Lamar Advertising (LAMR) Q2 2026 Earnings Call Transcript

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DATE

Thursday, Aug. 6, 2026 at 9 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer - Sean Reilly
• Executive - Jay Johnson
• Director of Investor Relations - Buster Kantrow

TAKEAWAYS

• Net Revenue -- $616.7 million in the second quarter, representing a 6.5% increase from $579.3 million in the prior-year period.
• Adjusted EBITDA -- $303.4 million, an increase of 9.0% from $278.4 million in the second quarter of 2025.
• Adjusted EBITDA Margin -- 49.2%, expanding 110 basis points to reach a record quarterly level for the company.
• AFFO per Diluted Share -- $2.40, an 8.1% increase from $2.22 in the second quarter of 2025.
• Full-Year AFFO Guidance -- $8.75 to $8.90 per share, representing an increase of $0.22 at the midpoint from previous projections.
• Acquisition-Adjusted Revenue Growth -- 6.1% for the second quarter, which management identified as the highest rate of revenue growth since the second quarter of 2022.
• Digital Billboard Revenue -- 15.4% year-over-year growth, now accounting for 33.3% of total billboard revenue.
• Same-Board Digital Revenue -- 6.5% growth compared to the second quarter of 2025.
• Programmatic Sales -- growing more than 50% in the quarter, contributing approximately 10% of digital billboard revenue.
• National and Programmatic Revenue -- 16% increase in the second quarter, marking the sharpest growth rate for the segment since 2021.
• Local and Regional Revenue -- 3.4% growth, representing the 21st consecutive quarter of growth for this revenue stream.
• Airport Business Revenue -- 21.1% increase on an acquisition-adjusted basis, reflecting an acceleration from 15.5% growth in the first quarter.
• M&A Spending -- $100 million deployed on nearly 30 billboard acquisitions and easement purchases through June 30, 2026.
• Full-Year Acquisition Target -- exceeding $200 million in cash spend for the full year 2026.
• Debt Profile -- $3.5 billion in total consolidated debt with a weighted average interest rate of 4.5% and no senior notes maturities until February 2028.
• Net Debt-to-EBITDA Leverage -- 2.9x, which remains among the lowest historical levels for the company.
• Total Liquidity -- $720 million at quarter end, comprised of $68 million in cash and $652 million available under the revolving credit facility.
• Quarterly Dividend Recommendation -- $1.65 per share, representing a $0.05 increase over the previous distribution level.
• Political Advertising Revenue -- more than $5 million increase year over year in the second quarter.
• Full-Year Political Spend Forecast -- low to mid-30 million range for 2026, compared to approximately $29 million in 2024.
• Capital Expenditures -- $42.7 million in the second quarter, including $14.7 million for maintenance activities.
• Full-Year CapEx Guidance -- $186 million, with $65 million allocated to maintenance and $121 million for growth initiatives.
• Acquisition-Adjusted Expenses -- 5.1% increase, driven by variable costs such as revenue share leases and sales commissions tied to top-line growth.
• Interest Coverage Ratio -- 7.1x adjusted EBITDA to cash interest for the 12-month period ending June 30, 2026.
• Digital Units -- 5,730 units in operation at the end of the second quarter, an increase of 177 units since the end of 2025.

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RISKS

• Reilly stated, "Categories of strength included service, political, retail and financial, while real estate and amusements were slightly weaker," indicating relative softness in specific advertiser segments during the quarter.
• Johnson reported that acquisition-adjusted consolidated expenses rose 5.1% in the second quarter, exceeding expectations by 150 basis points due to variable costs tied to revenue growth.

SUMMARY

Management at **Lamar Advertising Company** (NASDAQ:LAMR) reported record EBITDA margins and increased the full-year financial outlook, citing strong demand across digital and programmatic channels. The company reported a significant acceleration in national advertising, particularly in the airport segment, and noted that political spending is pacing ahead of previous cycles. Management indicated that while some local media formats are experiencing audience declines, out-of-home advertising is attracting spend due to verifiable results and transparency. The company is actively pursuing acquisitions while maintaining leverage levels below its long-term target.

