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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
__________________________________

x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025
or

¨ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from______to______
Commission File Number 1-36756
__________________________________
Lamar Advertising Company
__________________________________
Commission File Number 1-12407
__________________________________
Lamar Media Corp.
(Exact names of registrants as specified in their charters)
________________________________

Delaware |  | 47-0961620
Delaware |  | 72-1205791
(State or other jurisdiction of incorporation or organization) |  | (I.R.S Employer Identification No.)
5321 Corporate Blvd., Baton Rouge, LA |  | 70808
(Address of principal executive offices) |  | (Zip Code)

Registrants’ telephone number, including area code: (225) 926-1000
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Class A common stock, $0.001 par value | LAMR | The NASDAQ Stock Market, LLC

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether each registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether Lamar Advertising Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |

If an emerging growth company, indicate by check mark if Lamar Advertising Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether Lamar Media Corp. is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☐

Large accelerated filer | ☐ |  | Accelerated filer | ☐
Non-accelerated filer | ☒ |  | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |

If an emerging growth company, indicate by check mark if Lamar Media Corp. has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether Lamar Advertising Company is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ¨☐ No ☒
Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ¨☐ No ☒
The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of November 1, 2025: 86,863,497
The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of November 1, 2025: 14,420,085
The number of shares of Lamar Media Corp. common stock outstanding as of November 1, 2025: 100
This combined Form 10-Q is separately filed by (i) Lamar Advertising Company and (ii) Lamar Media Corp. (which is a wholly owned subsidiary of Lamar Advertising Company). Lamar Media Corp. meets the conditions set forth in general instruction H(1) (a) and (b) of Form 10-Q and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.

Table of Contents
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this report is forward-looking in nature within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This report uses terminology such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue” and similar expressions to identify forward-looking statements. Examples of forward-looking statements in this report include statements about:
•our future financial performance and condition;
•our business plans, objectives, prospects, growth and operating strategies;
•our future capital expenditures and level of acquisition activity;
•our ability to integrate acquired assets and realize operating efficiency from acquisitions;
•market opportunities and competitive positions;
•our future cash flows and expected cash requirements;
•estimated risks;
•our ability to maintain compliance with applicable covenants and restrictions included in Lamar Media’s senior credit facility, Accounts Receivable Securitization Program and the indentures relating to its outstanding notes;
•stock price;
•estimated future dividend distributions; and
•our ability to remain qualified as a Real Estate Investment Trust (“REIT”).
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, including but not limited to the following, any of which may cause the actual results, performance or achievements of Lamar Advertising Company (referred to herein as the “Company” or “Lamar Advertising”) or Lamar Media Corp. (referred to herein as “Lamar Media”) to differ materially from those expressed or implied by the forward-looking statements:
•the state of the economy and financial markets generally and their effects on the markets in which we operate and the broader demand for advertising including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions;
•the levels of expenditures on advertising in general and outdoor advertising in particular;
•risks and uncertainties relating to our significant indebtedness;
•the demand for outdoor advertising and its continued popularity as an advertising medium;
•our need for, and ability to obtain, additional funding for acquisitions, operations and debt refinancing;
•increased competition within the outdoor advertising industry;
•the regulation of the outdoor advertising industry by federal, state and local governments;
•our ability to renew expiring contracts at favorable rates;
•the integration of businesses and assets that we acquire and our ability to recognize cost savings and operating efficiencies as a result of these acquisitions;
•our ability to successfully implement our digital deployment strategy;
•the market for our Class A common stock;
•changes in accounting principles, policies or guidelines;
•our ability to effectively mitigate the threat of and damages caused by hurricanes and other kinds of severe weather;
•our ability to maintain our status as a REIT; and
•changes in tax laws applicable to REITs or in the interpretation of those laws.
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Table of Contents
The forward-looking statements in this report are based on our current good faith beliefs; however, actual results may differ due to inaccurate assumptions, the factors listed above or other foreseeable or unforeseeable factors. Consequently, we cannot guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising Company and Lamar Media Corp. expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.
For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2024 of the Company and Lamar Media (the “2024 Combined Form 10-K”), filed on February 20, 2025, and as such risk factors may be further updated or supplemented, from time to time, in our future combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
3

Table of Contents
TABLE OF CONTENTS

| Page
PART I — FINANCIAL INFORMATION | 5
ITEM 1. FINANCIAL STATEMENTS | 5
Lamar Advertising Company |
Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 5
Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 | 6
Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 | 7
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 9
Notes to Condensed Consolidated Financial Statements | 10
Lamar Media Corp. |
Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 27
Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 | 28
Condensed Consolidated Statements of Stockholder's Equity for the three and nine months ended September 30, 2025 and 2024 | 29
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 31
Notes to Condensed Consolidated Financial Statements | 32
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 36
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk | 57
ITEM 4. Controls and Procedures | 57
PART II — OTHER INFORMATION | 58
ITEM 1A. Risk Factors | 58
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds | 58
ITEM 5. Other Information | 58
ITEM 6. Exhibits | 59

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Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1. — FINANCIAL STATEMENTS
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)

| September 30, 2025 |  | December 31, 2024
| (Unaudited) |  |
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 22,016 |  |  | $ | 49,461 |
Receivables, net of allowance for doubtful accounts of $12,895 and $12,404 in 2025 and 2024, respectively | 340,757 |  |  | 334,798 |
Other current assets | 44,814 |  |  | 41,009 |
Total current assets | 407,587 |  |  | 425,268 |
Property, plant and equipment | 4,710,907 |  |  | 4,574,894 |
Less accumulated depreciation and amortization | (3,058,550) |  |  | (2,974,085) |
Net property, plant and equipment | 1,652,357 |  |  | 1,600,809 |
Operating lease right of use assets | 1,476,580 |  |  | 1,355,231 |
Financing lease right of use assets | 6,191 |  |  | 8,331 |
Goodwill | 2,111,201 |  |  | 2,035,082 |
Intangible assets, net | 1,111,465 |  |  | 1,062,601 |
Other assets | 57,921 |  |  | 99,227 |
Total assets | $ | 6,823,302 |  |  | $ | 6,586,549 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Current liabilities: |  |  |
Trade accounts payable | $ | 26,228 |  |  | $ | 21,586 |
Current maturities of long-term debt, net of deferred financing costs of $449 and $611 in 2025 and 2024, respectively | 179,984 |  |  | 249,806 |
Current operating lease liabilities | 202,212 |  |  | 218,108 |
Current financing lease liabilities | 1,331 |  |  | 1,331 |
Accrued expenses | 123,381 |  |  | 133,943 |
Deferred income | 161,965 |  |  | 153,700 |
Total current liabilities | 695,101 |  |  | 778,474 |
Long-term debt, net of deferred financing costs of $29,699 and $22,826 in 2025 and 2024, respectively | 3,168,713 |  |  | 2,961,058 |
Operating lease liabilities | 1,222,588 |  |  | 1,114,407 |
Financing lease liabilities | 12,285 |  |  | 13,283 |
Deferred income tax liabilities | 165 |  |  | 8,006 |
Asset retirement obligation | 623,399 |  |  | 614,713 |
Other liabilities | 55,311 |  |  | 48,588 |
Total liabilities | 5,777,562 |  |  | 5,538,529 |
Stockholders’ equity: |  |  |
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2025 and 2024 | — |  |  | — |
Class A common stock, par value $0.001, 362,500,000 shares authorized; 89,202,189 and 88,867,481 shares issued at 2025 and 2024, respectively; 86,863,497 and 87,976,923 outstanding at 2025 and 2024, respectively | 89 |  |  | 89 |
Class B common stock, par value $0.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2025 and 2024 | 14 |  |  | 14 |
Additional paid-in capital | 2,341,504 |  |  | 2,159,292 |
Accumulated comprehensive loss | (2,885) |  |  | (2,954) |
Accumulated deficit | (1,075,459) |  |  | (1,036,582) |
Cost of shares held in treasury, 2,338,692 and 890,558 shares at 2025 and 2024, respectively | (230,609) |  |  | (72,688) |
Non-controlling interest | 13,086 |  |  | 849 |
Stockholders’ equity | 1,045,740 |  |  | 1,048,020 |
Total liabilities and stockholders’ equity | $ | 6,823,302 |  |  | $ | 6,586,549 |

See accompanying notes to condensed consolidated financial statements.
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Table of Contents
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share data)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Statements of Income |  |  |  |  |  |  |
Net revenues | $ | 585,541 |  |  | $ | 564,135 |  |  | $ | 1,670,282 |  |  | $ | 1,627,536 |
Operating expenses (income) |  |  |  |  |  |  |
Direct advertising expenses (exclusive of depreciation and amortization) | 187,716 |  |  | 182,585 |  |  | 554,489 |  |  | 541,495 |
General and administrative expenses (exclusive of depreciation and amortization) | 93,000 |  |  | 91,006 |  |  | 277,307 |  |  | 268,508 |
Corporate expenses (exclusive of depreciation and amortization) | 31,620 |  |  | 31,350 |  |  | 94,397 |  |  | 100,105 |
Depreciation and amortization | 86,276 |  |  | 75,112 |  |  | 242,207 |  |  | 227,531 |
Gain on disposition of assets and investments | (2,155) |  |  | (2,474) |  |  | (76,116) |  |  | (5,486) |
| 396,457 |  |  | 377,579 |  |  | 1,092,284 |  |  | 1,132,153 |
Operating income | 189,084 |  |  | 186,556 |  |  | 577,998 |  |  | 495,383 |
Other (income) expense |  |  |  |  |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 2,012 |  |  | 270 |
Interest income | (758) |  |  | (662) |  |  | (1,847) |  |  | (1,701) |
Interest expense | 41,189 |  |  | 42,937 |  |  | 120,221 |  |  | 131,761 |
Equity in earnings of investee | — |  |  | (2,642) |  |  | (206) |  |  | (2,087) |
| 42,443 |  |  | 39,903 |  |  | 120,180 |  |  | 128,243 |
Income before income tax expense (benefit) | 146,641 |  |  | 146,653 |  |  | 457,818 |  |  | 367,140 |
Income tax expense (benefit) | 2,566 |  |  | (1,169) |  |  | 19,498 |  |  | 3,225 |
Net income | 144,075 |  |  | 147,822 |  |  | 438,320 |  |  | 363,915 |
Net income attributable to non-controlling interest | 2,322 |  |  | 346 |  |  | 3,457 |  |  | 849 |
Net income attributable to controlling interest | 141,753 |  |  | 147,476 |  |  | 434,863 |  |  | 363,066 |
Cash dividends declared and paid on preferred stock | 91 |  |  | 91 |  |  | 273 |  |  | 273 |
Net income applicable to common stock | $ | 141,662 |  |  | $ | 147,385 |  |  | $ | 434,590 |  |  | $ | 362,793 |
Earnings per share: |  |  |  |  |  |  |
Basic earnings per share | $ | 1.40 |  |  | $ | 1.44 |  |  | $ | 4.28 |  |  | $ | 3.55 |
Diluted earnings per share | $ | 1.40 |  |  | $ | 1.44 |  |  | $ | 4.27 |  |  | $ | 3.54 |
Cash dividends declared per share of common stock | $ | 1.55 |  |  | $ | 1.40 |  |  | $ | 4.65 |  |  | $ | 4.00 |
Weighted average common shares used in computing earnings per share: |  |  |  |  |  |  |
Weighted average common shares outstanding - Basic | 101,234,505 |  |  | 102,307,059 |  |  | 101,643,527 |  |  | 102,223,918 |
Weighted average common shares outstanding - Diluted | 101,309,203 |  |  | 102,617,515 |  |  | 101,720,659 |  |  | 102,547,490 |
Statements of Comprehensive Income |  |  |  |  |  |  |
Net income | $ | 144,075 |  |  | $ | 147,822 |  |  | $ | 438,320 |  |  | $ | 363,915 |
Other comprehensive (loss) income, net of tax |  |  |  |  |  |  |
Foreign currency translation adjustments | (672) |  |  | 37 |  |  | 24 |  |  | (786) |
Comprehensive income | 143,403 |  |  | 147,859 |  |  | 438,344 |  |  | 363,129 |
Net income attributable to non-controlling interest | 2,322 |  |  | 346 |  |  | 3,457 |  |  | 849 |
Comprehensive income attributable to controlling interest | $ | 141,081 |  |  | $ | 147,513 |  |  | $ | 434,887 |  |  | $ | 362,280 |

See accompanying notes to condensed consolidated financial statements.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)

| Series AA PREF Stock |  | Class A CMN Stock |  | Class B CMN Stock |  | Treasury Stock |  | Add’l Paid in Capital |  | Accumulated Comprehensive Loss |  | Accumulated Deficit |  | Non-controlling interest |  | Total
Balance, December 31, 2024 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (72,688) |  |  | $ | 2,159,292 |  |  | $ | (2,954) |  |  | $ | (1,036,582) |  |  | $ | 849 |  |  | $ | 1,048,020 |
Non-cash compensation | — |  |  | — |  |  | — |  |  | — |  |  | 3,993 |  |  | — |  |  | — |  |  | — |  |  | 3,993 |
Issuance of 168,450 shares of common stock through stock awards | — |  |  | — |  |  | — |  |  | — |  |  | 22,235 |  |  | — |  |  | — |  |  | — |  |  | 22,235 |
Exercise of 6,950 shares of stock options | — |  |  | — |  |  | — |  |  | — |  |  | 411 |  |  | — |  |  | — |  |  | — |  |  | 411 |
Issuance of 42,204 shares of common stock through employee purchase plan | — |  |  | — |  |  | — |  |  | — |  |  | 4,082 |  |  | — |  |  | — |  |  | — |  |  | 4,082 |
Purchase of 224,572 shares of treasury stock | — |  |  | — |  |  | — |  |  | (26,368) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,368) |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (321) |  |  | — |  |  | — |  |  | (321) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 138,755 |  |  | 474 |  |  | 139,229 |
Reallocation of capital | — |  |  | — |  |  | — |  |  | — |  |  | (826) |  |  | — |  |  | — |  |  | 826 |  |  | — |
Dividends ($1.55 per common share) and other distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (159,067) |  |  | (553) |  |  | (159,620) |
Dividends ($15.95 per preferred share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Balance, March 31, 2025 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (99,056) |  |  | $ | 2,189,187 |  |  | $ | (3,275) |  |  | $ | (1,056,985) |  |  | $ | 1,596 |  |  | $ | 1,031,570 |
Non-cash compensation | — |  |  | — |  |  | — |  |  | — |  |  | 3,622 |  |  | — |  |  | — |  |  | — |  |  | 3,622 |
Issuance of 6,463 shares of common stock through stock awards | — |  |  | — |  |  | — |  |  | — |  |  | 667 |  |  | — |  |  | — |  |  | — |  |  | 667 |
Exercise of 17,150 shares of stock options | — |  |  | — |  |  | — |  |  | — |  |  | 1,200 |  |  | — |  |  | — |  |  | — |  |  | 1,200 |
Issuance of 28,598 shares of common stock through employee purchase plan | — |  |  | — |  |  | — |  |  | — |  |  | 2,942 |  |  | — |  |  | — |  |  | — |  |  | 2,942 |
Purchase of 1,223,562 shares of treasury stock | — |  |  | — |  |  | — |  |  | (131,553) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (131,553) |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,017 |  |  | — |  |  | — |  |  | 1,017 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 154,355 |  |  | 661 |  |  | 155,016 |
Dividends ($1.55 per common share) and other distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (157,065) |  |  | (442) |  |  | (157,507) |
Dividends ($15.95 per preferred share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Balance, June 30, 2025 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (230,609) |  |  | $ | 2,197,618 |  |  | $ | (2,258) |  |  | $ | (1,059,786) |  |  | $ | 1,815 |  |  | $ | 906,883 |
Non-cash compensation | — |  |  | — |  |  | — |  |  | — |  |  | 3,869 |  |  | — |  |  | — |  |  | — |  |  | 3,869 |
Exercise of 14,550 shares of stock options | — |  |  | — |  |  | — |  |  | — |  |  | 1,384 |  |  | — |  |  | — |  |  | — |  |  | 1,384 |
Issuance of 28,343 shares of common stock through employee purchase plan | — |  |  | — |  |  | — |  |  | — |  |  | 2,949 |  |  | — |  |  | — |  |  | — |  |  | 2,949 |
Issuance of 22,000 shares of common stock through redemption of Common Units of Lamar Advertising Limited Partnership | — |  |  | — |  |  | — |  |  | — |  |  | 164 |  |  | — |  |  | — |  |  | (164) |  |  | — |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (663) |  |  | — |  |  | (9) |  |  | (672) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 141,753 |  |  | 2,322 |  |  | 144,075 |
Verde Outdoor acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 135,520 |  |  | 36 |  |  | — |  |  | 12,086 |  |  | 147,642 |
Dividends ($1.55 per common share) and other distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (157,335) |  |  | (2,964) |  |  | (160,299) |
Dividends ($15.95 per preferred share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Balance, September 30, 2025 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (230,609) |  |  | $ | 2,341,504 |  |  | $ | (2,885) |  |  | $ | (1,075,459) |  |  | $ | 13,086 |  |  | $ | 1,045,740 |

