Q2 2026 OUTFRONT Media Inc Earnings Call

August 5, 2026

Operator 3: Hello, everyone. Thank you for joining us, welcome to OUTFRONT Media Q2 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stephan Bisson, SVP Investor Relations. Stephan, please go ahead.

Operator: Hello, everyone. Thank you for joining us, welcome to OUTFRONT Media Q2 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stephan Bisson, SVP Investor Relations. Stephan, please go ahead.

Speaker #1: If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. I will now hand the conference over to Stephan Bisson, SVP Investor Relations.

Speaker #1: go ahead.

Speaker #2: afternoon. And thank you for joining our 2026 second quarter earnings call. With me on the call today are CEO Nick Brian and CFO Matthew Siegel.

Speaker #2: afternoon. And thank you for joining our 2026 second quarter earnings call. With me on the call today are CEO Nick Brian and CFO Matthew Siegel. After our discussion of our financial results, we'll open the lines for our question-and-answer session.

Stephan Bisson: Good afternoon, and thank you for joining our Q2 2026 Earnings Call. With me on the call today are CEO Nick Brien and CFO Matthew Siegel. After a discussion of our financial results, we will open the lines 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, outfront.com. After today's call has concluded, an audio archive replay will be available 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 files, including our 2025 Form 10-K, as well as our Q2 2026 Form 10-Q, which we expect to file tomorrow. We will refer to certain non-GAAP financial measures on this call.

Speaker #2: today will refer to the earnings release and slide presentation that you can find on the Investor Relations section of our website, and audio archive replay will be available there as well.

Speaker #2: 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 outfront.com. our SEC file.

Speaker #2: Including our 2025 Form 10-K, as well as our Q2 2026 Form 10-Q, which we expect to file tomorrow. We will refer to certain non-GAAP financial measures on this call.

Speaker #2: Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIBDA and other non-GAAP financial measures are in the appendix of the slide presentation, the earnings release, and on our website.

Stephan Bisson: Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIBDA and 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 it over to Nick.

Speaker #2: Which also includes presentations with prior period reconciliations. With that, let me hand it over to Nick.

Speaker #3: Thanks, Stephan. And thank you, everyone, for joining us today. We're excited to be here reporting our second quarter results, which came in better than we had anticipated when we last spoke in May.

Nick Brien: Thanks, Stephan, and thank you everyone for joining us today. We are excited to be here reporting our Q2 results, which came in better than we had anticipated when we last spoke in May. Given continued strong demand, focused execution, and a successful World Cup, which generated over $35 million of revenue during the quarter and over $50 million overall. As you can see on slide three, which summarizes our headline numbers, consolidated revenues were up 14%, driven by 32% growth in transit and an 8% growth in billboard. While consolidated OIBDA was up 29% to $160 million, and AFFO grew 45% to $121 million. As I just mentioned, these results include about $35 million of FIFA revenues, of which we believe approximately half were incremental to our typical business. Slide four shows our more detailed revenue results.

Speaker #3: Given continued strong demand, focused execution, and a successful World Cup, which generated over $35 million of revenue during the quarter and over $50 million overall.

Speaker #3: As you can see on slide 3, which summarizes our headline numbers, consolidated revenues were up 14%, driven by 32% growth in transit and 8% growth in billboard.

Speaker #3: While consolidated OIBDA was up 29% to $160 million, and ASFO grew 45% to $121 million. As I just mentioned, these results include about $35 million of FIFO revenues, of which we believe approximately half were incremental to our typical business.

Speaker #3: Slide 4 shows our more detailed revenue results. Billboard revenues were up 8%, included in our comparative billboard results, for the final time. These are previously announced exit of a large marginally profitable billboard contract in LA.

Nick Brien: Billboard revenues were up 8%, included in our compounded billboard results for the final time is our previously announced exit of a large and marginally possible billboard contract in LA, as the revenues and expenses of this contract are still included in our reported 2025 financial statements. Excluding the billboard revenue generated by this contract, billboard revenue growth would have been up 9.4%. The strongest billboard categories in Q2 were tech, including the rapidly growing AI, legal, and medical. Transit grew a robust 32% and was again led by New York MTA, which was up an impressive 48% during the quarter. Our strongest transit categories were tech, entertainment, and financial. Slide five shows our detailed billboard revenue. On a reported basis, digital billboard revenues were up 17.6%, and static and other billboard revenues were up 3.8% during the quarter.

Speaker #3: As the revenues and expenses of this contract are still included in our reported 2025 financial statements. Excluding the billboard revenue generated by this contract, billboard revenue growth would have been up 9.4%.

Speaker #3: The strongest billboard categories in Q2 were tech, including the rapidly growing AI, legal, and medical. Transit grew a robust $32% and was again led by New York MTA, which was up an impressive 48% during the quarter, our strongest transit categories were tech, entertainment, and financial.

Speaker #3: Slide 5 shows our detailed billboard revenue. On a reported basis, digital billboard revenues were up 17.6%, and static and other billboard revenues were up 3.8% during the quarter.

Speaker #3: However, excluding the revenue generated by the exited contract, digital billboard revenues would have been up over $21%, and static and other billboard revenues would have been up 4.3%.

Nick Brien: However, excluding the revenue generated by the exited contract, digital billboard revenues would have been up over 21%, and static and other billboard revenues would have been up 4.4.3%. We estimate that FIFA contributed approximately $19 million of revenue to our billboard results this quarter. Slide six shows our detailed transit revenue, which grew over 32% during the quarter, led by the MTA's strength. Our digital transit revenues were up nearly 36% to about $68 million, and static transit revenues were up over 29%. We estimate that FIFA contributed approximately $17 million to our transit revenues in Q2.

Speaker #3: We estimate that FIFA contributed approximately $19 million of revenue to our billboard results this quarter. Slide 6 shows our detailed transit revenue. Which grew over $32% during the quarter, led by the MTA strengths.

Speaker #3: Our digital transit revenues were up nearly $36% to about $68 million, and static revenue transit revenues were up over $29%. We estimate that FIFA contributed approximately $17 million to our transit revenues in the second quarter.

Speaker #3: Three of the FIFA-related campaigns I would highlight from across our business are the New York, New Jersey Host Committee subway wraps of the tournament's local participants' flags within the end with a New York subway system, Nike's complete takeover of the Bryant Square subway station, and the massive soccer player Wallscape in Koch's hometown of Atlanta.