• CEO Reilly attributed the surge in business from technology service providers to growth in the artificial intelligence sector.
• Reilly noted that digital billboards account for approximately half of the company's total political advertising revenue.
• Management stated that the UPREIT structure serves as a tax-efficient way for sellers to monetize billboard assets while retaining exposure to the company's future performance.
• On the call, management stated it expected to close its second UPREIT transaction, valued in the mid-30 million range, in August 2026.
• Johnson reported that July 2026 revenue rose 6%, exceeding the company's original internal budget for the month.
• CEO Reilly stated that "some advertisers are coming to us in the out-of-home world because they know exactly what they're getting," citing concerns over bot fraud in other digital media formats.
• Management indicated they are pausing the second phase of enterprise software upgrades to evaluate more cost-effective options for system functionality.

INDUSTRY GLOSSARY

• AFFO: Adjusted Funds From Operations, a financial performance measure used by REITs to estimate the cash available for distribution to shareholders.
• UPREIT: Umbrella Partnership Real Estate Investment Trust, a structure that allows property owners to exchange their assets for shares in a REIT in a tax-deferred manner.
• Programmatic: Automated buying and selling of digital advertising space using software and data.
• Same Board: A metric comparing the performance of advertising displays owned by the company in both the current and prior periods, excluding acquisitions.
• EBITDA: Earnings before interest, taxes, depreciation, and amortization.
• AR Securitization: Accounts Receivable Securitization, a financial arrangement where a company sells its accounts receivable to a third party to receive immediate cash.
• LOI: Letter of Intent, a document outlining the preliminary agreement between two or more parties before a legal deal is finalized.
• Net Debt-to-EBITDA: A leverage ratio that measures a company's ability to pay off its incurred debt by comparing its net debt to its earnings before interest, taxes, depreciation, and amortization.

Full Conference Call Transcript

Operator: Excuse me, everyone, we now have Sean Reilly and Jay Johnson in conference. [Operator Instructions] In the course of this discussion, Lamar may make forward-looking statements regarding the company, including statements about its future financial performance, strategic goals, plans and objectives, including with respect to the amount and timing of any distributions to stockholders and the impacts and effects of general economic conditions, including inflationary pressures on the company's business, financial condition and results of operations. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond Lamar's control and which may cause actual results to differ materially from anticipated results.

Lamar has identified important factors that could cause actual results to differ materially from those discussed in this call in the company's second quarter 2026 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents. Lamar's second quarter 2026 earnings release, which contains information by Regulation G regarding certain non-GAAP financial measures was furnished to the SEC on a Form 8-K this morning and is available on the Investors section of Lamar's website www.lamar.com. I would now like to turn the conference over to Sean Reilly. Mr. Reilly, you may begin.

Sean Reilly: Thank you, Katie. Good morning all, and welcome to Lamar's Q2 2026 Earnings Call. Our business is in a terrific place right now. As our second quarter results demonstrate, advertisers clearly value our ability to connect them with their audiences and deliver messages that resonate. We are meeting our customers where they are, including through our growing programmatic sales channel, and we're attracting new advertisers who appreciate out-of-home's NAC for standing out in today's increasingly fragmented media landscape. The vibe out there is good.

For the quarter, revenue and EBITDA growth once again exceeded our internal forecast, with increases in revenue across all business offerings, billboards, transit, airports and logos, and all regions and on both the local and national levels. On an acquisition-adjusted basis, consolidated revenue grew 6.1% in the second quarter, while EBITDA increased 7.3%, with a record EBITDA margin of 49.2% in the quarter. It was our highest rate of revenue growth since Q2 2022, and our 21st consecutive quarter of revenue growth overall. The momentum has carried into Q3 and pacing suggests year-over-year revenue growth rates for the balance of 2026 are likely to be in the same range as Q2.

With that in mind, we have raised our guidance for full year AFFO to a range of $8.75 to $8.90 per share. At the midpoint, that would represent AFFO per share growth of approximately 7% over 2025. Additionally, management will be recommending a $0.05 increase in our quarterly dividend to $1.65 per share. Back to Q2. Categories of strength included service, political, retail and financial, while real estate and amusements were slightly weaker. Service has been a reliable growth category for several years now, propelled by demand from attorneys. But in the second quarter, we also saw a surge in business from technology service providers, including those within the AI space.

