Overview

• U.S. outdoor advertising firm's Q1 revenue rose 4.5%, slightly beating analyst expectations

• Adjusted EBITDA for Q1 grew 7.7% year-over-year

• Net income declined 26.9% due to prior-year gain from Vistar Media sale

Outlook

• Lamar says pacings trending at top end of prior full-year AFFO per share guidance

• Company reports strong demand from local and national customers for outdoor advertising

Result Drivers

• ADVERTISER DEMAND - Co said strong demand from local and especially national advertisers drove Q1 results, per CEO Sean Reilly

• ORGANIC GROWTH - Acquisition-adjusted net revenue rose 3.9%, reflecting underlying growth excluding acquisitions and divestitures

• PRIOR-YEAR GAIN IMPACT - Net income declined due to a $67.7 mln gain in Q1 2025 from the sale of Vistar Media, not from weaker operations

Company press release: ID:nGNX7gh8Q2

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$528.004 mln	$522.86 mln (4 Analysts)
Q1 EPS		$1
Q1 Net Income		$101.85 mln
Q1 Adjusted EBITDA		$226.33 mln
Q1 Free Cash Flow		$152.35 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Lamar Advertising Co is $145.00, about 2.7% above its May 6 closing price of $141.15

• The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 22 three months ago

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