Boston Omaha Corporation · NYSE:BOC
Boston Omaha — Q1 2026 Earnings Presentation
14 slides from Boston Omaha's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Financial Results
BOSTON OMAHA Q1 2026 Financial Results May 14, 2026
Slide 2: Disclaimer
BOSTON Disclaimer OMAHA ‘SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 ‘ornate by Benen Ora Cron craig amr eran Pate eit Ltn ae 5, en tt cheeses omanrscsn sete eshte uy Formrdsingritemat aruba vce Fach col cue actual rena mat om hone moran ond noms satemetsncd, + e
Slide 3: Disclaimer: Comparison of Adjusted Information to U.S. GAAP Information
Disclaimer puana COMPARISON OF ADJUSTED INFORMATION TO U.S. GAAP INFORMATION
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights reer + Revenue growth of 1.9% Yor Link Media Outdoor + Land cost of 17.696 (down from 20.896 in Q1‘25) + Adjusted EBITDA of ~$4.2 milion (up 14.7% YoY) + =2.1knew fiber passings/~1.7k new fiber subscribers + $5.9 million in capital expenditures (~$0.7 milion related to fiber passi
Slide 5: Business Unit Updates
Business Unit Updates
Slide 6: Link Media Outdoor
Link Media Outdoor Outdoor Advertising Revenue $11.0 $108 1.9% Land cost 9" 178% 208% = (3.2)%6 Gross margin % 682% = 6.3% 3.99% Net income 15 sos 68.6% Adjusted EBITDA? $42 $36 14.7% BOSTON OMAHA, ‘+ Highest Q1 revenue to date recorded at Link during Qt 28. + land cost mainly due to higher ASC 842
Slide 7: Boston Omaha Broadband
Boston Omaha Broadband AireBeam, InfoWest and Utah Broadband YoY Growth 1.2% Q1'26 Q1:25 Revenue $9.8 Gross margin 80.8% (0.51% Netincome'® $0.8 (34.0)% Adjusted EBITDA") $36 $4.8 5.8% Capital Expenditures (6.3996 ‘Scerebon gm orous on sepoohons ons andberimestmer income) 7 Ince $04 mon ecognsed dun
Slide 8: Boston Omaha Broadband: Fiber Fast Homes
Boston Omaha Broadband Fiber Fast Homes - Greenfield Fiber New Homes Division YoY Growth Q1'26 Q1:25 Revenue $0.8 Gross margin 27.6% Netloss'® ($1.2) Adjusted EBITDA '**) ($0.6) Capital Expenditures sia 8 Aduntes te a 10, pease 0:3 mtonf cotetenendursrecomneed dunt) 2006 lta to fbersasines coma soma
Slide 9: General Indemnity Group
General Indemnity Group soso OMAHA) Surety Insurance + Premiums eared at UCS dectined by 1.996 in Q1'26 Gross written premium $68 $6.2 9.8% compared to Q1 25 due to higher reinsurance reinstatement fees in Q1‘26. Revenue $65 see (1.59% | | + Increase in oss ratio during Q1 "26 mainly driven by tessa
Slide 10: Investments
Investments OManal GAAP Value Market Value("® Proceeds to Date®) Sky Harbour $78 $1178 $112 coer st94 ny BOAM General Partner") $2 $02 Build forRent Fund $18 $132 24” Street Funds s24 $07 other” $37 $27 VE OMP volcan Moreh, 2028. 1S, NYSE meet ue of 1167144 share f Shy Harbour Case Acoma stick and7
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 As of March 31, 2026 Uncestricted cash US. Treasury securities Total [Net operating oss carry forwards 80C share repurchase authorization remaining *! BOSTON OMAHA,
Slide 13: Appendix
Appendix
Slide 14: Non-GAAP Information
Non-GAAP Information (SM) BOSTON OMAHA,