Slides
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Investor Day 2025 September 9, 2025
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Introduction Laura Kiernan, VP of Investor Relations 2
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Safe Harbor Statement 3 Forward-Looking Statements Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. and its subsidiaries (the “Company”) to be materially different from any future results, performance, achievements, guidance, goals and/or targets expressed or implied by such forward-looking statements. The words “guidance,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “goals,” “targets” and similar words and expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about our guidance, outlook, long-term forecast, goals or targets, our business plans and strategies, our expectations about certain markets, growth opportunities and benefits thereof, anticipated revenue drivers, benefits of artificial intelligence, and our liquidity, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: continued economic uncertainty, an economic slowdown or a recession, including as a result of increased and proposed tariffs, retaliatory trade regulations and policies, and uncertainty in the financial and capital markets; our ability to generate enough cash to service our debt obligations and fund our operations, business strategy and capital expenditures; the impact of our substantial indebtedness, including the effect of leverage on our financial position and earnings; the impact of the issuance of the new senior secured notes and notes redemptions on our interest expense, liquidity and debt maturity profile; the difficulty, cost and time required to implement our strategy, and the fact that we may not realize the anticipated benefits therefrom; volatility of our stock price; our ability to continue to comply with the applicable listing standards of the New York Stock Exchange, including the minimum bid price requirement, and any subsequent failure to timely resume compliance within any applicable cure period; changes in laws or regulations and tax structures; our ability to obtain and renew key contracts with municipalities, transit authorities and private landlords; we face intense competition and our market share is subject to change; regulations and consumer concerns regarding privacy, digital services, data protection and artificial intelligence; breaches of our information security; failure to accurately estimate industry and Company forecasts and to maintain bookings; restrictions on out-of-home advertising of certain products; environmental, health, safety and land use laws and regulations; the impact of the potential sales of our businesses in Brazil and Spain; the impact of the recent dispositions of certain of our businesses in Europe and Latin America, as well as other strategic transactions or acquisitions; third-party claims of intellectual property infringement, misappropriation or other violation against us or our suppliers; the impacts on our stock price as a result of future sales of common stock, or the perception thereof, and dilution resulting from additional capital raised through the sale of common stock or other equity-linked instruments; restrictions in our debt agreements that limit operational flexibility; challenges regarding our use of artificial intelligence to enhance operational efficiency and support decision-making across key areas of our business; the effect of credit ratings downgrades; our reliance on senior management and key personnel; continued scrutiny and shifting expectations from government regulators, municipalities, investors, lenders, customers, activists and other stakeholders; and certain other factors set forth in our other filings with the U. S. Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Other key risks are described in the section entitled “Item 1A. Risk Factors” of the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not undertake any obligation to publicly update or revise any forward-looking statements due to new information, future events or otherwise. Non-GAAP Financial Information and Forward-Looking Reconciliations This presentation includes information that does not conform to U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Net Debt, Net Leverage Ratio and Adjusted Corporate expenses. The Company believes these non-GAAP measures provide investors with useful insights into its operating performance, particularly when comparing to other out-of-home advertisers, as they are widely used by companies in this industry. They should not be considered in isolation from, or as a substitute for, the most directly comparable GAAP measures. Please refer to the Appendix located at the end of this presentation for definitions and reconciliations of historical non-GAAP financial measures to their most directly comparable GAAP financial measure. The Company has not reconciled forward-looking non-GAAP measures (such as 2025 guidance or 2028 goals) to the most directly comparable GAAP measures because certain reconciling items cannot be reasonably estimated at this time without unreasonable effort. For Adjusted EBITDA and AFFO, such items include amortization of deferred financing costs and potential gains or losses on debt extinguishment or modification, which depend on further assessment of the impact of the Company’s August 2025 refinancing, as well as income tax expense or benefit, which may be impacted by the adoption of the One Big Beautiful Bill Act. For Net Debt and Net Leverage Ratio, reconciliations are not provided due to the uncertainty in timing of forecasted cash inflows and outflows, which could materially affect the calculations. For Adjusted Corporate expenses, reconciliations are not provided because share-based compensation and restructuring costs cannot be reasonably estimated at this time. These items, individually or in the aggregate, could materially affect the Company’s GAAP results.
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Airports – A Success Story Morten Gotterup, President Clear Channel Airports Investor Day Agenda 4 Introduction Laura Kiernan, VP of Investor Relations 9:00 – 9:05 The New Clear Channel – Strategic Overview Scott Wells, Chief Executive Officer 9:05 – 9:30 Multiple Drivers Fueling Growth Bob McCuin, EVP Chief Revenue Officer 9:50 – 10:05 America – Accelerating Growth Erika Pascal Goldberg, EVP, President Markets & Chief of Business Operations 10:40 – 11:00 Clear Financial Roadmap David Sailer, EVP & Chief Financial Officer 11:00 – 11:25 Close, Final Comments Scott Wells, Chief Executive Officer 11:55 – 12:00 10:05 – 10:25 Q&A 10:25 – 10:40 Break 11:25 – 11:55 Q&A 9:30 – 9:50
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CCO: Growing and Deleveraging a Simplified and De-Risked Visual Media Powerhouse Scott Wells, Chief Executive Officer 5
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Top Issues on Minds of Investors That We Plan to Address 1. Growth How does Clear Channel plan to drive growth? 2. Technology What is the outlook for digital OOH (DOOH) growth and programmatic? How does AI impact the business? 3. Leverage How is the company addressing its leverage? 4. Goals What are Clear Channel’s long-term financial and strategic goals? 6
