OUTFRONT Media Inc.

Hello, everyone. Thank you for joining us and welcome to the Outfront Media first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Stephan Bisson with Outfront. Please go ahead.

Good afternoon and thank you for joining our 2026 first 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 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 files, including our 2025 Form 10-K, as well as our 2021-2026 Form 10-Q, which we expect to file tomorrow. 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 OIBDA and 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 reconciliation. 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 reporting our first quarter results, which came in better than we had anticipated when we spoke two months ago. given the strong demand for excellent execution from our entire organization. As you can see on slide three, which summarizes our headline numbers, consolidated revenues were up 10%, driven by 22% growth in transit and 7% growth in billboard, while consolidated EBITDA was up 56% to about $100 million, and AFFO more than doubled to $61 million. Notably, these results include $13.5 million of condemnation billboard revenues and OIDA that we highlighted when we provided our guidance in February. Slide 4 shows our more detailed revenue results. Billboard revenues were up 7.1%. Included in our comparative billboard results are two notable items this quarter. First, approximately $13.5 million of revenues. in quarter one, 2026, related to billboard combinations I just mentioned. And second, a previously announced exit of a large, marginally profitable billboard contract in LA, as the revenues and expenses of this contract are still included in our reported 2025 financial statements. Excluding the billboard revenue generated by both of these items, billboard revenue growth would have been up over 4%. The strongest billboard categories in the quarter were legal and tech. Transit grew by 22%, again led by the New York MTA, which was up over 26% in quarter one. Our strongest transit categories in the quarter were tech and financial. FlyFive shows our detailed billboard revenue, which, as I mentioned earlier, was impacted by the outsized combination revenue and the large LA billboard contract, that we exited. On a reported basis, static and other billboard revenues were up 7.6% during the quarter, and digital billboard revenues were up 6.1%. However, excluding the revenue generated by both of these items, static and billboard revenues and other billboard revenues would have been up nearly 2%, and digital billboard revenues would have been up over 10%. Slide six. shows our detailed transit revenue, which grew over 22% during the quarter. Our digital transit revenues were up over 26% to about $45 million, and static transit revenues were up almost 20%. The strength in our transit business was led by our commercial team this quarter, which grew their revenues at a clip of 35%. We remain immensely proud of the performance turnaround in this important line of business, continuing to be driven through smarter product marketing and innovative, focused sales approaches. While technically occurring in the second quarter, I'd like to highlight a recent activation with British Airways in the new MTA that you can see on the cover of our slide presentation. As part of this innovative campaign, we wrapped the shuttle to resemble an airliner and BA brought their flight attendants to Grand Central and Times Square to hand out English biscuits to hungry commuters. Slide seven shows our combined digital revenue performance, which grew over 11% in the quarter and represented about a third of our total revenues. Even more impressive, excluding the aforementioned LA contract, digital revenues would have grown by nearly 15%. Programmatic and digital direct automated sales increased nearly 40% during the period, now representing 20% of total digital revenue, up from 16% a year ago. On the topic of programmatic growth, I'd like to also highlight the recent addition of a very senior digital sales leader with deep expertise across programmatic advertising, data analytics, measurement, and omnichannel media activation. This strategic hire further advances our evolution into a modern media company built around digital expertise, audience intelligence, and measurable outcomes. Jeff Hackett's leadership will help us maximize the value of our unified ad tech stack, our data management platform, and trading partnerships, while strengthening our position with programmatic buyers who are increasingly extending audience-driven strategies into premium IRL media environments. In turn, we believe we are better positioned to capture this growing demand and demonstrate how IRL media enhances platform-based omnichannel campaigns through greater targeting precision, breakthrough creative, and measurable performance in the real world. Moving on, on the breakdown of commercial and enterprise revenues can be seen on slide eight. Commercial revenues were up 19% during the quarter, or 13% excluding the $13.5 million combination revenues that we realized during quarter one. Enterprise was down about 2% during the first quarter, predominantly related to the exit of the large LA contract. Slide nine shows our billboard yield growth, which was up 11% year on year to over $2,900 per month, driven by higher rates as well as billboard combinations. Excluding combination revenue from both periods, billboard yield would have been up about 6.5% given our strong revenue performance and continued practice to prudently optimize our billboard portfolio. Summing up, we are pleased with our quarter one performance, and I'm happy to report we're seeing these strong top line trends continue into the spring and summer, which I will discuss in greater detail later. With that, let me now hand it over to Matt, who's going to review the rest of our financials.