See accompanying notes to condensed consolidated financial statements.
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Table of Contents
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)

| Series AA PREF Stock |  | Class A CMN Stock |  | Class B CMN Stock |  | Treasury Stock |  | Add’l Paid in Capital |  | Accumulated Comprehensive Loss |  | Accumulated Deficit |  | Non-controlling interest |  | Total
Balance, December 31, 2023 | $ | — |  |  | $ | 88 |  |  | $ | 14 |  |  | $ | (67,347) |  |  | $ | 2,103,282 |  |  | $ | (428) |  |  | $ | (819,235) |  |  | $ | 414 |  |  | $ | 1,216,788 |
Non-cash compensation | — |  |  | — |  |  | — |  |  | — |  |  | 2,745 |  |  | — |  |  | — |  |  | — |  |  | 2,745 |
Issuance of 137,350 shares of common stock through stock awards | — |  |  | 1 |  |  | — |  |  | — |  |  | 17,868 |  |  | — |  |  | — |  |  | — |  |  | 17,869 |
Exercise of 47,000 shares of stock options | — |  |  | — |  |  | — |  |  | — |  |  | 3,415 |  |  | — |  |  | — |  |  | — |  |  | 3,415 |
Issuance of 40,322 shares of common stock through employee purchase plan | — |  |  | — |  |  | — |  |  | — |  |  | 3,652 |  |  | — |  |  | — |  |  | — |  |  | 3,652 |
Purchase of 49,623 shares of treasury stock | — |  |  | — |  |  | — |  |  | (5,341) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,341) |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (392) |  |  | — |  |  | — |  |  | (392) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 78,224 |  |  | 275 |  |  | 78,499 |
Reallocation of capital | — |  |  | — |  |  | — |  |  | — |  |  | (1,018) |  |  | — |  |  | — |  |  | 1,018 |  |  | — |
Dividends ($1.30 per common share) and other distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (133,028) |  |  | (479) |  |  | (133,507) |
Dividends ($15.95 per preferred share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Balance, March 31, 2024 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (72,688) |  |  | $ | 2,129,944 |  |  | $ | (820) |  |  | $ | (874,130) |  |  | $ | 1,228 |  |  | $ | 1,183,637 |
Non-cash compensation | — |  |  | — |  |  | — |  |  | — |  |  | 5,821 |  |  | — |  |  | — |  |  | — |  |  | 5,821 |
Issuance of 5,652 shares of common stock through stock awards | — |  |  | — |  |  | — |  |  | — |  |  | 774 |  |  | — |  |  | — |  |  | — |  |  | 774 |
Exercise of 18,475 shares of stock options | — |  |  | — |  |  | — |  |  | — |  |  | 1,690 |  |  | — |  |  | — |  |  | — |  |  | 1,690 |
Issuance of 30,337 shares of common stock through employee purchase plan | — |  |  | — |  |  | — |  |  | — |  |  | 2,748 |  |  | — |  |  | — |  |  | — |  |  | 2,748 |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (431) |  |  | — |  |  | — |  |  | (431) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 137,366 |  |  | 228 |  |  | 137,594 |
Dividends ($1.30 per common share) and other distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (133,116) |  |  | (217) |  |  | (133,333) |
Dividends ($15.95 per preferred share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Balance, June 30, 2024 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (72,688) |  |  | $ | 2,140,977 |  |  | $ | (1,251) |  |  | $ | (869,971) |  |  | $ | 1,239 |  |  | $ | 1,198,409 |
Non-cash compensation | — |  |  | — |  |  | — |  |  | — |  |  | 5,520 |  |  | — |  |  | — |  |  | — |  |  | 5,520 |
Exercise of 34,850 shares of stock options | — |  |  | — |  |  | — |  |  | — |  |  | 2,891 |  |  | — |  |  | — |  |  | — |  |  | 2,891 |
Issuance of 27,799 shares of common stock through employee purchase plan | — |  |  | — |  |  | — |  |  | — |  |  | 2,788 |  |  | — |  |  | — |  |  | — |  |  | 2,788 |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | — |  |  | 37 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 147,476 |  |  | 346 |  |  | 147,822 |
Dividends ($1.40 per common share) and other distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (143,491) |  |  | (940) |  |  | (144,431) |
Dividends ($15.95 per preferred share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Balance, September 30, 2024 | $ | — |  |  | $ | 89 |  |  | $ | 14 |  |  | $ | (72,688) |  |  | $ | 2,152,176 |  |  | $ | (1,214) |  |  | $ | (866,077) |  |  | $ | 645 |  |  | $ | 1,212,945 |

See accompanying notes to condensed consolidated financial statements.
8

Table of Contents
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income | $ | 438,320 |  |  | $ | 363,915 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |
Depreciation and amortization | 242,207 |  |  | 227,531 |
Stock-based compensation | 25,305 |  |  | 37,713 |
Amortization included in interest expense | 4,593 |  |  | 4,830 |
Gain on disposition of assets and investments | (76,116) |  |  | (5,486) |
Loss on extinguishment of debt | 2,012 |  |  | 270 |
Equity in earnings of investee | (206) |  |  | (2,087) |
Deferred tax benefit | (8,476) |  |  | (3,357) |
Provision for doubtful accounts | 6,855 |  |  | 4,892 |
Changes in operating assets and liabilities |  |  |
(Increase) decrease in: |  |  |
Receivables | (12,622) |  |  | (54,933) |
Prepaid expenses | 263 |  |  | (1,627) |
Other assets | (5,271) |  |  | (2,799) |
Increase (decrease) in: |  |  |
Trade accounts payable | 17 |  |  | 2,741 |
Accrued expenses | (4,185) |  |  | 1,965 |
Operating lease liabilities | (21,628) |  |  | (23,059) |
Other liabilities | 1,821 |  |  | 43,788 |
Net cash provided by operating activities | 592,889 |  |  | 594,297 |
Cash flows from investing activities: |  |  |
Acquisitions | (133,894) |  |  | (31,083) |
Capital expenditures | (117,938) |  |  | (82,270) |
Proceeds from disposition of assets and investments | 123,704 |  |  | 5,242 |
Decrease in notes receivable | 69 |  |  | 65 |
Net cash used in investing activities | (128,059) |  |  | (108,046) |
Cash flows from financing activities: |  |  |
Cash used for purchase of treasury stock | (157,921) |  |  | (5,342) |
Net proceeds from issuance of common stock | 12,968 |  |  | 17,183 |
Principal payments on long-term debt | (313) |  |  | (298) |
Principal payments on financing leases | (998) |  |  | (998) |
Payments on revolving credit facility | (726,000) |  |  | (398,000) |
Proceeds received from revolving credit facility | 442,000 |  |  | 648,000 |
Proceeds received from note offering | 400,000 |  |  | — |
Proceeds from senior credit facility term loans | 698,250 |  |  | — |
Payments on accounts receivable securitization program | (99,400) |  |  | (86,400) |
Proceeds received from accounts receivable securitization program | 29,400 |  |  | 86,200 |
Payments on senior credit facility term loans | (600,000) |  |  | (350,000) |
Debt issuance costs | (12,709) |  |  | (23) |
Distributions to non-controlling interest | (3,959) |  |  | (1,636) |
Dividends/distributions | (473,740) |  |  | (409,908) |
Net cash used in financing activities | (492,422) |  |  | (501,222) |
Effect of exchange rate changes in cash and cash equivalents | 147 |  |  | (124) |
Net decrease in cash and cash equivalents | (27,445) |  |  | (15,095) |
Cash and cash equivalents at beginning of period | 49,461 |  |  | 44,605 |
Cash and cash equivalents at end of period | $ | 22,016 |  |  | $ | 29,510 |
Supplemental disclosures of cash flow information: |  |  |
Cash paid for interest | $ | 114,923 |  |  | $ | 127,250 |
Cash paid for foreign, state and federal income taxes | $ | 21,864 |  |  | $ | 7,075 |

See accompanying notes to condensed consolidated financial statements.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(1) Significant Accounting Policies
The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2024 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
The Company's direct wholly owned subsidiary Lamar Media Corp. ("Lamar Media") is party to the Amended and Restated Limited Partnership Agreement of Lamar Advertising Limited Partnership ('Lamar LP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of Lamar LP (the "General Partner") and certain other limited partners. Lamar Media formed Lamar LP and contributed all of its assets to Lamar LP in connection with the Company's reorganization as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT") in July 2022.
For each share of common stock the Company issues, Lamar LP issues a corresponding Common Unit to Lamar Media in exchange for the contributions of the proceeds from the stock issuance. At September 30, 2025, Lamar Media, together with the General Partner, owned 98.6% of the Common Units of Lamar LP. The remaining 1.4% of the Common Units are owned by unaffiliated investors and certain executives of the Company.
(2) Revenues
Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts that do not meet the criteria of a lease under ASC 842, Leases, are accounted for under ASC 606, R evenue from Contracts with Customers. The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income.
Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week.
Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin.
Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months.
Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
The following table presents our disaggregated revenue by source for the three and nine months ended September 30, 2025 and 2024.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Billboard advertising | $ | 524,769 |  |  | $ | 502,587 |  |  | $ | 1,481,983 |  |  | $ | 1,444,116 |
Logo advertising | 22,195 |  |  | 20,698 |  |  | 67,084 |  |  | 62,957 |
Transit advertising | 38,577 |  |  | 40,850 |  |  | 121,215 |  |  | 120,463 |
Net revenues | $ | 585,541 |  |  | $ | 564,135 |  |  | $ | 1,670,282 |  |  | $ | 1,627,536 |

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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(3) Leases
During the three months ended September 30, 2025 and 2024, we had operating lease costs of $83,463 and $79,798, respectively, and variable lease costs of $17,490 and $16,783, respectively. During the nine months ended September 30, 2025 and 2024, we had operating lease costs of $248,406 and $238,569, respectively, and variable lease costs of $48,700 and $47,092, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2025 and 2024, we recorded a gain of $200 and $61, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2025 and 2024, we recorded a gain of $241 and $330, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $269,147 and $264,093 were made reducing our operating lease liabilities for the nine months ended September 30, 2025 and 2024, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.
We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $2,625 and $2,638 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2025 and 2024, respectively. We recorded $7,784 and $7,812 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 13.0 years. The weighted-average discount rate of our operating leases is 5.2%. Also, during the nine months ended September 30, 2025 and 2024, we obtained $64,636 and $9,912, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions.
The following is a summary of the maturities of our operating lease liabilities as of September 30, 2025:

2025 | $ | 48,620 |
2026 | 248,366 |
2027 | 211,331 |
2028 | 181,732 |
2029 | 160,262 |
Thereafter | 1,182,932 |
Total undiscounted operating lease payments | 2,033,243 |
Less: Imputed interest | (608,443) |
Total operating lease liabilities | $ | 1,424,800 |

During the three months ended September 30, 2025 and 2024, $713 of amortization expense for each period and $104 and $115, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the nine months ended September 30, 2025 and 2024, $2,140 of amortization expense for both periods, and $321 and $351, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $998 were made reducing our financing lease liabilities for each of the nine months ended September 30, 2025 and 2024, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 2.2 years and a weighted-average discount rate of 3.1%.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore, they are no longer accounted for as a lease. For the three months ended September 30, 2025 and 2024, non-lease variable transit costs were $22,360 and $23,559, respectively. For the nine months ended September 30, 2025 and 2024, non-lease variable transit costs were $70,990 and $70,551, respectively.
(4) Acquisitions
During the nine months ended September 30, 2025, the Company completed over 30 acquisitions of outdoor advertising assets for a total cash purchase price of $133,894. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying condensed consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition.
The following is a summary of the allocation of the purchase price in the above transactions.

| Total
Property, plant and equipment | $ | 23,961 |
Site locations | 94,115 |
Non-competition agreements | 695 |
Customer lists and contracts | 12,812 |
Asset acquisition costs | 583 |
Current assets | 42 |
Noncurrent assets | 36 |
Current liabilities | (5,523) |
Operating lease right of use assets | 30,345 |
Operating lease liabilities | (23,172) |
| $ | 133,894 |

Verde Outdoor Acquisition. On July 2, 2025, Lamar Advertising Limited Partnership ("Lamar LP"), the subsidiary operating partnership of the Company and Lamar Media, acquired Verde Outdoor at a value of $147,642 through the issuance of 1,187,500 Common Units of Lamar LP. The acquisition value is based on the Company's common stock price on July 2, 2025. Pursuant to the terms of the Limited Partnership Agreement of Lamar LP, the Common Units are redeemable by the holder after a holding period, which is generally twelve months, for a cash amount per Common Unit equal to the market value of an equivalent number of shares of common stock of the Company. At the Company’s option, in lieu of cash, the redemption obligation may be satisfied by issuing shares of Class A common stock of the Company in exchange for Common Units tendered for redemption. The acquisition of Verde Outdoor includes more than 1,500 billboard faces across ten states.
As of September 30, 2025, our fair value allocation of the assets acquired and liabilities assumed in the business combination of Verde Outdoor is considered preliminary and is subject to revision, which may result in adjustments to this allocation. The aggregate purchase price was $147,642. We expect to finalize the allocation no later than December 31, 2025. In order to develop our preliminary fair values, the Company utilized asset information received from the acquired company and fair value allocation benchmarks from similar completed transactions.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
The following is a summary of the preliminary allocation of the purchase price of the Verde Outdoor transaction.

| Total
Property, plant and equipment | $ | 24,156 |
Goodwill | 76,046 |
Site locations | 32,250 |
Non-competition agreements | 850 |
Customer lists and contracts | 14,340 |
Operating lease right of use assets | 14,757 |
Operating lease liabilities | (14,757) |
| $ | 147,642 |

Total acquired intangible assets for the nine months ended September 30, 2025 were $231,691, of which $76,046 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and no goodwill related to 2025 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 6.6 years. The intangible assets include customer lists and contracts of $27,152 (7 year weighted average useful life) and site locations of $126,365 (15 year weighted average useful life). The aggregate amortization expense related to the 2025 acquisitions for the nine months ended September 30, 2025 was $4,273.
(5) Stock-Based Compensation
Equity Incentive Plan. Lamar 1996 Equity Incentive Plan, as amended, (the “1996 Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive and LTIP unit program. Options granted under the 1996 plan expire ten years from the grant date with vesting terms ranging from three to five years which primarily include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant.
We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company had 59,000 granted options of its Class A common stock during the nine months ended September 30, 2025. At September 30, 2025 a total of 1,171,304 shares were available for future grant.
Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available for issuance under the 2019 ESPP was automatically increased by 87,976 shares on January 1, 2025 pursuant to the automatic increase provisions of the 2019 ESPP.
The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2025:

| Shares
Available for future purchases, January 1, 2025 | 204,528 |
Additional shares reserved under 2019 ESPP | 87,976 |
Purchases | (99,145) |
Available for future purchases, September 30, 2025 | 193,359 |

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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
Stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, is generally dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2025 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2026. The shares subject to these awards can range from a minimum of 0% to a maximum of 120% of the target number of shares depending on the level at which the goals are attained. Under the Incentive Plan, the Company's Compensation Committee may also award additional shares in its discretion based on other factors, which awards, if any, will also be issued in the first quarter of 2026. For the three months ended September 30, 2025 and 2024, the Company recorded $3,611 and $6,481, respectively, as stock-based compensation expense. For the nine months ended September 30, 2025 and 2024, the Company recorded $13,184 and $21,299, respectively, as stock-based compensation expense.
LTIP Units. In addition to stock compensation, the Company may issue LTIP Units of Lamar LP, a subsidiary of the Company and Lamar Media, to certain officers, employees and directors under the Incentive Plan of the Company. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee. The Compensation Committee may also make discretionary grants of LTIP Units based on other factors. LTIP Units are a class of units intended to qualify as “profits interests” of Lamar LP. The LTIP Units convert into Common Units of Lamar LP upon the occurrence of certain events. Common Units are redeemable by the holder for a cash amount per Common Unit equal to the market value of an equivalent number of shares of common stock of the Company. At the Company's option, in lieu of cash, the redemption obligation may be satisfied by issuing shares of the Company's Class A common stock in exchange for Common Units tendered for redemption. During the nine months ended September 30, 2025, 22,000 Common Units (which had originally been issued as LTIP Units) were redeemed for the Company's Class A common stock. As of September 30, 2025, Lamar LP has a total of 358,800 LTIP Units issued and outstanding to the Company’s executive officers, of which 238,800 LTIP units have vested. For the three months ended September 30, 2025 and 2024, the Company recorded $2,451 and $4,389, respectively, as stock-based compensation expense related to these LTIP Units. For the nine months ended September 30, 2025 and 2024, the Company recorded $7,073 and $11,952, respectively, as stock-based compensation expense related to these LTIP Units.
Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on the grant date and 50% on the last day of the directors' one year term. For the three months ended September 30, 2025 and 2024, the Company recorded $100 for each period in stock-based compensation expense related to these awards. For the nine months ended September 30, 2025 and 2024, the Company recorded $637 and $671, respectively, in stock-based compensation expense related to these awards.
(6) Depreciation and Amortization
The Company includes all categories of depreciation and amortization on a separate line in its Condensed Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Direct advertising expenses | $ | 78,526 |  |  | $ | 69,231 |  |  | $ | 222,337 |  |  | $ | 210,478 |
General and administrative expenses | 1,594 |  |  | 1,372 |  |  | 4,173 |  |  | 3,971 |
Corporate expenses | 6,156 |  |  | 4,509 |  |  | 15,697 |  |  | 13,082 |
| $ | 86,276 |  |  | $ | 75,112 |  |  | $ | 242,207 |  |  | $ | 227,531 |