Nick Brien: Three of the FIFA-related campaigns I would highlight from across our business are the New York-New Jersey Host Committee subway wraps of the tournament's local participants' flags within the New York subway system, Nike's complete takeover of the Bryant Park subway station, and the massive soccer player wall scape in Coke's hometown of Atlanta, which you can see on the cover of our slide presentation. Slide seven shows our combined digital revenue performance, which grew over 23% in the quarter and represented about 37% of total revenues, compared to 34% in the comparable period last year. Even more impressive, excluding the aforementioned LA contract, digital revenues would have grown by 26%. Programmatic and digital direct automated sales increased nearly 15% during the quarter, representing 20% of total digital revenue, up from about 17% a year ago.

Speaker #3: Which you can see on the cover of our slide presentation. Slide 7 shows our combined digital revenue performance, which grew over $23% in the quarter, and represented about $37% of total revenues compared to $34% in the comparable period last year.

Speaker #3: Even more impressive, excluding the aforementioned LA contract, digital revenues would have grown by 26%. Programmatic and digital direct automated sales increased nearly 50% during the quarter.

Speaker #3: Representing 20% of total digital revenue, up from about 17% a year ago. Moving on, the breakdown of commercial and enterprise revenues can be seen on slide 8.

Nick Brien: Moving on, the breakdown of commercial and enterprise revenues can be seen on slide eight. Commercial revenues were up 15% during the quarter, driven by strength in technology, entertainment, and legal. Enterprise was up about 12% during Q2, with much of the strength being driven by tech, CPG, and health medical. Slide nine shows our billboard yield growth, which was up 12% year over year to $3,344 per month, principally driven by focused efforts to establish higher rates across our assets and boosted by FIFA. Summing up, we are very pleased with our Q2 performance and confident that we will maintain this positive momentum into H2, which I will discuss in greater detail later. With that, let me now hand it over to Matt to review the rest of our financials.

Speaker #3: Commercial revenues were up 15% during the quarter, driven by strength and technology, entertainment, and legal. Enterprise was up about 12% during the second quarter, with much of the strength being driven by tech, CPG, and health medical.

Speaker #3: Slide 9 shows our billboard yield growth, which was up 12% year-over-year to $3,344 per month, principally driven by a focused effort to establish higher rates across our assets and boosted by FIFA.

Speaker #3: Summing up, we are very pleased with our Q2 performance and confident that we will maintain this positive momentum into the second half, which I will discuss in greater detail later.

Speaker #3: With that, let me now hand it over to Matt to review the rest of our financials.

Speaker #4: Thanks, Nick. And good afternoon, everyone. Please turn to slide 10 for more detailed look at our billboard expenses. In total, billboard expenses were up nearly $15 million were approximately 7% year over year.

Matthew Siegel: Thanks, Nick, and good afternoon, everyone. Please turn to slide 10 for a more detailed look at our billboard expenses. In total, billboard expenses were up nearly $15 million or approximately 7% year over year. Zooming in on lease costs, these expenses were up $6 million or about 5% year over year. This increase was driven by higher variable lease costs and contractual escalators on fixed leases, partially offset by $4 million of savings related to the exited large billboard contract in Los Angeles. Excluding the impact of the LA portfolio exit, billboard property lease expense would have been up about 9%. Posting, maintenance, and other, or PMO expenses, were up about $3 million or almost 8%, due to higher production expenses and higher compensation-related expenses, partially offset by lower site-related costs.

Speaker #4: Zooming in on lease costs, these expenses were up $6 million were about 5% year over year. This increase was driven by higher variable lease costs and contractual escalators on fixed leases, partially offset by $4 million of savings related to the exited large billboard contract in Los Angeles.

Speaker #4: Excluding the impact of the LA portfolio exit, billboard property lease expense would have been up about 9%. Posting maintenance and other or PMO expenses were up about $3 million or almost 8% due to the higher production expenses and higher compensation-related expenses.

Speaker #4: Partially offset by lower site-related costs. SG&A expenses grew over $5 million or about 8% due to higher professional fees, including software and technology expenses, and an increase in the allowance for bad debt from higher sales activity.

Matthew Siegel: SG&A expenses grew over $5 million or about 8% due to higher professional fees, including software and technology expenses, and an increase in the allowance for bad debt from higher sales activity, partially offset by lower credit card usage by customers and lower compensation-related expenses. The $15 million increase in total billboard expenses were more than covered by the strong growth in billboard revenues Nick described earlier, leading to billboard adjusted OIBDA increasing by over $13 million or 10%. Now turning to transit on slide 11. In total, transit expenses were up $8 million or just over 8% year-over-year. Transit franchise expense was up 6% to $66 million, due primarily to higher variable transit franchise expenses driven by higher transit revenues outside New York, and the annual inflation adjustment and the minimum annual guarantee for the MTA contract.

Speaker #4: Partially offset by lower credit card usage by customers and lower compensation-related expenses. The $15 million increase in total billboard expenses were more than covered by the strong growth in billboard revenues Nick described earlier, leading to billboard adjusted OIBRADA increasing by over $13 million or 10%.

Speaker #4: Now, turning to transit on slide 11. In total, transit expenses were up $8 million to just over 8% year over year. Transit franchise expense was up 6% to $66 million due primarily to higher variable transit franchise expenses driven by higher transit revenues outside New York and the annual inflation adjustment in the minimum annual guarantee for the MTA contract.

Speaker #4: Let me take a minute before discussing the rest of transit segment to clarify the accounting treatment regarding the New York MTA. We will continue to book annual transit franchise expenses at the minimum annual guarantee which in 2026 is $161 million including the final year of the 2020 amendment.

Matthew Siegel: Let me take a minute before discussing the rest of transit segment to clarify the accounting treatment regarding the New York MTA. We will continue to book annual transit franchise expenses at the minimum annual guarantee, which in 2026 is $161 million, including the final year of the 2020 amendments. We will record this expense on a straight-line basis evenly each quarter. This approach will continue until we expect to recoup the entire cost of the digital investments we have made since the commencement of deployment in 2018 and reflects the financial statement impact of our 2023 transit impairment. Please refer to our earnings press release and 10-Q for additional details on the MTA.

Speaker #4: We will record this expense on a straight-line basis evenly each quarter. This approach will continue until we expect to recoup the entire cost of the digital investments we have made since the commencement of deployment in 2018 and reflects the financial statement impact of our 2023 transit impairment.

