Boston Omaha Corporation · NYSE:BOC
Boston Omaha — Q2 2025 Earnings Presentation
13 slides from Boston Omaha's earnings presentation, Aug 13, 2025
Slide 1: Q2 2025 Financial Results
BOSTON OMAHA Q2 2025 Financial Results August 13, 2025
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 ‘This presentation by Boston Omaha Corporation contains “fonvard Looking statements," as defined inthe Private Securtis Litgaton| ‘contingencies orresults, appear at various places inthis presentation and u
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights sare Link Media Outdoor Boston Omaha Broadband General Indemnity Group Boston Omaha Asset Management Investment in Sky Harbour Group Revenue growth flat YoY 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 ~
Slide 4: Business Unit Updates
Business Unit Updates
Slide 5: Link Media Outdoor
Link Media Outdoor BOSTON es OMAHA Outdoor Advertising | an a7 | vro25 ghlights + Flatrevenue growth YoY mainly due to reduced advertising spend Growth in Political/Government, Automotive, and Entertainment Revenue $11.4 0.0% $22.2 0.3% 4 categories as well as lower vinyl production revenue as some
Slide 6: Boston Omaha Broadband
Boston Omaha Broadband AireBeam, InfoWest and Utah Broadband | Q2'25 Bee | YTD ‘25 mon Revenue $9.6 1.6% $19.4 24% Gross margin % 80.9% 1.9% 80.9% 1.9% Net (loss) income ($0.1) ($0.1) $0.3 $0.3 Adjusted EBITDA °°) $3.2 16.6% $6.9 25.3% Capital Expenditures $5.0 (12.3)% $9.8 (14.8)% 5. Includes alloc
Slide 7: Boston Omaha Broadband - Fiber Fast Homes
Boston Omaha Broadband BOSTON Fiber Fast Homes - Greenfield Fiber New Homes Division oman | an a7 | vro25 YoY ghlights oe? cro + ~0.3k new fiber passings and ~0.9k new fiber Revenue $0.6 82.1% $1.2 110.5% subscribers duringYTD ‘25. . * Working to continue growing subscriber base while Gross margin %
Slide 8: General Indemnity Group
General Indemnity Group SOsTON OMAHA Surety Insurance YoY YoY ihlights | CES Growth | WE 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.
Slide 9: Investments
Investments Onan GAAP Value (4) Market Value (5) Proceeds to Date ("© Sky Harbour $84.8 $127.2 $11.2 CBaT $19.1 nla BOAM General Partner 7) $6.1 $4.2 Build for Rent Fund $4.1 $10.9 24" Street Funds $4.0 $7.8 Other") $3.9 $1.7 14. GAAP value as of June 30,2025 15. NYSE market value of 1 1,671,494 sha
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 [rath Program As of June 30, 2025 Unrestricted cash (9) $22.7 U.S. Treasury securities $18.4 Total $41.1 Net operating loss carry forwards 2) $91.1 BOC share repurchase authorization remaining 2” $18.4 19. Excludes United Casualty and Surety Insurance Company,
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Information
Non-GAAP Information sparen ($M) OMAHA) LinkMedia Outdoor Forte Tree Months For the Six Months Ended June 2 change Ended une 2, change =e en ri =e En n ‘Netincome > oS aS oS @ S a 3 cH Inecestexpense,net oa as oo as 06 02 Depreciation 3 a3 oo 26 26 a amonation fry 10 00 Fry 19 (oo) dezaton 1 ar (00)