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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(7) Goodwill and Other Intangible Assets
The following is a summary of intangible assets at September 30, 2025 and December 31, 2024:

| Estimated Life (Years) |  | September 30, 2025 |  | December 31, 2024
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortizable intangible assets: |  |  |  |  |  |  |  |  |
Customer lists and contracts | 7—10 |  | $ | 759,312 |  |  | $ | 682,849 |  |  | $ | 732,098 |  |  | $ | 665,095 |
Non-competition agreements | 3—15 |  | 73,507 |  |  | 67,544 |  |  | 71,960 |  |  | 66,894 |
Site locations | 15 |  | 3,109,314 |  |  | 2,090,359 |  |  | 2,982,504 |  |  | 2,002,272 |
Other | 2—15 |  | 53,344 |  |  | 43,260 |  |  | 52,761 |  |  | 42,461 |
|  |  | $ | 3,995,477 |  |  | $ | 2,884,012 |  |  | $ | 3,839,323 |  |  | $ | 2,776,722 |
Unamortizable intangible assets: |  |  |  |  |  |  |  |  |
Goodwill |  |  | $ | 2,364,737 |  |  | $ | 253,536 |  |  | $ | 2,288,618 |  |  | $ | 253,536 |

(8) Asset Retirement Obligations
The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, as related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:

Balance at December 31, 2024 | $ | 614,713 |
Additions to asset retirement obligations | 6,605 |
Accretion expense | 8,262 |
Liabilities settled | (6,181) |
Balance at September 30, 2025 | $ | 623,399 |

(9) Distribution Restrictions
Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of September 30, 2025 and December 31, 2024, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $4,667,504 and $4,677,837, respectively.
As of September 30, 2025, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of September 30, 2025, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of September 30, 2025 and December 31, 2024, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $3,417,984 and $3,428,317, respectively.
(10) Earnings Per Share
The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. No effect is shown for securities that have an anti-dilutive effect.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(11) Long-Term Debt
Long-term debt consists of the following at September 30, 2025 and December 31, 2024:

| September 30, 2025
| Debt |  | Deferred financing costs |  | Debt, net of deferred financing costs
Senior Credit Facility | $ | 698,271 |  |  | $ | 9,549 |  |  | $ | 688,722 |
Accounts Receivable Securitization Program | 180,000 |  |  | 449 |  |  | 179,551 |
3 3/4% Senior Notes | 600,000 |  |  | 2,932 |  |  | 597,068 |
3 5/8% Senior Notes | 550,000 |  |  | 4,831 |  |  | 545,169 |
4% Senior Notes | 549,655 |  |  | 4,213 |  |  | 545,442 |
4 7/8% Senior Notes | 400,000 |  |  | 2,584 |  |  | 397,416 |
5 3/8% Senior Notes | 400,000 |  |  | 5,590 |  |  | 394,410 |
Other notes with various rates and terms | 919 |  |  | — |  |  | 919 |
| 3,378,845 |  |  | 30,148 |  |  | 3,348,697 |
Less current maturities | (180,433) |  |  | (449) |  |  | (179,984) |
Long-term debt, excluding current maturities | $ | 3,198,412 |  |  | $ | 29,699 |  |  | $ | 3,168,713 |

| December 31, 2024
| Debt |  | Deferred financing costs |  | Debt, net of deferred financing costs
Senior Credit Facility | $ | 883,474 |  |  | $ | 5,623 |  |  | $ | 877,851 |
Accounts Receivable Securitization Program | 250,000 |  |  | 611 |  |  | 249,389 |
3 3/4% Senior Notes | 600,000 |  |  | 3,802 |  |  | 596,198 |
3 5/8% Senior Notes | 550,000 |  |  | 5,440 |  |  | 544,560 |
4% Senior Notes | 549,595 |  |  | 4,854 |  |  | 544,741 |
4 7/8% Senior Notes | 400,000 |  |  | 3,107 |  |  | 396,893 |
Other notes with various rates and terms | 1,232 |  |  | — |  |  | 1,232 |
| 3,234,301 |  |  | 23,437 |  |  | 3,210,864 |
Less current maturities | (250,417) |  |  | (611) |  |  | (249,806) |
Long-term debt, excluding current maturities | $ | 2,983,884 |  |  | $ | 22,826 |  |  | $ | 2,961,058 |

Senior Credit Facility
On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (as amended by the Amendments, as defined below) (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $700,000 senior secured Term B loan facility (the “Term B loans”) which will mature on September 23, 2032, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or additional incremental revolving facilities, or increase its existing revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval.
The revolving credit facility bears interest at rates based on Term SOFR ("Term SOFR revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Term SOFR revolving loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the revolving credit facility.
On July 29, 2022, Lamar Media entered into Amendment No. 2 ("Amendment No. 2") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans were set to mature on February 6, 2025 with no required amortization payments prior to maturity. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022 and proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. The Term A loans were subsequently repaid in full on July 31, 2024.
On April 26, 2023, Lamar Media entered into Amendment No. 3 ("Amendment No. 3") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank N.A. as administrative agent and the lenders party thereto. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement were unchanged by Amendment No. 3.
On July 31, 2023, Lamar Media entered into Amendment No. 4 (the "Amendment No. 4"), to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. Amendment No. 4 extended the maturity date of Lamar Media's $750,000 revolving credit facility such that the revolving credit facility matures July 31, 2028; provided that, if on the date (a "Springing Maturity Test Date") that is 91 days prior to the February 15, 2028 maturity date of Lamar Media's 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the 3 3/4% Notes, the revolving credit facility will mature on the Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together with all accrued and unpaid interest on such revolving loans, will be due and payable.
Amendment No. 4 also established a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amended the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
On September 23, 2025, Lamar Media entered into Amendment No. 5 (the “Amendment No. 5”, and together with the Amendment, the Amendment No. 2, the Amendment No. 3 and the Amendment No. 4, the “Amendments”) to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. Amendment No. 5 established the Term B loans as a new class of incremental term loans. Lamar Media borrowed all $700,000 in Term B loans on September 23, 2025. Proceeds from the Term B loans were used to repay $600,000 in Term B loans previously outstanding, with the remainder used to repay a portion of the outstanding balance on the revolving credit facility. The Term B loans will mature on September 23, 3032 (or if such day is not a Business Day, the next Business Day) and the entire principal amount of the Term B loans then outstanding, together with all accrued and unpaid interest on the Term B loans, will be due and payable on such date. The Term B loans bear interest at rates based on the Adjusted Term SOFR Rate (“Term Benchmark Term B Loans”) or the Adjusted Base Rate (“Base Rate Term B Loans”) at Lamar Media’s option. For purposes of the Term B Loans, the “Adjusted Term SOFR Rate” is a rate per annum equal to the Term SOFR Rate for the applicable interest period, plus 0.00%. Term Benchmark Term B Loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% and Base Rate Term B Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The covenants, events of default and other terms of the senior credit facility (all of which are unchanged by Amendment No. 5) apply to the Term B loans.
As of September 30, 2025, there were no borrowings outstanding under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $7,778 in letters of credit outstanding as of September 30, 2025 resulting in $742,222 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity.
The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:
•dispose of assets;
•incur or repay debt;
•create liens;
•make investments; and
•pay dividends.
The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.
Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.
Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented.
Accounts Receivable Securitization Program
On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty.
On June 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program.
As of September 30, 2025, there were $180,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had $70,000 in additional availability for borrowing under the Accounts Receivable Securitization Program as of September 30, 2025. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the nine months ended September 30, 2025.
The Accounts Receivable Securitization Program was set to mature on July 21, 2025, but was subsequently extended to October 15, 2027 by the Seventh Amendment to the Receivables Financing Agreement dated October 15, 2024. Lamar Media may amend the facility to further extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.
The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows.
4% Senior Notes
On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.
On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900.
On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
3 3/4% Senior Notes
On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500.
On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
4 7/8% Senior Notes
On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.
On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
3 5/8% Senior Notes
On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500.
At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
5 3/8% Senior Notes
On September 25, 2025, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/8% Senior Notes due 2033 (the “5 3/8% Notes”). The institutional private placement on September 25, 2025 resulted in net proceeds to Lamar Media of approximately $393,500. Lamar Media used the proceeds from this offering, together with borrowings on the Term B Loans, to pay off the balance outstanding on the revolving credit facility as well as pay down a portion of the balance on the Accounts Receivable Securitization Program.
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LAMAR ADVERTISING COMPANY
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
Lamar Media may redeem up to 40% of the aggregate principal amount of 5 3/8% Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2028, provided that following the redemption, at least 60% of the 5 3/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to November 1, 2028, Lamar Media may redeem some or all of the 5 3/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after November 1, 2028, Lamar Media may redeem the 5 3/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control and a rating of the 5 3/8% Notes is reduced, Lamar Media may be required to make an offer to purchase each holder's 5 3/8% Notes at a price equal to 101% of the principal amount of the 5 3/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
Exchange Offers
In October 2020, the Company completed a subsequent exchange offer with respect to each of the 4% Notes, 3 3/4% Notes, and 4 7/8% Notes, in each case, for substantially identical notes registered under the Securities Act of 1933, as amended. In September 2021, the Company completed a subsequent exchange offer with respect to the 3 5/8% Notes for substantially identical notes registered under the Securities Act of 1933, as amended.
Debt Repurchase Program
The Company’s Board of Directors has authorized Lamar Media to repurchase up to $250,000 in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. On September 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. There were no repurchases under the program as of September 30, 2025.
(12) Fair Value of Financial Instruments
At September 30, 2025 and December 31, 2024, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,268,176 which does not exceed the carrying amount of $3,378,845 as of September 30, 2025. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).
(13) Investments
On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, Inc. ("Vistar"), a leading global provider of programmatic technology for the digital out-of-home sector. On February 3, 2025, T-Mobile USA, Inc. acquired 100% of Vistar (the "Sale"). In connection with the closing of the Sale, the Company received $115,881 in cash consideration for the sale of its 20% equity interest in Vistar. Up to an additional $14,317 of consideration for the Sale may be received by the Company in the future, upon release of the remaining purchase price for the Sale from escrow in connection with satisfaction of certain post-closing conditions. During the nine months ended September 30, 2025, the Company recognized a gain of $68,602 related to the transaction. An income tax expense of $13,381 was recorded during the nine months ended September 30, 2025 as a result of the Sale, of which $21,172 was related to current income tax expense offset by a deferred tax benefit of $7,791.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(14) New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose disaggregated information related to the effective tax rate reconciliation and income taxes paid. This guidance is effective for public entities as of December 15, 2024. The Company does not anticipate the adoption of this guidance to have a material impact on the Company's consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in expense captions presented on the face of the Consolidated Statements of Income and Comprehensive Income. This guidance is effective for public entities for fiscal years beginning after December 31, 2026. The Company is currently reviewing this guidance and its impact on the Company's consolidated financial statements.
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AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(15) Dividends/Distributions
During the three months ended September 30, 2025 and 2024, the Company declared and paid cash distributions to Class A and Class B common stock shareholders in an aggregate amount of $157,335 or $1.55 per share and $143,491 or $1.40 per share, respectively. During the nine months ended September 30, 2025 and 2024, the Company declared and paid cash distributions to Class A and Class B common stock shareholders in an aggregate amount of $473,467 or $4.65 per share and $409,635 or $4.00 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2025 and 2024, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $273 or $47.85 per share, respectively, for each period.
(16) Information About Geographic Areas
Revenues from external customers attributable to foreign countries totaled $22,464 and $26,455 for the nine months ended September 30, 2025 and 2024, respectively. Net carrying value of long-lived assets located in foreign countries totaled $9,900 and $13,972 as of September 30, 2025 and December 31, 2024, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.
(17) Stockholders' Equity
Sales Agreement. On July 24, 2024, the Company entered into an equity distribution agreement, or At-the-Market Offering agreement, (the "2024 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms that expired according to its terms on June 21, 2024. Under the terms of the 2024 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, with an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals.
Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2024 Sales Agreement.
As of September 30, 2025, no shares of our Class A common stock were sold under the 2024 Sales Agreement or were sold under the prior Sales Agreement.
Shelf Registration. On July 24, 2024, the Company filed an automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock. The shelf registration statement replaced a prior shelf registration statement which expired. During the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company did not issue any shares under its shelf registration statements.
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AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
Stock Repurchase Program. Prior to May 15, 2025, the Company’s Board of Directors had authorized the repurchase of up to $250,000 of the Company's Class A common stock. On September 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. On May 15, 2025, the Company's Board of Directors approved the increase of the amount authorized under the Stock Repurchase Program by $150,000, bringing the total amount authorized under the Program to $400,000. There were no repurchases under the program as of December 31, 2024. During the nine months ended September 30, 2025, the Company repurchased 1,388,091 shares of the Company's Class A common stock outstanding for a total purchase price of $150,000. The Company currently has $250,000 remaining under its current share repurchase authorization.
(18) Non-cash Financing and Investing Activities
For the period ended September 30, 2025, the Company had non-cash investing activities related to the acquisition of Verde Outdoor of $147,642. There were no significant non-cash investing activities during the period ended September 30, 2024. There were no significant non-cash financing activities during the periods ended September 30, 2025 and September 30, 2024.
(19) Segment Reporting
The Company revised its segment information to reflect the adoption of ASU 2023-07 and certain changes resulting from our periodic review of factors relevant to how the chief operating decision maker (CODM) assesses performance and allocates resources in accordance with FASB ASC 280, Segment Reporting. As described in Note 1, we currently manage our operations through three operating segments - billboard, logo, and transit advertising. Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.
We define the term CODM to be our executive management group, which consists of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Net revenues, advertising expenses and segmented adjusted EBITDA are used to monitor expected versus actual results. Total advertising expenses is the expense category regularly provided to the CODM. There are no other expenses regularly provided to the CODM that are used to manage the segment's operations. Total advertising expenses is defined as direct advertising expenses and general and administrative expenses excluding stock-based compensation expense and capitalized contract fulfillment costs. Segment Adjusted EBITDA is the profitability metric reported to the Company's CODM for purposes of assessing the performance of each operating segment as well as to make decisions related to invested capital, personnel, operational improvement or training, or to allocate other company resources. We define adjusted EBITDA as net income before income tax (expense) benefit, interest (expense) income, equity in earnings (loss) of investee, (loss) gain on extinguishment of debt and investments, stock-based compensation, depreciation and amortization, (loss) gain on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net. Segment information for total assets is not presented as this information is not used by the Company's CODM in measuring segment performance or allocating resources between segments.
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LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
The following table presents our financial performance by segment:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenues: |  |  |  |  |  |  |
Billboard | $ | 524,769 |  |  | $ | 502,587 |  |  | $ | 1,481,983 |  |  | $ | 1,444,116 |
Other | 60,772 |  |  | 61,548 |  |  | 188,299 |  |  | 183,420 |
Total net revenues | $ | 585,541 |  |  | $ | 564,135 |  |  | $ | 1,670,282 |  |  | $ | 1,627,536 |
Advertising expenses: |  |  |  |  |  |  |
Billboard | $ | 227,505 |  |  | $ | 219,887 |  |  | $ | 666,328 |  |  | $ | 648,848 |
Other | 50,228 |  |  | 48,941 |  |  | 154,063 |  |  | 146,693 |
Total advertising expenses | $ | 277,733 |  |  | $ | 268,828 |  |  | $ | 820,391 |  |  | $ | 795,541 |
Segmented adjusted EBITDA: |  |  |  |  |  |  |
Billboard adjusted EBITDA | $ | 297,264 |  |  | $ | 282,700 |  |  | $ | 815,655 |  |  | $ | 795,268 |
Other adjusted EBITDA | 10,544 |  |  | 12,607 |  |  | 34,236 |  |  | 36,727 |
Corporate expenses (1) | (27,038) |  |  | (24,148) |  |  | (80,517) |  |  | (77,360) |
Adjusted EBITDA | $ | 280,770 |  |  | $ | 271,159 |  |  | $ | 769,374 |  |  | $ | 754,635 |

(1)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Reconciliation of adjusted EBITDA to income before income tax expense:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Adjusted EBITDA | $ | 280,770 |  |  | $ | 271,159 |  |  | $ | 769,374 |  |  | $ | 754,635 |
Stock-based compensation expense | (7,580) |  |  | (12,097) |  |  | (25,305) |  |  | (37,713) |
Capitalized contract fulfillment costs, net | 15 |  |  | 132 |  |  | 20 |  |  | 506 |
Depreciation and amortization | (86,276) |  |  | (75,112) |  |  | (242,207) |  |  | (227,531) |
Gain on disposition of assets and investments | 2,155 |  |  | 2,474 |  |  | 76,116 |  |  | 5,486 |
Equity in earnings of investee | — |  |  | 2,642 |  |  | 206 |  |  | 2,087 |
Interest expense, net | (40,431) |  |  | (42,275) |  |  | (118,374) |  |  | (130,060) |
Loss on debt extinguishment | (2,012) |  |  | (270) |  |  | (2,012) |  |  | (270) |
Income before income tax expense | $ | 146,641 |  |  | $ | 146,653 |  |  | $ | 457,818 |  |  | $ | 367,140 |

