which grew about 11% in the quarter and represented about 39% of total revenues.

Nick Brien: Our digital transit revenues were up 37% to $73 million, while static transit revenues were down a little over 2%. The overall strength in our transit business was driven equally by our commercial and enterprise teams, which both continue to operate at an extremely high level. We are proud of the momentum we have driven within our transit business in the latter half of 2025, and I'm pleased to report that this strength continues into 2026, which I will discuss later. On a consolidated revenue basis, our stronger categories during the quarter were financial, legal, and tech. The weaker categories during the quarter were government, political, retail, and auto, consistent with the broader advertising industry trends. Slide seven shows our combined digital revenue performance, which grew about 11% in the quarter and represented about 39% of total revenues.

26 shows. Our detailed Transit Revenue which grew nearly 16% during the quarter.

Decline includes approximately $9 million related to the large, billboard contracts in New York and Los Angeles that we exited.

Which was partially offset by contractual escalators on fixed leases.

Digital Transit revenues were up 37% to $73 million, while static Transit revenues were down a little over 2%.

Excluding the impact of the portfolio. Exits, billboard property lease expense would have been up about 4%,

Both continue to operate, an extremely high level.

posting maintenance and other expenses were down about a million dollars for 2.6% to primarily to lower production expenses,

We are proud of the amendment and we have driven within our Transit business in the last half of 2025, and I'm pleased to report that this strength continues into 2026, which I will discuss later.

Sgna expenses increased by about 2.3 million or 3.5% due to a higher provision for doubtful accounts, higher professional fees, and higher travel, and entertainment expenses.

On a consolidated revenue basis, our stronger categories during the quarter were financial, legal, and tech.

The weaker categories here in the quarter were government, political, retail, and auto.

This nearly $3 million improvements in total billboard expenses combined with the low single digit Revenue growth. Nick described earlier.

Consistent with the broader advertising industry trends.

Nick: Even more impressive, excluding the aforementioned New York and LA contracts, digital revenues would have grown by over 16%. programmatic and digital direct automated sales were up 11.3% during the period and represented 16.9% of our total digital revenues, up slightly from the same period last year. Moving on, the breakdown of enterprise and commercial revenues can be seen on slide 8. Commercial grew by almost 7% during Q4, with transit growing mid-teens and billboard up mid-single digits. Enterprise was up 1% year-over-year during the quarter, with mid-teens growth in transit being offset by a mid-single-digit decline in billboard revenues due to the impact of the LA contract exit.

Nick Brien: Even more impressive, excluding the aforementioned New York and LA contracts, digital revenues would have grown by over 16%. programmatic and digital direct automated sales were up 11.3% during the period and represented 16.9% of our total digital revenues, up slightly from the same period last year. Moving on, the breakdown of enterprise and commercial revenues can be seen on slide 8. Commercial grew by almost 7% during Q4, with transit growing mid-teens and billboard up mid-single digits. Enterprise was up 1% year-over-year during the quarter, with mid-teens growth in transit being offset by a mid-single-digit decline in billboard revenues due to the impact of the LA contract exit.

Price, 7 shows, our combined, digital Revenue performance, which grew about 11% in the quarter and represented about 39% of total revenues.

We are pleased to see billboard adjusted orbital margin increased again, this time by 120 basis points year-over-year to 41.5%.

Helped by improved Revenue performance and recent portfolio management decisions.

Even more impressive, excluding the aforementioned, New York, and LA contracts, digital revenues would have grown by over 16%.

We expect billboard margins, will continue to improve in 2026, relative to 2025.

Now, turning to Transit on slide 11.

In total Transit expenses are up about 6 million dollars for a little over 6% year-over-year.

Programmatic and digital direct automated sales were up 11.3% during the period and represented 16.9% of our total digital revenues up slightly from the same period last year.

Moving on the breakdown of Enterprise and Commercial revenues can be seen on slide 8.

Has expenses were up 4.7% to primarily to the annual inflation adjustment to the mag for the MTA contract.

Commercial grew by almost 7% during the fourth quarter.

Hosting maintenance and other expenses were up about half a million dollars.

The transit growing mid-teens, and billboard up mid-single digits.

Or 2.8% due primarily to higher production expenses.

SDA extensions were up about 2.6% dollars for 15% primarily due to a higher professional fees.

Nick: Slide nine shows our billboard yield growth, which was up about 4% year-over-year to nearly $3,300 per month, driven primarily by our inventory management efforts. Summing up, we were pleased that we ended 2025 with strong and accelerating revenues. This positive momentum continues into 2026. With that, let me now hand it over to Matt to review the rest of our financials.

Nick Brien: Slide nine shows our billboard yield growth, which was up about 4% year-over-year to nearly $3,300 per month, driven primarily by our inventory management efforts. Summing up, we were pleased that we ended 2025 with strong and accelerating revenues. This positive momentum continues into 2026. With that, let me now hand it over to Matt to review the rest of our financials.

Enterprise was up 1% year-on-year. During the quarter with mid teens growth in transit. Ven offset by a mid single digit decline in billboard revenues due to the impact of the LA contract exit.

59 shows, our billboard yield growth which was up about 4% a year on the year.

10 nearly 3,300 per month.

If 6% increase in total Transit expenses combined with the nearly 16% Transit Revenue growth described earlier with the transit adjusted or able to improving by more than 56% during the quarter to over 34 million dollars.

While on Transit. I'd like to take a moment to update. Some of our expectations for the New York MTA in 2026.

Summing up, we were pleased that we ended 2025 with strong and accelerating revenues. This positive momentum continues into 2026.

With that, let me now hand it over to Matt, to review the rest of our financials.

Matt: Thanks, Nick. Good afternoon, everyone. Please turn to slide 10 for a more detailed look at our billboard expenses. In total, billboard expenses were down about $3 million, or 1.4% year-over-year. Zooming in on lease costs, these expenses were down four and a half million dollars, or about 3.8% year-over-year. This decline includes approximately $9 million related to the large billboard contracts in New York and Los Angeles that we exited, which was partially offset by contractual escalators on fixed leases. Excluding the impact of the portfolio exits, billboard property lease expense would have been up about 4%. Posting maintenance and other expenses were down about $1 million, or 2.6%, due primarily to lower production expenses.

Matt Siegel: Thanks, Nick. Good afternoon, everyone. Please turn to slide 10 for a more detailed look at our billboard expenses. In total, billboard expenses were down about $3 million, or 1.4% year-over-year. Zooming in on lease costs, these expenses were down four and a half million dollars, or about 3.8% year-over-year. This decline includes approximately $9 million related to the large billboard contracts in New York and Los Angeles that we exited, which was partially offset by contractual escalators on fixed leases. Excluding the impact of the portfolio exits, billboard property lease expense would have been up about 4%. Posting maintenance and other expenses were down about $1 million, or 2.6%, due primarily to lower production expenses.

Our minimum annual payments of the MTA will step up by about 3% this year to approximately 161 million dollars, given the New York City CPI escalator contained within the contract.

Thank you, and good afternoon, everyone.

Please turn to slide 10 for more detailed work at our billboard expenses.

In total billboard expenses were down about 3 million dollars or 1.4% year-over-year.

Included in this 161 million is a final 11.7 million, deferred minimum annual payment. We will make to the MTA related to the 2020 NTA. Amendment during the pandemic and the associated mag shortfall.

Last week, we will continue to account for our New York MCA franchise expense from a straight line basis throughout the year.

In a lease costs, these expenses were down 4 and a half million dollars or about 3.8% year-over-year.

July 12th.

there's a companies combined billboard Transit and corporate adjustment only, but in the fourth quarter,

Decline includes approximately 9 million dollars related to the large, billboard contracts in the New York and Los Angeles that we exited.

Which was partially offset by contractual escalators on fixed leases.

Corporate extension declined by about a compensation related expenses.

Excluding the impact of the portfolio. Exits, billboard property lease expense would have been up about 4%,

Of course, you'll set by the impact of Market fluctuations on an unfunded Equity link retirement plan, offered by the company to certain employees.

Matt: SG&A expenses increased by about $2.3 million or 3.5%, due to a higher provision for doubtful accounts, higher professional fees, and higher travel and entertainment expenses. This nearly $3 million improvement in total billboard expenses, combined with the low single-digit revenue growth Nick described earlier, led to billboard Adjusted OIBDA increase by over $5 million or 3.4%. We are pleased to see billboard Adjusted OIBDA margin increase again, this time by 120 basis points year-over-year to 41.5%, helped by improved revenue performance and recent portfolio management decisions. We expect billboard margins will continue to improve in 2026 relative to 2025. Now, turning to transit on slide 11. In total, transit expenses are up about $6 million, or a little over 6% year-over-year.

Matt Siegel: SG&A expenses increased by about $2.3 million or 3.5%, due to a higher provision for doubtful accounts, higher professional fees, and higher travel and entertainment expenses. This nearly $3 million improvement in total billboard expenses, combined with the low single-digit revenue growth Nick described earlier, led to billboard Adjusted OIBDA increase by over $5 million or 3.4%. We are pleased to see billboard Adjusted OIBDA margin increase again, this time by 120 basis points year-over-year to 41.5%, helped by improved revenue performance and recent portfolio management decisions. We expect billboard margins will continue to improve in 2026 relative to 2025. Now, turning to transit on slide 11. In total, transit expenses are up about $6 million, or a little over 6% year-over-year.

posting maintenance and other expenses were down about a million dollars for 2.6% to primarily to lower production expenses,

Combined with the billboard and Transit orbit I covered earlier adjusted or even a total of about 173 million dollars up, 12% compared to last year.

