Alexey Philippov

Alexey Philippov asked for details on the New York MTA contract, including expected 2026 revenue and drivers of strong momentum, and sought clarification on the relative importance of the World Cup versus MTA momentum for achieving double-digit AFFO growth.

Answer

CFO Matthew Siegel outlined tailwinds for AFFO growth, including the World Cup, election year, and a condemnation, alongside strong regular business. He stated they don't provide full-year revenue guidance but are bullish. CEO Nick Brien confirmed the MTA step-up to $161 million (3% increase). CFO Matthew Siegel added that while not guidance, there's a chance MTA could clear the MAG breakeven of $285 million, implying strong double-digit growth.

Alexey Philippov asked for more details on the New York MTA contract, specifically the expected revenue for 2026 and the drivers behind its strong momentum, noting the implied 20% growth for Q4. He also inquired about the AFFO outlook for the year, asking which factors—the World Cup or MTA momentum—are more critical for achieving double-digit AFFO growth.

Answer

CEO Nick Brien stated the MTA contract minimum annual payment would step up 3% to approximately $161 million in 2026. CFO Matthew Siegel added that while full-year MTA revenue guidance isn't provided, there's a chance to clear the MAG breakeven of around $285 million, implying strong double-digit growth. For AFFO, Matthew Siegel cited multiple tailwinds including the World Cup, an election year, a significant condemnation, and robust regular business growth in transit and billboard, expressing bullishness on the year's performance.