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LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)

| September 30, 2025 |  | December 31, 2024
| (Unaudited) |  |
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 21,516 |  |  | $ | 48,961 |
Receivables, net of allowance for doubtful accounts of $12,895 and $12,404 in 2025 and 2024, respectively | 340,757 |  |  | 334,798 |
Other current assets | 44,814 |  |  | 41,009 |
Total current assets | 407,087 |  |  | 424,768 |
Property, plant and equipment | 4,710,907 |  |  | 4,574,894 |
Less accumulated depreciation and amortization | (3,058,550) |  |  | (2,974,085) |
Net property, plant and equipment | 1,652,357 |  |  | 1,600,809 |
Operating lease right of use assets | 1,476,580 |  |  | 1,355,231 |
Financing lease right of use assets | 6,191 |  |  | 8,331 |
Goodwill | 2,101,050 |  |  | 2,024,931 |
Intangible assets, net | 1,110,997 |  |  | 1,062,133 |
Other assets | 52,298 |  |  | 93,604 |
Total assets | $ | 6,806,560 |  |  | $ | 6,569,807 |
LIABILITIES AND STOCKHOLDER'S EQUITY |  |  |
Current liabilities: |  |  |
Trade accounts payable | $ | 26,228 |  |  | $ | 21,586 |
Current maturities of long-term debt, net of deferred financing costs of $449 and $611 in 2025 and 2024, respectively | 179,984 |  |  | 249,806 |
Current operating lease liabilities | 202,212 |  |  | 218,108 |
Current financing lease liabilities | 1,331 |  |  | 1,331 |
Accrued expenses | 112,061 |  |  | 123,282 |
Deferred income | 161,965 |  |  | 153,700 |
Total current liabilities | 683,781 |  |  | 767,813 |
Long-term debt, net of deferred financing costs of $29,699 and $22,826 in 2025 and 2024, respectively | 3,168,713 |  |  | 2,961,058 |
Operating lease liabilities | 1,222,588 |  |  | 1,114,407 |
Financing lease liabilities | 12,285 |  |  | 13,283 |
Deferred income tax liabilities | 165 |  |  | 8,006 |
Asset retirement obligation | 623,399 |  |  | 614,713 |
Other liabilities | 55,311 |  |  | 48,588 |
Total liabilities | 5,766,242 |  |  | 5,527,868 |
Stockholder's equity: |  |  |
Common stock, par value $0.01, 3,000 shares authorized, 100 shares issued and outstanding at 2025 and 2024 | — |  |  | — |
Additional paid-in-capital | 3,412,011 |  |  | 3,229,799 |
Accumulated comprehensive loss | (2,885) |  |  | (2,954) |
Accumulated deficit | (2,381,894) |  |  | (2,185,755) |
Non-controlling interest | 13,086 |  |  | 849 |
Stockholder's equity | 1,040,318 |  |  | 1,041,939 |
Total liabilities and stockholder's equity | $ | 6,806,560 |  |  | $ | 6,569,807 |

See accompanying notes to condensed consolidated financial statements.
27

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share data)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Statements of Income |  |  |  |  |  |  |
Net revenues | $ | 585,541 |  |  | $ | 564,135 |  |  | $ | 1,670,282 |  |  | $ | 1,627,536 |
Operating expenses (income) |  |  |  |  |  |  |
Direct advertising expenses (exclusive of depreciation and amortization) | 187,716 |  |  | 182,585 |  |  | 554,489 |  |  | 541,495 |
General and administrative expenses (exclusive of depreciation and amortization) | 93,000 |  |  | 91,006 |  |  | 277,307 |  |  | 268,508 |
Corporate expenses (exclusive of depreciation and amortization) | 31,495 |  |  | 31,239 |  |  | 94,013 |  |  | 99,675 |
Depreciation and amortization | 86,276 |  |  | 75,112 |  |  | 242,207 |  |  | 227,531 |
Gain on disposition of assets and investments | (2,155) |  |  | (2,474) |  |  | (76,116) |  |  | (5,486) |
| 396,332 |  |  | 377,468 |  |  | 1,091,900 |  |  | 1,131,723 |
Operating income | 189,209 |  |  | 186,667 |  |  | 578,382 |  |  | 495,813 |
Other (income) expense |  |  |  |  |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 2,012 |  |  | 270 |
Interest income | (758) |  |  | (662) |  |  | (1,847) |  |  | (1,701) |
Interest expense | 41,189 |  |  | 42,937 |  |  | 120,221 |  |  | 131,761 |
Equity in earnings of investee | — |  |  | (2,642) |  |  | (206) |  |  | (2,087) |
| 42,443 |  |  | 39,903 |  |  | 120,180 |  |  | 128,243 |
Income before income tax expense (benefit) | 146,766 |  |  | 146,764 |  |  | 458,202 |  |  | 367,570 |
Income tax expense (benefit) | 2,566 |  |  | (1,169) |  |  | 19,498 |  |  | 3,225 |
Net income | 144,200 |  |  | 147,933 |  |  | 438,704 |  |  | 364,345 |
Net income attributable to non-controlling interest | 2,322 |  |  | 346 |  |  | 3,457 |  |  | 849 |
Net income attributable to controlling interest | $ | 141,878 |  |  | $ | 147,587 |  |  | $ | 435,247 |  |  | $ | 363,496 |
Statements of Comprehensive Income |  |  |  |  |  |  |
Net income | $ | 144,200 |  |  | $ | 147,933 |  |  | $ | 438,704 |  |  | $ | 364,345 |
Other comprehensive (loss) income |  |  |  |  |  |  |
Foreign currency translation adjustments | (672) |  |  | 37 |  |  | 24 |  |  | (786) |
Comprehensive income | 143,528 |  |  | 147,970 |  |  | 438,728 |  |  | 363,559 |
Net income attributable to non-controlling interest | 2,322 |  |  | 346 |  |  | 3,457 |  |  | 849 |
Comprehensive income attributable to controlling interest | $ | 141,206 |  |  | $ | 147,624 |  |  | $ | 435,271 |  |  | $ | 362,710 |

See accompanying notes to condensed consolidated financial statements.
28

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholder's Equity
(Unaudited)
(In thousands, except share and per share data)

| Common Stock |  | Additional Paid-In Capital |  | Accumulated Comprehensive Loss |  | Accumulated Deficit |  | Non-controlling interest |  | Total
Balance, December 31, 2024 | $ | — |  |  | $ | 3,229,799 |  |  | $ | (2,954) |  |  | $ | (2,185,755) |  |  | $ | 849 |  |  | $ | 1,041,939 |
Contribution from parent | — |  |  | 30,721 |  |  | — |  |  | — |  |  | — |  |  | 30,721 |
Reallocation of capital | — |  |  | (826) |  |  | — |  |  | — |  |  | 826 |  |  | — |
Foreign currency translations | — |  |  | — |  |  | (321) |  |  | — |  |  | — |  |  | (321) |
Net income | — |  |  | — |  |  | — |  |  | 138,864 |  |  | 474 |  |  | 139,338 |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (553) |  |  | (553) |
Dividend to parent | — |  |  | — |  |  | — |  |  | (185,433) |  |  | — |  |  | (185,433) |
Balance, March 31, 2025 | $ | — |  |  | $ | 3,259,694 |  |  | $ | (3,275) |  |  | $ | (2,232,324) |  |  | $ | 1,596 |  |  | $ | 1,025,691 |
Contribution from parent | — |  |  | 8,431 |  |  | — |  |  | — |  |  | — |  |  | 8,431 |
Foreign currency translations | — |  |  | — |  |  | 1,017 |  |  | — |  |  | — |  |  | 1,017 |
Net income | — |  |  | — |  |  | — |  |  | 154,505 |  |  | 661 |  |  | 155,166 |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (442) |  |  | (442) |
Dividend to parent | — |  |  | — |  |  | — |  |  | (288,619) |  |  | — |  |  | (288,619) |
Balance, June 30, 2025 | $ | — |  |  | $ | 3,268,125 |  |  | $ | (2,258) |  |  | $ | (2,366,438) |  |  | $ | 1,815 |  |  | $ | 901,244 |
Contribution from parent | — |  |  | 8,366 |  |  | — |  |  | — |  |  | (164) |  |  | 8,202 |
Verde Outdoor acquisition | — |  |  | 135,520 |  |  | 36 |  |  | — |  |  | 12,086 |  |  | 147,642 |
Foreign currency translations | — |  |  | — |  |  | (663) |  |  | — |  |  | (9) |  |  | (672) |
Net income | — |  |  | — |  |  | — |  |  | 141,878 |  |  | 2,322 |  |  | 144,200 |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (2,964) |  |  | (2,964) |
Dividend to parent | — |  |  | — |  |  | — |  |  | (157,334) |  |  | — |  |  | (157,334) |
Balance, September 30, 2025 | $ | — |  |  | $ | 3,412,011 |  |  | $ | (2,885) |  |  | $ | (2,381,894) |  |  | $ | 13,086 |  |  | $ | 1,040,318 |

29

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholder's Equity
(Unaudited)
(In thousands, except share and per share data)

| Common Stock |  | Additional Paid-In Capital |  | Accumulated Comprehensive Loss |  | Accumulated Deficit |  | Non-controlling interest |  | Total
Balance, December 31, 2023 | $ | — |  |  | $ | 3,173,789 |  |  | $ | (428) |  |  | $ | (1,963,998) |  |  | $ | 414 |  |  | $ | 1,209,777 |
Contribution from parent | — |  |  | 27,680 |  |  | — |  |  | — |  |  | — |  |  | 27,680 |
Reallocation of capital | — |  |  | (1,018) |  |  | — |  |  | — |  |  | 1,018 |  |  | — |
Foreign currency translations | — |  |  | — |  |  | (392) |  |  | — |  |  | — |  |  | (392) |
Net income | — |  |  | — |  |  | — |  |  | 78,362 |  |  | 275 |  |  | 78,637 |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (479) |  |  | (479) |
Dividend to parent | — |  |  | — |  |  | — |  |  | (138,369) |  |  | — |  |  | (138,369) |
Balance, March 31, 2024 | $ | — |  |  | $ | 3,200,451 |  |  | $ | (820) |  |  | $ | (2,024,005) |  |  | $ | 1,228 |  |  | $ | 1,176,854 |
Contribution from parent | — |  |  | 11,033 |  |  | — |  |  | — |  |  | — |  |  | 11,033 |
Foreign currency translations | — |  |  | — |  |  | (431) |  |  | — |  |  | — |  |  | (431) |
Net income | — |  |  | — |  |  | — |  |  | 137,547 |  |  | 228 |  |  | 137,775 |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (217) |  |  | (217) |
Dividend to parent | — |  |  | — |  |  | — |  |  | (133,117) |  |  | — |  |  | (133,117) |
Balance, June 30, 2024 | $ | — |  |  | $ | 3,211,484 |  |  | $ | (1,251) |  |  | $ | (2,019,575) |  |  | $ | 1,239 |  |  | $ | 1,191,897 |
Contribution from parent | — |  |  | 11,199 |  |  | — |  |  | — |  |  | — |  |  | 11,199 |
Foreign currency translations | — |  |  | — |  |  | 37 |  |  | — |  |  | — |  |  | 37 |
Net income | — |  |  | — |  |  | — |  |  | 147,587 |  |  | 346 |  |  | 147,933 |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (940) |  |  | (940) |
Dividend to parent | — |  |  | — |  |  | — |  |  | (143,490) |  |  | — |  |  | (143,490) |
Balance, September 30, 2024 | $ | — |  |  | $ | 3,222,683 |  |  | $ | (1,214) |  |  | $ | (2,015,478) |  |  | $ | 645 |  |  | $ | 1,206,636 |

See accompanying notes to condensed consolidated financial statements.
30

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income | $ | 438,704 |  |  | $ | 364,345 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 242,207 |  |  | 227,531 |
Non-cash compensation | 25,305 |  |  | 37,713 |
Amortization included in interest expense | 4,593 |  |  | 4,830 |
Gain on disposition of assets and investments | (76,116) |  |  | (5,486) |
Loss on extinguishment of debt | 2,012 |  |  | 270 |
Equity in earnings of investee | (206) |  |  | (2,087) |
Deferred tax benefit | (8,476) |  |  | (3,357) |
Provision for doubtful accounts | 6,855 |  |  | 4,892 |
Changes in operating assets and liabilities: |  |  |
(Increase) decrease in: |  |  |
Receivables | (12,622) |  |  | (54,933) |
Prepaid expenses | 263 |  |  | (1,627) |
Other assets | (5,271) |  |  | (2,799) |
Increase (decrease) in: |  |  |
Trade accounts payable | 17 |  |  | 2,741 |
Accrued expenses | (4,185) |  |  | 1,965 |
Operating lease liabilities | (21,628) |  |  | (23,059) |
Other liabilities | (33,224) |  |  | 10,355 |
Net cash provided by operating activities | 558,228 |  |  | 561,294 |
Cash flows from investing activities: |  |  |
Acquisitions | (133,894) |  |  | (31,083) |
Capital expenditures | (117,938) |  |  | (82,270) |
Proceeds from disposition of assets and investments | 123,704 |  |  | 5,242 |
Decrease in notes receivable | 69 |  |  | 65 |
Net cash used in investing activities | (128,059) |  |  | (108,046) |
Cash flows from financing activities: |  |  |
Principal payments on long-term debt | (313) |  |  | (298) |
Principal payments on financing leases | (998) |  |  | (998) |
Payments on revolving credit facility | (726,000) |  |  | (398,000) |
Proceeds received from revolving credit facility | 442,000 |  |  | 648,000 |
Proceeds received from note offering | 400,000 |  |  | — |
Payments on accounts receivable securitization program | (99,400) |  |  | (86,400) |
Proceeds received from accounts receivable securitization program | 29,400 |  |  | 86,200 |
Proceeds received from senior credit facility term loans | 698,250 |  |  | — |
Payments on senior credit facility term loans | (600,000) |  |  | (350,000) |
Debt issuance costs | (12,709) |  |  | (23) |
Distributions to non-controlling interest | (3,959) |  |  | (1,636) |
Contributions from parent | 47,354 |  |  | 49,912 |
Dividend to parent | (631,386) |  |  | (414,976) |
Net cash used in financing activities | (457,761) |  |  | (468,219) |
Effect of exchange rate changes in cash and cash equivalents | 147 |  |  | (124) |
Net decrease in cash and cash equivalents | (27,445) |  |  | (15,095) |
Cash and cash equivalents at beginning of period | 48,961 |  |  | 44,105 |
Cash and cash equivalents at end of period | $ | 21,516 |  |  | $ | 29,010 |
Supplemental disclosures of cash flow information: |  |  |
Cash paid for interest | $ | 114,923 |  |  | $ | 127,250 |
Cash paid for foreign, state and federal income taxes | $ | 21,864 |  |  | $ | 7,075 |

See accompanying notes to condensed consolidated financial statements.
31

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
(1) Significant Accounting Policies
The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2024 Combined Form 10-K.
Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13, 14, 16, 17, and 18 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.
(2) Summarized Financial Information of Subsidiaries
Summarized financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following summarized financial information. The following summarized financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantors are each a consolidated subsidiary of Lamar Media, Lamar Media’s consolidated financial statements have been filed, and the guaranteed securities are debt securities with Lamar Media as the issuer. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.
Summarized Balance Sheet as of September 30, 2025

| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Current assets | $ | 12,808 |  |  | $ | 50,437 |  |  | $ | 343,842 |  |  | $ | — |  |  | $ | 407,087 |
Noncurrent assets | 4,453,449 |  |  | 6,642,644 |  |  | 220,658 |  |  | (4,917,278) |  |  | 6,399,473 |
Current liabilities | 45,871 |  |  | 440,687 |  |  | 197,223 |  |  | — |  |  | 683,781 |
Noncurrent liabilities | 3,393,154 |  |  | 1,852,597 |  |  | 409,971 |  |  | (573,261) |  |  | 5,082,461 |
Non-controlling interest | — |  |  | 14,100 |  |  | (1,014) |  |  | — |  |  | 13,086 |

Summarized Balance Sheet as of December 31, 2024

| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Current assets | $ | 38,950 |  |  | $ | 52,617 |  |  | $ | 333,201 |  |  | $ | — |  |  | $ | 424,768 |
Noncurrent assets | 4,302,475 |  |  | 6,368,402 |  |  | 297,831 |  |  | (4,823,669) |  |  | 6,145,039 |
Current liabilities | 50,707 |  |  | 444,841 |  |  | 272,265 |  |  | — |  |  | 767,813 |
Noncurrent liabilities | 3,249,628 |  |  | 1,738,404 |  |  | 384,695 |  |  | (612,672) |  |  | 4,760,055 |
Non-controlling interest | — |  |  | 1,770 |  |  | (921) |  |  | — |  |  | 849 |

32

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Summarized Statements of Income and Comprehensive Income
for the Three Months Ended September 30, 2025

| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Net revenues | $ | — |  |  | $ | 576,915 |  |  | $ | 8,743 |  |  | $ | (117) |  |  | $ | 585,541 |
Operating expenses (income) | — |  |  | 381,588 |  |  | 14,861 |  |  | (117) |  |  | 396,332 |
Operating income (loss) | — |  |  | 195,327 |  |  | (6,118) |  |  | — |  |  | 189,209 |
Net income (loss) | 141,878 |  |  | 190,163 |  |  | (8,350) |  |  | (179,491) |  |  | 144,200 |
Net income (loss) attributable to controlling interest | 141,878 |  |  | 188,119 |  |  | (8,628) |  |  | (179,491) |  |  | 141,878 |

Summarized Statements of Income and Comprehensive Income
for the Three Months Ended September 30, 2024

| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Net revenues | $ | — |  |  | $ | 552,011 |  |  | $ | 12,864 |  |  | $ | (740) |  |  | $ | 564,135 |
Operating expenses (income) | — |  |  | 365,892 |  |  | 12,316 |  |  | (740) |  |  | 377,468 |
Operating income (loss) | — |  |  | 186,119 |  |  | 548 |  |  | — |  |  | 186,667 |
Net income (loss) | 147,587 |  |  | 185,249 |  |  | 1,751 |  |  | (186,654) |  |  | 147,933 |
Net income (loss) attributable to controlling interest | 147,587 |  |  | 185,000 |  |  | 1,654 |  |  | (186,654) |  |  | 147,587 |

