Executive Summary

Organic revenue grew 3.9% in Q4, modestly ahead of internal expectations, while Adjusted OIBDA rose 2.3%; AFFO increased 9.8% y/y as lower interest expense and higher OIBDA offset maintenance capex, and full-year AFFO finished “nicely above” prior guidance at $307.5m .
Mix improved: Billboard revenue +2% y/y with 40.3% segment OIBDA margin; Transit revenue +9.1% with segment OIBDA +60.6% y/y as MTA remained a key driver; consolidated Adjusted OIBDA margin expanded to 31.5% from 30.3% .
2025 outlook: Q1 revenue “slightly up” y/y (billboard flattish; transit mid-single digits); 2025 AFFO growth expected mid-single digits; MTA MAG steps up ~4% to ~$156m; 2025 capex ~$85m with ~$35m maintenance (incl. ~$10m for digital billboard replacements) .
Strategic/catalyst watch: accelerating digital/automated sales (now ~17% of digital) and improving national spend; exit of an unprofitable NY MTA billboard contract is a 2025 revenue headwind (~1.5 pts) but margin-accretive; ongoing deleveraging (4.7x net leverage) and $0.30 dividend declared for Mar 31, 2025 .

What Went Well and What Went Wrong

What Went Well
- Transit strength and profitability: Transit revenue +9.1% y/y; Transit Adjusted OIBDA +60.6% y/y to $22.0m; MTA up ~13% in Q4 and a key driver; management expects MTA to be OIBDA- and cash-positive through the contract term .
- Digital/automated momentum: Digital revenue ~36% of total in Q4 (vs ~34% last year); automated digital sales rose >40% and reached ~17% of digital; billboard yield up ~5% to nearly $3,150/month .
- Full-year delivery: AFFO of $307.5m (up ~11.5% y/y) exceeded the high single-digit growth target set last year; net leverage improved to 4.7x and liquidity ~ $700m .
What Went Wrong
- Reported revenue down y/y: Q4 revenue fell 1.6% (impact of Canada sale), though organic grew 3.9%; “Other” revenue fell sharply due to the divestiture and lower third-party equipment sales .
- Local softness and category headwinds: Local growth “just under 1%” with weakness in CPG, health/medical, and alcohol; storms in the Southeast created operational headwinds in Q4 .
- Contract/MAG cost dynamics: Exit of an unprofitable NY MTA billboard contract creates a 2025 revenue headwind (~1.5 pts), and MTA MAG increases ~4% to ~$156m in 2025; management is prioritizing margin economics over volume .

Financial Results

Metric	Q2 2024	Q3 2024	Q4 2024	Q4 2023
Revenue ($m)	$477.3	$451.9	$493.2	$501.2
Diluted EPS ($)	$1.01	$0.19	$0.43	$0.36
Adjusted OIBDA ($m)	$126.0	$117.1	$155.2	$151.7
AFFO ($m)	$84.8	$80.8	$118.7	$108.1
Wall St. Consensus (Rev, EPS)	Unavailable (S&P Global data not retrieved due to limit)	Unavailable (S&P Global data not retrieved due to limit)	Unavailable (S&P Global data not retrieved due to limit)	Unavailable (S&P Global data not retrieved due to limit)

Notes: Q4 2024 organic revenue +3.9% y/y, Adjusted OIBDA +2.3% y/y, AFFO +9.8% y/y; net income grew 22.5% y/y .

Q4 Margin Comparison (YoY)

Adjusted OIBDA Margin: 31.5% (Q4’24) vs 30.3% (Q4’23) .

Segment Breakdown (Q4 YoY)

Metric	Q4 2023	Q4 2024	Commentary
Billboard Revenue ($m)	$367.4	$374.6	+2.0% y/y on higher yield; 40.3% segment OIBDA margin
Billboard Adjusted OIBDA ($m)	$145.3	$151.0	+3.9% y/y
Transit Revenue ($m)	$106.8	$116.5	+9.1% y/y; digital +12% in quarter (mgmt)
Transit Adjusted OIBDA ($m)	$13.7	$22.0	+60.6% y/y; segment profitable for FY
Other Revenue ($m)	$27.0	$2.1	Down due to Canada sale and lower equipment sales

KPIs (Operating)

KPI	Q2 2024	Q3 2024	Q4 2024
Digital Revenue % of Total	“over 34%”	“over 32%”	“nearly 36%”
Automated Digital as % of Digital	16%	“nearly 17%”	“nearly 17%”
Billboard Yield (per month)	“just under $3,000”	“just under $3,000” (up ~7% y/y)	“nearly $3,150” (up ~5% y/y)
National vs Local Growth	Local +~7%, National slightly up	Local +~7%, National +~3%	Local +<1%, National +7%

Balance Sheet/Liquidity Highlights (Q4)