Speaker #4: Please refer to our earnings press release and 10-Q for additional details on the MTA. Returning to our discussion of transit operating expenses, PMO costs were up just over $2 million, or about 12%, due to higher display production costs driven by higher-profile creative initiatives during the FIFA World Cup and higher posting and rotation costs.

Matthew Siegel: Returning to our discussion of transit operating expenses, PMO costs were up just over $2 million or about 12% due to higher display production costs driven by higher profile creative initiatives during the FIFA World Cup and higher posting and rotation costs. SG&A expenses were up $2.5 million or about 14% due to higher professional fees, including software and technology expenses, higher compensation-related expenses, including commissions, and higher allowance for bad debt, partially offset by lower credit card usage by customers. The $8 million increase in total transit expenses was far eclipsed by our exceptional 32% transit revenue growth described earlier, leading to transit adjusted OIBDA improving by about $26 million during the quarter to $33 million. Slide 12 shows the company's adjusted OIBDA in the Q2.

Speaker #4: SG&A expenses were up $2.5 million or about 14% due to higher professional fees including software and technology expenses, higher compensation-related expenses including commissions, and higher allowance for bad debt, partially offset by lower credit card usage by customers.

Speaker #4: The $8 million increase in total transit expenses was far eclipsed by our exceptional 32% transit revenue growth described earlier, leading to transit adjusted OIBRADA improving by about $26 million during the quarter to $33 million.

Speaker #4: Slide 12 shows the company's adjusted OIBRADA in the second quarter. Corporate. By about $3 million due to higher compensation-related expenses including severance and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees.

Matthew Siegel: Corporate by about $3 million due to higher compensation-related expenses, including severance and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees. Combined with the billboard and transit OIBDA, total consolidated adjusted OIBDA totaled about $160 million, up 29% compared to last year. Before moving on, given our robust revenue performance and strong outlook for this year, I'd like to mention some important growth investments we have accelerated into 2026 to support our ambitious revenue targets for this year and beyond. First, we are investing even more in digital growth. We are reinforcing our programmatic sales team and the experienced sales leaders to ensure that we capture as much of this growing revenue stream as possible.

Speaker #4: Combined with the billboard and transit OIBRADA, total consolidated adjusted OIBRADA totaled about $160 million up 29% compared to last year. Before moving on, given our robust revenue performance and strong outlook for this year, I'd like to mention some important growth investments we have accelerated into 2026 to support our ambitious revenue targets for this year and beyond.

Speaker #4: First, we are investing even more in digital growth. We are reinforcing our programmatic sales team and the experienced sales leaders to ensure that we capture as much of this growing revenue stream as possible.

Speaker #4: We have also expanded our data analytics function hiring a chief data officer late in the second quarter to partner with our research and insights team to advance our audience intelligence and measurement solutions in order to meet industry expectations.

Matthew Siegel: We have also expanded our data analytics function, hiring a chief data officer late in Q2 to partner with our research and insights team to advance our audience intelligence and measurement solutions in order to meet industry expectations. Second, we are investing in our people. We have expanded the platform tools and training available to our workforce to improve both efficiency and effectiveness. Tools such as Salesforce, our proprietary IRL Nav, and an integrated marketing cloud will minimize time spent on repetitive administrative tasks and maximize time spent engaging with clients. We will continue investing in our HR function to ensure we attract, retain, and develop the best possible talent to be a world-class media organization.

Speaker #4: Second, we are investing in our people. We have expanded the platform, tools, and training available to our workforce to improve both efficiency and effectiveness.

Speaker #4: Tools such as Salesforce, our proprietary IRL Nav, and an integrated marketing cloud will minimize time spent on repetitive administrative tasks and maximize time spent engaging with clients.

Speaker #4: And we will continue investing in our HR function to ensure we attract, retain, and develop the best possible talent to be a world-class media organization.

Speaker #4: As a result of these strategic investments, we expect our SG&A expense growth rate to outpace our revenue growth rate for the remainder of 2026, in order to help drive exceptional revenue performance in 2027 and beyond.

Matthew Siegel: As a result of these strategic investments, we expect our SG&A expense growth rate to outpace our revenue growth rate for the remainder of 2026 to help drive exceptional revenue performance in 2027 and beyond. Turning now to capital expenditures on slide 13, Q2 CapEx spend was about $17 million, including about $6 million of maintenance spends. We added 51 new digital boards in the quarter and expect to add a total of about 125 in the full year. For 2026, we still expect to spend approximately $90 million of CapEx, in line with our historical level of about 5% of revenue. About $30 to $35 million of this total is expected to be for maintenance. Looking at AFFO on slide 14, you can see the bridge to our Q2 AFFO of $121 million. The improvement is principally driven by higher adjusted OIBDA.

Speaker #4: Turning now to capital expenditures on slide 13, Q2 capex spend was about $17 million, including about $6 million of maintenance spend. We added $51 new digital boards in the quarter, and expect to add a total of about $125 in the full year.

Speaker #4: For 2026, we still expect to spend approximately $90 million of capex in line with our historical level of about 5% of revenue. About 30 to 35 million dollars of this total is expected to be for maintenance.

Speaker #4: Looking at AFFO on slide 14, you can see the bridge to our Q2 AFFO of $121 million. The improvement is principally driven by higher adjusted OIBRADA.

Speaker #4: Based on our results thus far, our expected revenue growth for the remainder of the year and the ongoing investments in our business, we now expect that our reported 2026 AFFO will grow in the low 20s percent range relative to our reported 2025 AFFO of $338 million.

Matthew Siegel: Based on our results thus far, our expected revenue growth for the remainder of the year, and the ongoing investments in our business, we now expect that our reported 2026 AFFO will grow in the low 20% range relative to our reported 2025 AFFO of $338 million. Included in this guidance is the previously noted maintenance CapEx, interest expense of approximately $145 million, and a small amount of cash taxes. Also, our outlook reflects both the strength of the underlying business and the MTA accounting treatment discussed earlier. Please turn to slide 15 for an update on our balance sheet. Committed liquidity is nearly $600 million, including about $30 million of cash, around $500 million available via revolver, and $50 million available via accounts receivable securitization facility.

Speaker #4: Included in this guidance is the previously noted maintenance capex, interest expense of approximately $145 million, and a small amount of cash taxes. Also, our outlook reflects both the strength of the underlying business and the MTA accounting treatment discussed earlier.