33

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Summarized Statements of Income and Comprehensive Income
for the Nine Months Ended September 30, 2025

| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Net revenues | $ | — |  |  | $ | 1,638,106 |  |  | $ | 32,719 |  |  | $ | (543) |  |  | $ | 1,670,282 |
Operating expenses (income) | — |  |  | 1,052,916 |  |  | 39,527 |  |  | (543) |  |  | 1,091,900 |
Operating income (loss) | — |  |  | 585,190 |  |  | (6,808) |  |  | — |  |  | 578,382 |
Net income (loss) | 435,247 |  |  | 564,355 |  |  | (15,920) |  |  | (544,978) |  |  | 438,704 |
Net income (loss) attributable to controlling interest | 435,247 |  |  | 561,711 |  |  | (16,733) |  |  | (544,978) |  |  | 435,247 |

Summarized Statements of Income and Comprehensive Income
for the Nine Months Ended September 30, 2024

| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Net revenues | $ | — |  |  | $ | 1,592,981 |  |  | $ | 36,253 |  |  | $ | (1,698) |  |  | $ | 1,627,536 |
Operating expenses (income) | — |  |  | 1,096,444 |  |  | 36,977 |  |  | (1,698) |  |  | 1,131,723 |
Operating income (loss) | — |  |  | 496,537 |  |  | (724) |  |  | — |  |  | 495,813 |
Net income (loss) | 363,496 |  |  | 491,782 |  |  | (7,381) |  |  | (483,552) |  |  | 364,345 |
Net income (loss) attributable to controlling interest | 363,496 |  |  | 491,201 |  |  | (7,649) |  |  | (483,552) |  |  | 363,496 |

34

Table of Contents
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
(3) Segment Reporting
The following table presents our financial performance by segment:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenues: |  |  |  |  |  |  |
Billboard | $ | 524,769 |  |  | $ | 502,587 |  |  | $ | 1,481,983 |  |  | $ | 1,444,116 |
Other | 60,772 |  |  | 61,548 |  |  | 188,299 |  |  | 183,420 |
Total net revenues | $ | 585,541 |  |  | $ | 564,135 |  |  | $ | 1,670,282 |  |  | $ | 1,627,536 |
Advertising expenses: |  |  |  |  |  |  |
Billboard | $ | 227,505 |  |  | $ | 219,887 |  |  | $ | 666,328 |  |  | $ | 648,848 |
Other | 50,228 |  |  | 48,941 |  |  | 154,063 |  |  | 146,693 |
Total advertising expenses | $ | 277,733 |  |  | $ | 268,828 |  |  | $ | 820,391 |  |  | $ | 795,541 |
Segmented adjusted EBITDA: |  |  |  |  |  |  |
Billboard adjusted EBITDA | $ | 297,264 |  |  | $ | 282,700 |  |  | $ | 815,655 |  |  | $ | 795,268 |
Other adjusted EBITDA | 10,544 |  |  | 12,607 |  |  | 34,236 |  |  | 36,727 |
Corporate expenses (1) | (26,913) |  |  | (24,037) |  |  | (80,133) |  |  | (76,930) |
Adjusted EBITDA | $ | 280,895 |  |  | $ | 271,270 |  |  | $ | 769,758 |  |  | $ | 755,065 |

(1)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Reconciliation of adjusted EBITDA to income before income tax expense:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Adjusted EBITDA | $ | 280,895 |  |  | $ | 271,270 |  |  | $ | 769,758 |  |  | $ | 755,065 |
Stock-based compensation expense | (7,580) |  |  | (12,097) |  |  | (25,305) |  |  | (37,713) |
Capitalized contract fulfillment costs, net | 15 |  |  | 132 |  |  | 20 |  |  | 506 |
Depreciation and amortization | (86,276) |  |  | (75,112) |  |  | (242,207) |  |  | (227,531) |
Gain on disposition of assets and investments | 2,155 |  |  | 2,474 |  |  | 76,116 |  |  | 5,486 |
Equity in (loss) earnings of investee | — |  |  | 2,642 |  |  | 206 |  |  | 2,087 |
Interest expense, net | (40,431) |  |  | (42,275) |  |  | (118,374) |  |  | (130,060) |
Loss on debt extinguishment | (2,012) |  |  | (270) |  |  | (2,012) |  |  | (270) |
Income before income tax expense | $ | 146,766 |  |  | $ | 146,764 |  |  | $ | 458,202 |  |  | $ | 367,570 |

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This report contains forward-looking statements. Actual results could differ materially from those anticipated by the forward-looking statements due to risks and uncertainties described in the section of this combined report on Form 10-Q entitled “Note Regarding Forward-Looking Statements” and in Item 1A to the 2024 Combined Form 10-K filed on February 20, 2025, and such risk factors as further updated or supplemented, from time to time, in our combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should carefully consider each of these risks and uncertainties in evaluating the Company’s and Lamar Media’s financial condition and results of operations. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and the Company undertakes no obligation to update or revise the statements, except as may be required by law.
LAMAR ADVERTISING COMPANY
The following is a discussion of the consolidated financial condition and results of operations of the Company for the three and nine months ended September 30, 2025 and 2024. This discussion should be read in conjunction with the condensed consolidated financial statements of the Company and the related notes thereto.
Overview
The Company’s net revenues are derived primarily from the rental of advertising space on outdoor advertising displays owned and operated by the Company. We manage our business through three operating segments – billboard, logo and transit advertising. Revenue growth is based on many factors that include the Company’s ability to increase occupancy of its existing advertising displays; raise advertising rates; and acquire new advertising displays and its operating results are therefore affected by general economic conditions, as well as trends in the advertising industry. Advertising spending is particularly sensitive to changes in general economic conditions, which affect the rates the Company is able to charge for advertising on its displays and its ability to maximize advertising sales or occupancy on its displays.
Acquisitions and capital expenditures
Historically, the Company has made strategic acquisitions of outdoor advertising assets to increase the number of outdoor advertising displays it operates in existing and new markets. The Company continues to evaluate and pursue strategic acquisition opportunities as they arise. The Company has financed its historical acquisitions and intends to finance any future acquisition activity from available cash, borrowings under the senior credit facility and the Accounts Receivable Securitization Program or the issuance of debt or equity securities. See “Liquidity and Capital Resources- Sources of Cash,” for more information.
During the nine months ended September 30, 2025, the Company completed multiple acquisitions for a total cash purchase price of approximately $133.9 million. See Uses of Cash – Acquisitions for more information. Additionally, on July 2, 2025, Lamar Advertising Limited Partnership ("Lamar LP"), the subsidiary operating partner of the Company, acquired Verde Outdoor at a value of $147.6 million through the issuance of 1,187,500 Common Units of Lamar LP. The Common Units were issued to the owners of Verde Outdoor as the consideration in connection with the acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP. The Verde Outdoor assets include more than 1,500 billboard faces across ten states.
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The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment. The following table presents a breakdown of capitalized expenditures for the three and nine months ended September 30, 2025 and 2024:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total capital expenditures: |  |  |  |  |  |  |
Billboard — traditional | $ | 7,744 |  |  | $ | 7,472 |  |  | $ | 22,677 |  |  | $ | 18,485 |
Billboard — digital | 25,168 |  |  | 14,703 |  |  | 63,486 |  |  | 39,311 |
Logos | 6,038 |  |  | 3,108 |  |  | 12,023 |  |  | 6,244 |
Transit | 635 |  |  | 358 |  |  | 1,593 |  |  | 1,743 |
Land and buildings | 2,762 |  |  | 1,268 |  |  | 4,432 |  |  | 5,948 |
Operating equipment | 7,503 |  |  | 3,231 |  |  | 13,727 |  |  | 10,539 |
Total capital expenditures | $ | 49,850 |  |  | $ | 30,140 |  |  | $ | 117,938 |  |  | $ | 82,270 |

Non-GAAP Financial Measures
Our management reviews our performance by focusing on several key performance indicators not prepared in conformity with Generally Accepted Accounting Principles in the United States (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.
Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), Funds From Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, Adjusted Funds From Operations (“AFFO”) and acquisition-adjusted net revenues.
We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), equity in (earnings) loss of investee, loss (gain) on extinguishment of debt and investments, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net. Our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments.
FFO is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.
We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.
Acquisition-adjusted net revenues adjusts our net revenues for the prior period by adding to it the net revenues generated by the acquired assets before our acquisition of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted revenue, therefore, we include revenue generated by assets that we did not own in the period but acquired in the current period. We refer to the amount of pre-acquisition revenue generated by the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition net revenues”. In addition, we adjust the prior period to subtract revenue generated by the assets that have been divested since the prior period and, therefore, no revenue derived from those assets is reflected in the current period.
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Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues are not intended to replace net income or any other performance measures determined in accordance with GAAP. Neither FFO nor AFFO represents cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Rather, adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues are presented as we believe each is a useful indicator of our current operating performance. We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision-making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as depreciation and amortization may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) acquisition-adjusted net revenues is a supplement to net revenues to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (4) adjusted EBITDA, FFO and AFFO each provide investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature; and (5) each provides investors with a measure for comparing our results of operations to those of other companies.
Our measurement of adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues to net income, the most directly comparable GAAP measure, have been included herein.
RESULTS OF OPERATIONS
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
Net revenues increased $42.7 million or 2.6% to $1.67 billion for the nine months ended September 30, 2025 from $1.63 billion for the same period in 2024. This increase was primarily attributable to an increase in billboard net revenues of $37.9 million, an increase in transit net revenues of $0.8 million, and an increase in logo net revenues of $4.1 million over the same period in 2024.
For the nine months ended September 30, 2025, there was a $32.7 million increase in net revenues as compared to acquisition-adjusted net revenues for the nine months ended September 30, 2024, which represents an increase of 2.0%. See "Reconciliations" below. The $32.7 million increase in revenue is primarily due to an increase of $28.0 million in billboard net revenues, an increase of $2.9 million in logo net revenues, and an increase in transit net revenues of $1.8 million over the same period in 2024.
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $16.1 million, or 1.8%, to $926.2 million for the nine months ended September 30, 2025 from $910.1 million for the same period in 2024. The $16.1 million increase over the prior year is comprised of a $28.5 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, offset by a $12.4 million decrease in stock-based compensation.
Depreciation and amortization expense increased $14.7 million to $242.2 million for the nine months ended September 30, 2025 as compared to $227.5 million for the same period in 2024, primarily related to acquisitions and capital expenditures completed in the last twelve months.
For the nine months ended September 30, 2025, the Company recognized a gain on disposition of assets and investments of $76.1 million primarily resulting from the sale of Lamar's equity interest in Vistar Media, Inc., as well as transactions related to the sale of real estate and billboard locations and displays.
Due to the above factors, operating income increased by $82.6 million to $578.0 million for the nine months ended September 30, 2025 as compared to $495.4 million for the same period in 2024.
Interest expense decreased $11.5 million for the nine months ended September 30, 2025 to $120.2 million as compared to $131.8 million for the nine months ended September 30, 2024. The decrease was primarily due to the repayment of the Term A loans outstanding under the senior credit facility in July 2024 as well as a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Equity in earnings of investee was $0.2 million and $2.1 million for the nine months ended September 30, 2025 and 2024, respectively.
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The increase in operating income, as well as the decrease in interest expense, resulted in a $90.7 million increase in income before income tax expense (benefit). The effective tax rate for the nine months ended September 30, 2025 was 4.3%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
As a result of the above factors, the Company recognized net income for the nine months ended September 30, 2025 of $438.3 million, as compared to net income of $363.9 million for the same period in 2024.
Reconciliations:
Because acquisitions occurring after December 31, 2023 have contributed to our net revenues results for the periods presented, we provide 2024 acquisition-adjusted net revenues, which adjusts our 2024 net revenues for the nine months ended September 30, 2024 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the nine months ended September 30, 2025.
Reconciliations of 2024 reported net revenues to 2024 acquisition-adjusted net revenues for the nine months ended September 30, as well as a comparison of 2024 acquisition-adjusted net revenues to 2025 reported net revenues for the nine months ended September 30, are provided below:
Reconciliation and Comparison of Reported Net Revenues to Acquisition-Adjusted Net Revenues

| Nine Months Ended September 30,
| 2025 |  | 2024
| (in thousands)
Reported net revenues | $ | 1,670,282 |  |  | $ | 1,627,536 |
Acquisition net revenues | — |  |  | 10,079 |
Adjusted totals | $ | 1,670,282 |  |  | $ | 1,637,615 |

Key Performance Indicators
Net Income/Adjusted EBITDA

| Nine Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Net income | $ | 438,320 |  |  | $ | 363,915 |  |  | $ | 74,405 |  |  | 20.4 | %
Income tax expense | 19,498 |  |  | 3,225 |  |  | 16,273 |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Interest expense, net | 118,374 |  |  | 130,060 |  |  | (11,686) |  |  |
Equity in earnings of investee | (206) |  |  | (2,087) |  |  | 1,881 |  |  |
Gain on disposition of assets and investments | (76,116) |  |  | (5,486) |  |  | (70,630) |  |  |
Depreciation and amortization | 242,207 |  |  | 227,531 |  |  | 14,676 |  |  |
Capitalized contract fulfillment costs, net | (20) |  |  | (506) |  |  | 486 |  |  |
Stock-based compensation expense | 25,305 |  |  | 37,713 |  |  | (12,408) |  |  |
Adjusted EBITDA | $ | 769,374 |  |  | $ | 754,635 |  |  | $ | 14,739 |  |  | 2.0 | %

Adjusted EBITDA for the nine months ended September 30, 2025 increased 2.0% to $769.4 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.3 million, offset by an increase in total general and administrative and corporate expenses of $15.5 million, excluding the impact of stock-based compensation expense.
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Segmented Adjusted EBITDA

| Nine Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Billboard adjusted EBITDA | $ | 815,655 |  |  | $ | 795,268 |  |  | $ | 20,387 |  |  |
Other adjusted EBITDA(1) | 34,236 |  |  | 36,727 |  |  | (2,491) |  |  |
Corporate expenses(2) | (80,517) |  |  | (77,360) |  |  | (3,157) |  |  |
Adjusted EBITDA | $ | 769,374 |  |  | $ | 754,635 |  |  | $ | 14,739 |  |  | 2.0 | %

(1)Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.
(2)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Adjusted EBITDA for the nine months ended September 30, 2025 increased 2.0% to $769.4 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $20.4 million, offset by a decrease in other adjusted EBITDA of $2.5 million and an increase in corporate expenses of $3.2 million, excluding the impact of stock-based compensation expense.
Net Income/FFO/AFFO

(In thousands) | Nine Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
| 2025 |  | 2024 |  |
Net income | $ | 438,320 |  |  | $ | 363,915 |  |  | $ | 74,405 |  |  | 20.4 | %
Depreciation and amortization related to real estate | 224,515 |  |  | 215,432 |  |  | 9,083 |  |  |
Gain from sale or disposal of real estate and investments, net of tax | (62,621) |  |  | (5,260) |  |  | (57,361) |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | 608 |  |  | (2,355) |  |  | 2,963 |  |  |
FFO | $ | 600,822 |  |  | $ | 571,732 |  |  | $ | 29,090 |  |  | 5.1 | %
Straight-line expense | 3,493 |  |  | 3,038 |  |  | 455 |  |  |
Capitalized contract fulfillment costs, net | (20) |  |  | (506) |  |  | 486 |  |  |
Stock-based compensation expense | 25,305 |  |  | 37,713 |  |  | (12,408) |  |  |
Non-cash portion of tax provision | (685) |  |  | (3,357) |  |  | 2,672 |  |  |
Non-real estate related depreciation and amortization | 17,692 |  |  | 12,098 |  |  | 5,594 |  |  |
Amortization of deferred financing costs | 4,593 |  |  | 4,830 |  |  | (237) |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Capital expenditures - maintenance | (36,542) |  |  | (35,723) |  |  | (819) |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | (608) |  |  | 2,355 |  |  | (2,963) |  |  |
AFFO | $ | 616,062 |  |  | $ | 592,450 |  |  | $ | 23,612 |  |  | 4.0 | %