SG&A expenses increased by about $2.3 million, or 3.5%, due to a higher provision for doubtful accounts, higher professional fees, and higher travel and entertainment expenses.

As in the third quarter, much of this increase is attributable to our improved performance within the New York MTA as incremental Revenue growth within this important franchise has extremely high margin.

Turning to Capital expenditures on slide 13.

This nearly 3 million dollar improvements in total billboard expenses combined with the low single digit Revenue growth, Nick described earlier.

Q4 capex spend was about 25 million dollars, including about 11 million of Maintenance spent.

but the billboard adjusted only but increasingly over 5 million dollars were 3.4%

We converted 26, new boards to digital and Q4 2025.

Bringing our total for the year to 103.

We are pleased to see billboard Adjusted OIBDA margin increased again, this time by 120 basis points year-over-year to 41.5%. Health Plan improved revenue performance and recent portfolio management decisions.

The 2026, we expect to spend approximately 90 million dollars of capex in line with our growing revenues. And with much of this, spend your mark for digital development.

We still expect 30 to 35 million dollars of this total to be from maintenance.

We expect billboard margins, will continue to improve in 2026, relative to the 2025.

1 quick note, before turning to asfo,

Now, turning to Transit on slide 11.

Matt: Transit franchise expenses were up 4.7%, due primarily to the annual inflation adjustment to the MAG for the MTA contract. Hosting, maintenance, and other expenses were up about half a million dollars, or 2.8%, due primarily to higher production expenses. SG&A expenses were up about $2.6 million, or 15%, primarily due to higher professional fees. The 6% increase in total transit expenses, combined with the nearly 16% transit revenue growth described earlier, with the transit Adjusted OIBDA improving by more than 56% during the quarter to over $34 million. While on transit, I'd like to take a moment to update some of our expectations for the New York MTA in 2026.

Matt Siegel: Transit franchise expenses were up 4.7%, due primarily to the annual inflation adjustment to the MAG for the MTA contract. Hosting, maintenance, and other expenses were up about half a million dollars, or 2.8%, due primarily to higher production expenses. SG&A expenses were up about $2.6 million, or 15%, primarily due to higher professional fees. The 6% increase in total transit expenses, combined with the nearly 16% transit revenue growth described earlier, with the transit Adjusted OIBDA improving by more than 56% during the quarter to over $34 million. While on transit, I'd like to take a moment to update some of our expectations for the New York MTA in 2026.

In total, transit expenses are up about $6 million, for a little over 6% year-over-year.

Has expenses were up 4.7% to primarily to the annual inflation adjustment, to the mag to the MTA contract.

Posting, maintenance, and other expenses were up about half a million dollars.

Johnny at the end of 2025, we modified our cancellation of asfo to include advertising of direct lease acquisition costs, instead of cash, paid for directly acquisition costs. As we believe that this calculation of asfo is a more appropriate measure of performance period over period and consistent with how we calculate funds from operations.

for 2.8% due primarily to higher production expenses,

SDA extensions is up about $2.6 million, or 15%, primarily due to higher professional fees.

This change has resulted in small adjustments question, 3 million dollars on an annual basis were recorded afo and prior periods, which have been reached to conform to this definition and can be found on slide 20 in the appendix of our earnings presentation.

Now, turning to slide 14, you can see the bridge to our Q4 asfl of 130 million.

A 6% increase in total Transit expenses, combined with the nearly 16% Transit Revenue growth described earlier, with the transit adjusted or able to improve by more than 56% during the quarter to over $34 million.

The 8.3% Improvement is principally driven by higher billboard and Transit Orbiter which was partially offset by higher maintenance capex.

Matt: Our minimum annual payments to the MTA will step up by about 3% this year to approximately $161 million, given the New York City CPI escalator contained within the contract. Included in this $161 million is a final $11.7 million deferred minimum annual payment we will make to the MTA related to the 2020 MTA amendment during the pandemic and the associated MAG shortfall. Lastly, we will continue to account for our New York MTA franchise expense on a straight-line basis throughout the year. Slide 12 shows the company's combined billboard, transit, and corporate Adjusted OIBDA in the Q4. Corporate expense declined by about $1 million, due primarily to lower compensation-related expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees.

Matt Siegel: Our minimum annual payments to the MTA will step up by about 3% this year to approximately $161 million, given the New York City CPI escalator contained within the contract. Included in this $161 million is a final $11.7 million deferred minimum annual payment we will make to the MTA related to the 2020 MTA amendment during the pandemic and the associated MAG shortfall. Lastly, we will continue to account for our New York MTA franchise expense on a straight-line basis throughout the year. Slide 12 shows the company's combined billboard, transit, and corporate Adjusted OIBDA in the Q4. Corporate expense declined by about $1 million, due primarily to lower compensation-related expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees.

While on Transit. I'd like to take a moment to update. Some of our expectations for the New York MTA in 2026.

The 2026. We currently expect reported Consolidated asfo growth comfortably in the double digit. Range driven principally by improvements in orbit.

Our minimum annual payments to the MTA will step up by about 3% this year to approximately 161 million dollars, given the New York City CPI escalator contained within the contract.

Included in this guidance. Is 145 million of cash interest.

The aforementioned 30 to 35 million of Maintenance capex and 5 million dollars of cash taxes.

Please turn to slide 16 for an update on our balance sheet.

Included in this $161 million is a final $11.7 million deferred minimum annual payment we will make to the MTA, related to the 2020 MTA Amendment during the pandemic and the associated MAG shortfall.

The middle liquidity is nearly 750 million including almost a hundred million dollars of cash about 500 million dollars available via revolver.

Lastly, we will continue to account for our New York NCA franchise expense from a straight line basis throughout the year.

And 150 million dollars available by our accounts receivable supervisor facility.

July 12th.

There's a companies combined billboard, transit, and corporate adjustment, or but in the fourth quarter,

Our total net worth is 4.7 times within our 4 to 5 times, target range.

corporate expense declined by about 1 million dollars through primarily to lower compensation related expenses,

we remain comfortable with our debts bank, with our next maturity, not until late 2027,

Of course, you're set by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees.

Matt: Combined with the billboard and transit OIBDA I covered earlier, adjusted OIBDA totaled about $173 million, up 12% compared to last year. As in Q3, much of this increase is attributable to our improved performance within the New York MTA, as incremental revenue growth within this important franchise has extremely high margin. Turning to capital expenditures on slide 13, Q4 CapEx spend was about $25 million, including about $11 million of maintenance spent. We converted 26 new boards to digital in Q4 of 2025, bringing our total for the year to 103. In 2026, we expect to spend approximately $90 million of CapEx, in line with our growing revenues and with much of this spend earmarked for digital developments. We still expect $30 to 35 million of this total to be for maintenance.

Matt Siegel: Combined with the billboard and transit OIBDA I covered earlier, adjusted OIBDA totaled about $173 million, up 12% compared to last year. As in Q3, much of this increase is attributable to our improved performance within the New York MTA, as incremental revenue growth within this important franchise has extremely high margin. Turning to capital expenditures on slide 13, Q4 CapEx spend was about $25 million, including about $11 million of maintenance spent. We converted 26 new boards to digital in Q4 of 2025, bringing our total for the year to 103. In 2026, we expect to spend approximately $90 million of CapEx, in line with our growing revenues and with much of this spend earmarked for digital developments. We still expect $30 to 35 million of this total to be for maintenance.

Turning to our dividends we announced today that a border directors maintain the 30 Cent cash dividends payable on March 31st to share who is a record at the close of business on March 6th.

Combined with the billboard and Transit orbit. I covered earlier adjusted orbit at totaled about 173 million dollars up. 12% compared to last year.

We spend approximately $3 million on Acquisitions during the quarter.

Bringing our total for 2025 to just over 13 million dollars.

We remain interested in pursuing attractive Tech and Acquisitions within our footprints.

As in the third quarter, much of this increase is attributable to our improved performance within the New York MTA, as incremental revenue growth within this important franchise has extremely high margin.

To Capital expenditures on slide 13.

Based on our current acquisition pipeline, we expect that 2026 billboard acquisition activity to remain at a similar level, to those seen in the last couple of years.

For that. Let me turn the call back to Nick.

Q4 capex spend was about 25 million dollars, including about 11 million dollars of Maintenance spent.

Thank you, Matt.

We converted 26, new boards to digital, and Q4 2025, bringing our total for the year to 103.

As I mentioned earlier, the strong Topline Trends, we saw on the fourth quarter, continue into the start of 2026.

The 2026. We expect to spend the price between 90 million dollars of capex in line with our growing revenues and with much of this, spend your mark for digital development.

We still expect $30 to $35 million of this total to be for maintenance.

Matt: One quick note before turning to ASFO. Starting at the end of 2025, we modified our calculation of ASFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs, as we believe that this calculation of ASFO is a more appropriate measure of performance period over period, and consistent with how we calculate Funds From Operations. This change has resulted in small adjustments, less than $3 million on an annual basis, for recorded ASFO in prior periods, which have been recast to conform to this definition and can be found on slide 20 in the appendix of our earnings presentation. Now, turning to slide 14, you can see the bridge to our Q4 ASFO of $130 million.

Matt Siegel: One quick note before turning to ASFO. Starting at the end of 2025, we modified our calculation of ASFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs, as we believe that this calculation of ASFO is a more appropriate measure of performance period over period, and consistent with how we calculate Funds From Operations. This change has resulted in small adjustments, less than $3 million on an annual basis, for recorded ASFO in prior periods, which have been recast to conform to this definition and can be found on slide 20 in the appendix of our earnings presentation. Now, turning to slide 14, you can see the bridge to our Q4 ASFO of $130 million.