Political spend, meanwhile, increased more than $5 million year-over-year in Q2 and is running well ahead of 2024 levels. It will continue to be a tailwind in Q4. About half the political dollars are being spent on our digital platform, which was the biggest driver of our overall growth in Q2. Our digital revenue increased 15.4% year-over-year and now constitutes a full 1/3 of our total billboard revenues. On a same board basis, digital billboard revenue increased 6.5% year-over-year. Growth of more than 50% through our programmatic sales channel once again made it a bright spot, and programmatic accounted for approximately 10% of digital billboard revenue in the quarter.

Our national business was particularly strong, helped, of course, by the World Cup. On a consolidated basis, national and programmatic revenue increased nearly 16% in Q2, the sharpest increase since the COVID rebound in 2021. Local and regional revenue, meanwhile, increased 3.4%. We have been active on the M&A front. Through June 30, we had spent more than $100 million on nearly 30 billboard acquisitions as well as on purchases of easements beneath our billboards. We have a healthy pipeline of billboard deals and easements under LOI and should easily exceed $200 million in cash spend for the full year. Meanwhile, we expect to close our second UPREIT transaction in the coming weeks.

All in all, I could not be more pleased with how the year is shaping up. I want to commend our team across Lamar land for their efforts so far in 2026. We have been busy. With that, I will turn it over to Jay to walk you through some additional numbers.

Jay Johnson: Thanks, Sean. Good morning, everyone, and thank you for joining us. We had a strong second quarter and are extremely pleased with our results, which exceeded internal expectations and consensus estimates across revenue, adjusted EBITDA and AFFO. The airport business continued to outperform with acquisition-adjusted revenue increasing 21.1% in Q2 versus last year, which was an acceleration from last quarter when airports grew a healthy 15.5%. Our billboard regions all experienced mid-single-digit top line growth, led by the Southwest and Atlantic, which were up 7.7% and 6.5%, respectively. In addition, the positive momentum continued in July with revenue increasing 6%, outpacing our original budget.

July's strong performance brings acquisition-adjusted revenue to 5.2% through the first 7 months of the year, and we are optimistic about our booking pace for the balance of the third quarter as we approach midterm elections. Acquisition-adjusted consolidated expenses increased 5.1% in the second quarter, which grew 150 basis points more than anticipated, but driven by variable expenses tied to solid revenue growth in the second quarter. Adjusted EBITDA was $303.4 million compared to $278.4 million in 2025, an increase of 9% in the quarter and improving 7.3% on an acquisition-adjusted basis. This was the strongest growth we've seen since resurgence from the COVID-19 pandemic.

Adjusted EBITDA margin expanded 110 basis points to 49.2%, the strongest margin in any quarter of the company's history. Adjusted funds from operations totaled $247.9 million in the second quarter compared to $225.3 million last year, an increase of 10.1%. The diluted AFFO per share grew 8.1% to $2.40 per share versus $2.22 in the second quarter of 2025. Local and regional sales grew for the 21st consecutive quarter and accounted for approximately 77% of billboard revenue in Q2. It has been over 5 years since the portfolio last experienced a year-over-year decline in local and regional sales, which was due to COVID.

National sales performance was extremely robust and grew to represent 23% of our book, up from 18% last quarter. On the capital expenditure front, total spend for the quarter was $42.7 million, including $14.7 million of maintenance CapEx. And for the full year, we anticipate total CapEx of approximately $186 million with maintenance CapEx comprising $65 million. As for our balance sheet, we have a well-laddered debt maturity schedule with no maturities until the AR securitization in October 2027 and no senior notes maturity until February 2028. We will likely extend the securitization later this year, assuming market conditions remain favorable.

The company currently has approximately $3.5 billion in total consolidated debt and our weighted average interest rate is 4.5% with a weighted average debt maturity of 4 years. As defined under our credit facility, we ended the quarter with total leverage of 2.9x net debt-to-EBITDA, which remains amongst the lowest levels ever for the company. Our secured debt leverage was 0.7x at quarter end, and we are in compliance with both our total debt incurrence and secured debt maintenance test against covenants of 7x and 4.5x, respectively. For the full year, we expect total leverage to hover around 3 turns with secured leverage coming in comfortably below 1x net debt-to-EBITDA.