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Clear Channel Outdoor: Leading the Future of U.S. Out of Home Advertising 7 Capitalizing on opportunities A sharper focus, a stronger business Four pillars for growth
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AT - A - G L A N C E Leader in Out of Home (OOH) Advertising of top 50 DMAs RADAR Programmatic Clear Access Displays in 28 DMAs Displays in nearly 200 commercial and private airports Strong Presence Innovation America Scale Airports Scale Airport Ranking1 Airport advertising 43 Firsts >48,000 ~13,000 #1 8Information as of June 30, 2025 1 Airport ranking based on percentage of U.S. air traffic reached compared to leading competitors
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Repositioning Clear Channel Outdoor as a Pure Play U.S. OOH Company 9 2022 - 2025 2025+ 2019 - 2022 First years after separation from iHeartMedia Divesting lower margin, higher risk businesses Growing attractive U.S. businesses
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Strong Performance Last Three Years 10 2023 2025 Guidance 2023 2025 Guidance $1.43B $1.57B - $1.60B $423M $490M - $505M Revenues Adjusted EBITDA1 8% CAGR2 5% CAGR2 1 1 Adjusted EBITDA is a non-GAAP financial measure. Reported 2023 Adjusted EBITDA was $448M, including $25M of rent abatements that are not expected to recur. On a reported basis, CAGR is ~5%. See Appendix for definition and reconciliation to the most comparable GAAP measure. 2 CAGRs calculated based on mid-point of 2025 guidance range
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Clear Channel Transformed – Focused, Stronger, and Positioned for Accelerated Growth 11 Global out-of-home advertising company with broad, complex portfolio and high leverage, focused on both U.S. and international markets From: Transformed: Pure-play U.S. leader – fully exiting international operations Accelerated digital growth1 – >40% of revenue from digital, >8% CAGR Premium, hard-to-replicate footprint – #1 in U.S. airports and top DMAs Stronger sales engine – vertical targeting, direct-to-client, automation, programmatic Strengthened balance sheet – $605M debt reduction YTD. Focused on debt paydown Proven growth momentum – 17 consecutive quarters of local revenue growth Positioned to gain share2 – $210B+ in disrupted media spend (search & linear TV) Going Forward: 1 Digital share shown for FY 2024; CAGR based on FY 2022-FY 2024 results. 2 Total Search and Linear TV ad spend projected for 2025 per MAGNA U.S. Advertising Forecast, June 2025
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Clear Channel Outdoor: Leading the Future of U.S. Out of Home Advertising Capitalizing on opportunities A sharper focus, a stronger business Four pillars for growth 12
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Large Market With Significant Whitespace 13 1 Total U.S. ad spend and OOH ad spend projected for 2025 per MAGNA U.S. Advertising Forecast, June 2025. 2 Total ad spend of OOH users calculated using Vivvix U.S. Spend (By Advertiser) Report (Jun 2024-May 2025) to determine the share of advertisers using OOH, applied to projected 2025 U.S. ad spend from MAGNA. 3 Clear Channel revenue projected for 2025 based on guidance range of $1.57B-$1.60B Clear Channel revenue3 OOH spend1 $414B $1.6B $10B $253B Total ad spend1 Total ad spend of OOH users2
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Focused on High Growth Segment of Advertising Industry Source: MAGNA U.S. Advertising Forecast, June 2025 1 Traditional Media Ad Spend defined as OOH, TV, Radio, Print, Cinema 14 -6.0% 4.0% 12.1% Traditional Media – excl. OOH U.S. OOH Industry Revenue Digital OOH Industry Revenue 5% 13% 17% 2010 2024 2027 OOH Share of Traditional Media Advertising Spend1 Outlook 2024-2027 (CAGR) Revenue Growth by Medium
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Strong Tailwinds in OOH Market… 15 Growing Audience Tech Enhances Medium Capturing Share OOH continues outperforming other traditional media • OOH benefits from: ‒ urbanization ‒ consumer mobility • 90% of adults on road every week1 • 88% of adults have seen OOH ad in past 30 days2 • Traditional media’s audience is fragmented • OOH has outgrown traditional media revenue by >20%3 • 61% express favorability to OOH over other major media types2 Cost Effective and Broadest Reach of Any Medium • Digital conversions ‒ driving revenue • Analytics ‒ enhances targeting and measurability • Automated buying ‒ expands buyer pool 1 Per 2024 Scarborough Research data 2 OAAA, Morning Consult, 2023 3 MAGNA U.S. Advertising Forecast, June 2025; calculated as the difference between OOH CAGR and other Traditional Media CAGR for 2022-2024.
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Well Positioned With a Stack of Powerful Differentiators 16 Outstanding Reach1 • Cost-effective and impactful — reaching 81% (99 million) of adults 18+ monthly in CCO markets, 34% of total US adults 18+ • Proven complementary partner to all other media Technology Leadership • RADAR: first-of-its-kind data and analytics for OOH • Programmatic: category leader attracting digital buyers • AI: unlocking new revenue and productivity gains Hard-to-Replicate Footprint • Long-standing landowner relationships • Unique footprint + tech stack = real competitive moat Strong Presence in High-Traffic, Premium Audience Locations • #1 in airports • Present in all top 20 DMAs • Premium visibility: Times Square, Sunset Strip, Las Vegas Note: Information as of June 30, 2025 1 Geopath Out of Home Ratings, February 2023
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AI Developments Could Deliver Sustained Benefits 17 Market Disruption Revenue Impact Cost Impact • Search degradation ‒ Increases brand need to be known / seen • No Bot Wars ‒ Real people yield real results • Improve measurement and attribution • Automate routine tasks • Generate first drafts ‒ Municipal bids ‒ RFP responses • Deliver tech projects faster and with more agility Expect AI to Impact Every Aspect of the Business – Positively • Attractive new vertical • Smarter selling • Enhance Creative ‒ Easier dynamic and localized creative ‒ Broader Spec Art development • Easier purchase process
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Massive Ad Spend Shift – $210B+ in Play 18 SEARCH LINEAR TV $165B+ $45B+ POSITIONED TO GAIN SHARE Disrupted by AI answers, declining click-through rates Audiences fleeing to streaming, shrinking upfront market Measurable, brand-safe, unavoidable — ready to capture share $ Source: MAGNA U.S. Advertising Forecast, June 2025
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Digitization and Measurement Impact: Australia 19 Source: MAGNA U.S. and Global Advertising Forecasts, June 2025 ▪ Digital Migration: >75% of total OOH revenue ▪ Enhanced Audience Measurement launched in 2022 ▪ Market embraced audience buying ▪ 2021 – 2025 OOH Ad Spend CAGR: ▪ Australia +14.4% ▪ U.S. +6.7% Share Gain is Possible with the Right Enablers 2.4% 2.4% 3.6% 4.9% U.S. Australia U.S. Australia 2021 2025 OOH Share of Total Ad Spend How Did They Do It?