FFO for the nine months ended September 30, 2025 increased from $571.7 million in 2024 to $600.8 million for the same period in 2025, an increase of 5.1%. AFFO for the nine months ended September 30, 2025 increased 4.0% to $616.1 million as compared to $592.5 million for the same period in 2024. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.3 million as well as a decrease in interest expense of $11.5 million, offset by an increase in total general and administrative and corporate expenses of $15.5 million for the nine months ended September 30, 2025.
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Three months ended September 30, 2025 compared to three months ended September 30, 2024
Net revenues increased $21.4 million or 3.8% to $585.5 million for the three months ended September 30, 2025 from $564.1 million for the same period in 2024. This increase was primarily attributable to an increase in billboard net revenues of $22.2 million and an increase in logo net revenues of $1.5 million, offset by a decrease in transit net revenues of $2.3 million over the same period in 2024.
For the three months ended September 30, 2025, there was a $16.3 million increase in net revenues as compared to acquisition-adjusted net revenues for the three months ended September 30, 2024, which represents an increase of 2.9%. See "Reconciliations" below. The $16.3 million increase in revenue is primarily due to an increase of $14.4 million in billboard net revenues, an increase of $1.1 million in logo net revenues, and an increase of $0.9 million in transit net revenues over the same period in 2024.
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $7.4 million, or 2.4%, to $312.3 million for the three months ended September 30, 2025 from $304.9 million for the same period in 2024. The $7.4 million increase over the prior year is comprised of an $11.9 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, offset by a $4.5 million decrease in stock-based compensation.
Depreciation and amortization expense increased $11.2 million to $86.3 million for the three months ended September 30, 2025 as compared to $75.1 million for the same period in 2024, primarily related to acquisitions and capital expenditures completed in the last twelve months.
For the three months ended September 30, 2025, the Company recognized a gain on disposition of assets and investments of $2.2 million, primarily resulting from transactions related to the sale of real estate and billboard locations and displays.
Due to the above factors, operating income increased by $2.5 million to $189.1 million for the three months ended September 30, 2025 as compared to $186.6 million for the same period in 2024.
Interest expense decreased $1.7 million for the three months ended September 30, 2025 to $41.2 million as compared to $42.9 million for the three months ended September 30, 2024 primarily due to a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
There was no equity in earnings of investee for the three months ended September 30, 2025 as compared to $2.6 million for the three months ended September 30, 2024. The decrease of $2.6 million was due to the sale of the Company's equity investment in Vistar Media, Inc. during 2025.
The increase in operating income, offset by the decrease in equity in earnings of investee, resulted in no change in income before income tax expense for the three months ended September 30, 2025 as compared to the same period in 2024. The effective tax rate for the three months ended September 30, 2025 was 1.7%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
As a result of the above factors, the Company recognized net income for the three months ended September 30, 2025 of $144.1 million, as compared to net income of $147.8 million for the same period in 2024.
Reconciliations:
Because acquisitions occurring after December 31, 2023 have contributed to our net revenues results for the periods presented, we provide 2024 acquisition-adjusted net revenues, which adjusts our 2024 net revenue for the three months ended September 30, 2024 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the three months ended September 30, 2025.
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Reconciliations of 2024 reported net revenues to 2024 acquisition-adjusted net revenues for the three months ended September 30, as well as a comparison of 2024 acquisition-adjusted net revenues to 2025 reported net revenues for the three months ended September 30, are provided below:
Reconciliation and Comparison of Reported Net Revenues to Acquisition-Adjusted Net Revenues

| Three Months Ended September 30,
| 2025 |  | 2024
| (in thousands)
Reported net revenues | $ | 585,541 |  |  | $ | 564,135 |
Acquisition net revenues | — |  |  | 5,058 |
Adjusted totals | $ | 585,541 |  |  | $ | 569,193 |

Key Performance Indicators
Net Income/Adjusted EBITDA

| Three Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Net income | $ | 144,075 |  |  | $ | 147,822 |  |  | $ | (3,747) |  |  | (2.5) | %
Income tax expense (benefit) | 2,566 |  |  | (1,169) |  |  | 3,735 |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Interest expense, net | 40,431 |  |  | 42,275 |  |  | (1,844) |  |  |
Equity in earnings of investee | — |  |  | (2,642) |  |  | 2,642 |  |  |
Gain on disposition of assets and investments | (2,155) |  |  | (2,474) |  |  | 319 |  |  |
Depreciation and amortization | 86,276 |  |  | 75,112 |  |  | 11,164 |  |  |
Capitalized contract fulfillment costs, net | (15) |  |  | (132) |  |  | 117 |  |  |
Stock-based compensation expense | 7,580 |  |  | 12,097 |  |  | (4,517) |  |  |
Adjusted EBITDA | $ | 280,770 |  |  | $ | 271,159 |  |  | $ | 9,611 |  |  | 3.5 | %

Adjusted EBITDA for the three months ended September 30, 2025 increased 3.5% to $280.8 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $16.4 million offset by an increase in total general and administrative and corporate expenses of $6.8 million, excluding the impact of stock-based compensation expense.
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Segmented Adjusted EBITDA

| Three Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Billboard adjusted EBITDA | $ | 297,264 |  |  | $ | 282,700 |  |  | $ | 14,564 |  |  |
Other adjusted EBITDA(1) | 10,544 |  |  | 12,607 |  |  | (2,063) |  |  |
Corporate expenses(2) | (27,038) |  |  | (24,148) |  |  | (2,890) |  |  |
Adjusted EBITDA | $ | 280,770 |  |  | $ | 271,159 |  |  | $ | 9,611 |  |  | 3.5 | %

(1)Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.
(2)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Adjusted EBITDA for the three months ended September 30, 2025 increased 3.5% to $280.8 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $14.6 million, offset by a decrease in other adjusted EBITDA of $2.1 million and an increase in corporate expenses of $2.9 million, excluding the impact of stock-based compensation expense.
Net Income/FFO/AFFO

(In thousands) | Three Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
| 2025 |  | 2024 |  |
Net income | $ | 144,075 |  |  | $ | 147,822 |  |  | $ | (3,747) |  |  | (2.5) | %
Depreciation and amortization related to real estate | 76,864 |  |  | 71,310 |  |  | 5,554 |  |  |
Gain from sale or disposal of real estate, net of tax | (1,879) |  |  | (2,440) |  |  | 561 |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | 278 |  |  | (2,739) |  |  | 3,017 |  |  |
FFO | $ | 219,338 |  |  | $ | 213,953 |  |  | $ | 5,385 |  |  | 2.5 | %
Straight line expense | 1,112 |  |  | 971 |  |  | 141 |  |  |
Capitalized contract fulfillment costs, net | (15) |  |  | (132) |  |  | 117 |  |  |
Stock-based compensation expense | 7,580 |  |  | 12,097 |  |  | (4,517) |  |  |
Non-cash portion of tax provision | (346) |  |  | (3,293) |  |  | 2,947 |  |  |
Non-real estate related depreciation and amortization | 9,412 |  |  | 3,801 |  |  | 5,611 |  |  |
Amortization of deferred financing costs | 1,537 |  |  | 1,559 |  |  | (22) |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Capital expenditures - maintenance | (13,880) |  |  | (11,269) |  |  | (2,611) |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | (278) |  |  | 2,739 |  |  | (3,017) |  |  |
AFFO | $ | 226,472 |  |  | $ | 220,696 |  |  | $ | 5,776 |  |  | 2.6 | %

FFO for the three months ended September 30, 2025 increased from $214.0 million in 2024 to $219.3 million for the same period in 2025, an increase of 2.5%. AFFO for the three months ended September 30, 2025 increased 2.6% to $226.5 million as compared to $220.7 million for the same period in 2024. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $16.4 million, offset by an increase in total general and administrative and corporate expenses of $6.8 million, excluding the impact of stock-based compensation expense, as well as a decrease of $2.6 million in equity in earnings of investee.
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LIQUIDITY AND CAPITAL RESOURCES
Overview
The Company has historically satisfied its working capital requirements with cash from operations and borrowings under the senior credit facility and the Accounts Receivable Securitization Program. The Company’s wholly owned subsidiary, Lamar Media Corp., is the borrower under the senior credit facility and maintains all corporate operating cash balances. Certain subsidiaries of Lamar Media are the principal borrowers under the Accounts Receivable Securitization Program. Any cash requirements of the Company, therefore, must be funded by distributions from Lamar Media.
Sources of Cash
Total Liquidity. As of September 30, 2025 we had $834.2 million of total liquidity, which is comprised of $22.0 million in cash and cash equivalents, $70.0 million available for borrowing under the Accounts Receivable Securitization Program and $742.2 million of availability under the revolving portion of Lamar Media’s senior credit facility. We expect our total liquidity to be adequate for the Company to meet its operational requirements for the next twelve months. We are currently in compliance with the maintenance covenant included in the senior credit facility and we would remain in compliance after accounting for borrowing the full amount available to us under the revolving portion of the senior credit facility.
As of September 30, 2025 and December 31, 2024, the Company had a working capital deficit of $287.5 million and $353.2 million, respectively. The decrease in working capital deficit of $65.7 million is primarily due to a decrease in borrowings outstanding on the Accounts Receivable Securitization Program.
Cash Generated by Operations. For the nine months ended September 30, 2025 and 2024, our cash provided by operating activities was $592.9 million and $594.3 million, respectively. We expect to generate cash flows from operations during 2025 in excess of our cash needs for operations, capital expenditures and dividends, as described herein. We believe we have sufficient liquidity available under our revolving credit facility to meet our operating cash needs for the next twelve months.
Accounts Receivable Securitization Program. On June 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175.0 million to $250.0 million and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term Secured Overnight Financing Rate ("Term SOFR") based interest rate mechanics for the Accounts Receivable Securitization Program.
Borrowing capacity under the Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. In connection with the Accounts Receivable Securitization Program, Lamar Media and certain of its subsidiaries (such subsidiaries, the “Subsidiary Originators”) sell and/or contribute their existing and future accounts receivable and certain related assets to one of two special purpose subsidiaries, Lamar QRS Receivables, LLC (the “QRS SPV”) and Lamar TRS Receivables, LLC (the “TRS SPV” and together with the QRS SPV the “Special Purpose Subsidiaries”), each of which is a wholly-owned subsidiary of Lamar Media. Existing and future accounts receivable relating to Lamar Media and its qualified REIT subsidiaries will be sold and/or contributed to the QRS SPV and existing and future accounts receivable relating to Lamar Media’s Taxable REIT Subsidiaries ("TRSs") will be sold and/or contributed to the TRS SPV. Each of the Special Purpose Subsidiaries has granted the lenders party to the Accounts Receivable Securitization Program a security interest in all of its assets, which consist of the accounts receivable and related assets sold or contributed to them, as described above, in order to secure the obligations of the Special Purpose Subsidiaries under the agreements governing the Accounts Receivable Securitization Program. Pursuant to the Accounts Receivable Securitization Program, Lamar Media has agreed to service the accounts receivable on behalf of the two Special Purpose Subsidiaries for a fee. Lamar Media has also agreed to guarantee its performance in its capacity as servicer and originator, as well as the performance of the Subsidiary Originators, of their obligations under the agreements governing the Accounts Receivable Securitization Program. None of Lamar Media, the Subsidiary Originators or the Special Purpose Subsidiaries guarantees the collectability of the receivables under the Accounts Receivable Securitization Program. In addition, each of the Special Purpose Subsidiaries is a separate legal entity with its own separate creditors who will be entitled to access the assets of such Special Purpose Subsidiary before the assets become available to Lamar Media. Accordingly, the assets of the Special Purpose Subsidiaries are not available to pay creditors of Lamar Media or any of its subsidiaries, although collections from receivables in excess of the amounts required to repay the lenders and the other creditors of the Special Purpose Subsidiaries may be remitted to Lamar Media.
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As of September 30, 2025, there was $180.0 million in outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had $70.0 million additional availability under the Accounts Receivable Securitization Program as of September 30, 2025.
The Accounts Receivable Securitization Program was set to mature on July 21, 2025, but was subsequently extended to October 15, 2027 by the Seventh Amendment to the Receivables Financing Agreement dated October 15, 2024. Lamar Media may amend the facility to further extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.
“At-the-Market” Offering Program. On July 24, 2024, the Company entered into an equity distribution agreement, or At-the-Market Offering Agreement, (the "2024 Sales Agreement"), with J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms (the "2021 Sales Agreement"). Under the terms of the 2024 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400.0 million through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be conducted in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A common stock under the 2024 Sales Agreement and may at any time suspend solicitations and offers under the 2024 Sales Agreement. The Company intends to use the net proceeds, if any, from the sale of the Class A common stock pursuant to the 2024 Sales Agreement for general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness, working capital, capital expenditures, acquisition of outdoor advertising assets and businesses and other related investments. The Company did not issue any shares under the 2024 Sales Agreement during the year ended December 31, 2024 and the nine months ended September 30, 2025. The Company did not issue any shares under the 2021 Sales Agreement from inception through expiration.
Shelf Registration Statement. On June 21, 2021, the Company filed an automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock. The shelf registration statement expired on June 21, 2024.
On July 24, 2024, the Company filed a new automatically effective shelf registration statement that allows the Company to offer and sell an indeterminate amount of additional shares of its Class A common stock, which replaces the previous shelf registration statement. During the year ended December 31, 2024 and the nine months ended September 30, 2025, the Company did not issue any shares under either shelf registration statement.
Credit Facilities. On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).
The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (as amended by the Amendments, as defined below) (the “senior credit facility”), consists of (i) a $750.0 million senior secured revolving credit facility which will mature on July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $700.0 million senior secured Term B loan facility (the “Term B loans”) which will mature on September 23, 2032, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or additional incremental revolving facilities or increase its existing revolving credit facility subject to a pro forma secured debt ratio calculated as described under “Restrictions under Senior Credit Facility” of 4.50 to 1.00, as well as certain other conditions including lender approval.
On July 2, 2021, Lamar Media entered into Amendment No. 1 (the "Amendment No. 1"), to the Fourth Amended and Restated Credit Agreement. The Amendment No. 1 amended the definition of "Subsidiary" to exclude each of Lamar Partnering Sponsor LLC and Lamar Partnering Corporation and any of their subsidiaries (collectively, the “Lamar Partnering Entities”) such that, after giving effect to the Amendment, none of the Lamar Partnering Entities are subject to the Fourth Amended and Restated Credit Agreement covenants and reporting requirements, but any investment by Lamar Media in any of the Lamar Partnering Entities would be subject to the Fourth Amended and Restated Credit Agreement covenants. The Amendment No. 1
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also amended the definition of “EBITDA” to replace the existing calculation with a net income-based calculation, which excludes the income of non-Subsidiary entities such as the Lamar Partnering Entities, except to the extent that income of such entities is received by Lamar Media in the form of dividends or distributions.
On July 29, 2022, Lamar Media entered into Amendment No. 2 ("Amendment No. 2") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans were set to mature on February 6, 2025. Lamar Media borrowed all $350.0 million in Term A loans on July 29, 2022 and proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. The Term A loans were subsequently repaid in full on July 31, 2024.
On April 26, 2023, Lamar Media entered into Amendment No. 3 ("Amendment No. 3") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank N.A. as administrative agent and the lenders party thereto. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement were unchanged by Amendment No. 3.
On July 31, 2023, Lamar Media entered into Amendment No. 4 (the “Amendment No. 4”), to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. Amendment No. 4 extended the maturity date of Lamar Media’s $750.0 million revolving credit facility such that the revolving credit facility matures July 31, 2028; provided that, if on the date (the "Springing Maturity Test Date") that is 91 days prior to the February 15, 2028 maturity date of Lamar Media’s 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the 3 3/4% Notes, the revolving credit facility will mature on the Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together with all accrued and unpaid interest on such revolving loans, will be due and payable.
Amendment No. 4 also established a $75.0 million swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75.0 million. In addition, Amendment No. 4 amended the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein.
On September 23, 2025, Lamar Media entered into Amendment No. 5 (the “Amendment No. 5”, and together with the Amendment, the Amendment No. 2, the Amendment No. 3 and the Amendment No. 4, the “Amendments”) to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. Amendment No. 5 established the Term B loans as a new class of incremental term loans. Lamar Media borrowed all $700.0 million in Term B loans on September 23, 2025. Proceeds from the Term B loans were used to repay $600.0 million in Term B loans previously outstanding, with the remainder used to repay a portion of the outstanding balance on the revolving credit facility. The Term B loans will mature on September 23, 3032 (or if such day is not a Business Day, the next Business Day) and the entire principal amount of the Term B loans then outstanding, together with all accrued and unpaid interest on the Term B loans, will be due and payable on such date. The Term B loans bear interest at rates based on the Adjusted Term SOFR Rate (“Term Benchmark Term B Loans”) or the Adjusted Base Rate (“Base Rate Term B Loans”) at Lamar Media’s option. For purposes of the Term B Loans, the “Adjusted Term SOFR Rate” is a rate per annum equal to the Term SOFR Rate for the applicable interest period, plus 0.00%. Term Benchmark Term B Loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% and Base Rate Term B Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The covenants, events of default and other terms of the senior credit facility (all of which are unchanged by Amendment No. 5) apply to the Term B loans.
As of September 30, 2025 the aggregate balance outstanding under the senior credit facility was $698.3 million, consisting of $698.3 million in Term B loans aggregate principal balance and no outstanding borrowings under our revolving credit facility. Lamar Media had approximately $742.2 million of unused capacity under the revolving credit facility.
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Note Offerings. On September 25, 2025, Lamar Media completed an institutional private placement of $400.0 million aggregate principal amount of 5 3/8% Senior Notes due 2033 (the “5 3/8% Notes”). The institutional private placement on September 25, 2025 resulted in net proceeds to Lamar Media of approximately $393.5 million. Lamar Media used the proceeds from this offering, together with borrowings on the Term B loans, to pay off the balance outstanding on the revolving credit facility as well as pay down a portion of the balance on the Accounts Receivable Securitization Program.
Factors Affecting Sources of Liquidity
Internally Generated Funds. The key factors affecting internally generated cash flow are general economic conditions, specific economic conditions in the markets where the Company conducts its business and overall spending on advertising by advertisers. We expect to generate cash flows from operations during 2025 in excess of our cash needs for operations, capital expenditures and dividends, as described herein, and we believe we have sufficient liquidity with cash on hand and availability under our revolving credit facility to meet our operating cash needs for the next twelve months.
Credit Facilities and Other Debt Securities. The Company and Lamar Media must comply with certain covenants and restrictions related to the senior credit facility, its outstanding debt securities and its Accounts Receivable Securitization Program.
Restrictions Under Debt Securities. The Company and Lamar Media must comply with certain covenants and restrictions related to its outstanding debt securities. Currently, Lamar Media has outstanding the $600.0 million 3 3/4% Senior Notes issued February 2020, the $550.0 million 4% Senior Notes issued February 2020 and August 2020, the $400.0 million 4 7/8% Senior Notes issued in May 2020, the $550.0 million 3 5/8% Senior Notes issued in January 2021 and the $400.0 million 5 3/8% Senior Notes issued September 2025.
The indentures relating to Lamar Media’s outstanding notes restrict its ability to incur additional indebtedness, but permit the incurrence of indebtedness (including indebtedness under the senior credit facility), (i) if no default or event of default would result from such incurrence and (ii) if after giving effect to any such incurrence, the leverage ratio (defined as the sum of (x) total consolidated debt plus (y) the aggregate liquidation preference of any preferred stock of Lamar Media’s restricted subsidiaries (and in the case of the 5 3/8% Notes, minus (z) unrestricted cash of Lamar Media and its restricted subsidiaries) to trailing four fiscal quarter EBITDA (as defined in the indentures)) would be less than 7.0 to 1.0. Currently, Lamar Media is not in default under the indentures of any of its outstanding notes and, therefore, would be permitted to incur additional indebtedness subject to the foregoing provision.
In addition to debt incurred under the provisions described in the preceding paragraph, the indentures relating to Lamar Media’s outstanding notes permit Lamar Media to incur indebtedness pursuant to the following baskets:
•up to $2.0 billion of indebtedness under the senior credit facility;
•indebtedness outstanding on the date of the indentures or debt incurred to refinance outstanding debt;
•inter-company debt between Lamar Media and its restricted subsidiaries or between restricted subsidiaries;
•certain purchase money indebtedness and capitalized lease obligations to acquire or lease property in the ordinary course of business that cannot exceed the greater of $50.0 million or 5% of Lamar Media’s net tangible assets;
•additional debt not to exceed $75.0 million; and
•up to $500.0 million of permitted securitization financings.
Restrictions Under Senior Credit Facility. Lamar Media is required to comply with certain covenants and restrictions under the senior credit facility. If the Company or Lamar Media fails to comply with these tests, the lenders under the senior credit facility will be entitled to exercise certain remedies, including the termination of the lending commitments and the acceleration of the debt payments under the senior credit facility. As of September 30, 2025, we were, and currently we are, in compliance with all such tests under the senior credit facility.
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Lamar Media must maintain a secured debt ratio, defined as total consolidated secured debt of Lamar Advertising, Lamar Media and its restricted subsidiaries (including capital lease obligations), minus the lesser of (x) $150.0 million and (y) the aggregate amount of unrestricted cash and cash equivalents of Lamar Advertising, Lamar Media and its restricted subsidiaries (other than the Special Purpose Subsidiaries (as defined above under S ources of Cash – Accounts Receivable Securitization Program)) to EBITDA, as defined below, for the period of four consecutive fiscal quarters then ended, of less than or equal to 4.5 to 1.0.
Lamar Media is restricted from incurring additional indebtedness subject to exceptions, one of which is that it may incur additional indebtedness not exceeding the greater of $250.0 million or 6% of its total assets.
Lamar Media is also restricted from incurring additional unsecured senior indebtedness under certain circumstances unless, after giving effect to the incurrence of such indebtedness, Lamar Media would have a total debt ratio, defined as (x) total consolidated debt (including subordinated debt) of Lamar Advertising, Lamar Media and its restricted subsidiaries as of any date minus the lesser of (i) $150.0 million and (ii) the aggregate amount of unrestricted cash and cash equivalents of Lamar Advertising, Lamar Media and its restricted subsidiaries (other than the Special Purpose Subsidiaries) to (y) EBITDA, as defined below, for the most recent four fiscal quarters then ended, of less than 7.0 to 1.0.
Lamar Media is also restricted from incurring additional subordinated indebtedness under certain circumstances unless, after giving effect to the incurrence of such indebtedness, it is in compliance with the secured debt ratio covenant and its total debt ratio is less than 7.0 to 1.0.
Under the senior credit facility, as amended, “EBITDA” means, for any period, net income, plus (a) to the extent deducted in determining net income for such period, the sum determined without duplication and in accordance with GAAP, of (i) taxes, (ii) interest expense, (iii) depreciation, (iv) amortization, (v) any other non-cash income or charges accrued for such period, (vi) charges and expenses in connection with the senior credit facility, any actual or proposed acquisition, disposition or investment (excluding, in each case, purchases and sales of advertising space and operating assets in the ordinary course of business) and any actual or proposed offering of securities, incurrence or repayment of indebtedness (or amendment to any agreement relating to indebtedness), including any refinancing thereof, or recapitalization, (vii) any loss or gain relating to amounts paid or earned in cash prior to the stated settlement date of any swap agreement that has been reflected in operating income for such period, and (viii) any loss on sales of receivables and related assets to a securitization entity in connection with a permitted securitization financing, plus (b) the amount of cost savings, operating expense reductions and other operating improvements or synergies projected by Lamar Media in good faith to be realized as a result of any acquisition, investment, merger, amalgamation or disposition within 18 months of any such acquisition, investment, merger, amalgamation or disposition, net of the amount of actual benefits realized during such period from such action; provided, (A) the aggregate amount for all such cost savings, operating expense reductions and other operating improvements or synergies will not exceed an amount equal to 15% of EBITDA for the applicable four quarter period and (B) any such adjustment to EBITDA pursuant to this clause (b) may only take into account cost savings, operating expense reductions and other operating improvements or synergies that are (I) directly attributable to such acquisition, investment, merger, amalgamation or disposition, (II) expected to have a continuing impact on Lamar Media and its restricted subsidiaries and (III) factually supportable, in each case all as certified by the chief financial officer of Lamar Media on behalf of Lamar Media, minus (c) to the extent included in net income for such period (determined without duplication and in accordance with GAAP) (i) any extraordinary and unusual gains or losses during such period, and (ii) the proceeds of any casualty events and dispositions. For purposes of this EBITDA definition, the effect thereon of any adjustments required under Statement of Financial Accounting Standards No. 141R shall be excluded. If during any period for which EBITDA is being determined, Lamar Media has consummated any acquisition or disposition, EBITDA will be determined on a pro forma basis as if such acquisition or disposition had been made or consummated on the first day of such period.
Under the senior credit facility, "net income" means for any period, the consolidated net income (or loss) of Lamar Advertising, Lamar Media, and its restricted subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that the following is excluded from net income: (a) the income (or deficit) of any person accrued prior to the date it becomes a restricted subsidiary or is merged into or consolidated with Lamar Advertising, Lamar Media or any of its restricted subsidiaries, and (b) the income (or deficit) of any person (other than any of our restricted subsidiaries) in which Lamar Advertising, Lamar Media or any of its subsidiaries has an ownership interest, except to the extent that any such income is received by Lamar Advertising, Lamar Media or any of its restricted subsidiaries in the form of dividends or similar distributions.
The Company believes that its current level of cash on hand, availability under the senior credit facility and future cash flows from operations are sufficient to meet its operating needs for the next twelve months. All debt obligations are reflected on the Company’s balance sheet.
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Restrictions under Accounts Receivable Securitization Program. The agreements governing the Accounts Receivable Securitization Program contain customary representations and warranties, affirmative and negative covenants, and termination event provisions, including but not limited to those providing for the acceleration of amounts owed under the Accounts Receivable Securitization Program if, among other things, the Special Purpose Subsidiaries fail to make payments when due, Lamar Media, the Subsidiary Originators or the Special Purpose Subsidiaries become insolvent or subject to bankruptcy proceedings or certain judicial judgments, breach certain representations and warranties or covenants or default under other material indebtedness, a change of control occurs, or if Lamar Media fails to maintain the maximum secured debt ratio of 4.5 to 1.0 required under the senior credit facility.
Uses of Cash
Capital Expenditures. Capital expenditures, excluding acquisitions, were approximately $117.9 million for the nine months ended September 30, 2025. We anticipate our 2025 total capital expenditures will be approximately $180.0 million.
Acquisitions. During the nine months ended September 30, 2025, the Company completed acquisitions for an aggregate cash purchase price of approximately $133.9 million, which were financed using available cash on hand and borrowings on the senior credit facility.
Dividends. On February 19, 2025, the Company's Board of Directors declared a quarterly cash dividend of $1.55 per share, paid on March 28, 2025 to its stockholders of record of its Class A common stock and Class B common stock on March 14, 2025. On May 15, 2025, the Company's Board of Directors declared a quarterly cash dividend of $1.55 per share, paid on June 30, 2025 to its stockholders of record of its Class A common stock and Class B common stock on June 16, 2025. On August 27, 2025, the Company's Board of Directors declared a quarterly cash dividend of $1.55 per share, paid on September 30, 2025 to its stockholders of record of its Class A common stock and Class B common stock on September 19, 2025. Subject to approval of the Company's Board of Directors, the Company expects aggregate quarterly distributions to stockholders in 2025 will be at least $6.20 per share of common stock, including the dividends paid on March 28, 2025, June 30, 2025 and September 30, 2025.
As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs, the impact of general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant. The foregoing factors may also impact management’s recommendations to the Board of Directors as to the timing, amount and frequency of future distributions.
Stock and Debt Repurchasing Program. Prior to May 15, 2025, the Company’s Board of Directors had authorized the repurchase of up to $250.0 million of the Company’s Class A common stock. Additionally, the Board of Directors has authorized Lamar Media to repurchase up to $250.0 million in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its senior credit agreement. On September 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. On May 15, 2025, the Company's Board of Directors approved the increase of the amount authorized under the Stock Repurchase Program by $150.0 million, bringing the total amount authorized under the Program to $400.0 million. The Company’s management may opt not to make any repurchases under the program, or may make aggregate purchases less than the total amount authorized. During the nine months ended September 30, 2025, the Company repurchased 1,388,091 shares of the Company's Class A common stock outstanding for a total purchase price of $150.0 million.
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Material Cash Requirements
Our expected material cash requirements for the twelve months following September 30, 2025 and thereafter are comprised of contractual obligations, required annual distributions and other opportunistic expenditures.
Debt and Contractual Obligations. The following table summarizes our future debt maturities, interest payment obligations, and contractual obligations including required payments under operating and financing leases as of September 30, 2025:

(In millions) | Less than 1 year |  | Thereafter
Debt maturities(1) | $ | 0.4 |  |  | $ | 3,348.3 |
Interest obligations on long-term debt(2) | 152.3 |  |  | 476.4 |
Contractual obligations, including operating and financing leases | 288.8 |  |  | 1,924.9 |
Total payments due | $ | 441.5 |  |  | $ | 5,749.6 |

(1)Debt maturities assume there is no refinancing prior to the existing maturity date and is based on contractual maturities.
(2)Interest rates on our variable rate instruments assume rates at the September 30, 2025 levels.
Required Annual Distributions. As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). On February 19, 2025, the Company's Board of Directors declared a quarterly cash dividend of $1.55 per share, paid on March 28, 2025 to its stockholders of record of its Class A common stock and Class B common stock on March 14, 2025. On May 15, 2025, the Company's Board of Directors declared a quarterly cash dividend of $1.55 per share, paid on June 30, 2025 to its stockholders of record of its Class A common stock and Class B common stock on June 16, 2025. On August 27, 2025, the Company's Board of Directors declared a quarterly cash dividend of $1.55 per share, paid on September 30, 2025 to its stockholders of record of its Class A common stock and Class B common stock on September 19, 2025. Subject to approval of the Company's Board of Directors, the Company expects aggregate quarterly distributions to stockholders in 2025 will be at least $6.20 per share of common stock, including the dividends paid on March 28, 2025, June 30, 2025 and September 30, 2025.
Opportunistic Expenditures. As part of our capital allocation strategy, we plan to continue to allocate our available capital among investment alternatives that meet our return on investment criteria. We will continue to reinvest in our existing assets and expand our outdoor advertising display portfolio through new construction. We will also continue to pursue strategic acquisitions of outdoor advertising businesses and assets. This includes acquisitions in our existing markets and in new markets where we can meet our return on investment criteria.
Cash Flows
The Company's cash flows provided by operating activities decreased $1.4 million from $594.3 million for the nine months ended September 30, 2024 to $592.9 million for the nine months ended September 30, 2025.
Cash flows used in investing activities for nine months ended September 30, 2025 were $128.1 million as compared to cash flows used in investing activities for the nine months ended September 30, 2024 of $108.0 million. This change was primarily due to increases in acquisitions and capital expenditures during 2025, offset by proceeds from the sale of the Company's equity investment in Vistar Media, Inc. of $115.9 million during 2025.
The Company's cash flows used in financing activities were $492.4 million for the nine months ended September 30, 2025 as compared to $501.2 million for the nine months ended September 30, 2024. The cash flows used in financing activities of $492.4 million for the nine months ended September 30, 2025 were primarily due to cash paid for dividends and distributions, cash used for stock repurchases, and payments on the revolving credit facility, offset by the issuance of the 5 3/8% Senior Notes and borrowings on the revolving credit facility.
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Critical Accounting Estimates
Our discussion and analysis of our results of operations and liquidity and capital resources are based on our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. There have been no material changes to the critical accounting policies and estimates as previously disclosed in Item 7 of our 2024 Combined Form 10-K.
Accounting Standards and Regulatory Update
See Note 14, "New Accounting Pronouncements" to our condensed consolidated financial statements included in Part 1, Item 1 of this report for a discussion of our Accounting Standards and Regulatory Update.
LAMAR MEDIA CORP.
The following is a discussion of the consolidated financial condition and results of operations of Lamar Media for the three and nine months ended September 30, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements of Lamar Media and the related notes thereto.
RESULTS OF OPERATIONS
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
Net revenues increased $42.7 million or 2.6% to $1.67 billion for the nine months ended September 30, 2025 from $1.63 billion for the same period in 2024. This increase was primarily attributable to an increase in billboard net revenues of $37.9 million, an increase in transit net revenues of $0.8 million, and an increase in logo net revenues of $4.1 million over the same period in 2024.
For the nine months ended September 30, 2025, there was a $32.7 million increase in net revenues as compared to acquisition-adjusted net revenues for the nine months ended September 30, 2024, which represents an increase of 2.0%. See "Reconciliations" below. The $32.7 million increase in revenue is primarily due to an increase of $28.0 million in billboard net revenues, an increase of $2.9 million in logo net revenues, and an increase in transit net revenues of $1.8 million over the same period in 2024.
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $16.1 million, or 1.8%, to $925.8 million for the nine months ended September 30, 2025 from $909.7 million for the same period in 2024. The $16.1 million increase over the prior year is comprised of a $28.5 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, offset by a $12.4 million decrease in stock-based compensation.
Depreciation and amortization expense increased $14.7 million to $242.2 million for the nine months ended September 30, 2025 as compared to $227.5 million for the same period in 2024, primarily related to acquisitions and capital expenditures completed in the last twelve months.
For the nine months ended September 30, 2025, Lamar Media recognized a gain on disposition of assets and investments of $76.1 million, primarily resulting from the sale of Lamar's equity interest in Vistar Media, Inc., as well as transactions related to the sale of real estate and billboard locations and displays.
Due to the above factors, operating income increased by $82.6 million to $578.4 million for the nine months ended September 30, 2025 as compared to $495.8 million for the same period in 2024.
Interest expense decreased $11.5 million for the nine months ended September 30, 2025 to $120.2 million as compared to $131.8 million for the nine months ended September 30, 2024. The decrease was primarily due to the repayment of the Term A loans outstanding under the senior credit facility in July 2024 as well as a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Equity in earnings of investee was $0.2 million and $2.1 million for the nine months ended September 30, 2025 and 2024, respectively.
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The increase in operating income, as well as the decrease in interest expense, resulted in a $90.6 million increase in income before income tax expense (benefit). The effective tax rate for the nine months ended September 30, 2025 was 4.3%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
As a result of the above factors, Lamar Media recognized net income for the nine months ended September 30, 2025 of $438.7 million, as compared to net income of $364.3 million for the same period in 2024.
Reconciliations:
Because acquisitions occurring after December 31, 2023 have contributed to our net revenues results for the periods presented, we provide 2024 acquisition-adjusted net revenues, which adjusts our 2024 net revenues for the nine months ended September 30, 2024 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the nine months ended September 30, 2025.
Reconciliations of 2024 reported net revenues to 2024 acquisition-adjusted net revenues for the nine months ended September 30, as well as a comparison of 2024 acquisition-adjusted net revenues to 2025 reported net revenues for the nine months ended September 30, are provided below:
Reconciliation and Comparison of Reported Net Revenues to Acquisition-Adjusted Net Revenues

| Nine Months Ended September 30,
| 2025 |  | 2024
| (in thousands)
Reported net revenues | $ | 1,670,282 |  |  | $ | 1,627,536 |
Acquisition net revenues | — |  |  | 10,079 |
Adjusted totals | $ | 1,670,282 |  |  | $ | 1,637,615 |

Key Performance Indicators
Net Income/Adjusted EBITDA

(In thousands) | Nine Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
| 2025 |  | 2024 |  |
Net income | $ | 438,704 |  |  | $ | 364,345 |  |  | $ | 74,359 |  |  | 20.4 | %
Income tax expense | 19,498 |  |  | 3,225 |  |  | 16,273 |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Interest expense, net | 118,374 |  |  | 130,060 |  |  | (11,686) |  |  |
Equity in earnings of investee | (206) |  |  | (2,087) |  |  | 1,881 |  |  |
Gain on disposition of assets and investments | (76,116) |  |  | (5,486) |  |  | (70,630) |  |  |
Depreciation and amortization | 242,207 |  |  | 227,531 |  |  | 14,676 |  |  |
Capitalized contract fulfillment costs, net | (20) |  |  | (506) |  |  | 486 |  |  |
Stock-based compensation expense | 25,305 |  |  | 37,713 |  |  | (12,408) |  |  |
Adjusted EBITDA | $ | 769,758 |  |  | $ | 755,065 |  |  | $ | 14,693 |  |  | 1.9 | %

