Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2024 Operating Results

Three Month Results Net revenue was $579.6 millionNet loss was $(1.0) millionAdjusted EBITDA was $278.5 million Twelve Month Results Net revenue was $2.21 billionNet income was $362.9 millionAdjusted EBITDA was $1.03 billion BATON ROUGE, La., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter and year ended December 31, 2024. "Our revenue growth accelerated in the fourth quarter, aided by strength in political, local and programmatic. This allowed us to deliver full-year AFFO of $7.99 per share, above the top end of our revised guidance range," Lamar chief executive Sean Reilly said. "For 2025, we anticipate further growth in diluted AFFO, to a range of $8.13 to $8.28 per share." Fourth Quarter Highlights Net revenue increased 4.3%Depreciation and amortization increased 233.9%Net income decreased 100.7%Adjusted EBITDA increased 3.9%AFFO increased 5.4% Fourth Quarter Results Lamar reported net revenues of $579.6 million for the fourth quarter of 2024 versus $555.9 million for the fourth quarter of 2023, a 4.3% increase. Operating income for the fourth quarter of 2024 decreased $155.1 million to $36.7 million as compared to $191.7 million for the same period in 2023. Lamar recognized a net loss of $1.0 million for the fourth quarter of 2024 as compared to net income of $149.3 million for same period in 2023, a decrease of $150.3 million. The 100.7% decrease in net income for the fourth quarter of 2024 as compared to the same period in 2023 was primarily related to a revision in the estimate of our asset retirement obligation which resulted in an additional $159.7 million recorded to depreciation and amortization expense in the period. Excluding the effects of this additional expense, net income for the fourth quarter of 2024 increased 6.3% from the same period in 2023. Net (loss) income per diluted share was $(0.01) and $1.46 for the three months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA for the fourth quarter of 2024 was $278.5 million versus $268.2 million for the fourth quarter of 2023, an increase of 3.9%. Cash flow provided by operating activities was $279.3 million for the three months ended December 31, 2024 versus $254.2 million for the fourth quarter of 2023, an increase of $25.1 million. Free cash flow for the fourth quarter of 2024 was $195.6 million as compared to $180.3 million for the same period in 2023, an 8.5% increase. For the fourth quarter of 2024, funds from operations, or FFO, was $226.7 million versus $213.7 million for the same period in 2023, an increase of 6.1%. Adjusted funds from operations, or AFFO, for the fourth quarter of 2024 was $226.5 million compared to $215.0 million for the same period in 2023, an increase of 5.4%. Diluted AFFO per share increased 5.2% to $2.21 for the three months ended December 31, 2024 as compared to $2.10 for the same period in 2023. Acquisition-Adjusted Three Months Results Acquisition-adjusted net revenue for the fourth quarter of 2024 increased 4.1% over acquisition-adjusted net revenue for the fourth quarter of 2023. Acquisition-adjusted EBITDA for the fourth quarter of 2024 increased 3.9% as compared to acquisition-adjusted EBITDA for the fourth quarter of 2023. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2023 period for acquisitions and divestitures for the same time frame as actually owned in the 2024 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures. Twelve Month Results Lamar reported net revenues of $2.21 billion for the year ended December 31, 2024 versus $2.11 billion for the year ended December 31, 2023, a 4.6% increase. Operating income for the year ended December 31, 2024 decreased $143.4 million to $532.0 million as compared to $675.4 million for the same period in 2023. Lamar recognized net income of $362.9 million for the year ended December 31, 2024 as compared to net income of $496.8 million for the same period in 2023, a decrease of $133.9 million. The 26.9% decrease in net income for the year ended December 31, 2024 as compared to 2023 was primarily related to a revision in the estimate of our asset retirement obligation which resulted in an additional $159.7 million recorded to depreciation and amortization expense in 2024. Excluding the effects of this additional expense, 2024 net income increased 5.2% from the year ended December 31, 2023. Net income per diluted share was $3.52 and $4.85 for the twelve months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA for the twelve months ended December 31, 2024 was $1.03 billion versus $985.7 