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Further evidence of OOH Effectiveness STUDY COMMISSIONED BY Study demonstrates shifts in how consumers engage with OOH and other media: OOH’s impact on brand metrics surpasses digital media and connected TV ads. OOH brand impact comparable to linear TV’s. OOH is additive and fills gaps other media channels cannot address. 20 Source: KANTAR five-year study released July 8th, 2025
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Clear Channel Outdoor: Leading the Future of U.S. Out of Home Advertising Capitalizing on opportunities A sharper focus, a stronger business Four pillars for growth 21
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Our Vision for the Future Vision: ▪ Technology-fueled, visual media powerhouse reaching a growing audience ▪ Redefining the OOH industry through: ‒ customer-centric innovation ‒ cutting-edge digital delivery ‒ analytics driving brand engagement Performance: ▪ Driving sustainable growth by focusing on: ‒ increasing digital conversions ‒ developing key verticals ‒ expanding multi-channel sales ▪ Enabling deleveraging 22
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Our Four Pillar Growth Strategy… 23 Accelerate Tech Capabilities 2 Strengthen Balance Sheet 4 “Think like an owner” Accelerate innovation Focus on Customer Centricity 1 Drive Sales Execution 3
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24 …Powering our Cash Flow Flywheel Accelerating revenue growth Expanding margins Growing AFFO Debt reduction 1 2 4 3 24
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$14M $200M 2023 2028 Clear Path to AFFO1 Reaching $200M Goal 25 Adjusted EBITDA growth Debt paydown Drivers Goal 1 1 AFFO is a non-GAAP financial measure. Reported 2023 AFFO was $39M, including $25M of rent abatements that are not expected to recur. See Appendix for definition and reconciliation to the most comparable GAAP measure.
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4-5% CAGR 6-8% CAGR >2X AFFO1 increase Revenue growth Adj EBITDA1 growth FY 2028 $200M goal How We Will Measure Success 2025-2028 Goals 26 Net leverage2 declining from 10x to 7x-8x by year-end 2028 Notes: CAGRs calculated based on mid-point of 2025 guidance range 1 Non-GAAP financial measure; see Appendix for definition and more information. 2 Net leverage ratio is calculated as Net Debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA. Both Net Debt and Adjusted EBITDA are non-GAAP financial measures. See Appendix for definitions and more information.
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Upside Potential to Further Drive Adjusted EBITDA and Reduce Leverage 27 Creative Commercial Solutions AI Initiatives / Tough Cost Decisions Discontinuities driving growth and OOH Gains 10bps of ad spend share Revenue Growth CAGR Goal to 2028 vs. Base Case ~ 6% Net Leverage1 Reduction Goal by 2028 vs. Base Case 6-7X~ 4-5% Base Case Upside UpsideBase Case 7-8X Notes: CAGRs calculated based on mid-point of 2025 guidance range 1 Net leverage ratio is calculated as Net Debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA. Both Net Debt and Adjusted EBITDA are non-GAAP financial measures. See Appendix for definitions and more information.
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What You Will Hear From Us Today 28 1 2 3 4Focused: U.S. visual media powerhouse Market leader: Driving innovation and digital transformation Energized: Revenue engine for accelerated growth Committed: To strengthening balance sheet
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Multiple Drivers Fueling Our Growth Bob McCuin, EVP Chief Revenue Officer 29
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Multiple Drivers Fueling Our Growth Momentum: Recent wins driving revenue success Revenue growth drivers: Firing up our sales engine 30
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Clear Channel: OOH Industry Innovator 31 First to introduce RADAR platform for audience insights and ROI tracking. First to deploy large-scale programmatic DOOH solutions. First to implement dynamic creative solutions for live audience data. First to expand digital billboard networks at U.S. airports nationwide. First to use programmatic technology for cross-platform campaign integration in large format DOOH.
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Key Accomplishments: Last Three Years ▪ Enhanced RADAR toolkit for marketers and AEs ▪ New Inside Sales team, contracted with hundreds of small/midsize businesses ▪ Launched national vertical strategy, now active in Pharma, Beverages, and Auto ▪ Continued to grow Programmatic revenue and launched new digital solutions ▪ Launched sponsorship model within airports to attract new direct client partnerships 32
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Major Client Wins and Landmark Digital EXECUTION 33 UCSF Healthcare: ▪ Direct client engagement ▪ Category exclusive advertiser ▪ Booked both airports and roadside Nestle Stouffer’s: ▪ Non-spending OOH national client ▪ Developmental sale at agency ▪ 30-minute roadblock / 5 cities ▪ 653 digital screens ▪ Exclusive to CCO Exclusive SponsorshipDigital Sales Innovation Toyota (Traffic Sponsorship): ▪ Local Auto Dealership ▪ Creative integration ▪ Leverage dynamic digital creative with time to destination Local Vertical
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Multiple Drivers Fueling Our Growth Momentum: Recent wins driving revenue success Revenue growth drivers: Firing up our sales engine 34
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1 35 Key Revenue Drivers to 2028 Goal 2025 Guidance 2028 Goal 2 3 4-5% CAGR Core sales execution Digital acceleration Discontinuity opportunity$1.57B - $1.60B Note: CAGR calculated based on mid-point of 2025 guidance range $1.77B - $1.87B
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Pursuing the Opportunity – Growth in Key Accounts 36 Grow OOH spend with: 1 4% ✓ RADAR data/insight tools ✓ Digital capabilities ✓ Vertical focus teams ✓ Expanded local teams Total Ad Spend of Advertisers that Use OOH1 $253B Actual OOH spend2 1 Calculated using Vivvix U.S. Spend (By Advertiser) Report (Jun 2024-May 2025) to determine the share of advertisers using OOH, applied to projected 2025 total U.S. ad spend per MAGNA U.S. Advertising Forecast, June 2025. 2 Calculated as projected 2025 OOH ad spend from MAGNA U.S. Advertising Forecast, June 2025, expressed as a percentage of Total Ad Spend of Advertisers that Use OOH (see Note 1).