But from where we sit today, we expect first quarter of Revenue growth to accelerate from quarter 4. As a result, the Consolidated reported revenues up in the high, single digits driven by high teams growing in transit and mid single digit growth in billboard.

It's gone. This is impacted by 2. Non recurring items.

First.

Money at the end of 2025. We modified our calculation of ASFO to include amortization of direct lease acquisition costs, instead of cash paid for direct lease acquisition costs, as we believe that this calculation of ASFO is a more appropriate measure of performance period over period and consistent with how we calculate funds from operations.

A billboard condemnation, that will contribute approximately $10 million to billboard revenues, which we expect to close at the end of March. And second, the headwind created, by our strategic decision to exit, a marginally profitable billboard contract in La, which contributed approximately 4.5 million in Revenue, in the first quarter of 2025,

This change has resulted in small adjustments Less Than 3 million dollars on an annual basis were recorded afo and prior periods, which have been reached to conform to this definition and can be found on slide 20 in the appendix of our earnings presentation.

Taking into account, these 2 items, We Believe quarter 1 Consolidated, Revenue growth would be in the mid to high single-digit range based on our existing operations.

Matt: The 8.3% improvement is principally driven by higher billboard and transit OIBDA, which was partially offset by higher maintenance CapEx. In 2026, we currently expect reported consolidated AFFO growth comfortably in the double-digit range, driven principally by improvement in OIBDA. Included in this guidance is $145 million of cash interest, the aforementioned $30 to $35 million of maintenance CapEx, and $5 million of cash taxes. Please turn to slide 15 for an update on our balance sheet. The middle equity is nearly $750 million, including almost $100 million of cash, about $500 million available via revolver, and $150 million available via our accounts receivable securitization facility. As of 31 December, our total net leverage was 4.7 times within our 4 to 5 times target range.

Matt Siegel: The 8.3% improvement is principally driven by higher billboard and transit OIBDA, which was partially offset by higher maintenance CapEx. In 2026, we currently expect reported consolidated AFFO growth comfortably in the double-digit range, driven principally by improvement in OIBDA. Included in this guidance is $145 million of cash interest, the aforementioned $30 to $35 million of maintenance CapEx, and $5 million of cash taxes. Please turn to slide 15 for an update on our balance sheet. The middle equity is nearly $750 million, including almost $100 million of cash, about $500 million available via revolver, and $150 million available via our accounts receivable securitization facility. As of 31 December, our total net leverage was 4.7 times within our 4 to 5 times target range.

Now, turn it to slide 14. You can see the bridge to our Q4 asfl of 130 million.

Before closing, I'd like to take a moment to reflect on 3, statements, I made on our earnings call at this time last year.

The 8.3% Improvement as princely driven by higher billboard and Transit orbit, which was partially offset by higher maintenance capex.

first, I described out front as a differentiated organization that is distinct from the pack and has significant potential to unlock

For 2026, we currently expect reported consolidated ASFO growth comfortably in the double-digit range, driven principally by improvements in orbit.

Included in this guidance is $145 million of cash interest.

Second. I said I was focused on amplifying the power of out of home and expanding our share of the US ad spend.

The third that we would be accelerating our digital capabilities.

The aforementioned 30 to 35 million of Maintenance capex and 5 million dollars of cash taxes.

Please turn to slide 15 for an update on our balance sheet.

Looking back on these statements today and pleased with progress, we have made on all counts.

The middle liquidity is nearly 750 million including almost a hundred million dollars of cash about 500 million dollars available via revolver.

We have $150 million available on our accounts receivable superior facility.

First, as I mentioned at the top of the call, we've been unlocking the potential. We identified a year ago, by making significant Headway on a strategic imperatives of optimizing. Our sales strategy modernizing, our workflow and processes generating new demand and demanding Excellence from our teams

Matt: We remain comfortable with our debt stack, with our next maturity not until late 2027. Turning to our dividends, we announced today that our board of directors maintained a $0.30 cash dividend payable on 31 March to shareholders of record at the close of business on 6 March. We spent approximately $3 million on acquisitions during the quarter, bringing our total for 2025 to just over $13 million. We remain interested in pursuing attractive tuck-in acquisitions within our footprint. Based on our current acquisition pipeline, we expect our 2026 billboard acquisition activity to remain at a similar level to those seen in the last couple of years. With that, let me turn the call back to Nick.

Matt Siegel: We remain comfortable with our debt stack, with our next maturity not until late 2027. Turning to our dividends, we announced today that our board of directors maintained a $0.30 cash dividend payable on 31 March to shareholders of record at the close of business on 6 March. We spent approximately $3 million on acquisitions during the quarter, bringing our total for 2025 to just over $13 million. We remain interested in pursuing attractive tuck-in acquisitions within our footprint. Based on our current acquisition pipeline, we expect our 2026 billboard acquisition activity to remain at a similar level to those seen in the last couple of years. With that, let me turn the call back to Nick.

As of December 31st, our total net worth was 4.7 times, within a 4 to 5 times target range.

We remain comfortable with our debts, back with our next maturity. Not until late 2027,

Second, we are redefining the value of out of home, which has been historically, undervalued by increasing involvement with a variety of different appetizing, groups industry associations and conferences to inspire today's marketeers on the power and unique value of on our world advertising and how it can drive Superior. Business outcomes, especially during

We spend approximately 3 million dollars on Acquisitions during the quarter. Bringing our total for 2025 to just over 13 million dollars.

The time of AI driven mistrust of the online advertising world.

We remain interested in pursuing attractive, Tarpon Acquisitions within our footprints.

And based on our current acquisition pipeline, we expect our 2026 billboard acquisition activity to remain at a similar level, to those seen in the last couple of years.

With that, let me turn the call back to Nick.

Nick: Thank you, Matt. As I mentioned earlier, the strong top line trends we saw in Q4 continued into the start of 2026. From where we sit today, we expect Q1 revenue growth to accelerate from Q4 as a result. The consolidated reported revenues up in the high single digits, driven by high teens growth in transit and mid-single digit growth in billboard. This guidance is impacted by two non-recurring items. First, a billboard condemnation that will contribute approximately $10 million to billboard revenues, which we expect to close at the end of March. Second, the headwind created by our strategic decision to exit a marginally profitable billboard contract in LA, which contributed approximately $4.5 million in revenue in Q1 2025.

Nick Brien: Thank you, Matt. As I mentioned earlier, the strong top line trends we saw in Q4 continued into the start of 2026. From where we sit today, we expect Q1 revenue growth to accelerate from Q4 as a result. The consolidated reported revenues up in the high single digits, driven by high teens growth in transit and mid-single digit growth in billboard. This guidance is impacted by two non-recurring items. First, a billboard condemnation that will contribute approximately $10 million to billboard revenues, which we expect to close at the end of March. Second, the headwind created by our strategic decision to exit a marginally profitable billboard contract in LA, which contributed approximately $4.5 million in revenue in Q1 2025.

we are increasing the visibility of help fund and the whole industry so that we will be at the Forefront of marketeers Minds as they design their future advertising campaigns climbing up to take a larger share of their Omni Channel, spend

Thank you, Matt.

a third we've accelerated our digital capabilities by signing 2 new commercial agreements, 1 with Amazon web services which will primarily serve the Enterprise Marketplace by connecting our inventory more efficiently into the whole Co media buying centers,

As I mentioned earlier, the strong Topline Trends, we saw on the fourth quarter continued into the start of 2026. And from where we sit today we expect first quarter Revenue growth to accelerate from quarter 4 as a result, the Consolidated reported revenues up in the high, single digits driven by high teams growing in transit and mid single digit growth in billboard.

This guidance is impacted by two non-items.

second with adquick and all-in-1, AI powered technology platform that makes out of home advertising easier to plan purchase and measure. Enabling a significantly more efficient buying process for all of our customers.

By layering proprietary data, and Automation and quick allows marketeers to launch targeted, measurable at home campaigns in minutes, not weeks.

Thereby unlocking, potential new ad. Spend from those who found the medium too complex to purchase in the past.

Nick: Taking into account these two items, we believe Q1 consolidated revenue growth would be in the mid to high single digit range based on our existing operations. Before closing, I'd like to take a moment to reflect on three statements I made on our earnings call at this time last year. First, I described OUTFRONT as a differentiated organization that is distinct from the pack and has significant potential to unlock. Second, I said I was focused on amplifying the power of out-of-home and expanding our share of US ad spend. Third, that we would be accelerating our digital capabilities. Looking back on these statements today, I'm pleased with the progress we have made on all counts.

Nick Brien: Taking into account these two items, we believe Q1 consolidated revenue growth would be in the mid to high single digit range based on our existing operations. Before closing, I'd like to take a moment to reflect on three statements I made on our earnings call at this time last year. First, I described OUTFRONT as a differentiated organization that is distinct from the pack and has significant potential to unlock. Second, I said I was focused on amplifying the power of out-of-home and expanding our share of US ad spend. Third, that we would be accelerating our digital capabilities. Looking back on these statements today, I'm pleased with the progress we have made on all counts.

First, a billboard condemnation that will contribute approximately 10 million dollars to billboard revenues, which we expect to close at the end of March. And second, the headwind created, by our strategic decision to exit, a marginally profitable billboard contract in La, which contributed approximately 4.5 million in Revenue, in the first quarter of 2025,

While it will take some time for each of these initiatives to fully ramped, with all these signed up clients to both.

Most importantly, these Partnerships represent the first real steps to modernizing the ad home planning of buying process for Brands and agencies alike.

Taking into account these two items, we believe Q1 consolidated revenue growth would be in the mid- to high-single-digit range based on our existing operations.

