Outfront Media Inc. · NYSE:OUT
Outfront Media — Q3 2025 Earnings Presentation
24 slides from Outfront Media's earnings presentation, Nov 6, 2025
Slide 1: 2025 Third Quarter
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the
Slide 3: Q3'25 Metrics and Year-over-Year Change
Metric Q3’25 Year-over-Year Consolidated Revenue $468 3.5% Billboard Revenue $353 (2.2%) Transit Revenue $112 23.7% Consolidated Operating Income $90 26.1% Consolidated Adjusted OIBDA $137 17.2% Billboard Adjusted OIBDA $139 2.1% Transit Adjusted OIBDA $16 $19 Consolidated Net Income $51 48.3% Conso
Slide 4: Items Affecting Comparability
Items Affecting Comparability NY MTA1 Billboard Contract Billboard Revenue Q3’25: $0.0 million Q3’24: $7.7 million LA Billboard Contract Billboard Revenue Q3’25: $0.0 million Q3’24: $5.1 million Note (1) New York Metropolitan Transportation Authority (the “MTA”). Notes: $ Millions unless otherwise s
Slide 5: Items Affecting Comparability
Items Affecting Comparability NY MTA Billboard Contract Static/Digital Billboard Revenue Q3’25: $0.0/$0.0 million Q3’24: $4.9/$2.8 million LA Billboard Contract Static/Digital Billboard Revenue Q3’25: $0.0/$0.0 million Q3’24: $0.8/$4.3 million Notes: $ Millions unless otherwise stated. Numbers may n
Slide 6: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 7: Items Affecting Comparability
12.1% Items Affecting Comparability 29.4% NY MTA Billboard Contract Digital Revenue Q3’25: $0.0 million Q3’24: $2.8 million 8.5% LA Billboard Contract Digital Revenue Q3’25: $0.0 million Q3’24: $4.3 million Yr/Yr % Chg. Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 8: Billboard Revenue Notes
Notes: Prior period presentation conforms to current reporting classifications. Commercial includes $0.5 million of billboard condemnations in the three months ended September 30, 2025, and $2.2 of billboard condemnations million in the three months ended September 30, 2024. $ Millions unless otherw
Slide 9: Billboard Yield Notes
Notes: Yield defined as reported revenue per average display per month for the quarter. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 10: Billboard Adjusted OIBDA: Items Affecting Comparability
Yr/Yr Yr/Yr % Chg % Chg Yr/Yr (7.4%) 2.1% % Chg 4.5% Items Affecting Comparability NY MTA Billboard Contract Yr/Yr Billboard Property Lease Yr/Yr % Chg % Chg Q3’25: $0.0 million (4.8%) (5.3%) Q3’24: $5.5 million LA Billboard Contract Billboard Property Lease Q3’25: $0.0 million Q3’24: $4.3 million N
Slide 11: Transit Results
Yr/Yr % Chg Yr/Yr 1.7% % Chg 13.2% Yr/Yr % Chg N/M Yr/Yr % Chg Yr/Yr 3.1% % Chg (1.7%) Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Transit Adjusted OIBDA divided by Transit Revenues. Numbers may not sum due to rounding. See Appendix for Non-GAAP recon
Slide 12: Notes
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations. N/M: Not meaningful
Slide 13: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 14: AFFO and Maintenance Capex
24.1% yr/yr Cash Taxes Maintenance Capex Other Corporate Adjusted OIBDA Billboard & Transit OIBDA Other Adjusted OIBDA Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 15: Weighted Average Cost of Debt and Net Leverage Ratio
3Q25 Weighted Average Cost of Debt 5.4% 1 Net Leverage Ratio 4.7x Notes: $ Millions unless otherwise stated. Reflects face value of debt. 1) Calculated as Total Debt less Cash divided by LTM “Consolidated EBITDA” (as defined in, and calculated in accordance with, the Credit Agreement governing the C
Slide 16: GoodRx advertisement
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Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate
Slide 18: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Three Months Ended September 30, 2025 (in millions, except percentages) Billboard Transit Other Corporate Consolidated Revenues $ 3628 = $ 1124 $ 23 = $ — $ 467.5 Organic revenues $ 3528 = § 124 = $ 23 $ — $ 467.5 Non-organic revenues® $ _— $ — $ _— $ — $ = Operating income
Slide 19: Net Income to AFFO Reconciliation
Three Months Ended Twelve Months Ended Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Sep 30, Sep 30, (in millions) 2023 2024 2024 2024 2024 2025 2025 2025 2024 2025 Net income (loss) attributable to OUTFRONT Media Inc. 60.4 (27.2) 176.8 34.6 74.0 (20.6) 19.5 51.3 244.6 124.2 Deprec
Slide 20: Quarterly Financial Reconciliation
Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, 2023 2023 2023 2023 2024 2024 Revenue $ 17.6 $ 23.9 $ 24.3 $ 26.3 $ 18.6 $ 16.3 Operating Expenses Billboard property lease 5.4 5.2 6.1 5.7 6.2 4.3 Transit franchise 1.0 1.3 1.4 1.1 1.0 0.8 Posting, maintenance and other 5.0 5.3 5.1
Slide 21: Notes
Notes: Unaudited, numbers may not sum due to rounding; 1) Excludes stock-based compensation expense and restructuring charges; 2) For prior period reconciliations, please see prior period earnings presentations on the Investor Relations section of our website, www.outfront.com.
Slide 22: Notes
Notes: Numbers may not sum due to rounding; 1) Prior period presentation conforms to current reporting classifications.
Slide 23: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (a) Organic revenues in the nine months ended September 30, 2025, exclude revenues associated with the impact of the sale of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Tran
Slide 24: About OUTFRONT Media Inc.
About OUTFRONT Media Inc. OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it’s defining a new era of in-real-life (IRL) marketing, turning public spac