Boston Omaha Corporation · NYSE:BOC
Boston Omaha — Q3 2025 Earnings Presentation
13 slides from Boston Omaha's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Financial Results
BOSTON OMAHA Q3 2025 Financial Results November 13, 2025
Slide 2: Safe Harbor Statement and Comparison of Adjusted Information to U.S. GAAP
‘SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, BOSTON! OMAHA COMPARISON OF ADJUSTED INFORMATION TO U.S. GAAP INFORMATION
Slide 3: Q3 2025 Highlights
Q3 2025 Highlights a + Revenue growth of 2.5% YoY Link Media Outdoor + Land cost of 18.296 ‘+ Highest ever Adjusted EBITDA of ~$4.8 million (up 5.6% YoY) + ~1.1knew fiber passings / ~0.9k new fiber subscribers ‘+ ~$4,6 million in capital expenditures (~$1.0 million related to fiber passings complete
Slide 4: Business Unit Updates
Business Unit Updates
Slide 5: Link Media Outdoor
Link Media Outdoor Outdoor Advertising Revenue Land cost % Gross margin 9 Net income Adjusted EBITDA ® S18 25% © $34.0 1.1% 182% —(0.5)% 19.1% 0.5% 67.9% 3.1% 68.7% 1.595 $2.0 175% = $48 (5.9)96 $48 56% = $128 (1.4)% 2. Adjusted EBITDA defined as natincome os) (nzubasion ncome!lon) toes ‘Scereion ga
Slide 6: Boston Omaha Broadband
Boston Omaha Broadband aaa AireBeam, InfoWest and Utah Broadband + ~4.2knew fiber passings and ~1.7k new fiber Revenue $9.4 2.1% $28.8 2.3% subscribers YTD'25, + Reduced employee costs and G&A by ~$1.1M YTD ‘25 Gross margin % 80.0% 0.4% 80.6% © 1.496 compared to YTD ‘24. . * Revenue slightly down an
Slide 7: Boston Omaha Broadband - Fiber Fast Homes
Boston Omaha Broadband a0STON Fiber Fast Homes - Greenfield Fiber New Homes Division euane ‘+ ~0.4k new fiber passings and ~1.2k new fiber Revenue $07 68.4% = $19 92.5% subscribers during YTD ‘25. + Working to continue growing subscriber base while Gross margin 9 225% «44.4% «19.5% 72.2% iftegintiig
Slide 8: General Indemnity Group
General Indemnity Group Surety Insurance ‘Gross written premium $79 Revenue $6.8 Loss ratio 96%! 25.306 Gross margin % 48.5% Operating toss ($0.4) Net (loss) income ($0.4) ‘Adjusted EBITDA") ($0.3) 17.8% 4.7% 8.196 (12.0996 (1.2) (81.3) (81.2) $22.0 $199 26.19% 50.996 ($0.4) $14 ($0.2) 14.4% 15.0% 1
Slide 9: Investments
Investments OMAHA GAAP Value (4) Market Value) Proceeds to Date (1®) ‘Sky Harbour $82.7 $126.9 siz cer sia nla BOAM General Partner! $6.1 $42 Build for Rent Fund $41 $10.9 24" Street Funds, $3.4 $87 Other'"® $3.9 $18 18, NYSE market yuo ot 11671408 shares of SkyHartout Cass Acommon stack and 7.718.7
Slide 10: Cash, Tax Assets, and Share Repurchase Authorization
Cash, Tax Assets, and Share Repurchase Authorization
Slide 11: Cash, Tax Assets, and Share Repurchase Program
Cash, Tax Assets, and Share Repurchase [ties Program As of Sept. 30,2025 Unrestricted cash") $229 US. Treasury securities $18.2 Total aia ‘Net operating loss carry forwards sort ‘BOC share repurchase authorization remaining 19, icles Unted Csunty and Surety Insurance Campany, 24° Sues Funds and Buld
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Information
Non-GAAP Information ($M) BOSTON! OMAHA)