The clothes, I want to stress that we are far from finished.

Before closing, I'd like to take a moment to reflect on 3, statements, I made on our earnings call at this time last year.

our funds journey of growth and Innovation from a legacy out of home, company to a Cutting Edge in Real Life Marketing Powerhouse has just begun

first, I describe out front as a differentiated organization that is distinct from the pack and has significant potential to unlock

While we are encouraged by our results thus far, we even more excited by the future ahead of us.

And with that operator, let's open up the lines for questions.

Second, I said I was focused on amplifying the power of out-of-home and expanding our share of the U.S. ad spend.

And third that we would be accelerating our digital capabilities.

Thank you at this time. We'll now begin today's question and answer session.

Nick: First, as I mentioned at the top of the call, we've begun unlocking the potential we identified a year ago by making significant headway on our strategic imperatives of optimizing our sales strategy, modernizing our workflow and processes, generating new demand, and demanding excellence from our teams. Second, we are redefining the value of out-of-home, which has been historically undervalued by increasing involvement with a variety of different advertising groups, industry associations, and conferences to inspire today's marketeers on the power and unique value of IRL advertising, and how it can drive superior business outcomes, especially during this time of AI-driven mistrust of the online advertising world. We are increasing the visibility of OUTFRONT and the whole industry, so that we will be at the forefront of marketeers' minds as they design their future advertising campaigns, priming us to take a larger share of their omnichannel spend.

Nick Brien: First, as I mentioned at the top of the call, we've begun unlocking the potential we identified a year ago by making significant headway on our strategic imperatives of optimizing our sales strategy, modernizing our workflow and processes, generating new demand, and demanding excellence from our teams. Second, we are redefining the value of out-of-home, which has been historically undervalued by increasing involvement with a variety of different advertising groups, industry associations, and conferences to inspire today's marketeers on the power and unique value of IRL advertising, and how it can drive superior business outcomes, especially during this time of AI-driven mistrust of the online advertising world. We are increasing the visibility of OUTFRONT and the whole industry, so that we will be at the forefront of marketeers' minds as they design their future advertising campaigns, priming us to take a larger share of their omnichannel spend.

Looking back on these statements today, I'm pleased with the progress we have made on all counts.

If you would like to ask a question please press star. Followed by 1 and your telephone keypad.

We'll pass it briefly while our questions are registered.

The first question comes from the line of Daniel asli with the Wells Fargo. You may begin

Thanks.

First, as I mentioned at the top of the call we've begun unlocking the potential. We identified a year ago by making significant Headway on a strategic imperatives of optimizing. Our sales strategy modernizing, our workflow and processes generating new demands and demanding Excellence from our teams

Just looking at the growth that you've continued to put up at the Enterprise or national segments. Are you starting to see a structural shift in the way large? Advertisers are engaging? And how do the measurement announcements with ADD quick and AWS tie in here. Thank you.

Daniel, I think.

And how it can provide superior business outcomes, especially during this time of AI-driven mistrust of the online advertising world.

Nick: Third, we've accelerated our digital capabilities by signing two new commercial agreements. One, with Amazon Web Services, which will primarily serve the enterprise marketplace by connecting our inventory more efficiently into the holdcos media buying centers. Second, with AdQuick, an all-in-one AI-powered technology platform that makes out-of-home advertising easier to plan, purchase, and measure, enabling a significantly more efficient buying process for all of our customers. By layering proprietary data and automation, AdQuick allows marketers to launch targeted, measurable out-of-home campaigns in minutes, not weeks, thereby unlocking potential new ad spend from those who found the medium too complex to purchase in the past. While it will take some time for each of these initiatives to fully ramp, we've already signed up clients for both.

Nick Brien: Third, we've accelerated our digital capabilities by signing two new commercial agreements. One, with Amazon Web Services, which will primarily serve the enterprise marketplace by connecting our inventory more efficiently into the holdcos media buying centers. Second, with AdQuick, an all-in-one AI-powered technology platform that makes out-of-home advertising easier to plan, purchase, and measure, enabling a significantly more efficient buying process for all of our customers. By layering proprietary data and automation, AdQuick allows marketers to launch targeted, measurable out-of-home campaigns in minutes, not weeks, thereby unlocking potential new ad spend from those who found the medium too complex to purchase in the past. While it will take some time for each of these initiatives to fully ramp, we've already signed up clients for both.

We are increasing the visibility of outcomes and the whole industry so that we will be at the forefront of marketers' minds, as they design their future advertising campaigns. Climbing up to take a larger share of their omni-channel spend.

and third we've accelerated our digital capabilities by signing 2 new commercial agreements, 1 with Amazon web services which will primarily serve the Enterprise Marketplace by connecting our inventory more efficiently into the whole Coast media, buying centers,

Well first of all, thank you for the question. I mean these are both significant um strategic agreements that we've set into the entirely designed to unlocking the new revenue streams that we see both on the Enterprise and the commercial side, the orientation of our partnership with AWS is to what we're calling agency, connect to ensure that for all the whole codes who are increasingly having Consolidated AI enabled digital planning and buying systems that we are in the inventory and our data sets are completely integrated into that. We see adequate as being much more for the SMB and mid-market because as we talked about you know, a year ago when we talked about setting up the strategy to be much more focused on how we would look at SMB mid-market and we would look up at at

And second with adquick and all-in-1, AI powered technology platform that makes out of home advertising easier to plan purchase and measure. Enabling a significantly more efficient buying process for all of our customers.

Enterprise accounts as being strategic uh and and those Enterprise players. So we're very excited about these initiatives that we've taken um these are established both AWS, of course and I have quick have been established in this space and working in in a very diligent format. So we're very excited about what they represent.

By layering proprietary data, and Automation and quick allows marketeers to launch targeted, measurable at home campaigns in minutes, not weeks.

Thank you.

Thereby unlocking, potential new ad. Spend from those who found the medium too complex to purchase in the past.

The next question comes from the line of Cameron me with Morgan Stanley. You may begin

Nick: Most importantly, these partnerships represent the first real steps to modernizing the out-of-home planning and buying process for brands and agencies alike. To close, I want to stress that we are far from finished. OUTFRONT's journey of growth and innovation from a legacy out-of-home company to a cutting-edge, IRL marketing powerhouse has just begun. While we are encouraged by our results thus far, we're even more excited by the future ahead of us. With that, operator, let's open up the lines for questions.

Nick Brien: Most importantly, these partnerships represent the first real steps to modernizing the out-of-home planning and buying process for brands and agencies alike. To close, I want to stress that we are far from finished. OUTFRONT's journey of growth and innovation from a legacy out-of-home company to a cutting-edge, IRL marketing powerhouse has just begun. While we are encouraged by our results thus far, we're even more excited by the future ahead of us. With that, operator, let's open up the lines for questions.

Why will take some time for each of these initiatives to fully ramped. We've already signed up clients to both.

Hi, thank you.

Most importantly, these Partnerships represent the first real steps to modernizing the ad home planning and buying process for Brands and agencies alike.

To close. I want to stress that we are far from finished.

Our fun journey of growth and Innovation from a legacy out of home company to a Cutting Edge in Real Life Marketing Powerhouse has just begun

Uh, I wanted to ask about the your pacings on Transit, uh, so far maybe your visibility into the rest of the year curious. If this might be the year, we see, uh, MTA results above the mag and then, secondly, you know, I noticed the an AI related, uh, billboard slide, uh, your earnings deck. I was curious how much of an impact on growth the uh, AI vertical. It's driving. Thanks.

While we are encouraged by our results thus far, we are even more excited by the future ahead of us.

And with that operator, let's open up the lines for questions.

Operator: Thank you. At this time, we'll now begin today's question and answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. We'll pause here briefly while our questions are registered. The first question comes from the line of Daniel Osley with Wells Fargo. You may begin.

Hey, Ken, it's Matt. Thanks for the question. I, I'll take the uh, the patient question on the transit. Uh, a Transit books relatively later than, than billboard. Um, so while we

Thank you at this time. We will not be in today's question and answer session.

If you would like to ask a question, please press star, followed by 1 on your telephone keypad.

We'll pass you briefly while our questions are registered.

The first question comes from the line of Daniel Asli with Wells. Parker, you may begin.

Daniel Osley: Thanks. Just looking at the growth that you've continued to put up at the enterprise or national segment, are you starting to see a structural shift in the way large advertisers are engaging? How do the measurement announcements with AdQuick and AWS tie in here? Thank you.

While we feel, uh, you know, great about the year, uh, Nick talks about outlook for the first quarter, might be premature to give you any any color on the second and third and fourth quarter, uh, but we still feel, it's it's in great shape. Um, you know, really led by the NCA and your, your comment of uh, maybe the MTA gets back above the mag. As you see when we talk about our accounting, we're still accounting for it on the straight line basis. So we don't, uh,

Anticipate that but we don't think it's uh, so far out of the realm that it's, it's certainly possible. And uh, we're we're hoping that, uh, we we trip that line.

Thanks. Just looking at the growth that you've continued to put up at the Enterprise or national segments, are you starting to see a structural shift in the way large advertisers are engaging? And how do the measurement announcements with AdQuick and AWS tie in here? Thank you.

Nick: Daniel, Well, first of all, thank you for the question. I mean, these are both significant strategic agreements that we've set into, that are entirely designed to unlocking the new revenue streams that we see both on the enterprise and the commercial side. The orientation of our partnership with AWS is to what we're calling Agency Connect, to ensure that for all the holdcos, who are increasingly having consolidated AI-enabled digital planning and buying systems, our inventory and our datasets are completely integrated into that. We see AdQuick as being much more for the SMB and mid-market, because as we talked about, you know, a year ago, when we talked about steadying out the strategy.