Speaker #4: Please turn to slide 15 for an update on our balance sheet. Committed liquidity is nearly $600 million, including about $30 million of cash, around $500 million available from our revolver, and $50 million available from our accounts receivable securitization facility.

Speaker #4: As of June 20th, our net total leverage was around four times at the bottom end of our four to five times target range. During June, we refinanced our $650 million of 5% notes due in 2027, with a new issuance of $500 million of senior unsecured notes due in 2034, priced at 6% flat, with the balance funded through withdrawal in our accounts receivable facility and cash on hand.

Matthew Siegel: As of 20 June, our net total leverage was around four times, at the bottom end of our four to five times target range. During June, we refinanced our $650 million of 5% notes due in 2027 with a new issuance of $500 million of senior unsecured notes due in 2034, priced at 6% flat, with the balance funded through a draw on our accounts receivable facility and cash on hand. Turning to our dividends, we are pleased to announce today that our board of directors raised our quarterly cash dividend by 10% to $0.33 per share, payable on 30 September to shareholders of record to close their business on 4 September. We spent just over $11 million in acquisitions during the quarter. Looking at our current acquisition pipeline, we continue to expect our 2026 full year deal activity to be similar to levels reached in recent years.

Speaker #4: Turning to our dividend, we are pleased to announce today that our board of directors raised our quarterly cash dividend by 10% to $33 cents per share payable on September 30th.

Speaker #4: The shareholders of record at the close of business on September 4th. We spent just over $11 million on acquisitions during the quarter, and, looking at our current acquisition pipeline, we continue to expect our 2026 full-year deal activity to be similar to levels reached in recent years.

Speaker #4: With our leverage trending to low end of our range and increasing cash flows, we expect to be more opportunistic in our deal activity going forward.

Matthew Siegel: With our leverage trending to low end of our range and increasing cash flows, we expect to be more opportunistic in our deal activity going forward. With that, let me turn the call back to Nick.

Speaker #4: With that, let me turn the call back to Nick.

Speaker #5: Thank you, Matt. I'm pleased to report that we are seeing strong top-line growth in the third quarter. And from where we sit today, we expect quarter 3 revenue growth to be up in the high single digits year on year, driven by about 20% growth in transit and mid single digit growth in billboard.

Nick Brien: Thank you, Matt. I'm pleased to report that we are seeing strong top-line growth in Q3. From where we sit today, we expect quarterly revenue growth to be up in the high single digits year on year, driven by about 20% growth in transit and mid-single digit growth in billboard. These figures include a $16 million benefit related to the World Cup, with approximately $9 million booked in billboard and $7 million in transit. 2026 is a transformative year for OUTFRONT, from operating as a legacy out-of-home media vendor into the premier platform company of IRL Media. We are immensely proud of the results we've delivered so far, although our work is far from complete. We continue to be laser-focused on executing our strategic imperatives while investing smartly to strengthen our business and further accelerate our future revenues and profits.

Speaker #5: These figures include a $16 million benefit related to the World Cup, with approximately $9 million booked in billboard and $7 million in transit. 2026 is a transformative year for OUTFRONT.

Speaker #5: From operating as a legacy out-of-home media vendor, into the premier platform company, of IRL Media. We are immensely proud of the results we've delivered so far, although our work is far from complete.

Speaker #5: We continue to be laser focused on executing our strategic imperatives while investing smartly to strengthen our business and further accelerate our future revenues and profits.

Speaker #5: We are creating a formidable growth engine, with our revamped marketing team feeding our reorganized Salesforce with the highest quality leads. We have supercharged our sales engine by investing in industry-leading Sales tools, such as AI-enabled integrated CRM and the marketing cloud, as well as advanced sales training.

Nick Brien: We are creating a formidable growth engine with our revamped marketing team feeding our reorganized sales force with the highest quality leads. We have supercharged our sales engine by investing in industry-leading sales tools, such as AI-enabled integrated CRM and the marketing cloud, as well as advanced sales training. Our strategic investment in AdQuick is changing how we plan and sell, reducing the number of handoffs from audience discovery to proposal creation. To further accelerate our growing revenue, we're also expanding our research and measurement team to consistently prove the immense value of our IRL solutions. To that end, we've hired an industry-leading chief data officer, Huw Griffiths, who has been tasked to leverage his decades of media agency experience to raise all standards of our medium's measurement and attribution capabilities. I want to close with why we believe IRL media becomes more valuable, not less, in an AI-generated world.

Speaker #5: Our strategic investment in AdQuick is changing how we plan and sell. Reducing the number of handoffs from audience discovery to proposal creation. To further accelerate our growing revenue, we're also expanding our research and measurement team, to consistently prove the immense value of our IRL solutions.

Speaker #5: To that end, we've hired an industry-leading chief data officer, Hugh Griffiths, who has been tasked to leverage his decades of media agency experience to raise all standards of our medium's measurement and attribution capabilities.

Speaker #5: I want to close with why we believe IRL Media becomes more valuable, not less, in an AI-generated world. We commissioned Cantar to study consumer trust across media types, and the finding was unambiguous: trust in digital content is eroding fast.

Nick Brien: We commissioned Kantar to study consumer trust across media types, and the finding was unambiguous. Trust in digital content is eroding fast. When any image, post, or video can be machine-generated in seconds, audiences default to suspicion. Because online inventory is infinitely expandable, another feed, another ad unit, another AI-generated impression, that abundance is the very thing driving the trust erosion. Infinite supply collapses credibility, and advertising is caught in the crossfire. Physical media works the opposite way. It's scarce by law and by geography. You can't simply build more of it. We believe that fixed supply paired with the rising demand for real-world engagement means the media value of physical inventory can only go up. This dynamic is playing out in real time. Drive through San Francisco today, and nearly every other billboard belongs to an AI company.

Speaker #5: When any image, post, or video can be machine-generated in seconds, audiences default to suspicion. And because online inventory is infinitely expandable, another feed, another ad unit, another AI-generated impression, that abundance is a very thing driving the trust erosion.

Speaker #5: Infinite supply collapses credibility and advertising is caught in the crossfire. Physical media works the opposite way. It's scarce by law and by geography. You can't simply build more of it.

Speaker #5: We believe that fixed supply, paired with a rising demand for real-world engagement, means the media value of physical inventory can only go up. This dynamic is playing out in real time.