million for the same period in 2023, an increase of 4.8%. Cash flow provided by operating activities was $873.6 million for the twelve months ended December 31, 2024, an increase of $90.0 million as compared to the same period in 2023. Free cash flow for the twelve months ended December 31, 2024 was $735.9 million as compared to $633.8 million for the same period in 2023, a 16.1% increase. For the twelve months ended December 31, 2024, funds from operations, or FFO, was $798.4 million versus $767.9 million for the same period in 2023, an increase of 4.0%. Adjusted funds from operations, or AFFO, for the twelve months ended December 31, 2024 was $819.0 million compared to $762.3 million for the same period in 2023, an increase of 7.4%. Diluted AFFO per share increased 7.0% to $7.99 for the twelve months ended December 31, 2024 as compared to $7.47 for the same period in 2023. Liquidity As of December 31, 2024, Lamar had $506.7 million in total liquidity that consisted of $457.2 million available for borrowing under its revolving senior credit facility and $49.5 million in cash and cash equivalents. There were $284.0 million in borrowings outstanding under the Company’s revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date. Recent Developments On February 3, 2025, T-Mobile USA, Inc. acquired 100% of Vistar Media Inc. (the "Sale"). In connection with the closing of the Sale, the Company received $115.1 million in cash as consideration for the sale of its 20% equity interest in Vistar Media. Up to an additional $15.1 million of cash consideration for the Sale may be received by the Company in the future, upon release from escrow following the satisfaction of certain post-closing conditions. Proceeds received from the Sale were used to repay a portion of the outstanding balance under the Company’s revolving credit facility. Currently the Company has $119.0 million of outstanding balances under its revolving credit facility. Guidance We expect net income per diluted share for fiscal year 2025 to be between $6.01 and $6.07, with diluted AFFO per share between $8.13 and $8.28. See “Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures” for reconciliation to GAAP. Forward-Looking Statements This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law. Use of Non-GAAP Financial Measures The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”): adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), free cash flow, funds from operations (“FFO”), adjusted funds from operations (“AFFO”), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense. Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures. Our Non-GAAP financial measures are determined as follows: We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net.Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues.Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures.We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.We define AFFO as FFO before (i) straight-line revenue and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax provision; (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.Diluted AFFO per share is defined as AFFO divided by weighted average diluted common shares outstanding.Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets.Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition-adjusted results”.Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period. Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies. Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein. Conference Call Information A conference call will be held to discuss the Company’s operating results on Thursday, February 20, 2025 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below: Conference Call All Callers:1-800-420-1271 or 1-785-424-1634Passcode:63104 Live Webcast:ir.lamar.com Webcast Replay:ir.lamar.com Available through Thursday, February 27, 2025 at 11:59 p.m. eastern time Company Contact:Buster Kantrow Director of Investor Relations (225) 926-1000 bkantrow@lamar.com General Information Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 360,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with approximately 5,000 displays. LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Net revenues$579,567 $555,909 $2,207,103 $2,110,987 Operating expenses (income) Direct advertising expenses 186,191 181,501 728,192 697,107 General and administrative expenses 89,687 84,398 343,227 332,790 Corporate expenses 25,166 21,846 102,526 95,366 Stock-based compensation 6,812 6,287 44,525 22,649 Capitalized contract fulfillment costs, net 189 (105) (317) (308)Depreciation