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National Customers Segmenting Sales Team to Match Marketplace Opportunity 37 1 ▪ National Sales Group/Agency Partners ▪ Vertical Development Experts ▪ Client Solutions Team ▪ Local Sellers ▪ Regional Sellers ▪ Local Sellers ▪ Inside Sales Group Local / Regional Customers Local Customers
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Win Back Lead Gen Efficiency Focus on lost customers Consistently handle inbound activity Leverage AI, automated platforms Inside Sales Team – A Cost-Effective Innovation 38
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1 39 Key Revenue Drivers to 2028 Goal 2025 Guidance 2028 Goal 2 3 4-5% CAGR Core sales execution Digital acceleration Discontinuity opportunity$1.57B - $1.60B Note: CAGR calculated based on mid-point of 2025 guidance range $1.77B - $1.87B
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2022 2028 Rapid Growth in Digital OOH Market 40 OOH Revenue $11.3B $9.0B 42% Digital 4% CAGR 10% CAGR Total 29% Source: MAGNA U.S. Advertising Forecast, June 2025 2
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Growth in Clear Channel U.S. Digital Business 41 Percent of Revenue from Digital Assets Total Digital Revenue1 2 1 Total digital revenue for America and Airports segments Goal Goal $528M $575M $622M 2022 2023 2024 2028 39% 41% 41% ~46% 2022 2023 2024 2028 $810M-$860M
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of the top streaming services1,2 More people monthly, than tuned into last World Series, NBA Finals and Stanley cup combined3 of the adult U.S. population4 Activating Our Massive Digital Audience 1 Streaming services include Paramount+, Netflix, Peacock, Disney+ and Max. 2 Source: E-Marketer, April 2025 3 Source: Statista, 2024 4 Source: Geopath, 4-week reach 42 2 2X 34%+5 CCO Digital Reaches… Greater audience than
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Growth in New Channels Growth in CCO Programmatic Revenue 2019 2022 2024 3x Key Initiatives ▪ Direct to client and agency development focus ▪ Continue to build efficiency in all aspects of sales process, pre-post… ▪ Use PGM development to build new automated solutions 43 2
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1 44 Key Revenue Drivers to 2028 Goal 2025 Guidance 2028 Goal 2 3 4-5% CAGR $1.57B - $1.60B Core sales execution Digital acceleration Discontinuity opportunity Note: CAGR calculated based on mid-point of 2025 guidance range $1.77B - $1.87B
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▪ Strategy and Agency Development ▪ Working with their principal buying models Discontinuity: Driving New Revenue Growth ▪ Key wins in Pharma – multiple brands, 7-figure deals ▪ Dedicated sales leads Focus on Key Verticals ▪ New sale propositions to match customer needs ▪ Launched CCO Clear Cast Digital impression-based buying ▪ National roadblocks “True Digital” capabilities / convenience ▪ Client Solution Teams ▪ Regional Experts Leverage Knowledge in Direct to Client New Agency models 45 3
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Focused on Key Verticals with Dedicated Experts 46 Pharma Automotive Beverage CPG Annual sales in each vertical are in eight figure revenue range 3
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P H A R M A V E R T I C A L Case Study Demonstrates Success: ▪ The Situation / Client ‒ Leading Pharma brand looking for more efficient ways to reach target audience and drive script lift ▪ Our Solution ‒ Use their proprietary data solution to build an audience-first media plan with OOH ‒ Leverage CCO’s capabilities for them to measure the uplift 47 3 ▪ The Results ‒ Mobile Retargeting & Outdoor drove a (+76%) in Pharma Brand X conversions 0.0071% 0.0125% Control Exposed +76% Conversion to Pharma X (OOH + Mobile, through 6 months)
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I N S U M M A R Y Multiple Factors Driving Top Line Growth 48 Well-positioned for growth in the digital era Major wins and expanding digital innovations Key revenue drivers: Sales execution, digital acceleration, and discontinuity 1 2 3
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Airports: A Success Story. Set to Continue. Morten Gotterup, President Clear Channel Outdoor, Airports Division
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Airports: A Success Story Future growth The transformation 50
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Airports Today: 51 1 Billion+ Annual U.S. Air Passengers1 Industry leader >50% of All U.S. Air Travelers Annually1 $361M 2024 Revenue – 24% of CCO Revenue 1 Airports Council International 2024
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1 Best Airports Right Assets Sales Strategy Focused, More Profitable Business 2 3 Our Airports Playbook Transformed the Business Last Five Years 52 Flawless Execution4
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BEFORE: Airports Portfolio 2019 – Lacked Focus – 114 Airports 1 Airports Council International 2 Clear Channel Outdoor, Inc. operates the advertising concession at the Miami International Airport (MIA) as an equal equity p artner in a joint venture with JCDecaux Airports, Inc. *Caribbean and Guam markets not depicted on map *Includes commercial airports with operations as of Dec 31, 2019; excludes private airports and those exited on or before tha t date 53 Santa Barbara Bakersfield Laughlin Reno Flagstaff Montrose Idaho Falls Tucson Albuquerque Oklahoma City Kansas City Lincoln St. Louis Peoria Des Moines Milwaukee Green Bay Flint Kalamazoo South Bend Indianapolis Bangor Manchester Hartford Hyannis Wilkes-Barre Blountville Little Rock Columbus Gulfport Killeen Tyler Lafayette McAllen Tampa St. Petersburg Orlando Sanford Reach >1 BILLION U.S. air travelers through CCO1 Revenue $203M Miami2• Current CCO Airports Exited Airports
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Reach >1 BILLION U.S. air travelers through CCO1 >1 BILLION U.S. air travelers through CCO1 Airports Portfolio 2019 – Lacked Focus – 114 Airports2024 – Focused – 63 Airports Current CCO Airports Revenue $203M$361M ~12% CAGR from 2019 54 BEFORE:AFTER: Miami2• 1 Airports Council International 2 Clear Channel Outdoor, Inc. operates the advertising concession at the Miami International Airport (MIA) as an equal equity p artner in a joint venture with JCDecaux Airports, Inc. *Caribbean markets not depicted on map (Aruba, Barbados, St. Thomas, St. Croix) *Includes commercial airports with operations as of Dec 31, 2024; excludes private airports and those exited on or before tha t date
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Impressive Results: 45% Fewer Locations, 19% Segment Adjusted EBITDA1 CAGR 55 2019 vs. 2024 2019 2024 Change 2019 vs. 2024 Number of airports 114 63 -45% Revenues $203M $361M ~12% CAGR Segment Adjusted EBITDA1 $37M $88M ~19% CAGR 1 Segment Adjusted EBITDA is a GAAP financial measure calculated as Revenue less Direct operating expenses and SG&A expenses, excluding restructuring and other costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs.