Speaker #5: Drive through San Francisco today and nearly every other billboard belongs to an AI company. The same companies are eroding trust online by turning to the one channel that cannot be faked, because a billboard is public and real, and putting your name on one signals that your company is credible and trustworthy.

Nick Brien: The same companies eroding trust online are turning to the one channel that cannot be faked, because a billboard is public and real, and putting your name on one signals that your company is credible and trustworthy. To be clear, this isn't an argument against online media. It's an argument for smarter media planning. Out-of-home is a load-bearing wall, the credibility layer that makes every downstream digital impression more believable, while AI increasingly powers the targeting, planning, and measurement on top of it. That's the thesis behind our recent minority investment in AdQuick, bringing AI-native workflows into physical campaign planning. Our Kantar research backs this up directly. Consumers rated the identical ad as dramatically more trustworthy on a billboard than on social media. This matters commercially, as trust isn't a soft brand metric. 87% of consumers say they'll pay more for brands that they trust.

Speaker #5: To be clear, this isn't an argument against online media. It's an argument for smarter media planning. Out-of-home is a load-bearing wall—the credibility layer that makes every downstream digital impression more believable—while AI increasingly powers the targeting, planning, and measurement on top of it.

Speaker #5: That's the thesis behind our recent minority investment in AdQuick, bringing AI-native workflows into physical campaign planning. Our Cantar research backs this up directly. Consumers rated the identical ad as dramatically more trustworthy on a billboard than on social media.

Speaker #5: This matters commercially, as trust isn't a soft brand metric. 87% of consumers say they'll pay more for brands that they trust. Trust has become a scarce commercial asset.

Nick Brien: Trust has become a scarce commercial asset, and increasingly, the real world is where it's built. That's our conviction heading into the H2 of the year. As AI floods digital channels with infinite low-cost content, the brands that also claim a stake in the physical world will be the ones that stand out, and we're ideally positioned to help them do exactly that. With that, operator, let's now open up the line for questions.

Speaker #5: An increasingly the real world is where it's built. That's our conviction heading into the second half of the year. As AI floods digital channels with infinite low-cost content, the brands that also claim are staking the physical world will be the ones that stand out, and we're ideally positioned to help them do exactly that.

Speaker #5: And with that, operator, let's now open up the line for questions.

Speaker #3: We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand.

Operator 3: We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Cameron McVeigh with Morgan Stanley. Your line is open, Cameron. Please go ahead.

Operator: We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Cameron McVeigh with Morgan Stanley. Your line is open, Cameron. Please go ahead.

Speaker #3: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #3: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Cameron McVey with the Morgan Stanley.

Speaker #3: Your line is open, Cameron. Please go ahead.

Speaker #4: Hi, thank you. I was hoping you could comment on the strength and programmatic that we're seeing curious how conversations with advertisers are trending, what's been working, and how much runway you might expect we have on programmatic going forward.

Cameron McVeigh: Hi. Thank you. I was hoping you could comment on the strength in programmatic that we're seeing. Curious how conversations with advertisers are trending, what's been working, and how much runway you might expect we have on programmatic going forward. Secondly, on the higher SG&A cost and the hiring of a chief data officer, Nick, I would love to hear just any more on what drove this, why now, and where you expect to see the largest benefit going forward. Thanks.

Speaker #4: And then secondly, on the higher SG&A costs and the hiring of a chief data officer, Nick, I would love to hear just any more on what drove this, why now, and where you expect to see the largest benefit going forward.

Speaker #4: Thanks.

Speaker #6: All right. Thank you. Thank you, Cameron. And I appreciate the questions. Let me start with the first one. Programmatic, we see tremendous runway. When we look at digital media nearly 80% now in the US, and I think 75% globally, is traded programmatically.

Nick Brien: All right. Thank you. Thank you, Cameron. Appreciate the questions. Let me start with the first one. Programmatic, we see tremendous runway. When we look at digital media, nearly 80% now in the US, I think 75% globally, is traded programmatically. We are 20%. I think the out-of-home industry overall is less than 20%. There are significant pools of advertiser dollars that sit with trading desks, either within the advertiser or within big agency groups, as well as independent agencies. They choose to trade, plan, and buy their digital media, their online media programmatically. It's the reason we've been investing, as Matt talked about.

Speaker #6: We are 20%. I think the out-of-home industry overall is less than 20%. There are significant pools of advertiser dollars that sit with trading desks, either within the advertiser or within big agency groups, as well as independent agencies and and buy their digital media, their online media, programmatically.

Speaker #6: It's the reason we invest we've been investing as Matt talked about. We hired a chief data digital and strategy officer in terms of sales and strategy.

Nick Brien: We hired a Chief Data Digital and Strategy Officer in terms of sales and strategy from The Trade Desk. He's been looking at both strategy for types, inventory, technology, making sure ad tech stack is as seamless as possible, as well as the sales relationships, both with the DSPs and the leading SSPs. We have strong relationships with the industry SSPs. We see an opportunity to further extend those relationships. Jeff Hackett is leading that effort along with a further strength. We see significantly more upside on the way we can engage digital revenues through programmatic. The reason why we hired our Chief Data Officer now, why we hired Huw Griffiths, is we're at a watershed moment in the industry, where the industry has decided, after a pilot test, to choose Ipsos to go to the next standard of what our industry measurement is.

Speaker #6: From the Trade Desk, and he's been looking at both strategy for pipes, inventory, technology—making sure the ad tech stack is as seamless as possible—as well as the sales relationships, both with the DSPs and the leading SSPs.

Speaker #6: We have strong relationships with the industry SSPs, we see an opportunity to further extend those relationships, and Jeff Hackett is leading that effort, along with the further strengths.

Speaker #6: So we see significantly more upside on the way we can engage digital revenues through programmatic. The reason why we hired chief our chief data officer now, why we hired Chief Griffiths, is we're at a watershed moment in the industry where the industry has decided to, after a pilot test, to choose Ipsos to go to the next standard of what our industry measurement is.

Speaker #6: But it's not just audience measurement and reach curves. It's understanding how data—especially when it comes to digital—is going to apply different first-party data capabilities, as well as omnichannel strategy planning.