Nick Brien: Daniel, Well, first of all, thank you for the question. I mean, these are both significant strategic agreements that we've set into, that are entirely designed to unlocking the new revenue streams that we see both on the enterprise and the commercial side. The orientation of our partnership with AWS is to what we're calling Agency Connect, to ensure that for all the holdcos, who are increasingly having consolidated AI-enabled digital planning and buying systems, our inventory and our datasets are completely integrated into that. We see AdQuick as being much more for the SMB and mid-market, because as we talked about, you know, a year ago, when we talked about steadying out the strategy.

Nick: to be much more focused on how we would look at SMB mid-market, and we would look at enterprise accounts as being strategic, and those enterprise players. We're very excited about these initiatives that we've taken. These are established, both AWS, of course, and AdQuick, have been established in this space and working in a very diligent format. We're very excited about what they represent.

Nick Brien: to be much more focused on how we would look at SMB mid-market, and we would look at enterprise accounts as being strategic, and those enterprise players. We're very excited about these initiatives that we've taken. These are established, both AWS, of course, and AdQuick, have been established in this space and working in a very diligent format. We're very excited about what they represent.

These are about significant um strategic agreements that we've set into the entirely designed to unlock in the new revenue streams that we see both on the Enterprise and the commercial side. Do you orientation of our partnership with AWS is to what we're calling agency? Connect to ensure that for all the whole codes who are increasingly having Consolidated AI enabled digital planning and buying systems that we are inventory and our data sets are completely integrated into that. We see adequate as being much more for the SMB and mid-market because as we talked about you know a year ago when we talked about setting out the strategy to be much more focused on how we would look at SMB mid-market and we would look up at at

There's virtual and digital brands, they can be building their businesses and their and their recognition in real life. So we we continue to see. 2026 has been a, this has been a strong category for us.

Great thanks, Matt. Thanks Nick.

And buys accounts has been strategic, uh, and those enterprise players. So we're very excited about these initiatives that we've taken. Um, these are established—both AWS, of course, and Have Quick have been established in this space and working in a very diligent format. So we're very excited about what they represent.

The next question comes from the line of Jonathan neverett with TD Cowen. You may begin

Jonathan Navarrete: Thank you.

Daniel Osley: Thank you.

Thank you.

Operator: The next question comes from the line of Cameron McVeigh with Morgan Stanley. You may begin.

The next question comes from the line of Cameron Magazine with Morgan Stanley. You may begin

Cameron McVeigh: Hi, thank you. I wanted to ask about your pacings on transit so far, maybe your visibility into the rest of the year. Curious if this might be the year we see MTA results above the MAG. Secondly, yeah, I noticed an AI-related billboard slide on your earnings deck. I was curious how much of an impact on growth the AI vertical is driving? Thanks.

Hi, thank you.

Hey guys uh nice to have on the quarter. Um my question is with 2 months already into the year, um can you maybe talk about how National is trending, um, perhaps in the first quarter and then what you guys are seeing in the second half and lastly, uh, can you help us quantify, uh, the benefit that the World Cup, um, that you guys will have from the World Cup this year? Thank you.

Uh, I wanted to ask about your pacings on Transit, uh, so far, maybe your visibility into the rest of the year. Curious if this might be the year we see, uh, MTA results above the MAG. And then, secondly, you know, I noticed the AI-related, uh, billboard slide in your earnings deck. I was curious how much of an impact on growth the, uh, AI vertical is driving. Thanks.

Matt: Hey, Ken, it's Matt. Thanks for the question. I'll take the pacing question on transit. transit books relatively later than billboard. While we feel, you know, great about the year, Nick talked about the outlook for Q1, it might be premature to give any color on Q2, Q3, and Q4. We still feel it's in great shape, you know, really led by the MTA and your comment of maybe the MTA gets back above the MAG.

Matt Siegel: Hey, Ken, it's Matt. Thanks for the question. I'll take the pacing question on transit. transit books relatively later than billboard. While we feel, you know, great about the year, Nick talked about the outlook for Q1, it might be premature to give any color on Q2, Q3, and Q4. We still feel it's in great shape, you know, really led by the MTA and your comment of maybe the MTA gets back above the MAG.

Pay some question on Transit. Uh, Transit books relatively later than billboard. Um, so while we—

Okay, I think well, thank you Jonathan. Thank you for the question. I think National when we're talking about national uh, you know, as I said we we tend to now focus on our categorization between Enterprise and Commercial. So these Enterprises Brands and National advertisers, they continue to be uh, you know, a very important part of our business. And we've really looked at some very strong brand names that are continuing to support us. Um, you know, I think as we've just talked about earlier on the AI and the SAS side, I mean some of the big Enterprise the players at the on the Enterprise side of entertainment. Uh when we think about all,

Matt: As you see, when we talk about our accounting, we're still accounting for it on a straight-line basis, so we don't anticipate that, but we don't think it's so far out of the realm that it's certainly possible, and we're hoping that we trip that line.

Matt Siegel: As you see, when we talk about our accounting, we're still accounting for it on a straight-line basis, so we don't anticipate that, but we don't think it's so far out of the realm that it's certainly possible, and we're hoping that we trip that line.

While we feel uh, you know, great about the year, uh, Nick talked about outlook for the first quarter, might be premature to give you any any color on the second and third and fourth quarter, uh, but we still feel, it's it's in great shape. Um, you know, really led by the NCA and your, your comment of uh, maybe the MTA gets back above the mag. As you see when we talk about our accounting, we're still accounting for on a straight line basis. So we don't, uh,

Anticipate that but we don't think it's uh, so far out of the realm that it's, it's certainly possible. And uh, we're we're hoping that, uh, we we trip that line.

Nick: Cameron McVeigh, if I take the second part of your question about the AI campaigns, they're significant. If I look at the specifically within the transit world, when I think about AI and SaaS, let's say the B2B sector, you know, we've got some exciting brand names there. We've got a big campaign we can't announce yet, it's just come through. We've got Anthropic, CodeRabbit, Profound, CrowdView, IBM, ClickUp. We've got a lot of the independent AI brands that are striving to ensure that they get that level of visibility, both to customers and clients, as well as their funding. We're very bullish on it. We've got a dedicated team led by a leadership crew in San Francisco who are, you know, having direct engagement with some of the biggest conversations there.

Nick Brien: Cameron McVeigh, if I take the second part of your question about the AI campaigns, they're significant. If I look at the specifically within the transit world, when I think about AI and SaaS, let's say the B2B sector, you know, we've got some exciting brand names there. We've got a big campaign we can't announce yet, it's just come through. We've got Anthropic, CodeRabbit, Profound, CrowdView, IBM, ClickUp. We've got a lot of the independent AI brands that are striving to ensure that they get that level of visibility, both to customers and clients, as well as their funding. We're very bullish on it. We've got a dedicated team led by a leadership crew in San Francisco who are, you know, having direct engagement with some of the biggest conversations there.

The big entertainment brands have been active in Beauty, we've had lockout. Uh, there's a significant Advertiser, um, Cat 1 in finance called Dash eBay. Uh, even Duolingo who did a very significant campaign with us, that was going to surround, um, Super Bowl and bad bunnies performance. So again, the Enterprise team is combined of those who focus on the Enterprise clients that are buying through agencies, as well as business direct, and brand direct conversations with our brand Solutions team and those are going extremely well. Um, and then, when we think about FIFA, yeah we think of the world World Cup. Uh we we're we're excited. It is you know this has been identified before. It's the Tailwind. Uh we're not yet giving out detailed numbers but we have direct um agreements with made with 6 of our host committee Partnerships. So 6 cities uh La San Francisco, Atlanta Dallas, Kansas City in Miami,

Nick: It seems that our medium is something that they're really understanding, that as virtual and digital brands, they can be building their businesses and their recognition in real life. We continue to see 2026 as being this has been a strong category for us.

Nick Brien: It seems that our medium is something that they're really understanding, that as virtual and digital brands, they can be building their businesses and their recognition in real life. We continue to see 2026 as being this has been a strong category for us.

Cameron. If I take the second part of your question about the AI campaigns. Yeah. The significant if I look at the specifically within the transit world, I think about Ai and SAS, let's say the B2B sector. Um you know we've got some exciting brand names there, we've got a big campaign that's on announced yet. It's just come through, we've got anthropic code rabbit, profound proud of you IBM clicker. We've got a lot of the independent AI brands that are striving to ensure that they get that level of visibility both to customers and clients as well as their funding. Um, so we're we're very bullish on it. Um, we've got a dedicated team led by our leadership through in San Francisco who are, uh, you know, having direct engagement with some of the biggest conversations.

There. Um, and it seems that our medium uh is something that the really understanding that as virtual and digital brands, they can be building.

Um, and uh, our level of Enterprise Revenue that's coming across from some other significant Brands, um, is something we're tracking, you know, on a weekly basis. I mean, we we've identified every 1 of the FIFA Priority Access sponsors. So the obvious ones we think about Coca-Cola AB in bed unlever Verizon Telmo, Lenovo lays, I mean, McDonald's, some of the biggest brands, we know, uh, and we're having conversations with every single 1 on the

very frequent basis, and whether that's,

Source.

Their businesses and their recognition in real life. So, we continue to see—2026 has been a, this has been a strong category for us.

Cameron McVeigh: Great. Thanks, Matt. Thanks, Nick.

Great thanks, Matt. Thanks Nick.

Operator: The next question comes from the line of Jonathan Navarrete with TD Cowen. You may begin.

