Boston Omaha Corporation · NYSE:BOC
Boston Omaha — FY2025 Earnings Presentation
13 slides from Boston Omaha's earnings presentation, Mar 31, 2026
Slide 1: 2025 Financial Results
BOSTON OMAHA 2025 Financial Results March 30, 2026
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
BOSTON OMAHA SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 mason erties ‘rapes tirctsodpaast hese guess endorser inns Aton COMPARISON OF ADJUSTED INFORMATION TO U.S. GAAP INFORMATION ‘eprepe eacorenn nite neni ecg nnn smear n prtre es sieinbiganini
Slide 3: 2025 Highlights
2025 Highlights Enea + Revenue growth of 1.5% YoY Link Media Outdoor + Land cost of 18.5% + Highest ever Adjusted EBITDA of ~$18.0 million (up 2.196 YoY) + ~8.4k new fiber passings /~4.2k new fiber subscribers + ~$25.9 million in capital expenditures (~$5.2 million related to fiber passings complete
Slide 4: Business Unit Updates
Business Unit Updates
Slide 5: Link Media Outdoor
Link Media Outdoor a0sToN OMAHA + Overall YoY revenue growth of 1.586. Revenue grew 2.7% YoY Outdoor Advertising Revenue $45.9 $45.2 1.5% inthe 2™ half of 2025. + Employee costs increased by $209kin 2025 compared to Land cost % "") 18.5% 18.3% 0.2% (2024 due to changes to Link's management compensat
Slide 6: Boston Omaha Broadband
Boston Omaha Broadband sosToW AireBeam, InfoWest and Utah Broadband OMAHA + ~7.8knew fiber passingsand~2.7k new fiber Revenue $4 $7.6 2.1%6 subscribers in 2025. + Reduced employee costs and G&A by~$1.4Min 2025 Gross margin % 80.5% 79.9% 0.696 ‘compared to 2024, * Continue to focus on developing stra
Slide 7: Boston Omaha Broadband: Fiber Fast Homes
Boston Omaha Broadband Fiber Fast Homes ~ Greenfield Fiber New Homes Division Revenue Gross margin % Netloss ® ‘Adjusted EBITDA '**) Capital Expenditures "®) $28 20.2% ) ($39) $53 $15 (28.1)96 (87.3) ($5.3) $66 89.6% 48.9% 20.6% 27.8% (19.7196 9. Adjusted ITA is etna as rat income oes Before income
Slide 8: General Indemnity Group
General Indemnity Group sosToW Surety Insurance OMAHA ‘+ Premiums eared at UCS increased 17.3% in 2025 Gross written premium $29.2 $26.4 10.6% compared to 2024. + Increase in oss ratio during 2025 mainly relate to larger Revenue $272 $23.9 14.256 claim payments and increased reserves on outstanding
Slide 9: Investments
Investments BMAnA GAAP Value (4) Market Value) Proceeds to Date ‘"®) ‘Sky Harbour $79.3 $109.7 $11.2 cpar sia nla BOAM General Partner!) $3.4 $69 Build for Rent Fund $44 $10.9 24° Street Funds $3.1 $87 Other" $3.9 $18 TA GAP vue as of December, 2025. 15. NYSE markt vote of 1171404 share ty Harbour C
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 [tits Program As of Dec. 31, 2025 Unrestricted cash $183 US. Treasury securities $207 Total $39.0 Net operating loss carry forwards $133.4 BOC share repurchase authorization remaining *) $195 1. Excludes Unted Casualty and Surety Insurance Company, 20*Steet Fun
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Information
Non-GAAP Information ($M) BOSTON OMAHA