In addition, our latest 12-month interest coverage through June 30 was 7.1x adjusted EBITDA to cash interest, further demonstrating the strength of the company's balance sheet. As Sean mentioned, M&A has been active thus far in 2026. We continue to benefit from an investment capacity well over $1 billion with the ability to deploy this capital while remaining at or below the high end of our target leverage range of 3.5 to 4x net debt-to-EBITDA. Our liquidity and access to capital both remain strong. At quarter end, we had $720 million in total liquidity, comprised of $68 million of cash on hand and $652 million available under our revolver. The AR securitization was fully drawn with $250 million outstanding.

Subsequent to quarter end, the company repaid $55 million on the revolving credit facility, and we currently have $35 million outstanding. In this morning's release, we revised our full year outlook and now expect diluted AFFO per share of $8.75 to $8.90, an increase of $0.22 at the midpoint. Cash interest in our guidance totaled $155 million and assumes no change in short-term floating interest rates for the balance of the year. As I touched on earlier, maintenance CapEx is budgeted for $65 million in 2026 and cash taxes are projected to come in around $12 million, which is slightly higher than our original expectations. And finally, our dividend.

We paid a cash dividend of $1.60 per share in each of the first and second quarters. Management's recommendation for the third quarter will be to increase the dividend to $1.65 per share, and this recommendation is subject to Board approval, and we will communicate the Board's decision. For the full year, we expect to distribute a regular dividend of at least $6.50 per share. The proposed $6.50 distribution results in a yield of 4.1% at yesterday's closing stock price. However, given our performance in Q1 and Q2 and expectations for the remainder of the year, it is likely that we will request approval for a special dividend at year-end.

This is consistent with our practice in years past to ensure distribution of 100% of our taxable income. As a reminder, the company's dividend is based on taxable income, subject to Board approval, and our dividend policy remains to distribute 100% of our taxable income on an annual basis. Again, we are pleased with an extremely strong start to the first half of the year as well as the momentum that has continued into the third quarter, and we look forward to executing on our strategy in the third and fourth quarters. I will now turn the call back over to Sean.

Sean Reilly: Thanks, Jay. I'll touch on some familiar metrics and then open it up for questions. While all regions are doing well, I'll give a special shout out to the Southwest and Atlantic regions, which are showing the best growth both in Q2 and year-to-date. As mentioned, Q2 same board digital growth was 6.5%, while total digital revenue growth was 15.4% and digital now comprises 33.3% of total revenues. And has been the case and as has been the case for some time now, the bulk of our growth in static has come from rate. For example, in our Marquee bulletin product, rate was up 3.7% in Q2.

We ended Q2 with 5,730 digital units in operation, an increase of 177 units over year-end 2025. Also, as mentioned, national programmatic had an exceptional Q2, increasing nearly 16% and combined comprised 22.7% of our total book of business, while local and regional made up 77.3%. On top categories of business, services continues to set records, up 15.4% in Q2. We also saw strong growth from retail, up 6.5%; financial, up 9.7%; gaming up 9.2%, and building and construction up 10.2%. Finally, political also continues to set records with political pacings for this year running significantly ahead of the 2024 cycle. '24 ended up with approximately $29 million in total political.

I'll be disappointed if we don't reach low to mid-30s of millions this year. Katie, I'll now open it up for questions.

Operator: [Operator Instructions] Our first question will come from Jonnathan Navarrete with TD Cowen.

Jonnathan Navarrete: Could you help us separate what is already booked for the second half from what's still the shorter lead time demand and whether the strength is broad-based across both during the fourth quarter? And the second question I have is, perhaps I heard wrong, but did you say that you guys are weeks away from completing your second UPREIT transaction?

Sean Reilly: Yes. I'll hit the second question first. Yes, we have -- we expect to close our second UPREIT transaction sometime next week. We're pleased with the reception we're getting out there to sellers that see that as a very attractive way to really join forces with Lamar, stay in the business, but also in a very tax-efficient way, monetize their billboard assets. So we're encouraged by what we're seeing out there in terms of, again, receptivity for an UPREIT transaction. The first question was regarding bookings...