Whether it's going to be um you know, more um, you know, standard inventory that we have as well as some of the specific. Um,

Jonathan Navarrete: Hey, guys. Nice job on the quarter. My question is, with 2 months already into the year, can you maybe talk about how national is trending, perhaps in Q1, and then what you guys are seeing in the second half? Lastly, can you help us quantify the benefit that the World Cup that you guys will have from the World Cup this year? Thank you.

The next question comes from the line of Jonathan neverett with TD Cowen. You may begin

City agreements that we have to create, uh, unique um, advertising opportunity during the course of the festival. So we are going to be giving more detail on that on our second, on our next earnings call. But at this stage we're feeling very, uh, you know, excited about what people and the World Cup represents.

Great. Thank you.

Thank you.

Hey guys, uh, nice to have you on the quarter. Um, my question is, with two months already into the year, um, can you maybe talk about how National is trending, um, perhaps in the first quarter and then what you guys are seeing in the second half? And lastly, uh, can you help us quantify, uh, the benefit that the World Cup, um, that you guys will have from the World Cup this year? Thank you.

Nick: Well, thank you, Jonathan. Thank you for the question. I think national, when we're talking about national, you know, as I said, we tend to now focus on our categorization between enterprise and commercial. These enterprise brands and national advertisers, they continue to be, you know, a very important part of our business, and we've really looked at some very strong brand names that have continued to support us. You know, I think as we just talked about earlier on the AI and the SaaS side, I mean, some of the big enterprise, the players on the enterprise side are entertainment. When we think about all the big entertainment brands have been active.

Nick Brien: Well, thank you, Jonathan. Thank you for the question. I think national, when we're talking about national, you know, as I said, we tend to now focus on our categorization between enterprise and commercial. These enterprise brands and national advertisers, they continue to be, you know, a very important part of our business, and we've really looked at some very strong brand names that have continued to support us. You know, I think as we just talked about earlier on the AI and the SaaS side, I mean, some of the big enterprise, the players on the enterprise side are entertainment. When we think about all the big entertainment brands have been active.

The next question comes from the line of Patrick Shaw with Berrington research. You may begin.

Hi. Uh thanks for taking the question. Um I just had a a maybe a follow up on uh on capex. Um, you know, beyond the the maintenance capex guiders. Um the digital thumb is is there any like is that exclude primarily digital boards or is there are there other digital Investments That would be included in that?

Okay, I think—well, thank you, Jonathan. Thank you for the question. I think national—when we're talking about national, uh, you know, as I said, we tend to now focus on our categorization between Enterprise and Commercial. So, these Enterprise brands and national advertisers, they continue to be, uh, you know, a very important part of our business. And we've really looked at some very strong brand names that are continuing to support us. Um, you know, I think as we've just talked about earlier on the AI and the—

Nick: In beauty, we've had L'Oréal as a significant advertiser, Capital One in finance, DoorDash, eBay, even Duolingo, who did a very significant campaign with us that was gonna surround Super Bowl and Bad Bunny performance. Again, the enterprise team is combined of those who focus on the enterprise clients that buy through agencies, as well as business direct and brand direct conversations with our brand solutions team. Those are going extremely well. Then when we think about FIFA, yeah, we think of the World Cup. We're excited. It is, you know, it has been identified before as a tailwind. We're not yet giving out detailed numbers, but we have direct agreements made with six of the host committee partnerships. Six cities, LA, San Francisco, Atlanta, Dallas, Kansas City, and Miami.

Nick Brien: In beauty, we've had L'Oréal as a significant advertiser, Capital One in finance, DoorDash, eBay, even Duolingo, who did a very significant campaign with us that was gonna surround Super Bowl and Bad Bunny performance. Again, the enterprise team is combined of those who focus on the enterprise clients that buy through agencies, as well as business direct and brand direct conversations with our brand solutions team. Those are going extremely well. Then when we think about FIFA, yeah, we think of the World Cup. We're excited. It is, you know, it has been identified before as a tailwind. We're not yet giving out detailed numbers, but we have direct agreements made with six of the host committee partnerships. Six cities, LA, San Francisco, Atlanta, Dallas, Kansas City, and Miami.

Thanks Brad, it's Matt. Um, so the capex we try to keep it around 5% of our Revenue would would lower with Revenue growing. We felt we can take it from 85 10 109 million dollars. This year maintenance capex, will be about the same as as last year. Um, so, you know, the the, the increase, uh, will be all in in growth and the, the man's primarily for digital conversions and new, digital boards is an occasional, uh, replacement of a board that drives Revenue growth.

The growth is really driving digital, uh, digital billboards.

Okay. Um and then maybe just to follow up on the the AI and other Tech uh uh ad spending uh commentary. Um

Side. I mean, some of the big Enterprise, the players and the, on the Enterprise side of entertainment, uh, when we think about all the big entertainment brands, have been active in Beauty, we've had lot, uh, there's a significant Advertiser, um, cap 1 in finance called Dash eBay, uh, even dual lingo who did a very significant campaign with us, that was going to surround, um, Super Bowl and bad bunnies performance. So again, the Enterprise team is combined of those who focus on the Enterprise clients that are buying through agencies, as well as business direct, and brand direct conversations with our brand Solutions team and those are going extremely well. Um and then, when we think about FIFA yeah we think of the world World Cup. Uh we we're we're excited. It is you know this has been identified before. It's a Tailwind. Uh we're not yet giving out detailed numbers but we have direct um agreements with made with 6 of The Host committee partners.

Nick: Our level of enterprise revenue that's coming across from some of the significant brands is something we're tracking, you know, on a weekly basis. I mean, we've identified every one of the FIFA priority access sponsors to the obvious ones we think about, Coca-Cola, ABInbev, Unilever, Verizon, Telemundo, Lenovo, Lay's, I mean, McDonald's, some of the biggest brands we know, and we're having conversations with every single one on a very frequent basis. Whether that's gonna be, you know, more, you know, standard inventory that we have, as well as some of the specific city agreements that we have to create unique advertising opportunities during the course of the festival. We are gonna be giving more detail on that on our next earnings call.

Nick Brien: Our level of enterprise revenue that's coming across from some of the significant brands is something we're tracking, you know, on a weekly basis. I mean, we've identified every one of the FIFA priority access sponsors to the obvious ones we think about, Coca-Cola, ABInbev, Unilever, Verizon, Telemundo, Lenovo, Lay's, I mean, McDonald's, some of the biggest brands we know, and we're having conversations with every single one on a very frequent basis. Whether that's gonna be, you know, more, you know, standard inventory that we have, as well as some of the specific city agreements that we have to create unique advertising opportunities during the course of the festival. We are gonna be giving more detail on that on our next earnings call.

On on, uh, advertisers like um anthropic and other prediction markets is that group within Tech or do you or is that kind of viewed similar to like I think gambling a few years ago when that was ramping up in certain States. And I guess you kind of see that as is is that not really meaningful or do you see that as like kind of different in potentially more sustainable?

I think we group all those within Tech. Would you point out a good, you know, point a lot of interesting categories within Tech. Um,

The 6 cities, uh, La San Francisco, Atlanta Dallas, Kansas City in Miami. Um, and uh, our level of Enterprise Revenue that's coming across from some of the significant Brands, um, is something we're tracking, you know, on a weekly basis. I mean, we we've identified every 1 of the FIFA Priority Access sponsors to the obvious ones. We think about Coca-Cola AB in bed. You leave a Verizon Telmo Lenovo load. I mean, McDonald's.

Uber, for example, you know, it's obviously a tech company, but it's also travel and, and

Uh, your transportation, um, and AI right now is I think we cover it in Tech.

Some of the biggest brands we know—uh—and we're having conversations with every single one on a very frequent basis, and whether that's specials—

Okay. Uh, and then then then, lastly, um,

I just the MTA. Is there any sort of like comp issue from the transition from Metro cards with like government advertising around that? Or is that pretty much all like uh uh informational board stuff?

Nick: At this stage, we're feeling very, you know, we're excited about what FIFA and the World Cup represents.

Nick Brien: At this stage, we're feeling very, you know, we're excited about what FIFA and the World Cup represents.

I don't think we have any contact issues at all doing.

Opportunity to in the course of the festival. So we are going to be giving more detail on that on our second on our next earnings call. But at this stage we're feeling very um you know excited about what people and the World Cup represents.

Alexia Quadrani: Great. Thank you.

Great. Thank you.

Great strong second half of the Year, grew all through 2025. There's next pointed out rolling into the first quarter with a string out of Transit, has growth for us, it's mostly coming from the MTA. And um,

Operator: Thank you. The next question comes from the line of Patrick Sholl with Barrington Research. You may begin.

Thank you.

I'm not sure if I answered the question, it's entirely.

The next question comes from the line of Patrick Shaw with Berrington research. You may begin.

Patrick Sholl: Hi, thanks for taking the question. I just had a, maybe a follow-up on CapEx. You know, beyond the maintenance CapEx guidance, the digital development. Is that exclude primarily digital boards, or are there other digital investments that would be included in that?

Ya know, just the the transition from like the metro card to the the 1 Metro New York. Uh, it's like yeah.

No, no issues for us, it's ridership continues to slowly melt higher. Um however people are getting on the subway, you know.

Matt: Well, thanks, Pat. It's Matt. The CapEx, we try to keep it around 5% of our revenue, a little lower. With revenue growing, we felt we can take it from 85 to $90 million this year. Maintenance CapEx will be about the same as last year. You know, the increase will be all in growth and primarily for digital conversions and new digital boards. There's an occasional replacement of a board that drives revenue growth. We have some spend in some transit areas, we have residual contractual obligations, but most of the growth is really driving digital billboards.