Nick Brien: It's not just audience measurement and reach curves, it's understanding how data, especially when it comes to digital, is going to apply different first-party data capabilities as better, as well as omni-channel strategy planning, so our media could be more constructively and credibly integrated into overall campaign planning. Huw is a master of that. He's come from the agency world. He's got over 30 years of working with the biggest agencies and the biggest brands doing just that. As a consequence of what has gone on at IPG and Omnicom, Huw is someone I worked with 25 years ago, at Universal McCann.

Speaker #6: So our media could be more constructively and credibly integrated into overall campaign planning. Q is a master of that. He's come from the agency world.

Speaker #6: He's got over 30 years of working with the biggest agencies and the biggest brands doing just that. So he, as a consequence of what has gone on at IPG and Omnicom—Q is someone I worked with 25 years ago at Universal McCann.

Speaker #6: I've watched his career develop, and I've watched his expertise and I've realized that we would benefit significantly by having someone lead that way as we're seeking to engage with the enterprise market is.

Nick Brien: I've watched his career develop. I've watched his expertise. I've realized that we would benefit significantly by having someone lead that way as we're seeking to engage with the enterprise marketers, the most sophisticated marketers, who aren't focused on audiences and reach curves, they're focused on business outcomes. We need to engage at that level to have the credibility to ensure our media is integrated, not as an optional consideration within omni-channel campaign planning, but a fundamental platform. As I described earlier, I consider it the load-bearing wall. Those are the two reasons. We see great upside on both.

Speaker #6: The most sophisticated market is who aren't focused on audiences and reach curves, they're focused on business outcomes. So we need to engage at that level to have the credibility to ensure our media is integrated, not as an optional consideration within omnichannel campaign planning, but a fundamental platform.

Speaker #6: As I described earlier, I consider the load-bearing wall. So those are the two reasons, and we see great upside on both.

Speaker #4: Makes sense. Thank you.

Cameron McVeigh: Makes sense. Thank you.

Speaker #6: Thanks, Cameron.

Nick Brien: Thanks, Cameron.

Speaker #3: Your next question comes from the line of Alexi Filipov with JP Morgan. Your line is open, Alexi. Please go ahead.

Operator 3: Your next question comes from the line of Aleksey Yeliseyev with J.P. Morgan. Your line is open, Aleksey. Please go ahead.

Operator: Your next question comes from the line of Aleksey Yeliseyev with J.P. Morgan. Your line is open, Aleksey. Please go ahead.

Speaker #5: Yes, hello. Thank you very much. You've talked about a few fires, the good opportunity to bring new advertisers into the segment. Now that the tournament is over, how is the progress there?

Aleksey Yeliseyev: Yes, hello. Thank you very much. You've talked about FIFA as the good opportunity to bring new advertisers into the segment. Now that the tournament is over, how is the progress there? Do you see clients remaining with you? That's my first question. Another, can you comment on macro? Your commercial revenue was up nice, and that's likely a reflection of World Cup, but local was a bit softer than in Q1. Any signs of macro weakness on the local front or not really? Thank you.

Aleksey Philippov: Yes, hello. Thank you very much. You've talked about FIFA as the good opportunity to bring new advertisers into the segment. Now that the tournament is over, how is the progress there? Do you see clients remaining with you? That's my first question. Another, can you comment on macro? Your commercial revenue was up nice, and that's likely a reflection of World Cup, but local was a bit softer than in Q1. Any signs of macro weakness on the local front or not really? Thank you.

Speaker #5: Do you see clients remaining with you? That's my first question. And another: can you comment on macro your commercial revenue was up nicely, and that's likely a reflection of World Cup, but local was a bit softer than in first quarter.

Speaker #5: Any signs of macro weakness on the local front or not really? Thank you.

Speaker #6: Thanks, Alexi. Let me address the first question you asked about the new advertisers. It's something that we all know across this industry: that the out-of-home medium has failed to demonstrate its level of efficacy with the most sophisticated marketers.

Nick Brien: Thanks, Aleksey. The first question you asked about the new advertisers, it's something that we all know across this industry, that the out-of-home medium has failed to demonstrate its level of efficacy with the most sophisticated marketers. If we think about those advertisers who are spending over $250 million a year in their advertising, we have the lowest share relative to the 2.5% that the medium takes, is less than 1%. We see what we're calling the enterprise side of the business, the enterprise and the strategic accounts, as being very important opportunities to engage and grow our share, whether it be on automotive, whether it be on pharma, whether it be on CPG. We have a number of those logos. We have a number of those relationships, but they're not as consistent across all their brands as we would like.

Speaker #6: With those if we think about those advertisers who are spending over $250 million a year in their advertising, we have the lowest share relative to the two and a half percent that the medium takes.

Speaker #6: It's less than 1%. We see what we're calling the enterprise side of the business, the enterprise and the strategic accounts, has been very important opportunities to engage and grow our share, whether it be on automotive, whether it be on pharma, whether it be on CPG.

Speaker #6: We have a number of those logos. We have a number of those relationships, but they're not as consistent across all their brands as we would like.

Speaker #6: That's why we developed our Heads of Industry Practice within the Enterprise Sales division. Focusing not just on winning those accounts, but also on growing them, is very important.

Nick Brien: That's why we developed our heads of industry practice within the enterprise sales division. To focus on not just winning those accounts, but growing them is also very important. We also are really focused laser on retaining clients, really tracking the data to understand which clients and which categories are either spending less or leaving the medium altogether with us. Those are drives that we are very confident will strengthen our revenue going forward, both in terms of new logo and increases. At the macro level, you asked about if there were weaknesses on the commercial side of the business. Obviously, there has been a real benefit there from World Cup.

Speaker #6: We also are really focused laser on retaining clients. We're really tracking the data to understand which clients and which category are either spending less or leaving the medium altogether with us.

Speaker #6: So those are drives that we are very confident will strengthen our revenue going forward, both in terms of new logos and increases. At the macro level, you asked about if there were weaknesses on the commercial side of the business.

Speaker #6: Obviously, there was there has been a real benefit there, from World Cup. There's also been a continued benefit there from AI. And the AI companies who are now extending after their VC raises and whatever they're doing in San Francisco, coming into other markets, whether it be into Boston, whether it be in Chicago.

Nick Brien: There's also been a continued benefit there from AI, and the AI companies who are now extending after their VC raises and whatever they're doing in San Francisco, coming into other markets, whether it be into Boston, whether it be in Chicago, and certainly New York City. I would say that any slight lessening versus the Q1 on the commercial side has no impact on the drive momentum that we're experiencing, and I'm very confident you'll see it balance for the H2 of the year.