Liquidity: cash $46.9m, revolver availability $494.5m, A/R facility availability $140m; total debt ~$2.5bn (excl. DFC) .
Net leverage: 4.7x at year-end 2024, down from 5.4x at end-2023 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue (Reported)	Q1 2025	—	Slightly up y/y; billboard flattish; transit mid-single digits	New
AFFO Growth	FY 2025	—	Mid-single-digit growth expected	New
MTA MAG Payments	FY 2025	—	~4% step-up to ~$156m; expense to be straight-lined	New
Capex (Total)	FY 2025	$75–$85m run-rate (context from 2024)	~$85m; ~$35m maintenance incl. ~$10m for digital billboard replacements	Maintained to upper end
MTA Screen Replacement	2025–2030	—	~$35m per year expected	New
Dividend	Next payment	—	$0.30 per share payable Mar 31, 2025	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2, Q3)	Current Period (Q4)	Trend
Digital/Automated Sales	Q2: Digital 10% growth; automated 16% of digital . Q3: Digital +10%; automated ~17% of digital; programmatic on MTA live boards and urban panels; 7% of MTA transit digital via automated .	Q4: Automated digital up >40%; ~17% of digital; digital ~36% of total; further MTA hookups forthcoming .	Improving
Transit/MTA	Q2: Impairment recorded; expect cash neutral from Q3 onward . Q3: No impairment; expect cash positive through term; Transit up 7.3% .	Q4: Transit +9.1%; MTA up ~13%; 2025 MAG ~$156m; capex to maintain screens .	Improving
Pricing/Yield	Q2: Billboard yield up ~4% . Q3: Yield up ~7% .	Q4: Yield up ~5% to ~$3,150/month .	Strong
National vs Local Mix	Q2: Local led; national slight . Q3: National +~3% .	Q4: National +7%; local +<1%; tech/financial strong; CPG/health/alcohol weak .	National improving; local softer
Capital/Leverage	Q2: Sale of Canada; delever to 5.0x . Q3: Special dividend and reverse split plan; leverage to 5.0x .	Q4: Leverage 4.7x; liquidity ~ $700m; maintained $0.30 dividend .	Improving balance sheet

Management Commentary

“Organic revenues… finished up about 4% year-over-year… Transit revenues rebounded nicely… the New York MTA… growing by nearly 12% during the year… AFFO grew 11.5%, nicely ahead of… guidance” – Jeremy Male .
“Total digital automated sales… up over 40%… nearly 17% of our total digital revenues… billboard yield… up about 5% year-over-year to nearly $3,150 per month” – Jeremy Male .
“We expect… Q1 revenues to be slightly up relative to last year with billboard flattish and transit up in the mid-single digits… exit of the New York MTA billboard contract… creates about a 2-point headwind to our billboard growth and about 1.5 point headwind to our total growth” – Nick Brien .
“Our MAG payments at the MTA will step up by about 4%… to approximately $156 million… expect to spend around $35 million this year [MTA screens]… similar range annually through… 2030” – Matthew Siegel .
“Committed liquidity is nearly $700 million… total net leverage was 4.7x… maintained a $0.30 cash dividend” – Matthew Siegel .

Q&A Highlights

NYC congestion pricing/back-to-work and MTA demand: MTA remained a growth driver (~12% in 2024) and is off to a good start in Q1 2025; unclear if congestion pricing is causal, but sales execution and focus are helping .
Local softness: Soft local (tough comps, macro uncertainty post-election) though pacing improves into H2; Q4 local grew just under 1% .
National vs peers: OUT saw stronger national (+7%) driven by Super Bowl markets and MTA; management expects better quarters ahead (via AFFO guide) .
Transit profitability drivers: Q4 Transit OIBDA strength centered on MTA; Q1 trends continuing; ridership ~73% of 2019 in Jan, “melting up” .
Leadership transition: Interim CEO in place while formal process runs; Board subcommittee and search firm engaged .

Estimates Context

S&P Global consensus for Q4 2024 (revenue/EPS/EBITDA) could not be retrieved at this time due to a data access limit. As a result, we cannot present “vs. consensus” comparisons for Q4. We attempted to fetch “Primary EPS Consensus Mean,” “Revenue Consensus Mean,” and “EBITDA Consensus Mean” for the latest quarter, but the request exceeded the daily limit (S&P Global) during this session.

Key Takeaways for Investors

Mix quality improving: National demand re-accelerated (+7% in Q4), and Transit profitability returned with MTA up ~13%; digital mix near 36% with automated at ~17% of digital, supporting monetization and pacing improvements .
Margin focus over volume: Exiting a low-margin NY MTA billboard contract reduces 2025 revenue by ~1.5 pts but improves margins and capital efficiency, consistent with management’s contract return discipline .
2025 set-up constructive: Q1 revenue slightly up y/y with Transit mid-single digits; 2025 AFFO mid-single-digit growth guided; MTA MAG costs well-telegraphed; capex aligned to maintenance and digital refresh .
Balance sheet flexibility: Net leverage at 4.7x and ~ $700m of liquidity provide optionality while maintaining the $0.30 dividend; deleveraging from Canada sale largely complete .
Watch local vs national trajectory: Local trends were soft in Q4; management points to improving pacing into H2 and benefit from performance-oriented digital products; monitor category mix (tech/financial strength vs CPG/health/alcohol) .
Transit durability beyond ridership: Product upgrades and programmatic access (MTA automated now connected on key assets) underpin revenue growth even with ridership below 2019; annual MTA screen replacement capex (~$35m) and MAG visibility de-risk execution .
Trading implications: Near term, the narrative favors margin/quality (programmatic, pricing, transit profitability) over reported growth optics (Canada divestiture, contract exit); medium term, digital/product flywheel and AFFO growth cadence should be central to multiple support .

Other Relevant Press Releases in Q4 Window

Quarterly dividend declared at $0.30 per share payable March 31, 2025 .
Interim CEO appointment and cultural/technology focus highlighted (Feb 4 press release; noted in call) .

All figures, quotes, and statements are sourced from OUT’s Q4’24 8-K press release and exhibits, the Q4’24 earnings call transcript, and prior quarter filings/transcripts as cited above.

OUTFRONT Media Inc. (OUT)·Q4 2024 Earnings Summary