Matt Siegel: Well, thanks, Pat. It's Matt. The CapEx, we try to keep it around 5% of our revenue, a little lower. With revenue growing, we felt we can take it from 85 to $90 million this year. Maintenance CapEx will be about the same as last year. You know, the increase will be all in growth and primarily for digital conversions and new digital boards. There's an occasional replacement of a board that drives revenue growth. We have some spend in some transit areas, we have residual contractual obligations, but most of the growth is really driving digital billboards.

Hi. Uh thanks for taking the question. Um I just had a a maybe a follow-up on uh on capex. Um you know beyond the the maintenance capex guidance. Um the digital development is is there any like is that exclude primarily digital boards or is there are there other digital Investments That would be included in that?

Thanks Patty, it's Matt. Um, so the capex

Personally, I use credit cards, some people use their phones, Metro cards are dead, but uh, I think ridership is around 80 low 80% to where it was in 2019, slightly higher and I don't think the metro card changes impacting at all.

Okay.

Keep it around. 5% of our Revenue would lower.

Okay, okay.

They did somebody wasn't significant enough some they they use their own medium for that. But you know we we look at the ridership, you know, it's up 30% from 2022. I mean the range is is Matt said between 18 and 85%. But

With Revenue growing. We thought we can take it from 85 10 109 million dollars. This year maintenance capex, will be about the same as as last year. Um, so you know, the the increase uh will be all in in in growth and the the primarily for digital conversions and new, digital boards is an occasional uh, replacement of a board that drives Revenue growth. And then we have uh, some spend

You know what? We we increase the statute 25. We had over 1.3 billion dollars billion trips in total. Uh so you know we we continue to be excited and and as importantly you know that dedicated trans

In some Transit areas that we have residual, uh, contractual obligations. But you know, most of the growth is really driving digital, uh, digital billboards.

Patrick Sholl: Okay. Then maybe just a follow-up on the AI and other tech, ad spending, commentary, on, advertisers like, Anthropic and other prediction markets. Is that grouped within tech, or is that kind of viewed similar to, like, I think gambling a few years ago when that was ramping up in certain states? I guess you kind of see that as... Is that not really meaningful, or do you see that as, like, kind of different and potentially more sustainable?

Okay. Um and then maybe just a follow up on the the AI and other Tech uh uh ad spending uh commentary. Um,

You know, Transit velocity team have been excellent on focusing, um, not just on the advertising, but on the relationship, with the MTA about the opportunities that they see to encourage, uh, more creativity and more Innovation on their platform and, and, and on their Rolling Stock. Uh, it gives us the opportunity to continue to push the envelope with the advertisers who really want to stand out the Beyond doing their classic add. Um, so we we continue to be very excited about NTA.

Okay, thank you.

Matt: Pat, I think we group all those within tech, but you point out a good, you know, point, a lot of interesting categories within tech. Uber, for example, you know, is obviously a tech company, but it's also travel and transportation. AI right now is, I think we cover it in tech.

Matt Siegel: Pat, I think we group all those within tech, but you point out a good, you know, point, a lot of interesting categories within tech. Uber, for example, you know, is obviously a tech company, but it's also travel and transportation. AI right now is, I think we cover it in tech.

Thank you.

The next question comes from the alarm of Alexis Philip Paul with JP Morgan. You may begin.

Uh Pat I think we group all those uh within Tech. Would you point out a good, you know, point a lot of interesting categories within Tech. Um,

over, for example, you know, it's obviously a tech company, but it's also travel and and, uh,

Um can we talk about New York and take contracts again? Uh, what Revenue? Do you expect for 2026?

Your transportation, um, and AI right now is I think we covered it in Tech.

Patrick Sholl: Okay. Then lastly, just the MTA. Is there any sort of, like, comp issue from the transition from MetroCard to, like, government advertising around that? Is that pretty much all, like, informational board stuff?

Okay. Uh, and then, then, then, lastly, um,

Uh so you're 20% full year growth that you disclosed I think implies around in 2022 for fourth quarter. Uh, can you talk what is driving this strong momentum again?

I just thought MTA is there any sort of like comp issue from the transition from Metro card with like government advertising around that? Or is that pretty much all like uh informational board stuff?

Matt: Can you repeat that? I don't think we have any comp issues at all. I mean, MTA is doing great. Had a strong second half of the year. We grew all through 2025. There's nice points of that rolling into Q1 with extremely high transit, highest growth for us. It's mostly coming from the MTA. I'm not sure if I answered the question entirely.

Matt Siegel: Can you repeat that? I don't think we have any comp issues at all. I mean, MTA is doing great. Had a strong second half of the year. We grew all through 2025. There's nice points of that rolling into Q1 with extremely high transit, highest growth for us. It's mostly coming from the MTA. I'm not sure if I answered the question entirely.

And um, the second question will be on a for for Outlook for this year, obviously woke up and the strong momentum in New York MTA are 2, big Tailwind.

I don't think we have any comp issues at all. In MK is doing.

perhaps you could help understand between these 2 factors, what is more important for you to execute in order to achieve uh the Double Digit growth in af4

Thank you.

Great and strong, second half of the year, we grew all through 2025. There's Nick pointed out rolling into the first quarter with uh, spring has Transit has growth for us. It's mostly coming from the MTA. And, um,

Not sure if I answered the question entirely.

Patrick Sholl: Yeah, no, just the transition from, like, the MetroCard to the, what is it, the OMNY, One Metro New York.

Matt: Oh.

Matt Siegel: Oh.

Patrick Sholl: Yeah.

Matt: No, no issues for us. Ridership continues to slowly melt higher. However, people are getting on the subway. You know, personally, I use credit cards. Some people use their phone. MetroCards are dead, but I think ridership is around 80, low 80% of where it was in 2019, slightly higher, and I don't think the MetroCard change is impacting that at all.

Matt Siegel: No, no issues for us. Ridership continues to slowly melt higher. However, people are getting on the subway. You know, personally, I use credit cards. Some people use their phone. MetroCards are dead, but I think ridership is around 80, low 80% of where it was in 2019, slightly higher, and I don't think the MetroCard change is impacting that at all.

Yeah, no. Just the the transition from like the metro card to the the 1 Metro New York. Uh it's like yeah.

No, no no issues for us, it's ridership continues to slowly melt higher. Um however people are getting on the subway, you know.

Have a sizable condemnation that's going to hit end of the first quarter. Um, and then just continued strong growth in our

Personally, I use credit cards. Some people use their phones, Metro cards are dead, but uh, I think ridership is around 80 low, 80% of, where it was in 2019, slightly higher and I don't think the metro card changes.

Patrick Sholl: Okay. Okay, yeah, there was, like, promotional-

Checking at all.

Okay.

Okay. Yeah. Bye.

Nick: They did somebody it wasn't significant while asked them, they use their own medium for that. You know, we look at the ridership, you know, it's up 30% from 2022. I mean, the range is, as Matt said, between 80% and 85%. You know, we increased substantially in 2025. We had over 1.3 billion trips in total. You know, we continue to be excited. As importantly, you know, that dedicated transit velocity team have been excellent on focusing, not just on the advertising but on the relationship with the MTA, about the opportunities that they see to encourage more creativity and more innovation on their platform and on their rolling stock.

Nick Brien: They did somebody it wasn't significant while asked them, they use their own medium for that. You know, we look at the ridership, you know, it's up 30% from 2022. I mean, the range is, as Matt said, between 80% and 85%. You know, we increased substantially in 2025. We had over 1.3 billion trips in total. You know, we continue to be excited. As importantly, you know, that dedicated transit velocity team have been excellent on focusing, not just on the advertising but on the relationship with the MTA, about the opportunities that they see to encourage more creativity and more innovation on their platform and on their rolling stock.

Regular way business Transit continues to uh, uh rally and and highlight. And you know, a lot of a lot of new initiatives. Um, a lot of things are are panning out. We really feel very bullish,

About our year. So I think the way we give guidance for SFO, uh, we think that's helpful. Uh, we give the details between

Yeah, they did. Somebody wasn't significant 1 last time they they use their own medium for that. But you know we we look at the ridership, you know, it's up 30% in 2022. I mean the range is as Matt said between 1885 to 10 but

You know, where we increased the statute 25, we had over $1.3 billion, billion trips in total. Uh, so you know, we continue to be excited and, as importantly, you know, that dedicated trans—

A foe and then keep it down. I think that's, uh, you can back into the IBM number. Um, then make some assumptions around margin to fund Revenue number. Um, we typically don't give full gear Revenue guidance. Uh, you know, at at this time, that's not something, you know, we want to, uh, put out there in public or happy to help you with your uh, uh, your assumptions at a, at a different time.

Nick: It gives us the opportunity to continue to push the envelope with the advertisers who really want to stand out beyond doing a classic ad. We continue to be very excited about MTA.

Nick Brien: It gives us the opportunity to continue to push the envelope with the advertisers who really want to stand out beyond doing a classic ad. We continue to be very excited about MTA.

Yeah, and then and you have the uh, the Alan. You have that good question about the New York, the MTA contract. I think as, as Matt shared in our comments, that we will see the MTA

Patrick Sholl: Okay, thank you.

Be beyond doing a classic ad. Um, so we continue to be very excited about NCA.

Step Up, 3% to approximately 161 million this year. Um, I'm not sure I understood what the rest of the question was.

Okay, thank you.

Operator: Thank you. The next question comes from the line of Alexia Quadrani with J.P. Morgan. You may begin.

Thank you.

I guess I'm more broadly about uh, what is driving growth.

