Lamar Advertising Co
NASDAQ:LAMR

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Lamar Advertising Co
NASDAQ:LAMR
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Price: 126.96 USD -0.81% Market Closed
Market Cap: 12.9B USD

Lamar Advertising Co
Investor Relations

Lamar Advertising Company, a stalwart in the out-of-home advertising sector, has been weaving its influence across the American landscape since its inception in 1902. Rooted deeply in Baton Rouge, Louisiana, this company stands as a testament to the enduring appeal of traditional advertising methods in an increasingly digital world. The story of Lamar is one of strategic growth and adaptation, deftly expanding its reach beyond billboards to encompass digital displays and transit advertising. Its business model revolves around acquiring and maintaining extensive billboard networks, spanning highways and urban centers alike, offering advertisers high-visibility space to capture consumers' attention. With a focus on high-quality locations and a commitment to continual technological advancement, Lamar enhances its offering with digital billboards that provide flexibility and real-time content updates, effectively capturing modern consumer eyeballs still navigating the physical world.

Financially, Lamar Advertising thrives on a straightforward revenue model: leasing advertising space to a wide array of clients, from local enterprises to multinational corporations, eager to capitalize on the passersby's attention. The company's diverse portfolio covers various advertising structures, notably billboards, digital signs, and poster advertising, ensuring that marketing messages reach audiences ranging from the casually curious commuter to the mindful road-tripper. By investing strategically in digitization and leveraging their vast property assets, Lamar not only enhances its competitive edge but also augments its revenue streams, maintaining steady cash flows and offering advertisers compelling, tangible benefits in a media landscape that often feels polarized between the digital and the real-world experience.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 6, 2025
AI Summary
Q3 2025

Revenue Growth: Lamar reported 2.9% acquisition-adjusted revenue growth in Q3, with national and programmatic advertising leading gains.

AFFO Guidance: Management affirmed full-year AFFO per share guidance of $8.10–$8.20, despite ongoing macroeconomic uncertainty.

Strong National/Programmatic: National and programmatic revenues grew 5.5% and over 13% respectively, with notable wins in insurance and pharma.

M&A Activity: Acquisition spend is set to exceed $175M for the year (excluding Verde), with total M&A over $300M including Verde, indicating continued focus on growth through acquisitions.

Balance Sheet: Lamar strengthened its liquidity with $1.1B in new capital raised and ended Q3 with $834M in total liquidity and 3x net debt to EBITDA.

Dividend Policy: The company expects to pay a full-year dividend of $6.20 per share plus a special cash distribution from the Vistar sale (~$0.25).

2026 Outlook: Management is optimistic about 2026, citing stronger pacing, political ad tailwinds, and demand from major events like the World Cup.

Key Financials
Acquisition-Adjusted Revenue Growth
2.9%
Adjusted EBITDA
$280.8 million
Adjusted EBITDA Margin
48%
Adjusted Funds from Operations
$226.5 million
Diluted AFFO per share
$2.20
Political Revenue (Q3)
$2.7 million
Political Revenue (YTD)
$7.4 million
Programmatic Revenue Growth
Over 13%
Same-Store Digital Revenue Growth
3.4%
Digital Billing Growth
5%
Total Digital Billboard Faces
5,442
Billboard Revenue Local/Regional
78%
Billboard Revenue National
22%
National Revenue Growth
5.5%
Local Revenue Growth
1.6%
Acquisition-Adjusted Operating Expense Growth
3.7%
Total CapEx (Q3)
$50 million
Maintenance CapEx (Q3)
$13.9 million
Total CapEx (YTD)
$118 million
Maintenance CapEx (YTD)
$37 million
Total CapEx (Full Year Guidance)
$180 million
Maintenance CapEx (Full Year Guidance)
$60 million
Net Debt to EBITDA
3x
Secured Debt Leverage
0.65x
Liquidity (as of September 30)
$834 million
Total Consolidated Debt
$3.4 billion
Weighted Average Interest Rate
4.6%
Weighted Average Debt Maturity
Approximately 5 years
Dividend Per Share (Q3 and Q4 Recommendation)
$1.55
Full Year Dividend Per Share
$6.20
Special Dividend from Vistar Sale
Around $0.25 per share
Earnings Call Recording
Other Earnings Calls

Management

Mr. Kevin Patrick Reilly Jr.
Executive Chairman
No Bio Available
Mr. Sean E. Reilly J.D.
CEO & President
No Bio Available
Micky Vint
Executive Vice President of Operations
No Bio Available
Mr. Sukhvinder Singh
Senior Vice President of Technology & Innovation
No Bio Available
Mr. James R. McIlwain
Secretary & General Counsel
No Bio Available
Mr. John M. Miller
Executive Vice President of Sales & Marketing
No Bio Available
Ms. Tammy Duncan
Executive Vice President of Human Resources
No Bio Available
Mr. Hal Kilshaw
Executive Vice President of Governmental Relations
No Bio Available
Mr. Lee Kantrow Jr.
Executive Vice President of Business Development
No Bio Available
Denise Shewmake
Executive VP & Central Regional Manager
No Bio Available

Contacts

Address
LOUISIANA
Baton Rouge
5321 Corporate Blvd.
Contacts
+12259261000.0
www.lamar.com