Outfront Media Inc. · NYSE:OUT
Outfront Media — Q2 2025 Earnings Presentation
26 slides from Outfront Media's earnings presentation, Aug 5, 2025
Slide 1: A Moment in Cannes, A Memory in Times Square
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Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the
Slide 3: Structure and Management
Structure National rebranded to “Enterprise”; Local to “Commercial” Redesign of Brand Solutions Group Centralized Operations and Real Estate Functions Strengthening Revenue Operations Four Regions to Three Management Mark Bonanni promoted to CRO, Commercial (f/k/a Local) Sales Jim Norton hired as CR
Slide 4: Q2'25 Results Summary by Metric
Metric Q2’25 Year-over-Year Consolidated Revenue $460 (3.6%) Organic Revenue $460 (0.2%) Billboard Revenue $351 (2.5%) Transit Revenue $106 5.6% Consolidated Operating Income* $56 (75.5%) Consolidated Adjusted OIBDA $124 (1.5%) Billboard Adjusted OIBDA $134 (1.2%) Transit Adjusted OIBDA $7 60% Conso
Slide 5: Items Affecting Comparability
Items Affecting Comparability NY MTA1 Billboard Contract Billboard Revenue Q2’25: $0.0 million Q2’24: $6.8 million LA Billboard Contract Billboard Revenue Q2’25: $4.5 million Q2’24: $6.5 million Note (1) New York Metropolitan Transportation Authority (the “MTA”). Notes: $ Millions unless otherwise s
Slide 6: Items Affecting Comparability: Billboard Revenue
Items Affecting Comparability (2.5%) NY MTA Billboard Contract (4.5%) Static/Digital Billboard Revenue Q2’25: $0.0/$0.0 million Q2’24: $4.2/$2.6 million (1.6%) LA Billboard Contract Static/Digital Billboard Revenue Q2’25: $1.2/$3.3 million Q2’24: $0.7/$5.8 million Yr/Yr % Chg. Notes: $ Millions unle
Slide 7: Transit Revenue
5.6% 17.1% (2.9%) Yr/Yr % Chg. Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 8: Digital Revenue: Items Affecting Comparability
1.5% Items Affecting Comparability 19.5% NY MTA Billboard Contract Digital Revenue Q2’25: $0.0 million Q2’24: $2.6 million -0.5% LA Billboard Contract Digital Revenue Q2’25: $3.3 million Q2’24: $5.8 million Yr/Yr % Chg. Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 9: Billboard Revenue by Category
Notes: Prior period presentation conforms to current reporting classifications. Commercial includes $1.9 million of billboard condemnations in the three months ended June 30, 2025, and $0.1 of billboard condemnations million in the three months ended June 30, 2024. $ Millions unless otherwise stated
Slide 10: Billboard Yield
Notes: Yield defined as reported revenue per average display per month for the quarter. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 11: Billboard Adjusted OIBDA: Items Affecting Comparability
Yr/Yr Yr/Yr % Chg % Chg Yr/Yr (5.2%) % Chg (1.2%) 3.1% Items Affecting Comparability NY MTA Billboard Contract Yr/Yr Billboard Property Lease Yr/Yr % Chg % Chg Q2’25: $0.0 million (3.3%) (3.3%) Q2’24: $5.8 million LA Billboard Contract Billboard Property Lease Q2’25: $3.9 million Q2’24: $5.5 million
Slide 12: Transit Revenue and Adjusted OIBDA
Yr/Yr % Chg Yr/Yr 5.2% % Chg 4.6% Yr/Yr % Chg 60.0% Yr/Yr % Chg Yr/Yr 3.0% % Chg (5.2%) Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Transit Adjusted OIBDA divided by Transit Revenues. Numbers may not sum due to rounding. See Appendix for Non-GAAP reco
Slide 13: Consolidated Financial Results
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 14: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
\ Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 15: AFFO Bridge
0.6% yr/yr (1) Other Billboard & Transit OIBDA Other Adjusted OIBDA Corporate Adjusted OIBDA Interest Expense Other Maintenance Capex Cash Taxes Billboard & Transit Maintenance Capex Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliat
Slide 16: Debt Maturity Schedule, Cost of Debt and Net Leverage
2Q25 Weighted Average Cost of Debt 5.4% Net Leverage Ratio1 4.8x Notes: $ Millions unless otherwise stated. Reflects face value of debt. 1) Calculated as Total Debt less Cash divided by LTM “Consolidated EBITDA” (as defined in, and calculated in accordance with, the Credit Agreement governing the Co
Slide 17: Appendix
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate
Slide 19: Revision of Previously Issued Financial Information
Revision of Previously Issued Financial Information In the third quarter of 2024, we identified an error related to the accounting for noncontrolling interests in our consolidated joint ventures, which include buy/sell clauses. The error related to the appropriate classification of these noncontroll
Slide 20: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Three Months Ended June 30, 2025 (in millions, except percentages) Billboard Transit Other Corporate __ Consolidated Revenues $ 351.3 106.3 $ 26 $ —$ 460.2 Organic revenues) $ 351.3 $ 106.3 $ 26 $ — $ 460.2 Non-organic revenues® $ - $ - $ -— $§ — $ _ Operating income (loss)
Slide 21: Non-GAAP Reconciliations: Net Income to Adjusted OIBDA and AFFO
Three Months Ended Twelve Months Ended Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Mar 31, Mar 31, Jun 30, Jun 30, (in millions) 2023 2023 2023 2024 2024 2024 2024 2025 2025 2024 2025 2024 2025 Net income (loss) attributable to OUTFRONT Media Inc. (478.9) 17.0 60.4 (27.2)
Slide 22: Other Segment Financials
Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, 2023 2023 2023 2023 2024 2024 Revenue $ 17.6 $ 23.9 $ 24.3 $ 26.3 $ 18.6 $ 16.3 Operating Expenses Billboard property lease 5.4 5.2 6.1 5.7 6.2 4.3 Transit franchise 1.0 1.3 1.4 1.1 1.0 0.8 Posting, maintenance and other 5.0 5.3 5.1
Slide 23: Total Revenues and Expenses by Segment
2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Total Revenues $395.8 $468.8 $454.8 $501.2 $1,820.6 $408.5 $477.3 $451.9 $493.2 $1,830.9 $390.7 $460.2 Billboard $306.1 $352.2 $344.0 $367.4 $1,369.7 $313.9 $360.2 $360.6 $374.6 $1,409.3 $310.7 $351.3 Static & Other $223.0 $246.1 $244.1 $247.0 $960.
Slide 24: Digital Revenues and Billboard Displays
2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Digital Revenues $110.8 $140.5 $133.7 $168.2 $553.2 $119.7 $154.8 $147.7 $179.5 $601.7 $127.9 $157.1 Billboard $83.1 $106.1 $99.9 $120.4 $409.5 $87.6 $112.2 $111.1 $126.0 $436.9 $92.3 $107.2 Transit $27.7 $34.4 $33.8 $47.8 $143.7 $32.1 $42.6 $36.6 $
Slide 25: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (a) Organic revenues exclude revenues associated with the impact of the sale of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of ou
Slide 26: About OUTFRONT Media Inc.
About OUTFRONT Media Inc. OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it’s defi ig anew era of in-real-life (IRL) marketing, turning public spaces