Jonnathan Navarrete: For the second half -- yes, for the second half and like what's already booked versus what still depends on the shorter lead time demand and whether you see this trend pretty equal in the third and fourth quarter?

Sean Reilly: Sure. So we're booked to goal, we're booked at about 85% to 90%. So we still have 10% to 15% left to sell in the period for the period to hit all of our goals. And pacings are strong. We feel good about it.

Jonnathan Navarrete: Okay. And perhaps one more question is just what kind of -- like how do you guys think about we should do an UPREIT transaction versus, I don't know, other forms of financing transaction? How does -- what's the thought process like? And what's the strategy like going forward? Do you see this becoming a more common occurrence for Lamar? Or is it more like a one-off kind of special occasion?

Sean Reilly: We view it as -- number one, we're always going to do transactions that are accretive to AFFO per share. So that's rule #1, right? And so anytime we are issuing shares, we want to make sure that we do so accretively. If we view it as another arrow in our arsenal to do attractive, accretive acquisitions. It's really up to the seller. It's -- again, it's a very attractive way for sellers in a very tax-efficient manner to sell their inventory, yet also hitch their wagon to Lamar and enjoy the upside that we've delivered for folks that do UPREIT transactions with us.

So we do see it happening more and more, and we're getting more and more inbound queries from folks in the billboard business that want to explore it.

Operator: Our next question will come from Alexey Philippov with JPMorgan.

Alexey Philippov: Sean, you called out revenue was up almost 5% acquisition adjusted in April on the prior call, and the second result came in much stronger at 6%. Can you help us unpack the monthly cadence through May to June? And what you've seen so far in July and August? And then with the guidance upgrade, what's the underlying organic growth that you assume for the full year? I think you started with 3.6% in February. And what's the number that you have in mind right now? And the final one on UPREIT, is it fair to expect a similar size to were there? And also, do you include this deal in your new guidance?

Sean Reilly: So last question first. No, this is a smaller UPREIT transaction. It's in the sort of mid-30s-ish. And at the end of the day, we are encouraged to actually be able to roll out an UPREIT transaction with a smaller asset size. It means we can do more of them. We're not -- I'm not going to guide to a specific pro forma growth number for the year, but it will be north of 5-ish, right? If you did pencil out what we laid out there in terms of the rest of the year looking much like Q2, that's the arithmetic -- you'll get to that arithmetic. Same board digital is a bright spot.

And I would encourage that you hold us accountable to same board digital growing faster than the static base because we're deploying a lot of capital to grow that platform. And if it's not showing same board growth, then we have to question whether or not it's capital well spent. Right now, we're extremely encouraged, and we are putting up digital as fast as we can.

Jay Johnson: Well, Alexey, in terms of the cadence on top line growth in Q2, we just saw an acceleration in each month. We were at 4.8% in April. We went to about 5.5% in May and June was 8% top line growth. So that's how you saw the acceleration go from 5% to 6% for the quarter. So it was an excellent quarter.

Alexey Philippov: Great. And if I may, to follow up on costs. I think acquisition-adjusted expenses were up 5% in second quarter, which is above your roughly 3% full year expense growth framework. Is there any like specific to this quarter? Or we should expect a higher expense growth in the back half of the year?

Jay Johnson: No, Alexey, if you look at expense growth, we grew 5.1%, about 150 basis points of that was all tied to variable expenses like revenue share leases or sales commissions that were tied to solid top line growth. So it's actually -- it was a positive from our perspective. For the full year, because we are outpacing the 3.5% that we thought top line, we're going to be closer to the mid. You're probably going to see expense growth kind of in the 4% range because of that.

Operator: Our next question will come from Cameron McVeigh with Morgan Stanley.

Cameron McVeigh: Just from a high level, Sean, I'm curious just why you think you're seeing such strength recently, both at Lamar and what we're seeing across the industry? And do you think you're taking share from other mediums, like is this the AI industry advertising more? Is it more political? I'm just curious your high-level thoughts on how you see it.

