OUTFRONT Media — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenues were $511.1 million for the quarter ended September 30, 2026, an increase of $43.6 million (9.3%) compared to $467.5 million in the prior-year period.
• Operating income was $102.8 million for the quarter, up from $89.9 million in the prior-year period.
• Adjusted OIBDA was $145.3 million for the quarter, an increase of $8.1 million (5.9%) compared to $137.2 million in the prior-year period.
• Net income attributable to OUTFRONT Media Inc. was $64.8 million for the quarter, a 26.3% increase from $51.3 million in the prior-year period.
• Diluted net income per share was $0.36 for the quarter, compared to $0.29 in the prior-year period.
• Funds From Operations (FFO) attributable to OUTFRONT Media Inc. was $105.6 million for the quarter, up 5.9% from $99.7 million in the prior-year period.
• Adjusted Funds From Operations (AFFO) attributable to OUTFRONT Media Inc. was $102.9 million for the quarter, up 5.0% from $98.0 million in the prior-year period.
• For the nine months ended September 30, 2026, revenues were $1,463.2 million compared to $1,318.4 million in the prior-year period.
• Operating income for the nine months was $274.8 million compared to $160.0 million in the prior-year period.
• Adjusted OIBDA for the nine months was $406.0 million compared to $325.5 million in the prior-year period.
• Net income attributable to OUTFRONT Media Inc. for the nine months was $161.4 million compared to $50.2 million in the prior-year period.
• FFO for the nine months was $292.6 million compared to $196.6 million in the prior-year period.
• AFFO for the nine months was $284.7 million compared to $208.2 million in the prior-year period.
• Net cash flow provided by operating activities for the nine months was $311.6 million, a 64.4% increase from $189.5 million in the prior-year period.
• Total capital expenditures for the nine months were $60.7 million, a 5.2% decrease from the prior-year period.
• Total indebtedness as of September 30, 2026, was $2.5 billion.
• Weighted average cost of debt was 5.5% as of September 30, 2026, compared to 5.4% in the prior-year period.

Guidance and Future Outlook:

• Management expects 2026 to be a double-digit revenue growth year.
• The company attributes expected growth to focused execution and the re-emergence of In-Real-Life (IRL) as an integral part of advertisers' marketing campaigns.

Business Segments and Product Lines:

• Billboard Segment: Revenues were $373.7 million, up 5.9% year-over-year, driven by increased average revenue per display (yield) from programmatic and direct sale platforms and revenues related to the 2026 FIFA World Cup. Adjusted OIBDA was $139.5 million, flat compared to the prior-year period.
• Transit Segment: Revenues were $135.3 million, up 20.4% year-over-year, driven by increased yield and 2026 FIFA World Cup revenues, partially offset by new and lost franchise contracts. Adjusted OIBDA was $28.9 million, an 84.1% increase from the prior-year period.
• Other Segment: Revenues decreased 8.7% to $2.1 million, primarily due to a decrease in third-party digital equipment sales. Adjusted OIBDA was flat.
• Corporate: Corporate expenses increased 29.1% to $23.5 million, driven by higher compensation and professional fees.

Market and Competitive Landscape:

• The 2026 FIFA World Cup contributed to revenue growth in both the Billboard and Transit segments.
• Programmatic and direct sale advertising platforms contributed to yield increases in the Billboard segment.
• Transit revenues outside of New York drove higher variable franchise expenses.

Risks and Challenges:

• The company does not currently expect to recoup all MTA equipment deployment costs incurred prior to December 31, 2025, nor current or future deployment costs, even if revenues exceed minimum guarantee thresholds.
• Current and future MTA equipment deployment costs are recorded as intangible assets rather than prepaid costs.
• Operating expenses increased due to higher variable billboard property lease expenses, higher variable transit franchise expenses, and higher guaranteed minimum annual payments to the MTA due to inflation.
• SG&A expenses increased due to higher compensation, professional fees, software/technology expenses, and a higher allowance for bad debt.

Management Commentary and Tone:

• Nick Brien, Chief Executive Officer, stated that third-quarter revenues grew over 9% given broad strength across all aspects of the business, resulting in healthy Adjusted OIBDA and AFFO growth.
• Management expressed confidence in 2026 double-digit revenue growth driven by execution and IRL marketing trends.

Other Key Points:

• A quarterly cash dividend of $0.33 per share was declared, payable on December 31, 2026, to stockholders of record on December 4, 2026.
• Cash dividends paid in the nine months ended September 30, 2026, totaled $164.4 million.
• Liquidity as of September 30, 2026, included $74.1 million in unrestricted cash, $494.9 million available under a $500.0 million revolving credit facility (net of $5.1 million in letters of credit), and $50.0 million available under an accounts receivable securitization facility.
• $232.5 million remains available under the at-the-market equity offering program.
• No shares were sold under the at-the-market equity offering program during the quarter ended September 30, 2026.
• The company modified its AFFO calculation starting at the end of 2025 to include amortization of direct lease acquisition costs instead of cash paid, with prior periods recast to conform.
• Deferred revenues decreased during the nine months ended September 30, 2026.
• Cash paid for income taxes in the nine months ended September 30, 2026, was $3.7 million.