Speaker #6: And certainly New York City. So I would say that any slight lessening versus quarter, the first quarter on the commercial side, has no impact on the drive momentum, that we're experiencing.

Speaker #6: And I'm very confident you'll see a balance for the second half of the year.

Speaker #5: Thank you very much. And just if I may, to confirm on MTA accounting, you still expect revenue shift in the fourth quarter? So that the MTA cost will shift to revenue share in the fourth quarter?

Aleksey Yeliseyev: Thank you very much. Just, if I may, to confirm on MTA accounting, you still expect a revenue shift in the Q4 so that the MTA cost will shift to revenue share in the Q4?

Aleksey Philippov: Thank you very much. Just, if I may, to confirm on MTA accounting, you still expect a revenue shift in the Q4 so that the MTA cost will shift to revenue share in the Q4?

Speaker #6: No. Alexi, it's Matt. We're going to account for the transit franchise expense on a straight-line basis for the whole year and really for the foreseeable future in the years to come.

Matthew Siegel: No. Aleksey, it's Matt. We're going to account for the transit franchise expense on a straight line basis for the whole year and really for the foreseeable future in the years to come. It's cleaner. Basically, we're looking at our internal models on the MTA. We don't expect to recoup, in the life of the contract, the money we've spent. As you know, in 2023, we took an impairment, and so most of the recoupment was already expensed back then. We're going to straight line the MAG this year, which, as mentioned in the script, is $161 million, so about $40 million a quarter. You'll likely see a big margin gain in the Q4.

Speaker #6: It's cleaner, basically, looking at our internal models on the MTA. We don't expect to recoup in the life of the contract the money we've spent and, as you know, in 2023, we took an impairment.

Speaker #6: And so most of the recoupment was already expensed back then. So we are going to straight-line the MEG this year, which as mentioned in the script is a $161 million.

Speaker #6: So about $40 million a quarter. And you'll see likely see a big margin gain in the fourth quarter.

Speaker #5: Thank you.

Aleksey Yeliseyev: Thank you.

Aleksey Philippov: Thank you.

Speaker #3: Your next question comes from the line of Jonathan Navarrette with TD Cohen. Your line is open, Jonathan. Please go ahead.

Operator 3: Your next question comes from the line of Jonathan Navarrete with TD Cowen. Your line is open, Jonathan. Please go ahead.

Operator: Your next question comes from the line of Jonathan Navarrete with TD Cowen. Your line is open, Jonathan. Please go ahead.

Speaker #6: Thank you. Can you discuss the economics of the Jets partnership and whether the opportunity is primarily direct revenue from the team or access to our broader pool of sponsors and advertising budgets?

Jonathan Navarrete: Thank you. Can you discuss the economics of the Jets partnership and whether the opportunity is primarily direct revenue from the team or access to a broader pool of sponsors in advertising budgets? Thank you.

Jonnathan Navarrete: Thank you. Can you discuss the economics of the Jets partnership and whether the opportunity is primarily direct revenue from the team or access to a broader pool of sponsors in advertising budgets? Thank you.

Speaker #6: Thank you. Thank you for the question. Yeah, we're very excited that the Jets announcement was the official launch was today, that we're the official media partner and we're the only at-home media partner within their practice as to the way they sell their sponsorships.

Nick Brien: Thanks, Jonathan. Thank you for the question. We're very excited about the Jets announcement, with the official launch today that we're the official media partner and we're their only out-of-home media partner within their practice as to the way they sell their sponsorships. The way the Jets are looking to engage their sponsorships is not just in stadium or online. We're very excited because this is a five-year deal, and they have the wisdom to see the opportunity to ensure that the very best of our inventory within the footprint that they have identified completes their omni-channel media package. They're selling to any of the significant brands that are looking to engage. They're the first NFL team, and as far as we understand, the first US pro sports team to include out-of-home in their packages. This is important.

Speaker #6: And the way the Jets are looking to engage their sponsorships is not just in stadium or online. This is we're very excited because this is a five-year deal.

Speaker #6: And they have the wisdom to see the opportunity to ensure that the very best of our inventory within the footprint that they have identified completes their omnichannel media package.

Speaker #6: So they're selling as well as to any of the significant brands that are looking to engage, they're the first NFL team and as far as we understand, the first US pro sports team to include out-of-home in their packages.

Speaker #6: So this is important. I talked about this, I think, not on last—and it's wonderful that we see this kind of brand expansion, the opportunity in sports, in experiential, with retail media, these different areas where our in-real-life inventory can really complement whatever they're selling, whether it's in-store, whether it's online. How do they bundle it together?

Nick Brien: I talked about this, I think on last earnings call, the one before, that we see this kind of brand expansion, the opportunity in sports, in experiential, with retail media, these different areas where our in-real-life inventory can really complement whatever they're selling, whether it's in-store, whether it's online, how do they bundle it together? We'll have more announcements to come, certainly, to represent this very significant NFL team in New Jersey is something we're very excited about, that's the reason we're doing it.

Speaker #6: So we'll have more announcements to come, but certainly, to represent this very significant NFL team in New Jersey is something we're very excited about.

Speaker #6: But that's the reason we're doing it.

Speaker #3: Your next question comes from the line of Patrick Scholl with Barrington. Your line is open, Patrick. Please go ahead.

Operator 3: Your next question comes from the line of Patrick Sholl with Barrington. Your line is open, Patrick. Please go ahead.

Operator: Your next question comes from the line of Patrick Sholl with Barrington. Your line is open, Patrick. Please go ahead.

Speaker #7: Hi. Thank you. I was curious if you could follow up on your commentary on your M&A pipeline and how you've where you would look to target within making investments, whether that would be additional technology investments, or expanding within your own markets, or outside your markets, or into different types of out-of-home inventory.

Patrick Sholl: Hi. Thank you. I was just curious if you could follow up on your commentary on your M&A pipeline and where you would look to target within making investments, whether that would be additional technology investments, or expanding within your own markets or outside your markets or into different types of out-of-home inventory.

Speaker #6: Hey, Matt, thanks for the question. First, I'll give you another shout-out to our balance sheet. We really feel we're in a good place with a lot of flexibility with hopefully everyone recognizes without money burning a hole in our pocket.

