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Cautionary Statement Regarding Forward-Looking StatementsWe have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities LitigationReform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,”“should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrasesthat are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions ofstrategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks anduncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect orimprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). Thefollowing factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:declines in advertising and general economic conditions; the severity and duration of pandemics, and the impact on our business, financial condition and results of operations;competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectualproperty claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensationfor the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursuecould have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes inregulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies;asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social andgovernance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposurefrom our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board ofdirectors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party toacquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as areal estate investment trust (“REIT”); REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to betaxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability tocontribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownershiplimits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; completing the Company’s restructuring and reduction in force plan (the “Plan”) may be more difficult, costly, or time consuming for the Company and its management than expected and the anticipated benefits of the Plan, including but not limited to projected cost savings, may not be fully realized or realized at all; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP financial measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix of this presentation. Prior period presentation conforms to current period reportingclassifications. Numbers in this presentation may not sum due to rounding.
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Year-over-YearQ3’25Metric3.5%$468Consolidated Revenue(2.2%)$353Billboard Revenue23.7%$112Transit Revenue26.1%$90Consolidated Operating Income17.2%$137Consolidated Adjusted OIBDA2.1%$139Billboard Adjusted OIBDA$19$16Transit Adjusted OIBDA48.3%$51Consolidated Net Income24.1%$100Consolidated AFFONotes: $ Millions unless otherwise stated. See Appendix for Non-GAAP reconciliations.
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Note(1)New York Metropolitan Transportation Authority (the “MTA”).Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.N/M: Not meaningful Items Affecting Comparability NY MTA1Billboard Contract Billboard Revenue Q3’25: $0.0 million Q3’24: $7.7 million LA Billboard Contract Billboard Revenue Q3’25: $0.0 million Q3’24: $5.1 million
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Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. Items Affecting Comparability NY MTA Billboard Contract Static/Digital Billboard Revenue Q3’25: $0.0/$0.0 million Q3’24: $4.9/$2.8 million LA Billboard Contract Static/Digital Billboard Revenue Q3’25: $0.0/$0.0 million Q3’24: $0.8/$4.3 million
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Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
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Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. Items Affecting Comparability NY MTA Billboard Contract Digital Revenue Q3’25: $0.0 million Q3’24: $2.8 million LA Billboard Contract Digital Revenue Q3’25: $0.0 million Q3’24: $4.3 million 12.1%8.5%29.4%Yr/Yr% Chg.
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Notes: Prior period presentation conforms to current reporting classifications. Commercial includes $0.5 million of billboard condemnations in the three months ended September 30, 2025, and $2.2 of billboard condemnations million in the three months ended September 30, 2024. $ Millions unless otherwise stated. Numbers may not sum due to rounding.
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Notes: Yield defined as reported revenue per average display per month for the quarter. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
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Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Billboard Adjusted OIBDA divided by Billboard revenues. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations. Items Affecting Comparability NY MTA Billboard Contract Billboard Property Lease Q3’25: $0.0 million Q3’24: $5.5 million LA Billboard Contract Billboard Property Lease Q3’25: $0.0 million Q3’24: $4.3 million (7.4%)Yr/Yr% Chg 4.5% Yr/Yr% Chg (5.3%)Yr/Yr% Chg Yr/Yr% Chg(4.8%) Yr/Yr% Chg2.1%
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1.7% Yr/Yr% Chg 13.2% Yr/Yr% Chg (1.7%)Yr/Yr% Chg Yr/Yr% Chg3.1% Yr/Yr% ChgN/M Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Transit Adjusted OIBDA divided by Transit Revenues. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
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Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.N/M: Not meaningful
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Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
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Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations. Billboard & Transit OIBDACash TaxesMaintenance CapexOther24.1% yr/yr Other Adjusted OIBDACorporate Adjusted OIBDA
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Notes: $ Millions unless otherwise stated. Reflects face value of debt. 1) Calculated as Total Debt less Cash divided by LTM “Consolidated EBITDA” (as defined in, and calculated in accordance with, the Credit Agreement governing the Company’s senior credit facilities). Maturity Schedule above presents borrowed amounts and maximum borrowing capacities, which are subject to the terms of the respective debt agreements. Numbers may not sum due to rounding. 3Q25Weighted Average Cost of Debt5.4%Net Leverage Ratio14.7x
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Non-GAAP Financial MeasuresIn addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this documentand the accompanying tables include non-GAAP financial measures as described below. We calculate organic revenues as reported revenues excluding revenues associated withthe impact of the Transaction (as defined below) (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate Billboard Yield as reported Billboard revenues divided by our average billboard displays per month for the applicable quarterly period. We use Billboard Yield for managing our business, and for planning and forecasting future periods, and Billboard Yield is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. It is management’s opinion that this supplemental measure provides users of our financial data with an important perspective on our operating performance and also makes it easier to compare our results to other companies in our industry. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to “Funds From Operations,” or “FFO” and “Adjusted FFO,” or “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, impairment charges on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Billboard Yield, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss), and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.
