Boston Omaha Corporation · NYSE:BOC
Boston Omaha — Shareholder Meeting (August 2025)
18 slides from Boston Omaha's shareholder meeting presentation, Aug 25, 2025
Slide 1: 2025 Annual Meeting
2025 Annual Meeting August 25, 2025 1
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
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 views concern
Slide 3: Comparison of 2020 and 2024 results and market cap
March 30, 2021 @ March 31, 2025 @ $32.75/share $14.58/share Market Cap (rounded) $892,000,000 $459,000,000 ($ and shares outstanding in M) 2020 2024 4-yr CAGR Link Revenue $28.3 $45.2 Net Income (Loss) ($0.2) $6.9 Adjusted EBITDA $7.5 $17.6 23.7% BOB – AB/IW/UBB Revenue $3.8 $37.6 Net Income (Loss)
Slide 4: Broadband Project Update
Broadband Project Update
Slide 5: Boston Omaha Broadband: Manufactured Home Update - Project #1
Boston Omaha Broadband Manufactured Home Update - Project #1 – 2,300 Units Key Metrics Forecasted Penetration by Year Budget Actual Year 1 30% Cost per passing $1,200 $1,200 Year 2 52% Cost per installation $900 $1,000 Years 3-4 59% Penetration rate – end of year 1 30% 52% Year 5+ 65% Subscribers –
Slide 6: Boston Omaha Broadband: Fiber Passings & Backlog
Boston Omaha Broadband Fiber Passings & Backlog – Protected vs. Non-Protected Fiber Passings & Backlog 6/30/25 6/30/24 Protected passings (5) 17,800 10,800 Non-protected passings 25,600 23,500 Total passings 43,400 34,300 Protected backlog (6) 10,500 12,000 5. Protected passings includes contracted
Slide 7: Business Unit Updates
Business Unit Updates
Slide 8: Q2 2025 Highlights
Q2 2025 Highlights • Revenue growth flat YoY Link Media Outdoor • Land cost of 18.2% • Adjusted EBITDA of ~$4.5 million (down 2.9% YoY) • ~2.1k new fiber passings / ~0.7k new fiber subscribers • ~$6.6 million in capital expenditures (~$1.0 million related to fiber passings completed Boston Omaha Bro
Slide 9: Link Media Outdoor
Link Media Outdoor Outdoor Advertising YoY YoY Highlights ($M) Q2 ‘25 YTD ‘25 Growth Growth • Flat revenue growth YoY mainly due to reduced advertising spend in Political/Government, Automotive, and Entertainment Revenue $11.4 0.0% $22.2 0.3% categories as well as lower vinyl production revenue as s
Slide 10: Boston Omaha Broadband: AireBeam, InfoWest and Utah Broadband
Boston Omaha Broadband AireBeam, InfoWest and Utah Broadband YoY YoY Highlights ($M) Q2 ‘25 YTD ‘25 Growth Growth • ~3.2k new fiber passings and ~1.1k new fiber Revenue $9.6 1.6% $19.4 2.4% subscribers YTD ‘25. • Reduced employee costs and G&A by ~$660k YTD ‘25 Gross margin % 80.9% 1.9% 80.9% 1.9% c
Slide 11: Boston Omaha Broadband: Fiber Fast Homes
Boston Omaha Broadband Fiber Fast Homes – Greenfield Fiber New Homes Division YoY YoY Highlights ($M) Q2 ‘25 YTD ‘25 Growth Growth • ~0.3k new fiber passings and ~0.9k new fiber Revenue $0.6 82.1% $1.2 110.5% subscribers during YTD ‘25. • Working to continue growing subscriber base while Gross margi
Slide 12: General Indemnity Group
General Indemnity Group Surety Insurance YoY YoY Highlights ($M) Q2 ‘25 YTD ‘25 Growth Growth • Premiums earned at UCS increased 17.5% in Q2 ‘25 Gross written premium $7.9 (1.4)% $14.1 12.6% compared to Q2 ’24. • Increase in loss ratio during Q2 ‘25 mainly related to Revenue $6.5 12.1% $13.2 21.1% l
Slide 13: Investments
Investments ($M) GAAP Value (16) Market Value (17) Proceeds to Date (18) Sky Harbour $84.8 $127.2 $11.2 CB&T $19.1 n/a BOAM General Partner (19) $6.1 $4.2 Build for Rent Fund $4.1 $10.9 24th Street Funds $4.0 $7.8 Other (20) $3.9 $1.7 16. GAAP value as of June 30, 2025 17. NYSE market value of 11,67
Slide 14: Cash, Tax Assets, and Share Repurchase Authorization
Cash, Tax Assets, and Share Repurchase Authorization
Slide 15: Cash, Tax Assets, and Share Repurchase Program
Cash, Tax Assets, and Share Repurchase Program ($M) As of June 30, 2025 Unrestricted cash (21) $22.7 U.S. Treasury securities $18.4 Total $41.1 Net operating loss carry forwards (22) $91.1 BOC share repurchase authorization remaining (23) $18.4 21. Excludes United Casualty and Surety Insurance Compa
Slide 16: Appendix
Appendix
Slide 17: Non-GAAP Information
Non-GAAP Information ($M) Link Media Outdoor For the Years Ended December 31, Change 2024 2020 # Net income (loss) $ 6.9 $ (0.2) $ 7.1 Interest expense, net 1.4 0.8 0.6 Depreciation 5.2 3.3 1.8 Amortization 3.9 3.3 0.6 Accretion 0.2 0.1 0.1 Loss on disposition of assets 0.1 0.1 (0.1) Adjusted EBITDA
Slide 18: Non-GAAP Information (continued)
Non-GAAP Information (continued) ($M) Link Media Outdoor For the Three Months For the Six Months Ended June 30, Change Ended June 30, Change 2025 2024 # 2025 2024 # Net income $ 1.8 $ 2.1 $ (0.2) $ 2.7 $ 3.3 $ (0.6) Interest expense, net 0.4 0.3 0.0 0.8 0.6 0.2 Depreciation 1.3 1.3 0.0 2.6 2.6 0.1 A