LAMAR ADVERTISING CO/NEW (LAMR) Company Report

Lamar Advertising Company's board of directors has declared a quarterly cash dividend of $1.55 per share.
A special cash dividend of $0.25 per share was also declared.
Both dividends are payable on December 31, 2025, to stockholders of record of Class A and Class B common stock on December 22, 2025.

Dec 11, 2025, 9:23 PM

8-K

Lamar Advertising Provides Positive 2026 Outlook and Strategic Growth Drivers

LAMR

Guidance Update

New Projects/Investments

M&A

Lamar Advertising projects a markedly stronger 2026 with pacings significantly ahead of the previous year, anticipating a $15 million tailwind from political ad spend (expected to reach $25 million) and an additional $3 million-$4 million lift from the World Cup.
The company expects consolidated EBITDA margins to surpass 47% in 2026, aiming for 48% by 2028, driven by GDP-plus top-line growth, controlled 2.5% expense growth, the completion of a major ERP conversion, and the adoption of AI tools.
Strategic growth initiatives include the expansion of programmatic sales, which is attracting new and returning national advertisers, and the beta testing of an automated buying platform for local customers. Lamar also achieved its largest pharma buy ever in Q3, leveraging its new Health Connect solution.
Lamar maintains over $1 billion in M&A capacity, targeting $300 million in acquisitions for 2026, while adhering to a leverage target of 3.5-4x. The company also plans to strategically add quality digital inventory in desirable zip codes within top 15 DMAs.

Nov 18, 2025, 7:00 PM

Transcript

Lamar Advertising Discusses 2026 Outlook, Strategic Growth, and Capital Allocation

LAMR

Guidance Update

New Projects/Investments

M&A

Lamar Advertising (LAMR) anticipates markedly stronger pacings for 2026 compared to 2025, driven by an expected ~$15 million political tailwind and a projected $3 million-$4 million lift from the World Cup.
The company expects expense growth around 2.5% and aims for a consolidated margin of over 47% for the full year, a first for the company, with a long-term goal of 48% by 2028. The completion of a major ERP conversion by July 2026 is expected to normalize OPEX and improve sales efficiency.
Lamar is expanding its programmatic capabilities, including Beta-testing an automated buying platform for local customers in three markets, and recently secured its largest pharma buy ever in Q3 2025, supported by its Health Connect solution and third-party data provider CrossX.
The company has over $1 billion in M&A "powder" and aims to deploy approximately $300 million in acquisitions for 2026, similar to 2025, while maintaining its 3.5-4 times leverage target. Lamar is also seeking to add quality digital inventory in desirable zip codes within larger DMAs.

Nov 18, 2025, 7:00 PM

Transcript

Lamar Advertising Discusses 2026 Outlook, Strategic Growth, and M&A Capacity

LAMR

M&A

Guidance Update

New Projects/Investments

Lamar Advertising anticipates a strong 2026, with pacings (contracts in hand) markedly stronger than the previous year. Key growth drivers include an estimated $15 million tailwind from political advertising (reaching $25 million) , a $3 million-$4 million lift from the World Cup , and significant contributions from approximately $300 million in acquisitions made in 2025. The company expects GDP-plus top-line growth and aims for a consolidated EBITDA margin north of 47%.
The company is leveraging programmatic sales, which is driving re-engagement from national advertisers and attracting new digital-first clients. They are also beta testing an automated buying platform for local customers. Lamar launched its Health Connect solution, which contributed to its largest-ever pharma buy in Q3, and is actively integrating third-party data providers like CrossX for enhanced measurement.
Lamar has over $1 billion in capital available for M&A and plans to target $300 million in acquisitions for 2026. The company maintains a leverage target of 3.5-4x, currently operating well below this, and could undertake a $1.5 billion transaction while remaining within this target. They are also focused on deploying digital units and acquiring quality inventory in desirable zip codes within larger DMAs.

Nov 18, 2025, 7:00 PM

Transcript

Lamar Reports Q3 2025 Financial Results and Affirms Full-Year Guidance

LAMR

Earnings

Guidance Update

M&A

Lamar delivered Q3 2025 consolidated revenue growth of 2.9% on an acquisition-adjusted basis, with national/programmatic revenue increasing 5.5% and local revenue growing 1.6%.
Adjusted EBITDA for the quarter was $280.8 million, a 3.5% increase from the prior year, and diluted Adjusted Funds From Operations (AFFO) per share rose 2.3% to $2.20.
The company affirmed its full-year AFFO per diluted share guidance, expecting it to be between $8.10 and $8.20.
Lamar closed 18 acquisitions totaling nearly $47 million in Q3, bringing year-to-date cash spend to approximately $134 million, with full-year acquisition spend (including Verde assets) projected to be around $300 million.
The company opportunistically refinanced its $600 million term loan B (upsized to $700 million) and issued $400 million in senior notes, ending the quarter with $834 million in total liquidity and total leverage of 3 times net debt to EBITDA.