Sean Reilly: So I think there is something secular going on in terms of what's happening to our competitors out there in other local media, for example, what's going on, clearly with radio, what's going on with print, and what is increasingly going on with local network affiliate television. Some of that is coming our way as they experience a drop in their audience, some of their spend is coming our way.

What we're also increasingly hearing from advertisers, and I think you're hearing this from our peers at OUTFRONT and Clear Channel as well, digital ad spend, while it's still the gorilla in the room, there is some disaffection with what's going on in the sort of what many people believe is the vast wasteland of what's going on with the panoply of digital products out there. And so some advertisers are coming to us in the out-of-home world because they know exactly what they're getting. There's no bot fraud. There's no chance that they're going to show up in a place that they don't want to be.

And they're increasingly getting comfortable with our ability to track results when they spend with us. So it's all good out there for out-of-home. It's -- you heard this from OUTFRONT. Yesterday, you saw it in the Clear Channel numbers. and a rising tide is lifting all boats because we're feeling it as well.

Cameron McVeigh: Got it. That's great. And then just secondly, Sean and Jay, I'd be curious what the latest is on your cost savings initiatives? And is this the year we might see the 48% margins?

Sean Reilly: We're going to be close. I don't know that we're going to get all the way to 48%, but we will set a record, and we should be at least 1 point better than last year. So we've successfully gone through Phase 1 of our enterprise software and upgrades, mostly back office and financial and with some savings accompanying those efforts. We're somewhat hitting the pause button on Phase 2. We've had some wins that are going to result in some cost savings in out years. But as you're hearing from other companies, the sands are shifting around software deployment and options for functionality. So we're evaluating those things.

And what we're seeing out there are some more elegant and more cost-effective ways to get the functionality we're looking for. So on some of those cost savings, it's stay tuned, maybe not get to 48% this year, but quite possibly in '27 or '28, probably.

Operator: [Operator Instructions] Our next question will come from Steven Cahall with Wells Fargo.

Steven Cahall: I was wondering if we could go one level deeper into that acceleration you saw through the second quarter. I know there was a lot of sports going on in that time, but it sounds like your pacings continue to improve. Were there particular categories of strength that you see persisting into the back half and maybe even into '27? I'm curious if AI, which has become obviously a much bigger sector is showing up as a bigger advertiser as well. And then just on your M&A plans, I was wondering how you're thinking about valuations in the marketplace right now. It seems like one of your competitors is going to have a better balance sheet than it has historically.

Sector multiples are a little higher. So just wondering how competitive that market looks for valuations.

Sean Reilly: Sure. I'll hit the second question first. So we do basically 3 types of acquisitions. There are ones that are 100% fill in, in our existing footprint, we have, by far and away, the largest footprint nationwide of any operator. So for many of these transactions that we do that are sort of cookie-cutter fill-in transactions, we're the highest and best buyer and sometimes we're the only buyer, and we just sit down and meet with a seller, and we get to yes. So some of them are actually not competitive processes.

As the transactions get larger, more parties come to the table and there is more of a competitive dynamic, sometimes those transactions are in DMAs where we don't already have operations. and that can attract some attention. We just remain disciplined, and we have our valuation metrics, and we stick to them. Regarding the other 2 publics, it's interesting. Their footprints are different. Oftentimes, they're shopping in places we're not, just given their geographical profile. So we run into them sometimes and sometimes we don't. And I would describe it as we're frenemies when it comes to that. And we're going to win our fair share as will they.

Business, as I mentioned, services is a pretty big catch basin, and it's just growing really fast. And we saw the advent of telecom and technology services, particularly around -- in the AI space, augment that whole category of business. And that's been a good thing to see. And then don't forget political. We've got nice political tailwinds that we're enjoying this year. It has been somewhat unusual to have a mid-cycle outpace a presidential cycle, but that's what's going on in 2026 over 2024. And that, again, has certainly been one of the nice things to see this year.

Operator: This does conclude our Q&A session. I would now like to turn the meeting back to Sean Reilly for any closing remarks.

Sean Reilly: Well, thank you all for listening, and we look forward to catching up again next quarter.

Operator: Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

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