Matthew Siegel: Hey, Pat, it's Matthew. Thanks for the question. First I'll give another shout-out to our balance sheet. We really feel we're in a good place with a lot of flexibility, which hopefully everyone recognizes, without money burning a hole in our pocket. We feel good. For the last few years, we've been really focusing on tiny tuck-ins as we've improved our balance sheet and got our leverage down. We've consistently looked at high-quality premium inventory, billboard inventory mostly, in our existing markets, so we can tuck in and find hopefully both revenue synergies and some cost synergies. We're going to continue to do that. We'll probably widen our aperture and look at more things, although we don't think we've missed anything over the last few years. We just think we'll go shopping a little more aggressively.

Speaker #6: So we feel good. For the last few years, we've been really focusing on tiny tuck-ins as we've been improved our balance sheet and got our leverage down.

Speaker #6: We've consistently looked at high-quality premium inventory, billboard inventory, mostly in our existing markets so we can tuck in and find hopefully both revenue synergies and some cost synergies so we're going to continue to do that.

Speaker #6: We'll probably widen our aperture and although we don't think we've missed anything over the last few years. We just think we'll go shopping a little more aggressively and in addition, if there are attractive DMAs that we don't have that are available as a market, we would certainly look at those and consider a few that are maybe not in our portfolio, but we'd like them to be.

Matthew Siegel: In addition, if there are attractive DMAs that we don't have that are available as a market, we would certainly look at those and consider a few that are maybe not in our portfolio, but we'd like them to be. As far as tech or other types of enablement, we made the investment in AdQuick a few months ago, and we would continue to do things like that help our sales force or help the package of portfolio things that we sell. Our focus is really going to be on the billboards and expanding our existing great inventories.

Speaker #6: As far as tech or other types of enablement, we made the investment in AdQuick a few months ago and we would continue to do things like that that help our Salesforce or help our the package of portfolio things that we sell, but our focus is really going to be on the billboards and expanding our existing great inventories.

Speaker #7: Okay. Thank you. And apologies if I missed this earlier, but on the incremental benefit you talked about on the World Cup, how much of that was existing advertisers expanding their share to of spending on out-of-home beyond where you would expect them to going forward versus newer advertisers that you don't think would return in that level in the future?

Patrick Sholl: Okay. Thank you. Apologies if I missed this earlier, but on the incremental benefit you talked about on the World Cup, how much of that was existing advertisers expanding their share of spending on out-of-home beyond where you would expect them to going forward, versus newer advertisers that you don't think would return in that level in the future?

Speaker #6: Pat, so for our World Cup money, as Nick mentioned, we identified a little over $50 million. About half of that we believe is incremental. By incremental, either higher prices than we would have expected without the World Cup, or some of our interim experiential inventory, or some higher occupancy. A lot of the investments were from existing customers of ours or the foundation. We haven't kind of pieced together how much is new.

Matthew Siegel: Pat, for our World Cup money, as Nick mentioned, we identified a little over $50 million. About half of that we believe is incremental by incremental, either higher prices than we would have expected without the World Cup or some of our interim experiential inventory or some higher occupancy. A lot of the investments were from existing customers or ours or foundation. We haven't kind of pieced together how much is new. We haven't disclosed that, but there are a few new customers, and as Nick pointed out earlier, we hope to keep them as ongoing customers. We haven't disclosed how many dollars are from new customers just yet.

Speaker #6: We haven't disclosed that, but it's there are a few new customers and as Nick pointed out earlier, we hope to keep them as ongoing customers.

Speaker #6: We haven't disclosed how many dollars are from new customers just yet.

Speaker #7: Okay. I'll jump on and add to that because I think this is also a significant opportunity that whether we existing brands who have been with us that wanted to double down because they were fee-for-sponsored, either at the enterprise level or the team sponsor or they were new brands and we know who they are.

Patrick Sholl: Okay.

Nick Brien: Patrick, I'll jump on and add to that, because I think this is also a significant opportunity that whether we existing brands who have been with us that wanted to double down because they were FIFA sponsors, either at the enterprise level or a team sponsor, or they were new brands and we know who they are, we're tracking them. It's your opportunity to say welcome to the medium. If the medium was important for you to develop those live physical experiences that could be shared. This is something that should be continuing to build your brand equity with trust and credibility. We are not going to miss the opportunity and imagine, Oh, that's gone for four years, and now we just move on to Super Bowl, and then we have the Olympics. No.

Speaker #7: We're tracking them. It's the opportunity to say, "Welcome to the medium." And if the medium was important for you to develop those live physical experiences, it could be shared that this is something that should continue to build your brand equity with trust and credibility.

Speaker #7: So we are not going to miss the opportunity and imagine, "Oh, that's gone for four years and now we just move on to Super Bowl." And then we have the Olympics and no, every one of these episodic significant growth opportunities are an opportunity for us to maintain and build on that momentum.

Nick Brien: Every one of these episodic significant growth opportunities are an opportunity for us to maintain and build on that momentum.

Speaker #7: Thank you.

Patrick Sholl: Thank you.

Speaker #3: We have reached the end of the Q&A session. I will now turn the call back to Nick Bryan, CEO, for closing remarks.

Operator 3: We have reached the end of the Q&A session. I will now turn the call back to Nick Brien, CEO, for closing remarks.

Operator: We have reached the end of the Q&A session. I will now turn the call back to Nick Brien, CEO, for closing remarks.

Speaker #6: Thanks for joining us today. We hope to see and meet many of you at the various conferences and events that Matt, Stephan, and I as the three musketeers that will be attending over the next coming months.

Nick Brien: Thanks for joining us today. We hope to see and meet many of you at the various conferences and events that Matt, Stephan, and I, as the Three Musketeers, will be attending over the next coming months. For those of you who we don't meet along the road, we certainly really look forward to presenting our Q3 results to you in November. Genuinely thank you for your engagement, and we'll talk to you soon.

Speaker #6: But for those of you who we don't meet along the road, we certainly really look forward to presenting our quarter three results to you in November.

Speaker #6: So genuinely thank you for your engagement and we'll talk to you soon.

Speaker #3: This concludes today's call. Thank you for attending. You may now disconnect.

Operator 3: This concludes today's call. Thank you for attending. You may now disconnect.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.

Operator 1: This event has now concluded. Thank you for joining OUTFRONT Media Q2 2026 earnings call. The line will disconnect automatically.

Operator: This event has now concluded. Thank you for joining OUTFRONT Media Q2 2026 earnings call. The line will disconnect automatically.

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