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Key Revenue Driver: More Digital Assets Digital Revenue 56 2019 2020 2021 2022 2023 2024 $91M $56M $86M $147M $187M $207M18% CAGR
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Airports: A Success Story Future growth The transformation Airports: A Success Story Future growth The transformation 57
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Continuing Passenger Growth Source: IATA 58 2024 2025 2026 2027 2028 2029 2030 1B 1.2B2.9% CAGR U.S. Air Passenger Traffic 2024-2030
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Leveraging Our Leading Market Position in U.S. Airports Source: ACI Traffic, FAA 2024 59 Percent of U.S. Air Traffic 54% 20% 16% Competitor 1 Competitor 2 #1 Top 5 Passenger Traffic U.S. Airports Atlanta Dallas / Ft Worth Denver Chicago O'Hare Los Angeles LAX #1 #3 #4 #5 #2 Clear Channel Outdoor Other
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Expand revenue opportunities in best airports 1 2 3 Develop more high growth assets in unmatched airports Expand non- traditional revenue streams Growth Set to Continue – Key Drivers 60
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61 1. Expand revenue opportunities in best airports Port Authority Highlights Current John F. Kennedy (JFK) LaGuardia (LGA) Newark (EWR) John F. Kennedy New Terminal 1 John F. Kennedy New Terminal 6 Newark New Exterior Digital Future
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2. Develop more high growth assets in unmatched airports 100% SOV Long-Term Location Ownership 62
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2. Develop more high growth assets in unmatched airports 100% SOV Escalator / Staircase Domination 63
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Healthcare Exclusives Crypto Exclusives Higher Ed Sponsorships 3. Expand Non-Traditional Revenue Streams 64 Concept Sales vs. Inventory Sale
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Multiple opportunities will drive growth Transformed business with proven playbook High growth assets in unmatched airports I N S U M M A R Y Airports Growth Will Continue 65 1 2 3
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Q&A 66
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Break 67
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America – Accelerating Growth Erika Pascal Goldberg, EVP, President Markets & Chief of Business Operations 68
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69 America – Accelerating Growth Growth: Firing up the revenue engine Competitive edge: What sets us apart
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Each month we reach >122M people on U.S. roadways2 48k Billboards and other displays1 At-a-Glance: America Today 2024 Revenue $1.1B 76% of Total Revenue Visual media powerhouse focused on higher-margin U.S. markets 70 1 CCO Inventory, June 2025 2 Geopath OOH Ratings (P5+), 2023
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San Antonio Strong Presence in Major Metropolitan Centers and Broad National Reach Across America Sacramento San Francisco Las Vegas Los Angeles San Diego Phoenix Tucson Albuquerque El Paso Houston Dallas-Ft. Worth Minneapolis-St. Paul Milwaukee Chicago Boston New York Philadelphia Atlantic City Salisbury Baltimore Washington D.C. Atlanta Jacksonville Orlando Daytona Beach-Melbourne West Palm Beach Miami-Ft. Lauderdale Gainesville Ocala Tampa Roadside 48,000+ displays1 1 As of June 30, 2025 2 Geopath OOH Ratings (P5+), 2023 Reach 122M Americans monthly2 28 DMAs including All top 10 DMAs1 71
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Well-Positioned in Fastest Growing Cities Source: City-specific growth rates and national average derived from U.S. Census Bureau reports 72 Strong presence in cities with high population growth (City growth 2010-24) 0% 5% 10% 15% 20% 25% 30% 35% National average 8.7%
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Methodology: Additional revenue uplift if all markets moved up to the average occupancy of the Top 5 occupied markets using 2024 actual sold rates 73 2024 Best Practice 2024 Best Practice All Products Digital +18% +14% Potential Inventory Optimization – If All Markets Matched Top 5 Performers
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74 America – Accelerating Growth Growth: Firing up the revenue engine Competitive edge: What sets us apart
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0 Firing up the Revenue Engine: Key Pillars CUSTOMERS PLANNINGINVENTORY PEOPLE 75 Digital Expansion Acquisitions CCO Clear Cast Productivity Leadership Training Verticals Segmentation Prospecting Workflow Automation Agentic AI
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76 1,409 2,000 FY 2019 FY 2025 Forecast Digital Expansion Continues… Providing 4x revenue uplift and margin improvement over printed assets Digital Billboards +~40% Future
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Our Digital Assets – Outsized Contribution to Revenues 77 Digital Percent of Revenues (2024) Digital Percent of Inventory (2024) 36% 5%
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MTA Award Provides Unparalleled NY Market Coverage 78 Eight figure boost to revenues Increases weekly media impressions in #1 U.S. media market by 250M+ More reach Increases our billboard inventory in the New York DMA by 67% to ~800 More inventory More coverage Number of roadside displays on MTA property 250+ Note: Information as of June 30, 2025
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C C O C L E A R C A S T D I G I T A L : Direct Impressions Network Delivers Market-Wide Coverage at Scale THE PLAN Client provides campaign details and creative THE PLACEMENT CCO’s digital ad server automatically schedules the ad across the network THE PROOF CCO delivers performance reporting 79
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C C O C L E A R C A S T D I G I T A L Case Study Market Coverage Strategy ▪ The Situation / Client ‒ Promote new branding for a credit union and drive traffic to the company website ▪ Our Solution ‒ Leverage inventory in high traffic locations ‒ Dominate market with multiple OOH locations ‒ Increase campaign exposure 80 ▪ The Results ‒ The mix of OOH locations focused on market coverage led to the exposed audience to take immediate action and visit the advertised website. 36% Lift in web visits as compared to unexposed audiences Between last OOH exposure and website visit days on avg.3
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Sales Segmentation Driving Productivity and Retention 81 Multiple Account Executive roles and customer focus Maximizing advertiser retention AI Agents Inside Sales Account Reps Outside Sales Productivity
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Find Win Keep Prospect new customers to expand client list Manage accounts for growth on existing business Reduce churn to retain business and increase productivity Sales Standardization Reduced Churn by ~$30M in 20241 82 1 Compared to 2023
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83 TAM Legal Services $6.8B 17.0% OOH Spend % Applying the OOH Benefits: Scale, Reach and Impact Using Best Practices Source: Vivvix Jun’24-May’25 cast by CCO vertical categories combined with June 2025 Magna U.S. Forecast ad spend
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84 TAM Technology $17.2B $9.9BEducation $13.4BHome Improvement $4.5BRetirement Care 2.4% 4.5% 2.5% 7.9% OOH Spend % Applying the OOH Benefits: Scale, Reach and Impact Grow Verticals with Need for Top-of-Mind Awareness Source:, Vivvix Jun’24-May’25 cast by CCO vertical categories combined with June 2025 Magna U.S. Forecast ad spend
