OUTFRONT Media Inc.

Hello and welcome to the Outfront Media third quarter 2025 earnings call. My name is Carla and I will be coordinating your call today. During the presentation, you can register to ask questions by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. I will now hand you over to your host, Stefan Besson to begin. Please go ahead when you're ready.

Good afternoon and thank you for joining our 2025 third quarter earnings call. With me on the call today are Outfront CEO Nick Bryant and CFO Matthew Siegel. After a discussion of our financial results, we'll open the lines for a question and answer session. Our comments today will refer to the earnings release and slide presentation that you can find on the investor relations section of our website, outfront.com. After today's call has concluded, an audio archive replay will be available there as well. This conference call may include forward-looking statements. Relevant factors that could cause actual results to differ materially from these forward-looking statements are listed in our earnings materials and in our SEC filings, including our 2024 Form 10-K, as well as our Q3 2025 Form 10-Q, which we expect to file soon. We will refer to certain non-GAAP financial measures on this call. Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIDDA and other non-GAAP financial measures are available in the appendix of the slide presentation, the earnings release, and our website, which also includes presentations with prior period reconciliations. With that, let me hand the call over to Nick.

Thanks, Stephan, and thank you, everyone, for joining us today. We're pleased to be here today reporting our third quarter results, which came in ahead of where we had anticipated when we spoke three months ago, given a sizable increase in demand, particularly within our transit business. As you can see on slide three, which summarizes our headline numbers, consolidated revenues were up 3.45%, driven by 24% growth in transit, while consolidated EBITDA was up 17% to 137 million, and AFFO was up 24% to 100 million. Slide four shows our more detailed revenue results. Billboard revenues were down 2.2%, primarily due to our previously announced exit of two large marginally profitable billboard contracts in New York and LA, as the revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the results of these contracts, billboard revenues would have been up a little over 1%. Transit grew an impressive 24%, led by the New York MTA, which was up a massive 37% during the quarter, given the launch of several large campaigns, particularly within the tech, finance, TPG, pharma and health categories. Slide five shows our detailed billboard revenue, which, as I mentioned earlier, was impacted by the two large billboard contracts we've exited. On a reported basis, static and other billboard revenues were down 2.5% during the quarter, and digital billboard revenues were down 1.4%. However, I believe it is important to note that excluding the results of the two large billboard contracts we exited from the comparable prior year period, digital revenues would have been up over 5%. Pride 6 shows our detailed transit revenue, which grew nearly 24% during the quarter. Our digital transit revenues were up over 50% to 56 million. and static revenues were almost up 4%. Much of the strength of this quarter was driven by larger brands with enterprise transit revenues up over 30%. Commercial was also a significant contributor to transit growth, up high single digits during the quarter. We are immensely proud of these results, which have been driven by the strengthening of our transit growth team and a focus on distinct go-to-market sales solutions. On a consolidated revenue basis, our stronger categories during the quarter were legal, financial, tech, and travel. The weaker categories during the quarter were retail, alcohol, and government political. Slide 7 shows our combined digital revenue performance. which grew over 12% in the quarter and represented 35.4% of our total revenues. Even more impressive, excluding the aforementioned New York and LA contracts, digital revenues would have grown by nearly 18%. Programmatic and digital direct automated sales were up nearly 30% during the period and represented 19.4% of our total digital revenues. up from 16.8% in the same period last year. While on the topic of programmatic and digital, I'd like to highlight the strategic partnership that we announced with AWS last month, which we believe will usher in a new era for the out-of-home medium. In a first for the industry, this initiative will enable the planning, buying, and measurement of our inventory from end to end, creating new sales opportunities, and advancing the way agencies and brands can access, interact, transact, and measure their media in smarter, more efficient ways. While we are in the early days of these partnerships, we're very encouraged by the opportunities and are extremely excited about its future potential. Moving on, the breakdown of commercial and enterprise revenues can be seen on slide eight. Enterprise grew by 7% during the third quarter, with a huge 30-plus percentage point increase in transit I've previously mentioned being offset by a mid-single-digit decline in billboards. Commercial was essentially flat year-on-year during the quarter, with high single-digit transit growth offset by slightly weaker billboard revenues. Slide 9 shows our billboard yield growth. which was up about 1.4% year over year to over $3,000 per month, driven primarily by our new digital inventory. Summing up, we were pleased with our quarter three performance, and encouragingly, we are seeing these strong top-line trends continue into the fourth quarter. With that, let me now hand it over to Matt to review the rest of our financials.