and amortization 235,436 70,504 462,967 293,423 Gain on disposition of assets (571) (231) (6,057) (5,474)Total operating expense 542,910 364,200 1,675,063 1,435,553 Operating income 36,657 191,709 532,040 675,434 Other expense (income) Loss on extinguishment of debt — — 270 115 Interest income (614) (556) (2,315) (2,115)Interest expense 39,948 44,349 171,709 174,512 Equity in earnings of investee (3,007) (2,370) (5,094) (3,696) 36,327 41,423 164,570 168,816 Income before income tax expense 330 150,286 367,470 506,618 Income tax expense 1,306 961 4,531 9,782 Net (loss) income (976) 149,325 362,939 496,836 Earnings attributable to non-controlling interest 223 240 1,072 1,073 Net (loss) income attributable to controlling interest (1,199) 149,085 361,867 495,763 Preferred stock dividends 92 92 365 365 Net (loss) income applicable to common stock$(1,291) $148,993 $361,502 $495,398 Earnings per share: Basic (loss) earnings per share$(0.01) $1.46 $3.54 $4.86 Diluted (loss) earnings per share$(0.01) $1.46 $3.52 $4.85 Weighted average common shares outstanding: Basic 102,362,530 102,008,382 102,258,760 101,920,268 Diluted 102,641,605 102,166,907 102,561,151 102,106,647 OTHER DATA Free Cash Flow Computation: Adjusted EBITDA$278,523 $268,164 $1,033,158 $985,724 Interest, net (37,832) (42,175) (163,062) (165,859)Current tax (expense) benefit (1,985) 513 (8,567) (7,398)Preferred stock dividends (92) (92) (365) (365)Total capital expenditures (43,014) (46,119) (125,284) (178,271)Free cash flow$195,600 $180,291 $735,880 $633,831 SUPPLEMENTAL SCHEDULESSELECTED BALANCE SHEET AND CASH FLOW DATA(IN THOUSANDS) December 31,2024 December 31,2023Selected Balance Sheet Data: Cash and cash equivalents $49,461 $44,605 Working capital deficit $(353,206) $(340,711)Total assets $6,586,549 $6,563,622 Total debt, net of deferred financing costs (including current maturities) $3,210,864 $3,341,127 Total stockholders’ equity $1,048,020 $1,216,788 Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Selected Cash Flow Data: Cash flows provided by operating activities$279,313 $254,193 $873,610 $783,613 Cash flows used in investing activities$56,860 $64,194 $164,906 $310,119 Cash flows used in financing activities$202,203 $184,899 $703,425 $481,635 SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow: Cash flows provided by operating activities$279,313 $254,193 $873,610 $783,613 Changes in operating assets and liabilities (36,918) (23,458) (2,994) 41,899 Total capital expenditures (43,014) (46,119) (125,284) (178,271)Preferred stock dividends (92) (92) (365) (365)Capitalized contract fulfillment costs, net 189 (105) (317) (308)Other (3,878) (4,128) (8,770) (12,737)Free cash flow$195,600 $180,291 $735,880 $633,831 Reconciliation of Net Income to Adjusted EBITDA: Net (loss) income$(976) $149,325 $362,939 $496,836 Loss on extinguishment of debt — — 270 115 Interest income (614) (556) (2,315) (2,115)Interest expense 39,948 44,349 171,709 174,512 Equity in earnings of investee (3,007) (2,370) (5,094) (3,696)Income tax expense 1,306 961 4,531 9,782 Operating income 36,657 191,709 532,040 675,434 Stock-based compensation 6,812 6,287 44,525 22,649 Capitalized contract fulfillment costs, net 189 (105) (317) (308)Depreciation and amortization 235,436 70,504 462,967 293,423 Gain on disposition of assets (571) (231) (6,057) (5,474)Adjusted EBITDA$278,523 $268,164 $1,033,158 $985,724 Capital expenditure detail by category: Billboards - traditional$10,005 $14,346 $28,490 $54,965 Billboards - digital 21,386 15,937 60,697 75,535 Logo 5,127 2,540 11,371 12,039 Transit 883 1,205 2,626 3,595 Land and buildings 1,376 5,709 7,324 15,494 Operating equipment 4,237 6,382 14,776 16,643 Total capital expenditures$43,014 $46,119 $125,284 $178,271 SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 % Change 2024 2023 % ChangeReconciliation of Reported Basis to Acquisition-Adjusted Results(a): Net revenue$579,567 $555,909 4.3% $2,207,103 $2,110,987 4.6%Acquisitions and divestitures — 734 — 6,986 Acquisition-adjusted net revenue$579,567 $556,643 4.1% $2,207,103 $2,117,973 4.2%Reported direct advertising and G&A expenses$275,878 $265,899 3.8% $1,071,419 $1,029,897 4.0%Acquisitions and divestitures — 824 — 3,496 Acquisition-adjusted direct advertising and G&A expenses$275,878 $266,723 3.4% $1,071,419 $1,033,393 3.7%Outdoor operating income$303,689 $290,010 4.7% $1,135,684 $1,081,090 5.0%Acquisition and divestitures — (90) — 3,490 Acquisition-adjusted outdoor operating income$303,689 $289,920 4.7% $1,135,684 $1,084,580 4.7%Reported corporate expense$25,166 $21,846 15.2% $102,526 $95,366 7.5%Acquisitions and divestitures — 67 — 264 Acquisition-adjusted corporate expenses$25,166 $21,913 14.8% $102,526 $95,630 7.2%Adjusted EBITDA$278,523 $268,164 3.9% $1,033,158 $985,724 4.8%Acquisitions and divestitures — (157) — 3,226 Acquisition-adjusted EBITDA$278,523 $268,007 3.9% $1,033,158 $988,950 4.5% (a) Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2023 for acquisitions and divestitures for the same time frame as actually owned in 2024. SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 % Change 2024 2023 % ChangeReconciliation of Net Income to Outdoor Operating Income: Net (loss) income$(976) $149,325 (100.7)% $362,939 $496,836 (26.9)%Loss on extinguishment of debt — — 270 115 Interest expense, net 39,334 43,793 169,394 172,397 Equity in earnings of investee (3,007) (2,370) (5,094) (3,696) Income tax expense 1,306 961 4,531 9,782 Operating income 36,657 191,709 (80.9)% 532,040 675,434 (21.2)%Corporate expenses 25,166 21,846 102,526 95,366 Stock-based compensation 6,812 6,287 44,525 22,649 Capitalized contract fulfillment costs, net 189 (105) (317) (308) Depreciation and amortization 235,436 70,504 462,967 293,423 Gain on disposition of assets (571) (231) (6,057) (5,474) Outdoor operating income$303,689 $290,010 4.7% $1,135,684 $1,081,090 5.0% SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 % Change 2024 2023 % ChangeReconciliation of Total Operating Expense to Acquisition-Adjusted Consolidated Expense: Total operating expense$542,910 $364,200 49.1% $1,675,063 $1,435,553 16.7%Gain on disposition of assets 571 231 6,057 5,474 Depreciation and amortization (235,436) (70,504) (462,967) (293,423) Capitalized contract fulfillment costs, net (189) 105 317 308 Stock-based compensation (6,812) (6,287) (44,525) (22,649) Acquisitions and divestitures — 891 — 3,760 Acquisition-adjusted consolidated expense$301,044 $288,636 4.3% $1,173,945 $1,129,023 4.0% SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Adjusted Funds from Operations: Net (loss) income$(976) $149,325 $362,939 $496,836 Depreciation and amortization related to real estate 231,412 67,101 446,844 281,026 Gain from sale or disposal of real estate, net of tax (524) (88) (5,784) (5,201)Adjustments for unconsolidated affiliates and non-controlling interest (3,226) (2,610) (5,581) (4,769)Funds from operations$226,686 $213,728 $798,418 $767,892 Straight-line expense 1,041 1,182 4,079 4,658 Capitalized contract fulfillment costs, net 189 (105) (317) (308)Stock-based compensation expense 6,812 6,287 44,525 22,649 Non-cash portion of tax provision (679) 1,474 (4,036) 2,384 Non-real estate related depreciation and amortization 4,025 3,403 16,123 12,397 Amortization of deferred financing costs 1,502 1,618 6,332 6,538 Loss on extinguishment of debt — — 270 115 Capitalized expenditures-maintenance (16,263) (15,178) (51,986) (58,820)Adjustments for unconsolidated affiliates and non-controlling interest 3,226 2,610 5,581 4,769 Adjusted funds from operations$226,539 $215,019 $818,989 $762,274 Divided by weighted average diluted common shares outstanding 102,641,605 102,166,907 102,561,151 102,106,647 Diluted AFFO per share$2.21 $2.10 $7.99 $7.47 SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Projected 2025 Adjusted Funds From Operations: Year ended December 31, 2025 Low HighNet income $618,900 $624,900 Depreciation and amortization related to real estate 293,000 293,000 Gain from sale or disposal of real estate and investments, net of tax (64,600) (64,600)Adjustment for unconsolidated affiliates and non-controlling interest (1,500) (1,500)Funds From Operations $845,800 $851,800 Straight-line expense 4,200 4,200 Capitalized contract fulfillment costs, net 500 500 Stock-based compensation expense 30,000 40,000 Non-cash portion of tax provision (3,000) (3,000)Non-real estate related depreciation and amortization 12,000 12,000 Amortization of deferred financing costs 6,200 6,200 Capitalized expenditures—maintenance (60,000) (60,000)Adjustment for unconsolidated affiliates and non-controlling interest 1,500 1,500 Adjusted Funds From Operations $837,200 $853,200 Weighted average diluted shares outstanding 103,000,000 103,000,000 Diluted earnings per share $6.01 $6.07 Diluted AFFO per share $8.13 $8.28 The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of February 2025. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding “forward-looking statements” included in the press release when considering this information.

Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2024 Operating Results

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