Boston Omaha Corporation · NYSE:BOC
Boston Omaha — FY2024 Earnings Presentation
13 slides from Boston Omaha's earnings presentation, Mar 28, 2025
Slide 1: Boston Omaha 2024 Financial Results
BOSTON OMAHA 2024 Financial Results March 28, 2025
Slide 2: Forward-looking statements
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Slide 3: 2024 Highlights
2024 Highlights + Revenue wouenot 2 ¥0% Land cost of 18.3% fasted CBTOA of $17.6 milion (up 3.6%) Link Media Outdoor 13,900 new fiber passings /~6,100 new fiber subscribers + Gross written premium up 40.4% YoY General Pp ‘ + Adjusted EBITDA of $2.8 mittion P+ Unrealized gain of ~$17 million related
Slide 4: Business Unit Updates
Business Unit Updates
Slide 5: Link Media Outdoor
Link Media Outdoor Outdoor Advertising Yor Growth Revenue $45.2 $429 5.2% Land cost % 18.3% 186% (0.99% Gross margin % 65.7% 64.8% 0.9% Net income $69 $5.7 21.3% Adjusted EBITDA $176 $16.0 9.8% 7. and cons ea percentage ofvvenee 2 ‘Sreeton gun or aston saponton oss ong ter meter neat) Record level o
Slide 6: Boston Omaha Broadband
Boston Omaha Broadband AireBeam, InfoWest and Utah Broadband ak new fiber passings and 4.3k new fiber subscribers Revenue $37.6 $347 8.4% uri + Continue to focus on developing strategic partnerships ‘and driving cost efficiencies across all three businesses. Gross margin % 79.9% 74.4% 5.5% Net loss
Slide 7: Boston Omaha Broadband: Fiber Fast Homes
Boston Omaha Broadband Fiber Fast Homes ~ Greenfield Fiber New Homes Division 9k new fiber passings and 1.8knew fiber subscribers Revenue $15 $0.6 130.1% during 2024. + Working continue growing subseberbase white Gross margin % (28.19% (65.2)% 38.1% integratingcosts to tower burn rat tices” + Theteo
Slide 8: General Indemnity Group
General Indemnity Group Surety Insurance * Meepeed ts opmestsalisomamand ss Shiloest Gross written premium $26.4 $188 40.496 = + Aasnetes coal a 2024 and enue $23.9 si77 47% rebranded to BOSS Bonds® in June 2024, Loss ratio %6 16.1% 14.7% 1.4% + Boston Omona contributed $19.16 of SkYH shores to UCS
Slide 9: Investments
Investments GAAP Value (tt) Market Value 2 Proceeds to Date ‘Sky Harbour $94.5 $170.5 $2.9 ceat $194 va BOAM General Partner") $66 $3.7 Build for Rent Fund $5.4 $96 24 Street Funds, $42 977 Other $3.8 7 1 GaAP ioe a of December, 228 2, 15, ncades unde. Loge ond rezewoy
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 Program As of Dec 31, 2024 Unrestricted cash") $20.1 US. Treasury securities, s10 Total $31.4 Net operatingloss carry forwards sort BOC share repurchase authorization remaining"? st84 17, sro mation Cassa. at Sens Surg na to nerepuchne Wi ans cu Gass Aca oka
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Information
Ron-GaAP Information