Nov 6, 2025, 2:00 PM

Transcript

Lamar Reports Solid Q3 2025 Results, Affirms Full-Year Guidance, and Strengthens Balance Sheet

LAMR

Earnings

Guidance Update

Debt Issuance

Lamar delivered solid Q3 2025 operating results, with consolidated revenue growth improving to 2.9% on an acquisition-adjusted basis, primarily led by national/programmatic growth of 5.5%.
For Q3 2025, Adjusted EBITDA increased 3.5% to $280.8 million, and diluted AFFO per share grew 2.3% to $2.20.
The company affirmed its full-year 2025 guidance for AFFO per share between $8.10 and $8.20.
Lamar completed significant capital markets transactions, raising $1.1 billion through a $700 million term loan B and a $400 million senior notes offering, which extended its maturity profile and enhanced liquidity.
The company anticipates a full-year acquisition spend of approximately $300 million (including Verde assets) and expects to distribute a regular cash dividend of $6.20 per share for the full year, along with an estimated $0.25 per share special cash distribution from the Vistar sale in Q4.

Nov 6, 2025, 2:00 PM

Transcript

Lamar Advertising Company Announces Q3 2025 Operating Results

LAMR

Earnings

Debt Issuance

Guidance Update

Lamar Advertising Company reported net revenues of $585.5 million for Q3 2025, a 3.8% increase from Q3 2024, and $1.67 billion for the nine months ended September 30, 2025, a 2.6% increase year-over-year.
Adjusted EBITDA increased 3.5% to $280.8 million for Q3 2025 and 2.0% to $769.4 million for the nine months ended September 30, 2025.
Net income for Q3 2025 was $144.1 million, a 2.5% decrease, while diluted AFFO per share increased 2.3% to $2.20. For the nine months ended September 30, 2025, net income rose 20.4% to $438.3 million, driven by a $68.6 million gain from an equity interest sale, and diluted AFFO per share increased 4.0% to $6.01.
As of September 30, 2025, the company maintained $834.2 million in total liquidity and recently completed a $700.0 million Term B Loan and a $400.0 million Senior Notes issuance to manage debt.

Nov 6, 2025, 11:55 AM

8-K

Lamar Advertising Company's Subsidiary Completes Private Placement of Senior Notes

LAMR

Debt Issuance

On September 25, 2025, Lamar Advertising Company's wholly-owned subsidiary, Lamar Media Corp., completed an institutional private placement of $400.0 million in aggregate principal amount of new senior notes.
These 5.375% Senior Notes due 2033 resulted in net proceeds of approximately $393.5 million for Lamar Media Corp. and will pay interest semi-annually starting May 1, 2026.
Lamar Media Corp. has the option to redeem up to 40% of the notes prior to November 1, 2028, at 105.375% of the principal amount, plus accrued interest, using proceeds from public equity offerings, provided at least 60% of the notes remain outstanding.
The Indenture for the notes includes covenants limiting Lamar Media's and its Restricted Subsidiaries' ability to incur additional debt, make certain distributions, and create liens, and defines events of default such as a 30-day default in interest payment or defaults under other indebtedness exceeding $150.0 million.

Oct 1, 2025, 8:05 PM

8-K

Lamar Media Corp. Amends Credit Agreement, Issues New Term B Loans

LAMR

Debt Issuance

On September 23, 2025, Lamar Media Corp., a direct wholly-owned subsidiary of Lamar Advertising Company, entered into Amendment No. 5 to its Fourth Amended and Restated Credit Agreement.
This amendment establishes $700.0 million in new Term B Loans.
Lamar Media Corp. borrowed the full $700.0 million on September 23, 2025, using the proceeds to repay $600.0 million of previously outstanding Term B Loans and a portion of its revolving credit facility.
The new Term B Loans will mature on September 23, 2032.
Interest rates for the Term B Loans are set at the Adjusted Term SOFR Rate plus 1.50% or the Adjusted Base Rate plus 0.50%, at Lamar Media's option.

Sep 24, 2025, 8:19 PM

8-K

Lamar Advertising Company's Subsidiary Prices Private Offering of Senior Notes

LAMR

Debt Issuance

Lamar Advertising Company's wholly owned subsidiary, Lamar Media Corp., has agreed to sell $400.0 million in aggregate principal amount of 5.375% Senior Notes due 2033 through an institutional private placement.
The closing of this offering is expected on or about September 25, 2025.
Lamar Media intends to use the approximately $393.5 million in net proceeds to repay indebtedness outstanding under the revolving portion of its senior credit facility and Accounts Receivable Securitization Program.

Sep 22, 2025, 9:02 PM

8-K