Slide 1: Q2 2026 Financial Results
Q2 2026 Financial Results August 13, 2026 1
Slide 2: Disclaimer
Disclaimer SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation by Boston Omaha Corporation contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current vi
Slide 3: Disclaimer
Disclaimer COMPARISON OF ADJUSTED INFORMATION TO U.S. GAAP INFORMATION This presentation includes Company financials on an as-reported basis. The Company also refers to and presents “Adjusted EBITDA” as the only non-GAAP financial measure within this presentation, for which additional disclosure is
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights • Revenue growth of 2.5% YoY Link Media Outdoor • Land cost of 16.2% (down from 18.2% in Q2 ‘25) • Adjusted EBITDA of ~$4.8 million (up 6.7% YoY) • ~2.1k new fiber passings / ~700 new fiber subscribers Boston Omaha Broadband • ~$4.3 million in capital expenditures (~$0.5 million r
Slide 5: Business Unit Updates
Business Unit Updates
Slide 6: Link Media Outdoor
Link Media Outdoor Outdoor Advertising YoY YoY Highlights ($M) Q2 ‘26 YTD ‘26 Growth Growth • Highest Q2 revenue to date recorded at Link during Q2 ‘26. Revenue $11.7 2.5% $22.7 2.2% • Decrease in land cost mainly due to ASC 842 lease accounting entries. Land cost excl. ASC 842 was 17.8% in Q2 Land
Slide 7: Boston Omaha Broadband
Boston Omaha Broadband AireBeam, InfoWest and Utah Broadband YoY YoY Highlights ($M) Q2 ‘26 YTD ‘26 Growth Growth • ~3.6k new fiber passings and ~1.9k new fiber Revenue $9.6 0.0% $19.5 0.6% subscribers YTD ‘26. • Net fixed wireless subscriber losses of ~1.7k YTD ‘26. Gross margin % 78.3% (2.6)% 79.3
Slide 8: Boston Omaha Broadband: Fiber Fast Homes
Boston Omaha Broadband Fiber Fast Homes – Greenfield Fiber New Homes Division YoY YoY Highlights ($M) Q2 ‘26 YTD ‘26 Growth Growth • ~600 new fiber passings and ~500 new fiber subscribers Revenue $0.9 38.3% $1.8 46.6% during YTD ‘26. • Working to continue growing subscriber base while Gross margin %
Slide 9: General Indemnity Group
General Indemnity Group Surety Insurance YoY YoY Highlights ($M) Q2 ‘26 YTD ‘26 Growth Growth • Premiums earned at UCS increased by 12.4% in Q2 ‘26 Gross written premium $7.5 (5.7)% $14.3 1.4% compared to Q2 ‘25. • On May 18, 2026, we announced that we entered into an Revenue $7.4 13.9% $14.0 6.1% a
Slide 10: Investments
Investments ($M) GAAP Value (13) Market Value (14) Proceeds to Date (15) Sky Harbour (16) $73.5 $115.1 $14.2 CB&T $19.1 n/a BOAM General Partner (17) $2.1 $8.2 Build for Rent Fund $1.8 $13.2 24th Street Funds $2.1 $9.7 Other (18) $3.6 $2.8 13. GAAP value as of June 30, 2026. 14. NYSE market value of
Slide 11: Cash, Tax Assets, and Share Repurchase Authorization
Cash, Tax Assets, and Share Repurchase Authorization
Slide 12: Cash, Tax Assets, and Share Repurchase Program
Cash, Tax Assets, and Share Repurchase Program ($M) As of June 30, 2026 Unrestricted cash (19) $15.1 U.S. Treasury securities $16.4 Total $31.5 Net operating loss carry forwards (20) $133.4 BOC share repurchase authorization remaining (21) $13.7 19. Excludes General Indemnity Group, 24th Street Fund
Slide 13: Appendix
Appendix
Slide 14: Non-GAAP Information
Non-GAAP Information ($M) Link Media Outdoor For the Three Months For the Six Months Ended June 30, Change Ended June 30, Change 2026 2025 # 2026 2025 # Net income $ 2.3 $ 1.8 $ 0.5 $ 3.8 $ 2.7 $ 1.1 Interest expense, net 0.3 0.4 (0.0) 0.7 0.8 (0.1) Depreciation 1.4 1.3 0.0 2.7 2.6 0.1 Amortization