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Notes: See Notes on Page 23
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(in millions)Dec 31, 2023Mar 31, 2024Jun 30, 2024Sep 30, 2024Dec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025Sep 30, 2024Sep 30, 2025Net income (loss) attributable to OUTFRONT Media Inc.60.4 (27.2) 176.8 34.6 74.0 (20.6) 19.5 51.3 244.6 124.2 Depreciation of billboard advertising structures 15.4 13.6 13.5 14.0 18.4 18.8 19.2 18.2 56.5 74.6 Amortization of real estate-related intangible assets 16.7 16.1 15.9 17.0 16.5 15.1 15.0 15.1 65.7 61.7 Amortization of direct lease acquisition costs 13.0 13.1 16.0 16.0 13.3 13.2 15.6 13.8 58.1 55.9 Net (gain) loss on disposition of real estate assets (14.4) 0.1 (155.2) 1.5 (7.3) 0.1 1.1 1.4 (168.0) (4.7) Impairment charges 8.3 6.7 6.4 - - - - - 21.4 - Adjustment related to non-controlling interests (0.1) (0.1) (0.1) - (0.1) (0.1) - (0.1) (0.3) (0.3) Income tax effect of adjustments- - 10.5 (0.4) - - - - 10.1 - FFO attributable to OUTFRONT Media Inc.99.3 22.3 83.8 82.7 114.8 26.5 70.4 99.7 288.1 311.4 Non-cash portion of income taxes 1.0 (0.6) (0.5) 0.1 0.5 0.5 (1.2) 0.6 (0.0) 0.4 Cash paid for direct lease acquisition costs (14.6) (15.3) (13.4) (14.0) (14.2) (16.4) (13.4) (11.5) (57.3) (55.5) Maintenance capital expenditures (5.7) (4.7) (7.7) (5.5) (3.8) (6.3) (7.0) (6.1) (23.6) (23.2) Restructuring charges- - - - - - 19.8 0.3 - 20.1 Other depreciation 4.8 4.9 4.9 4.6 5.6 4.8 4.4 4.2 19.2 19.0 Other amortization 1.5 1.5 1.4 1.7 1.9 2.0 2.4 2.5 6.1 8.8 Impairment charges on non-real estate assets 2.9 2.4 2.4 - - - - - 7.7 - Stock-based compensation 5.5 7.2 7.6 7.0 9.0 9.5 6.0 5.6 27.3 30.1 Non-cash effect of straight-line rent 2.8 3.1 2.9 2.0 2.7 1.1 2.4 2.5 10.8 8.7 Accretion expense 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 3.0 2.8 Amortization of deferred financing costs 1.7 1.6 1.5 1.5 1.5 1.5 1.5 1.4 6.3 5.9 Loss on extinguishment of debt 8.1 - 1.2 - - - - 0.6 9.3 0.6 Adjustment related to non-controlling interests - - - - - - - (0.1) - (0.1) Income tax effect of adjustments - - - - - - (0.7) (0.1) - (0.8) AFFO attributable to OUTFRONT Media Inc.108.1 23.2 84.8 80.8 118.7 23.9 85.3 100.3 296.9 328.2 (in millions) Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025Jun 30, 2025Sep 30, 2025Sep 30, 2024Sep 30, 2025Adjusted OIBDA151.7 66.5 126.0 117.1 155.2 64.2 124.1 137.2 461.3 480.7 Interest expense, net, less amortization of deferred financing costs (39.1) (39.8) (39.6) (35.6) (35.1) (34.5) (35.0) (35.6) (154.1) (140.2) Cash paid for income taxes(0.8) (0.1) (1.1) (0.1) (0.1) - (1.4) (0.6) (2.1) (2.1) Direct lease acquisition costs(1.6) (2.2) 2.6 2.0 (0.9) (3.2) 2.2 2.3 0.8 0.4 Maintenance capital expenditures(5.7) (4.7) (7.7) (5.5) (3.8) (6.3) (7.0) (6.1) (23.6) (23.2) Equity earnings of investee companies, net of tax0.2 (0.2) 0.2 0.5 0.1 1.9 - 0.3 0.7 2.3 Non-cash effect of straight-line rent2.8 