Alexia Quadrani: Yes, good evening. Thank you very much. Can we talk about New York MTA contract again? What revenue do you expect for 2026? So your 20% full year growth that you disclosed, I think implies around mid-twenty growth for Q4. Can you talk what is driving this strong momentum again? The second question would be on AFFO outlook for this year, obviously, World Cup and strong momentum in New York MTA are two big tailwinds. Perhaps you could help understand between these two factors, what is more important for you to execute in order to achieve the double-digit growth in AFFO? Thank you.

The next question comes from the line of Alexis Philip Paul with Jeffy Morgan you may begin.

Yeah.

Revenue growth for the MTA again.

we haven't given that guidance, but we feel

Uh, very kind of you can see the acceleration from the first quarter of 25.

Yeah, good evening. Thank you very much. Um, can you talk about your context again? What Revenue do you expect for 2026? Uh, so your 20% full year growth that you disclosed, I think implies around in 2024, for fourth quarter. Uh, can you talk, what is driving this strong momentum again?

Uh through his Nick describes into into 2026. Um, as I can point it out before there is a chance. Um no not in our Gardens but there is a chance that we clear. The, the mag Break Even which is

And um, the second question will be on a for 4 Hour Week for this year, obviously woke up and the strong momentum. When you all can see are 2 big Tailwind

perhaps you could help understand between these 2 factors, what is more important for you to execute in order to achieve uh the Double Digit growth in af4

Around 285 million. And it's that would imply uh, very strong, double digit Revenue growth in the MTA. But that's again, not not where we're cutting. We're just saying there. There's a chance of that.

Matt: I'll take the AFFO question first. Obviously, we feel very comfortable. There's, I think a phrase we use, but here there's a few one-time things in 2026. As someone mentioned earlier, the World Cup is gonna benefit us. There is an election year, which we're not a big political player, but it's gonna be helpful. As Nick mentioned, we have a sizable condemnation that's gonna hit end of Q1. Just continued strong growth in our regular way business. Transit continues to rally and highlight. You know, billboard, we're doing a lot of new initiatives. A lot of things are panning out. We feel very bullish about our year.

Matt Siegel: I'll take the AFFO question first. Obviously, we feel very comfortable. There's, I think a phrase we use, but here there's a few one-time things in 2026. As someone mentioned earlier, the World Cup is gonna benefit us. There is an election year, which we're not a big political player, but it's gonna be helpful. As Nick mentioned, we have a sizable condemnation that's gonna hit end of Q1. Just continued strong growth in our regular way business. Transit continues to rally and highlight. You know, billboard, we're doing a lot of new initiatives. A lot of things are panning out. We feel very bullish about our year.

Thank you.

Thank you very much.

Thank you. At this time. There are no registered questions waiting. So if you would like to reach you and ask a question, please press star 1 you'll pause for briefly if any questions are registered

There are no registered questions waiting at this time, and I'll pass the call back over to Nicholas for any further. Closing remarks.

Well, uh, thank you. We, we appreciate everyone dialing in today, uh, and to, uh,

Matt: I think the way we give guidance for AFFO, we think that's helpful. We give the details between AFFO and then EBITDA. I think that's, you can back into the EBITDA number, and then make some assumptions around margins from the revenue number. We typically don't give full year revenue guidance. You know, at this time, that's not something, you know, we wanna put out there in poet, but we're happy to help you with your assumptions at a different time.

Matt Siegel: I think the way we give guidance for AFFO, we think that's helpful. We give the details between AFFO and then EBITDA. I think that's, you can back into the EBITDA number, and then make some assumptions around margins from the revenue number. We typically don't give full year revenue guidance. You know, at this time, that's not something, you know, we wanna put out there in poet, but we're happy to help you with your assumptions at a different time.

To listen to our prepared, remarks as well to our questions. We uh, We've certainly very um

I'll, I'll take the SSO question, uh, the first, um, obviously we feel very comfortable was, I think phrase, we use with the year. There's a few 1 time, things in 2026. Uh, as someone mentioned earlier, the World Cup is going to benefit us. Uh, there is an election year which we're not a big political player, but it's going to be, uh, helpful. As Nick mentioned, uh, we have a sizable condemnation that's going to hit end of the first quarter. Um, and then just continued strong growth in our regular way business Transit continues to uh, uh, rally and, and, and highlight. And you know, build what we got a lot of a lot of new initiatives. Um, a lot of things are are panning out. We, we feel very bullish about our year, so I think the way we give guidance for SFO, uh, we think that's helpful. Uh, we give the details between

We're very excited and we know that um, we're going to see and meet many of you at various conferences and events over the coming weeks and months. But, uh, you know, for those that we don't we we we, we wish you. Well, and we look forward to presenting our core of results to you in in May. So thank you so much for joining us and, um,

And um, yeah. Best wishes.

ASO, and then deep it down. I think that's, uh, you can back into the ibadan number, um, and then make some assumptions around margin to fund a revenue. Number, um, we typically don't give full gear Revenue guidance. Uh, you know, at at this time, that's not, uh, something, you know, we want to, uh, put out there in public but you're happy to help you with your uh, uh, your assumptions at a, at a different time.

Nick: Yeah, then, Ian Zaffino, you had the question about the New York MTA contract. I think as Matt shared in our comments, that we will see the MTA step up 3% to approximately $161 million this year. I'm not sure I understood what the rest of the question was.

Nick Brien: Yeah, then, Ian Zaffino, you had the question about the New York MTA contract. I think as Matt shared in our comments, that we will see the MTA step up 3% to approximately $161 million this year. I'm not sure I understood what the rest of the question was.

Thank you all at this time, it's been a conclude today's conference call. We hope you have an amazing rest of your day and you may not disconnect your line.

Yeah, and then Ellen you have the uh the Alan. You have that good question about the New York, the MTA contracts. I think, as it's Matt shared in our comments, that we will see the MTA

Step Up, 3% to approximately 161 million this year.

Um, I'm not sure. I understood what the rest of the question was.

Alexia Quadrani: Just more broadly about what is driving the revenue growth.

I do, I'm more broadly about uh, what is driving?

Growth.

Nick: The revenue growth? Yeah.

Nick Brien: The revenue growth? Yeah.

Alexia Quadrani: Revenue growth, yeah.

Yeah.

Matt: The revenue growth for MTA?

Matt Siegel: The revenue growth for MTA?

Nick: Well-

Nick Brien: Well-

Matt: Again, we haven't given that guidance, but we feel very confident. You can see the really acceleration from the Q1 2025 through, as Nick described, into 2026. As Ken pointed out before, there is a chance, not in our guidance, but there is a chance that we clear the MAG break-even, which is around $285 million. That's would imply very strong double-digit revenue growth for the MTA. That's again, not what we're guiding. We're just saying there's a chance of that.

Matt Siegel: Again, we haven't given that guidance, but we feel very confident. You can see the really acceleration from the Q1 2025 through, as Nick described, into 2026. As Ken pointed out before, there is a chance, not in our guidance, but there is a chance that we clear the MAG break-even, which is around $285 million. That's would imply very strong double-digit revenue growth for the MTA. That's again, not what we're guiding. We're just saying there's a chance of that.

Revenue growth, CMTA. Again, we haven't given that guidance, but we feel

Uh, very kind that you can see the acceleration from the first quarter of 25.

Uh through as Nick describes into into 2026. Um, as I can pointed out before there is a chance. Um, no not in our Gardens but there is a chance that we clear, the, the mag Break Even which is

Around 285 million, and that would imply very strong, double-digit revenue growth in the MTA. But that's, again, not where we're cutting. We're just saying there's a chance of that.

Alexia Quadrani: Thank you very much.

Thank you very much.

Operator: Thank you. At this time, there are no registered questions waiting. If you would like to queue and ask a question, please press Star one. We'll pause here briefly if any questions are registered. There are no registered questions waiting at this time. I'll pass the call back over to Nicholas for any further closing remarks.

Thank you. At this time. There are no registered questions.

Waiting. So if you would like to reach you and ask a question, please press star, 1 the Apostle briefly, if you have any questions or registered

There are no registered questions waiting at this time. I'll pass the call back over to Nicholas for any further. Closing remarks.

Nick: Well, thank you. We appreciate everyone dialing in today, and to listen to our prepared remarks and also to our questions. We're certainly very, we're very excited, and we know that we're gonna see and meet many of you at various conferences and events over the coming weeks and months. You know, for those that we don't, we wish you well, and we look forward to presenting our Q1 results to you in May. Thank you so much for joining us and, yeah, best wishes.

Nick Brien: Well, thank you. We appreciate everyone dialing in today, and to listen to our prepared remarks and also to our questions. We're certainly very, we're very excited, and we know that we're gonna see and meet many of you at various conferences and events over the coming weeks and months. You know, for those that we don't, we wish you well, and we look forward to presenting our Q1 results to you in May. Thank you so much for joining us and, yeah, best wishes.

Well, uh, thank you. We, we appreciate everyone dialing in today, uh, and to, uh,

Box is also to our questions. We uh we're certainly very um

We're very excited and we know that um, we're going to see and meet many of you at various conferences and events over the coming weeks and months. But, uh, you know, for those that we don't we we we we wish you. Well, and we look for the presents in our quarter results to you in, uh, in May. So thank you so much for joining us and um,

And um, yeah. Best wishes.

Operator: Thank you all. At this time, this will now conclude today's conference call. We hope you have an amazing rest of your day, and you may now disconnect your line.

Thank you all at this time. Is it now concluded as conference call. We hope you have an amazing rest of your day and you may now disconnect your line.

Q4 2025 OUTFRONT Media Inc Earnings Call

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