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Summarized Financial Information of Subsidiaries (Subsidiary) | 9 Months Ended
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Sep. 30, 2025
LAMAR MEDIA CORP. AND SUBSIDIARIES |
Condensed Income Statements, Captions [Line Items] |
Summarized Financial Information of Subsidiaries | 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 |
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 |
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 |

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