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85 Direct Business Achievements from Structured Outreach Prospecting Call Blocks Field DaysCNA FY 2023 FY 2024 New Direct to Advertiser +20%
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Automating the Workflow to Provide Expedited Responses 86 ▪ 10k plans generated monthly ▪ 1,900 RFP Responses ▪ 1 week → same day ▪ 11 → 2 handoffs ▪ CCO posts 70% in 2 days vs. industry standard of 5 days ▪ 18% posted early ▪ Automation of proof of performance ▪ 160k install photos / month Planning Posting Performance 10k 70% 160k
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Introduce Agentic AI Into Sales Process to Accelerate Wins 87 Creates incremental spend opportunity with existing clients Secures new customers with directed communication Cadence Initiation Outreach Outreach Outreach Outreach Meeting with client Engage customers Increase satisfaction and likelihood to spend Close deal
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Building on a strong America platform Leading OOH with digital technology and assets Executing on new opportunities to accelerate growth I N S U M M A R Y Driving Growth in America 88 1 2 3
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Clear Financial Roadmap David Sailer, Chief Financial Officer 89
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90 Clear Financial Roadmap A simplified and stronger platform Capital allocation focused on deleveraging Goals; clear roadmap Laser focused on costs
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Portfolio Optimization Has De-Risked and Simplified the Business 1 Revenue breakdown by segment for 2023 and 2024 reflects continuing operations as initially reported for the respective year 2 CCOH Margin is calculated as Adjusted EBITDA (excluding rent abatements) as a percentage of Revenue, with all amounts based on continuing operations as initially reported for the respective year. Adjusted EBITDA is a non-GAAP financial measure and has been adjusted to exclude rent abatements for comparability, as they are not expected to recur. See Appendix for calculation and reconciliation to the most comparable GAAP measure. 91 2024 2028 Goal 2023 Airports America Europe- North Airports America Airports America Revenue breakdown by segment1 CCOH Margin2 24% CCOH Margin2 31% CCOH Margin2 34%
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Strong Financial Performance Over Three-Year Period 92 2023 2024 2025 $1.43B $1.57B - $1.60B 2023 2024 2025 $14M $75M - $85M Revenues AFFO1Adjusted EBITDA1 2023 2024 2025 $423M $490M - $505M ~5% CAGR2 100%+ CAGR2 ~8% CAGR2 Guidance Guidance Guidance 1 1 1 Adjusted EBITDA and AFFO are non-GAAP financial measures. Reported 2023 Adjusted EBITDA and AFFO were $448M and $39M, respectively, including $25M of rent abatements that are not expected to recur. On a reported basis, CAGRs are ~5% and ~43% for Adjusted EBITDA and AFFO, respectively. See Appendix for definitions and reconciliations to the most comparable GAAP measures. 2 CAGRs calculated based on mid-point of 2025 guidance range
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Leveraging a Resilient Business Model 93 ✓ Hard-to- Replicate Footprint (regulatory landscape) ✓ Resilient through cycles ✓ Strong relationships with diversified customer base Printed Billboards Airport Advertising Digital Billboards Walls Spectaculars Multiple revenue streams 1 2 3 4 5
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Confidential Resiliency of Outdoor Advertising 94 $1.0 $1.1 $1.2 $1.3 $1.4 $1.6 $1.7 $2.0 $2.2 $2.4 $2.5 $2.7 $2.6 $2.8 $3.1 $3.4 $3.7 $4.0 $4.3 $4.7 $5.1 $5.1 $5.0 $5.2 $5.4 $5.7 $6.2 $6.8 $6.7 $6.0 $6.1 $6.5 $6.7 $7.0 $7.1 $7.4 $7.6 $7.8 $8.1 $8.8 $6.5 $7.6 $9.0 $9.2 $9.7 $9.9 $10.4 $10.9 $11.3 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Source: MAGNA US Advertising Forecast, June 2025, Total OOH Advertising Revenue Historical revenue Forecasted revenue $ Billions
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95 Clear Financial Roadmap A simplified and stronger platform Capital allocation focused on deleveraging Goals; clear roadmap Laser focused on costs
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On Track to Deliver Run Rate $50M Cost Savings ▪ Direct savings related to sale of international assets ▪ Next steps include identifying additional efficiency opportunities from sale of Europe- North ▪ Focus on process optimizations and operational streamlining in addition to asset sales and cost reductions ▪ Reducing Adjusted Corporate Expenses1 by ~$50M2 to $85M on a run rate basis $40 $50 Line of Sight Total Annual Savings Cost Savings ($M) 96 1 Non-GAAP financial measure 2 Compared to 2024 consolidated Adjusted Corporate expenses (including discontinued operations)
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Going Forward Disciplined Cost Management Will Drive Stronger Cash Flow Note: Payroll includes base pay, commissions, and bonus. 2025 2028 Site Lease Payroll Other $1.1B $1.2B Total Operating Costs 3.0% - 3.5% CAGR 97 Guidance Goal
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98 Clear Financial Roadmap A simplified and stronger platform Capital allocation focused on deleveraging Goals; clear roadmap Laser focused on costs
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99 Capital Allocation Priorities Focused on Maximizing Future Cash Flow Invest in the business Debt Paydown 1 2
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Multi-Channel Sales Airports Investment Digital Transformation ▪ Best partner ▪ Iconic and innovative inventory ▪ Aligned interests ▪ Flawless execution Invest in the Business to Enhance Cash Flow 100 ▪ Expansion of digital displays ▪ Further integration of data analytics and automated buying ▪ Local sales team ▪ Verticals ▪ Direct to client ▪ Inside sales ▪ Cross selling Driving sustainable growth 1 2
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101 Recent Balance Sheet Initiatives Allow Focus on Leverage Reduction 1As of June 30, 2025, giving effect to the August 2025 refinancing Weighted average debt maturity1 4.85 Years No Near-Term Maturities Weighted average cost of debt1 7.6% Efficient Cost of Financing Well-Layered Maturity Profile ($M) $899 $906 $865 $1,150 $900 $425 $100 $200 2025 2026 2027 2028 2029 2030 2031 2032 2033 Term Loan BRevolvers Senior Notes Senior Secured Notes 1 2
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Debt Reduction Underway, Driven by Strong Cash Flow 102 ▪ Deleveraging now: $375M term loan prepayment and $230M Senior Note buyback from international business sale proceeds and cash on hand ▪ Positioned for more: Brazil & Spain sales and cash reserves to drive further debt reduction ▪ Sustainable progress: Growing cash flow expected to enable debt paydown towards 2028 & 2029 Senior Notes 1 2
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Laser Focus on Net Debt Reduction 103 $5.6BNet Debt >11x1 1 2 7x – 8x1 Remaining International Business Sales Organic Deleveraging via Cash Flow $4.6B 2024 2028 Goal 1 Net leverage ratio is calculated as Net Debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA. Both Net Debt and Adjusted EBITDA are non-GAAP financial measures. See Appendix for definitions and, for 2024, the calculation and reconciliations to the most comparable GAAP measures