Adjusted EBITDA for the nine months ended September 30, 2025 increased 1.9% to $769.8 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.3 million, offset by an increase in total general and administrative and corporate expenses of $15.5 million, excluding the impact of stock-based compensation expense.
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Segmented Adjusted EBITDA

| Nine Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Billboard adjusted EBITDA | $ | 815,655 |  |  | $ | 795,268 |  |  | $ | 20,387 |  |  |
Other adjusted EBITDA(1) | 34,236 |  |  | 36,727 |  |  | (2,491) |  |  |
Corporate expenses(2) | (80,133) |  |  | (76,930) |  |  | (3,203) |  |  |
Adjusted EBITDA | $ | 769,758 |  |  | $ | 755,065 |  |  | $ | 14,693 |  |  | 1.9 | %

(1)Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.
(2)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Adjusted EBITDA for the nine months ended September 30, 2025 increased 1.9% to $769.8 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $20.4 million, offset by a decrease in other adjusted EBITDA of $2.5 million and an increase in corporate expenses of $3.2 million, excluding the impact of stock-based compensation expense.
Net Income/FFO/AFFO

(In thousands) | Nine Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
| 2025 |  | 2024 |  |
Net income | $ | 438,704 |  |  | $ | 364,345 |  |  | $ | 74,359 |  |  | 20.4 | %
Depreciation and amortization related to real estate | 224,515 |  |  | 215,432 |  |  | 9,083 |  |  |
Gain from sale or disposal of real estate and investments, net of tax | (62,621) |  |  | (5,260) |  |  | (57,361) |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | 608 |  |  | (2,355) |  |  | 2,963 |  |  |
FFO | $ | 601,206 |  |  | $ | 572,162 |  |  | $ | 29,044 |  |  | 5.1 | %
Straight-line expense | 3,493 |  |  | 3,038 |  |  | 455 |  |  |
Capitalized contract fulfillment costs, net | (20) |  |  | (506) |  |  | 486 |  |  |
Stock-based compensation expense | 25,305 |  |  | 37,713 |  |  | (12,408) |  |  |
Non-cash portion of tax provision | (685) |  |  | (3,357) |  |  | 2,672 |  |  |
Non-real estate related depreciation and amortization | 17,692 |  |  | 12,098 |  |  | 5,594 |  |  |
Amortization of deferred financing costs | 4,593 |  |  | 4,830 |  |  | (237) |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Capital expenditures – maintenance | (36,542) |  |  | (35,723) |  |  | (819) |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | (608) |  |  | 2,335 |  |  | (2,943) |  |  |
AFFO | $ | 616,446 |  |  | $ | 592,860 |  |  | $ | 23,586 |  |  | 4.0 | %

FFO for the nine months ended September 30, 2025 increased to $601.2 million from $572.2 million for the same period in 2024, an increase of 5.1%. AFFO for the nine months ended September 30, 2025 increased 4.0% to $616.4 million as compared to $592.9 million for the same period in 2024. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.3 million as well as a decrease in interest expense of $11.5 million, offset by an increase in total general and administrative and corporate expenses of $15.5 million for the nine months ended September 30, 2025.
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Three months ended September 30, 2025 compared to three months ended September 30, 2024
Net revenues increased $21.4 million or 3.8% to $585.5 million for the three months ended September 30, 2025 from $564.1 million for the same period in 2024. This increase was primarily attributable to an increase in billboard net revenues of $22.2 million and an increase in logo net revenues of $1.5 million, offset by a decrease in transit net revenues of $2.3 million over the same period in 2024.
For the three months ended September 30, 2025, there was a $16.3 million increase in net revenues as compared to acquisition-adjusted net revenues for the three months ended September 30, 2024, which represents an increase of 2.9%. See "Reconciliations" below. The $16.3 million increase in revenue is primarily due to an increase of $14.4 million in billboard net revenues, an increase of $1.1 million in logo net revenues, and an increase in transit net revenues of $0.9 million over the same period in 2024.
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $7.4 million, or 2.4%, to $312.2 million for the three months ended September 30, 2025 from $304.8 million for the same period in 2024. The $7.4 million increase over the prior year is comprised of an $11.9 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, offset by a $4.5 million decrease in stock-based compensation.
Depreciation and amortization expense increased $11.2 million to $86.3 million for the three months ended September 30, 2025 as compared to $75.1 million for the same period in 2024, primarily related to acquisitions and capital expenditures completed in the last twelve months.
For the three months ended September 30, 2025, Lamar Media recognized a gain on disposition of assets and investments of $2.2 million, primarily resulting from transactions related to the sale of real estate and billboard locations and displays.
Due to the above factors, operating income increased by $2.5 million to $189.2 million for the three months ended September 30, 2025 as compared to $186.7 million for the same period in 2024.
Interest expense decreased $1.7 million for the three months ended September 30, 2025 to $41.2 million as compared to $42.9 million for the three months ended September 30, 2024 primarily due to a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
There was no equity in earnings of investee for the three months ended September 30, 2025 as compared to $2.6 million for the three months ended September 30, 2024. The decrease of $2.6 million was due to the sale of the Company's equity investment in Vistar Media, Inc. during 2025.
The increase in operating income, offset by the decrease in equity in earnings of investee, resulted in no change in income before income tax expense for the three months ended September 30, 2025 as compared to the same period in 2024. The effective tax rate for the three months ended September 30, 2025 was 1.7%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
As a result of the above factors, Lamar Media recognized net income for the three months ended September 30, 2025 of $144.2 million, as compared to net income of $147.9 million for the same period in 2024.
Reconciliations:
Because acquisitions occurring after December 31, 2023 have contributed to our net revenues results for the periods presented, we provide 2024 acquisition-adjusted net revenues, which adjusts our 2024 net revenues for the three months ended September 30, 2024 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the three months ended September 30, 2025.
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Reconciliations of 2024 reported net revenues to 2024 acquisition-adjusted net revenues for the three months ended September 30, as well as a comparison of 2024 acquisition-adjusted net revenues to 2025 reported net revenues for the three months ended September 30, are provided below:
Reconciliation and Comparison of Reported Net Revenues to Acquisition-Adjusted Net Revenues

| Three Months Ended September 30,
| 2025 |  | 2024
| (in thousands)
Reported net revenues | $ | 585,541 |  |  | $ | 564,135 |
Acquisition net revenues | — |  |  | 5,058 |
Adjusted totals | $ | 585,541 |  |  | $ | 569,193 |

Key Performance Indicators
Net Income/Adjusted EBITDA

| Three Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Net income | $ | 144,200 |  |  | $ | 147,933 |  |  | $ | (3,733) |  |  | (2.5) | %
Income tax expense (benefit) | 2,566 |  |  | (1,169) |  |  | 3,735 |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Interest expense, net | 40,431 |  |  | 42,275 |  |  | (1,844) |  |  |
Equity in earnings of investee | — |  |  | (2,642) |  |  | 2,642 |  |  |
Gain on disposition of assets and investments | (2,155) |  |  | (2,474) |  |  | 319 |  |  |
Depreciation and amortization | 86,276 |  |  | 75,112 |  |  | 11,164 |  |  |
Capitalized contract fulfillment costs, net | (15) |  |  | (132) |  |  | 117 |  |  |
Stock-based compensation expense | 7,580 |  |  | 12,097 |  |  | (4,517) |  |  |
Adjusted EBITDA | $ | 280,895 |  |  | $ | 271,270 |  |  | $ | 9,625 |  |  | 3.5 | %

Adjusted EBITDA for the three months ended September 30, 2025 increased 3.5% to $280.9 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $16.4 million offset by an increase in total general and administrative and corporate expenses of $6.8 million, excluding the impact of stock-based compensation expense.
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Segmented Adjusted EBITDA

| Three Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Billboard adjusted EBITDA | $ | 297,264 |  |  | $ | 282,700 |  |  | $ | 14,564 |  |  |
Other adjusted EBITDA(1) | 10,544 |  |  | 12,607 |  |  | (2,063) |  |  |
Corporate expenses(2) | (26,913) |  |  | (24,037) |  |  | (2,876) |  |  |
Adjusted EBITDA | $ | 280,895 |  |  | $ | 271,270 |  |  | $ | 9,625 |  |  | 3.5 | %

(1)Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.
(2)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Adjusted EBITDA for the three months ended September 30, 2025 increased 3.5% to $280.9 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $14.6 million, offset by a decrease in other adjusted EBITDA of $2.1 million and an increase in corporate expenses of $2.9 million, excluding the impact of stock-based compensation expense.
Net Income/FFO/AFFO

| Three Months Ended September 30, |  | Amount of Increase (Decrease) |  | Percent Increase (Decrease)
(In thousands) | 2025 |  | 2024 |  |
Net income | $ | 144,200 |  |  | $ | 147,933 |  |  | $ | (3,733) |  |  | (2.5) | %
Depreciation and amortization related to real estate | 76,864 |  |  | 71,310 |  |  | 5,554 |  |  |
Gain from sale or disposal of real estate, net of tax | (1,879) |  |  | (2,440) |  |  | 561 |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | 278 |  |  | (2,739) |  |  | 3,017 |  |  |
FFO | $ | 219,463 |  |  | $ | 214,064 |  |  | $ | 5,399 |  |  | 2.5 | %
Straight-line expense | 1,112 |  |  | 971 |  |  | 141 |  |  |
Capitalized contract fulfillment costs, net | (15) |  |  | (132) |  |  | 117 |  |  |
Stock-based compensation expense | 7,580 |  |  | 12,097 |  |  | (4,517) |  |  |
Non-cash portion of tax provision | (346) |  |  | (3,293) |  |  | 2,947 |  |  |
Non-real estate related depreciation and amortization | 9,412 |  |  | 3,801 |  |  | 5,611 |  |  |
Amortization of deferred financing costs | 1,537 |  |  | 1,559 |  |  | (22) |  |  |
Loss on extinguishment of debt | 2,012 |  |  | 270 |  |  | 1,742 |  |  |
Capital expenditures – maintenance | (13,880) |  |  | (11,269) |  |  | (2,611) |  |  |
Adjustments for unconsolidated affiliates and non-controlling interest | (278) |  |  | 2,739 |  |  | (3,017) |  |  |
AFFO | $ | 226,597 |  |  | $ | 220,807 |  |  | $ | 5,790 |  |  | 2.6 | %

FFO for the three months ended September 30, 2025 increased to $219.5 million from $214.1 million for the same period in 2024, an increase of 2.5%. AFFO for the three months ended September 30, 2025 increased 2.6% to $226.6 million as compared to $220.8 million for the same period in 2024. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $16.4 million, offset by an increase in total general and administrative and corporate expenses of $6.8 million, excluding the impact of stock-based compensation expense, as well as a decrease of $2.6 million in equity in earnings of investee.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Lamar Advertising Company and Lamar Media Corp.
Lamar Advertising is exposed to interest rate risk in connection with variable rate debt instruments issued by its wholly owned subsidiary Lamar Media. The information below summarizes the Company’s interest rate risk associated with its principal variable rate debt instruments outstanding at September 30, 2025, and should be read in conjunction with Note 11 of the Notes to the Company’s Condensed Consolidated Financial Statements.
Lamar Media has variable-rate debt outstanding under its senior credit facility and its Accounts Receivable Securitization Program. Because interest rates may increase or decrease at any time, the Company is exposed to market risk as a result of the impact that changes in interest rates may have on the applicable borrowings outstanding. Increases in the interest rates applicable to these borrowings would result in increased interest expense and a reduction in the Company’s net income.
At September 30, 2025 there was approximately $878.3 million of indebtedness outstanding under the senior credit facility and the Accounts Receivable Securitization Program, or approximately 26.0% of the Company’s outstanding long-term debt on that date, bearing interest at variable rates. The aggregate interest expense for 2025 with respect to borrowings under the senior credit facility and the Accounts Receivable Securitization Program was $50.2 million, and the weighted average interest rate applicable to these borrowings during 2025 was 5.7%. Assuming that the weighted average interest rate was 200 basis points higher (that is 7.7% rather than 5.7%), then the Company’s 2025 interest expense would have increased by approximately $17.3 million for the nine months ended September 30, 2025.
The Company attempts to mitigate the interest rate risk resulting from its variable interest rate long-term debt instruments by issuing fixed rate long-term debt instruments and maintaining a balance over time between the amount of the Company’s variable rate and fixed rate indebtedness. In addition, the Company has the capability under the senior credit facility to fix the interest rates applicable to its borrowings at an amount equal to the Adjusted Term SOFR Rate (as applicable), or Adjusted Base Rate plus the applicable margin for periods of up to twelve months (in certain cases with the consent of the lenders), which would allow the Company to mitigate the impact of short-term fluctuations in market interest rates. In the event of an increase in interest rates, the Company may take further actions to mitigate its exposure. The Company cannot guarantee, however, that the actions that it may take to mitigate this risk will be feasible or that, if these actions are taken, that they will be effective.
ITEM 4. CONTROLS AND PROCEDURES
(a)Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures.
The Company’s and Lamar Media’s management, with the participation of the principal executive officer and principal financial officer of the Company and Lamar Media, have evaluated the effectiveness of the design and operation of the Company’s and Lamar Media’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report. Based on this evaluation, the principal executive officer and principal financial officer of the Company and Lamar Media concluded that these disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in the Company’s and Lamar Media’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods.
(b)Changes in Internal Control Over Financial Reporting.
There have been no changes in the internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) of the Company and Lamar Media identified in connection with the evaluation of the Company’s and Lamar Media’s internal control performed during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s and Lamar Media’s internal control over financial reporting.
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PART II — OTHER INFORMATION
ITEM 1A. RISK FACTORS
Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our combined Annual Report on Form 10-K for the year ended December 31, 2024, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our Class A common stock. Except for the updated risk factor included below, there have been no material changes to our risk factors since our combined Annual Report on Form 10-K for the year ended December 31, 2024.
We could be negatively impacted by environmental, social and governance (ESG) and sustainability matters.
Governments, shareholders, customers, employees and other stakeholders are increasingly focusing on corporate ESG practices and disclosures, and expectations in this area are rapidly evolving and growing. We may incur costs related to ESG initiatives, including those related to producing enhanced mandatory or voluntary disclosures about our business. Additionally, although we have policies in place with respect to the content we display in customer advertisements, if the content of the advertisements we display is controversial or if our decisions to reject certain ads based on our content policies are viewed negatively, we may face reputational damage. This could lead to public controversy, decreased customer trust, and potential loss of business. If we are unable to respond effectively to ESG matters, our reputation, business, financial condition and results of operations could be adversely impacted.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No repurchases were made during the three months ended September 30, 2025 under the Company’s previously announced stock repurchase program.
ITEM 5. OTHER INFORMATION
None
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ITEM 6. EXHIBITS

Exhibit Number |  | Description
3.1 |  | Amended and Restated Certificate of Incorporation of Lamar Advertising Company (the “Company”), as filed with the Secretary of the State of Delaware effective as of November 18, 2014. Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on November 19, 2014 and incorporated herein by reference.
3.2 |  | Certificate of Merger, effective as of November 18, 2014. Previously filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on November 19, 2014 and incorporated herein by reference.
3.3 |  | Amended and Restated Certificate of Incorporation of Lamar Media Corp. (“Lamar Media”) Previously filed as Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2007 (File No. 0-30242) filed on May 10, 2007 and incorporated herein by reference.
3.4 |  | Amended and Restated Bylaws of the Company, adopted as of November 18, 2014. Previously filed as Exhibit 3.3 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on November 19, 2014 and incorporated herein by reference.
3.5 |  | Amended and Restated Bylaws of Lamar Media. Previously filed as Exhibit 3.1 to Lamar Media’s Quarterly Report on Form 10-Q for the period ended September 30, 1999 (File No. 1-12407) filed on November 12, 1999 and incorporated herein by reference.
4.1 |  | Indenture, dated as of September 25, 2025, among Lamar Media, the Guarantors named therein and U.S. Bank Trust Company, National Association, as Trustee (including the Form of Note and Guarantee as Exhibit A thereto). Previously filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on October 1, 2025 and incorporated herein by reference.
10.1 |  | Amendment No. 5, dated as of September 23, 2025 to the Fourth Amended and Restated Credit Agreement dated February 6, 2020, by and among Lamar Media, as Borrower, the Company, Lamar Media’s subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and certain lenders from time to time party thereto. Previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on September 24, 2025 and incorporated herein by reference.
31.1 |  | Certification of the Chief Executive Officer of the Company and Lamar Media pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2 |  | Certification of the Chief Financial Officer of the Company and Lamar Media pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1 |  | Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
101 |  | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income and Comprehensive Income, (iii) Condensed Consolidated Statements of Stockholders' Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| LAMAR ADVERTISING COMPANY
DATED: November 6, 2025 | BY: |  | /s/ Jay L. Johnson
|  |  | Executive Vice President, Chief Financial Officer and Treasurer
| LAMAR MEDIA CORP.
DATED: November 6, 2025 | BY: |  | /s/ Jay L. Johnson
|  |  | Executive Vice President, Chief Financial Officer and Treasurer

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