3.1 2.9 2.0 2.7 1.1 2.4 2.5 10.8 8.7 Accretion expense0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 3.0 2.8 Other income (expense)0.2 - 1.1 (0.1) - - - - 1.2 - Adjustment related to non-controlling interests(0.4) (0.2) (0.3) (0.2) (0.1) - - (0.3) (1.1) (0.4) Income tax effect of adjustments- - - - - - (0.7) (0.1) - (0.8) AFFO attributable to OUTFRONT Media Inc.108.1 23.2 84.8 80.8 118.7 23.9 85.3 100.3 296.9 328.2 Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended Notes: See Notes on Page 23 (c)(d)(e)(d)(f)(d)
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Mar 31, 2023Jun 30, 2023Sep 30, 2023Dec 31, 2023Mar 31, 2024Jun 30, 2024Revenue17.6$ 23.9$ 24.3$ 26.3$ 18.6$ 16.3$ Operating ExpensesBillboard property lease5.4 5.2 6.1 5.7 6.2 4.3 Transit franchise1.0 1.3 1.4 1.1 1.0 0.8 Posting, maintenance and other5.0 5.3 5.1 5.1 5.0 3.9 Total operating expenses11.4 11.8 12.6 11.9 12.2 9.0 Selling, general and administrative 5.3 5.6 5.6 5.5 5.4 5.6 Operating Income (loss) (2.5) 3.0 2.5 7.7 1.0 1.7Depreciation 1.4 1.5 1.5 0.5 - - Amortization 2.0 2.0 2.1 0.7 - - Adjusted OIBDA 0.9$ 6.5$ 6.1$ 8.9$ 1.0$ 1.7$ Income taxes (paid) / refund(3.5) (0.9) (0.2) (0.8) (1.1) (0.5) Maintenance capital expenditures0.2 0.2 0.6 0.7 0.4 1.0 Three Months Ended
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Notes: Unaudited, numbers may not sum due to rounding; 1) Excludes stock-based compensation expense and restructuring charges; 2) For prior period reconciliations, please see prior period earnings presentations on the Investor Relations section of our website, www.outfront.com.
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Notes: Numbers may not sum due to rounding; 1) Prior period presentation conforms to current reporting classifications.
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NOTES TO EXHIBITSPRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.(a) Organic revenues in the nine months ended September 30, 2025, exclude revenues associated with the impact of the sale of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of our outdoor advertising business in Canada (“non-organic revenues”).(b) In the nine months ended September 30, 2024, non-organic revenues reflect the impact of the Transaction.(c) Impairment charge related to our Transit reporting unit and MTA asset group.(d) Income tax effect related to Restructuring charges in 2025 and Net gain on disposition of real estate assets in 2024.(e) Restructuring charges associated with a restructuring and reduction in force plan, consists of severance payments, employee benefits and related costs, and professional fees, and includes approximately $2.2 million in non-cash charges for stock-based compensation.(f) Cash paid for income taxes in 2024 is presented in this table net of cash paid for income taxes related to a net gain on disposition of real estate assets associated with the Transaction.* Calculation not meaningful.