OUTFRONT Media Inc.

Good afternoon. Thank you for attending today's Outfront Media Fourth Quarter 2025 Earnings Call. My name is Micaiah and I will be the moderator during today's call. All lines will be muted during the presentation portion of the call with an opportunity for your questions and answers at the end. At this time, I'd like to pass the call over to our host, Stephan B. Sun with Outfront. You may begin today's call.

Good afternoon and thank you for joining our 2025 Fourth Quarter Earnings Call. With me on the call today are CEO Nick Bryan 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 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 2025 Form 10-K, which we expect to file tomorrow. We will refer to certain non-GAAP financial measures on this call. Any references made to OIBDA today will be made on an adjusted basis. Reconciliations of OIBDA and any other non-GAAP financial measures are in the appendix of the slide presentation, the earnings release, and on our website, which also includes presentations with prior period reconciliations. With that, let me hand the call over to Nick.

Thanks, Stefan. And good afternoon to all of those listening. We're pleased to be here sharing our fourth quarter results, as well as our 2026 outlook. As has become the custom, I would like to quickly highlight some of our accomplishments in 2025. It was a busy year that was full of change, but I'm happy to report we have made significant progress on the four strategic imperatives I laid out last May. First, we've made great strides on optimizing our sales strategy, primarily through a broad reorganization of our sales force. We've created distinct enterprise and commercial go-to-market teams, and ensure there's experienced leadership throughout your entire organization. To that end, we worked diligently to make sure that the key roles were filled by the best possible leader, whether they were found internally or externally. Second, we have made important progress in modernizing our workflow and processes. We have centralized many of our back office functions, as well as invested in better sales tools, such as Salesforce, and AWS. We will continue to invest in our technology and tools to further accelerate our growth and ROI as appropriate. The latest of these efforts was our investment and exclusive commercial arrangement in Adquick, a leading independent out-of-home planning platform which we announced earlier today. We believe this is the first step towards creating an environment in which our clients can harness the full potential and value of our products to simplify planning, buying, and measurement of their advertising campaigns. Third, we generated new demand from both existing clients and new logos. Importantly, much of this new demand was created within our transit business, accelerating revenues in the segment throughout the year. Most notable of all was our growth in the New York MTA, which was up nearly 20% for the year. And lastly, our teams have responded to our demands for operational excellence by rising to the occasion as illustrated by the fourth quarter and full year results we are reporting today, as well as the strong trends we have seen thus far in 2026. Turning to those results, we're pleased to report that we had a solid fourth quarter. You can see the headline numbers on slide three. Consolidated revenues were up 4.1%. and acceleration from Q3 3.5%, driven by 16% growth in transit and 1% growth in billboard, while consolidated EBITDA was up 12% to $174 million, and AFFO was up 8% to $130 million. Slide 4 shows our more detailed revenue results. Billboard revenues were up 0.5% due to higher demand, partially offset by our previously announced exits of two large marginally profitable billboard contracts, one in New York and the other in LA. As the revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the revenue generated by these contracts in 2024, billboard revenues would have grown 3.7%. Transit grew an impressive 16%. led by the New York MCA, which was up over 20% during the quarter, driven by strong performances within the finance, tech, and legal verticals. Slide 5 shows our detailed billboard revenue, which, as I mentioned earlier, was impacted by the two large billboard contracts we have exited. On a reported basis, static and other billboard revenues were up 1.1%. during the quarter and digital billboard revenues were down 0.6%. However, I believe it's 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 6.7%. Slide six shows our detailed transit revenue, which grew nearly 16% during the quarter our digital transit revenues were up 37% to 73 million, while static transit revenues were down a little over 2%. The overall strength in our transit business was driven equally by our commercial and enterprise teams, which both continue to operate at an extremely high level. We are proud of the momentum we have driven within our transit business in the latter half of 2025, and I'm pleased to report that this strength continues into 2026 which I will discuss later. On a consolidated revenue basis, our stronger categories during the quarter were financial, legal, and tech. The weaker categories during the quarter were government political, retail, and auto, consistent with the broader advertising industry trends. Price 7 shows our combined digital revenue performance, which grew about 11% in the quarter and represented about 39% of total revenues. Even more impressive, excluding the aforementioned New York and L.A. contracts, digital revenues would have grown by over 16%. Programmatic and digital direct automated sales were up 11.3% during the period and represented 16.9% of our total digital revenues, up slightly from the same period last year. Moving on, the breakdown of enterprise and commercial revenues can be seen on slide 8. Commercial grew by almost 7% during the fourth quarter, with transit growing mid-teens and billboard up mid-single digits. Enterprise was up 1% year-on-year during the quarter, with mid-teens growth in transit being offset by a mid-single-digit decline in billboard revenues due to the impact of the LA contract exit. Slide 9 shows our billboard yield growth. which was up about 4% year-on-year to nearly $3,300 per month, driven primarily by our in-between management efforts. Summing up, we were pleased that we ended 2025 with strong and accelerating revenues. This positive momentum continues into 2026. With that, let me now hand it over to Matt to review the rest of our financials.