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104 Clear Financial Roadmap A simplified and stronger platform Capital allocation focused on deleveraging Goals; clear roadmap Laser focused on costs
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105 Key Assumptions Underlying Goals ▪ Deploy 75 - 85 digitals per year ▪ No material M&A in forecast period ▪ Retain current Airports portfolio ▪ Expense growth in 3.0% - 3.5% range ▪ Capex approximately $80M - $90M per year ▪ Cash taxes not material in forecast period Note: Assumes stable/current macroeconomic environment
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1 106 Key Revenue Drivers to 2028 Goal 2025 Guidance 2028 Goal Core sales execution Digital acceleration Discontinuity opportunity 2 3 4-5% CAGR $1.57B - $1.60B $1.77B - $1.87B Note: CAGR calculated based on mid-point of 2025 guidance range
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Powerful Cash Flow Flywheel – to 2028 107 Accelerating revenue growth 4-5% CAGR1 Expanding margins ~200 bps to 34%2 Growing AFFO ~$120M increase to $200M from 20253 Net Debt reduction by ~$1B from 20244 1 2 4 3 1 CAGR calculated based on mid-point of 2025 guidance range 2 Margin calculated as Adjusted EBITDA as a percentage of Revenue, with comparison based on mid-point of 2025 guidance range. Adjusted EBITDA is a non-GAAP financial measure; see Appendix for information 3 AFFO is a non-GAAP financial measure; see Appendix for more information. Growth calculated based on mid-point of 2025 guidance range 4 Net Debt is a non-GAAP financial measure; see Appendix for more information
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Driving AFFO to $200M Goal 108 2025 2028 $1.57B - $1.60B 2025 2028 $75M - $85M Revenues AFFO1Adjusted EBITDA1 2025 2028 $490M - $505M 4-5% CAGR2 30-40% CAGR2 6-8% CAGR2 Guidance 1 Non-GAAP financial measures; see Appendix for definition and more information 2 CAGRs calculated based on mid-point of 2025 guidance range $1.77B - $1.87B Goal $600M - $625M $190M - $210M Guidance Goal Guidance Goal
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4-5% CAGR 6-8% CAGR >2X AFFO1 increase Revenue growth Adj EBITDA1 growth FY 2028 $200M goal How We Will Measure Success 2025-2028 Goals 109 Net leverage2 declining from 10x to 7x-8x by year-end 2028 Notes: CAGRs calculated based on mid-point of 2025 guidance range 1 Non-GAAP financial measure; see Appendix for definition and more information. 2 Net leverage ratio is calculated as Net Debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA. Both Net Debt and Adjusted EBITDA are non-GAAP financial measures. See Appendix for definitions and more information.
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Upside Potential to Further Drive Adjusted EBITDA and Reduce Leverage 110 Creative Commercial Solutions AI Initiatives / Tough Cost Decisions Discontinuities driving growth and OOH Gains 10bps of ad spend share Revenue Growth CAGR Goal to 2028 vs. Base Case ~ 6% Net Leverage1 Reduction Goal by 2028 vs. Base Case 6-7X~ 4-5% Base Case Upside UpsideBase Case 7-8X Notes: CAGRs calculated based on mid-point of 2025 guidance range 1 Net leverage ratio is calculated as Net Debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA. Both Net Debt and Adjusted EBITDA are non-GAAP financial measures. See Appendix for definitions and more information.
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I N S U M M A R Y Strong Foundation, Clear Path Forward 111 Resilient business model Focus on America / Airports to accelerate growth Clear metrics for 2028 including AFFO1 goal of ~$200M and net leverage 7x – 8x 1 2 3 1 Non-GAAP financial measure; see Appendix for definition and more information
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Q&A 112
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CCO: Growing and Deleveraging a Simplified and De-Risked Visual Media Powerhouse Scott Wells, Chief Executive Officer 113
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114 Thank you for joining us for our 2025 Investor Day. We hope you found it informative. Your feedback is important to us, so we would appreciate it if you could fill out a quick survey - it should take only 2-3 minutes. The answers are all anonymous. This survey will be online for the next 5 days so we ask you to please complete it as soon as possible as we will then tabulate the results and share with our management team. Here is the link to the survey https://forms.office.com/Pages/ResponsePage.aspx?id=rWvxNGyyQ0iX-dYkZqj0wW_6ZFaq- IBAsfP9FsyV-4RUNEZQNzMyWDM1V0o4U1dFSFdRUERXRDFTRy4u Or use this QR code Thank you Feedback on Today’s Event 114
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What You Heard From Us Today 115 1 2 3 4Focused: U.S. visual media powerhouse Market leader: Driving innovation and digital transformation Energized: Revenue engine for accelerated growth Committed: To strengthening balance sheet
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Appendix
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Non-GAAP Financial Information 117 In this presentation, the Company supplements its GAAP results with certain non-GAAP financial measures, including Adjusted EBITDA, Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO"), Net Debt, Net Leverage and Adjusted Corporate expenses. The Company believes these measures provide investors with additional perspective on operating performance and capital structure, facilitate comparisons with out-of-home advertising peers, and are widely used by investors and analysts for valuation and performance analysis. These non-GAAP financial measures should not be considered in isolation of or as a substitute for the most directly comparable GAAP measures as an indicator of operating performance or, in the case of Adjusted EBITDA, FFO and AFFO, the Company’s ability to fund its cash needs. In addition, these measures may not be comparable to similarly titled measures used by other companies. Please refer to the slides in this Appendix for historical reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measure, and to the Safe Harbor slide for a discussion of forward-looking reconciliations. Adjusted EBITDA Adjusted EBITDA is defined as income (loss) from continuing operations, plus: income tax expense (benefit) attributable to continuing operations; non-operating expenses (income), including other expense (income), loss (gain) on extinguishment of debt, and interest expense, net; other operating expense (income), net; depreciation, amortization and impairment charges; share-based compensation expense; and restructuring and other costs, which include costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. The Company uses Adjusted EBITDA to plan and forecast for future periods and as a key performance measure for executive compensation. The Company believes Adjusted EBITDA allows investors to assess the Company’s performance in a way that is consistent with Company management’s approach and facilitates comparison to other companies with different capital structures or tax rates. Additionally, the Company believes Adjusted EBITDA is commonly used by investors, analysts and peers in the industry for valuation and performance comparisons. For historical periods presented, Adjusted EBITDA has been further adjusted to exclude rent abatements, which are not expected to recur. This adjustment is intended to facilitate comparability between those historical periods and the Company’s guidance and long-term goals. Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) FFO is defined in accordance with the National Association of Real Estate Investment Trusts (“Nareit”) as consolidated net income (loss) before: depreciation, amortization and impairment of real estate; gains or losses from the disposition of real estate; and adjustments to eliminate unconsolidated affiliates and noncontrolling interests. The Company defines AFFO as FFO excluding discontinued operations and before adjustments for continuing operations, including: maintenance capital expenditures; straight-line rent effects; depreciation, amortization and impairment of non-real estate; loss or gain on extinguishment of debt and debt modification expense; amortization of deferred financing costs and note discounts; share-based compensation expense; deferred taxes; restructuring and other costs; transaction costs; and other items such as foreign exchange transaction gains or losses, adjustments for unconsolidated affiliates, noncontrolling interest and nonrecurring gains or losses. Although the Company is not a Real Estate Investment Trust (“REIT”), it competes directly with REITs that present the non-GAAP measures of FFO and AFFO. Therefore, the Company believes that presenting these measures helps investors evaluate its performance on the same terms as its direct competitors. The Company calculates FFO in accordance with Nareit’s definition, which does not restrict presentation of these measures to REITs. Additionally, the Company believes FFO and AFFO are already commonly used by investors, analysts and competitors in the industry for valuation and performance comparisons. The Company does not use, and you should not use, FFO and AFFO as indicators of the Company’s ability to fund its cash needs, pay dividends or make other distributions. Since the Company is not a REIT, it has no obligation to pay dividends and does not intend to do so in the foreseeable future. Moreover, the presentation of these measures should not be construed as an indication that the Company is currently in a position to convert into a REIT. For historical periods presented, AFFO has also been further adjusted to exclude rent abatements, which are not expected to recur, in order to provide comparability with guidance and long-term goals. Net Debt and Net Leverage Ratio Net Debt is defined as total debt less cash and cash equivalents. Net Leverage Ratio is defined as Net Debt divided by Adjusted EBITDA. The Company uses Net Debt and Net Leverage Ratio to assess its capital structure, financial flexibility and deleveraging progress. The Company believes these measures are useful to investors because they provide insight into the Company’s ability to meet financial obligations and manage liquidity and help evaluate progress on debt reduction initiatives and capacity to fund growth. Adjusted Corporate Expenses Adjusted Corporate expenses is defined as corporate expenses excluding share-based compensation and restructuring and other costs. The Company uses Adjusted Corporate expenses to evaluate core corporate spending and to assist in planning and forecasting for future periods.
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Reconciliation of Income (loss) from continuing operations to Adjusted EBITDA and Calculation of CCOH Margin 118 (in thousands) Twelve Months Ended December 31, 2023 2024 As Currently Reported1 As Initially Reported2 As Reported Income (loss) from continuing operations $ (159,444) $ (157,107) $ (123,764) Adjustments: Income tax benefit attributable to continuing operations (23,679) (17,217) (9,365) Other expense (income), net 5,699 (6,403) 8,378 (Gain) loss on extinguishment of debt (3,817) (3,817) 2,393 Interest expense, net 398,050 421,434 401,541 Other operating (income) expense, net (4,488) 11,769 (8,340) Depreciation and amortization 196,811 241,828 173,998 Share-based compensation 17,547 20,330 23,076 Restructuring and other costs 21,680 24,399 7,841 Adjusted EBITDA $ 448,359 $ 535,216 $ 475,758 Less: Rent abatements3 24,893 25,965 10,311 Adjusted EBITDA excluding rent abatements $ 423,466 $ 509,251 $ 465,447 Revenue $ 1,434,186 $ 2,127,140 $ 1,505,230 CCOH Margin4 30% 24% 31% 1 As currently reported excludes discontinued operations, consistent with the Company’s most recent SEC filings. 2 As initially reported reflects results as originally filed and is not recast to exclude operations later classified as discontinued (i.e., Europe-North and Latin America, which were classified as discontinued in 2024). 3 Rent abatements represent temporary reductions in rent expense on lease and non-lease contracts. These amounts are not expected to recur. 4 CCOH Margin is defined as Adjusted EBITDA (excluding rent abatements) divided by Revenue.
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Reconciliation of Consolidated net loss to FFO and AFFO 119 (in thousands) Twelve Months Ended December 31, 2023 2024 Consolidated net loss $ (308,816) $ (175,878) Depreciation and amortization of real estate 226,724 191,417 Net loss on disposition of real estate (excludes condemnation proceeds) 108,322 33,277 Impairment of real estate - 16,808 Adjustment for unconsolidated affiliates and non-controlling interests (3,849) (5,558) Funds From Operations (FFO) 22,381 60,066 Less: FFO from discontinued operations 7,642 43,815 FFO from continuing operations 14,739 16,251 Capital expenditures–maintenance (29,642) (25,312) Straight-line rent effect 4,207 (733) Depreciation and amortization of non-real estate 19,121 18,770 Loss or gain on extinguishment of debt and debt modification expense, net 631 12,360 Amortization of deferred financing costs and note discounts 9,811 9,508 Share-based compensation 17,547 23,076 Deferred taxes (28,877) (12,643) Restructuring and other costs 21,680 7,841 Transaction costs for structural initiatives and financial advisory services 2,446 5,161 Other items 7,529 4,332 Adjusted Funds From Operations (AFFO) $ 39,192 $ 58,611 Less: Rent abatements1 24,893 10,311 AFFO excluding rent abatements $ 14,299 $ 48,300 1 Rent abatements represent temporary reductions in rent expense on lease and non-lease contracts. These amounts are not expected to recur. Note: The Company is not a REIT. However, the Company competes directly with REITs that present the non-GAAP measures of FFO and AFFO and, accordingly, believes that presenting such measures will be helpful to investors in evaluating the Company’s operations with the same terms used by the Company’s direct competitors.
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Reconciliation of Total Debt to Net Debt and Calculation of Net Leverage Ratio 120 (in thousands) December 31, 2024 Debt: Receivables-Based Credit Facility $ — Revolving Credit Facility — Term Loan Facility 425,000 Clear Channel Outdoor Holdings 5.125% Senior Secured Notes 1,250,000 Clear Channel Outdoor Holdings 9.000% Senior Secured Notes 750,000 Clear Channel Outdoor Holdings 7.875% Senior Secured Notes 865,000 Clear Channel Outdoor Holdings 7.750% Senior Notes 995,000 Clear Channel Outdoor Holdings 7.500% Senior Notes 1,040,000 Clear Channel International B.V. Term Loan Facility 375,000 Finance leases 3,974 Original issue discount (7,313) Long-term debt fees (36,356) Total debt 5,660,305 Less: Cash and cash equivalents (109,707) Net debt $ 5,550,598 Adjusted EBITDA (for the twelve months ended December 31, 2024) $ 475,758 Net Leverage Ratio1 11.7x 1 Net Leverage Ratio is calculated as Net Debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA, each as presented in this reconciliation. Refer to the Adjusted EBITDA reconciliation within this Appendix for the most directly comparable GAAP financial measure.