Clear Channel Outdoor Holdings, Inc.

RESULTS OF OPERATIONS

The following discussion of our results of operations focuses on continuing operations and is presented on both a consolidated and segment basis.

•Our operating segment profit measure is Segment Adjusted EBITDA, which is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs. Restructuring and other costs are defined as costs associated with cost-saving initiatives such as severance, consulting, termination and other special costs.

•Corporate expenses, depreciation and amortization, other operating income and expense, non-operating income and expenses, and income taxes are managed on a total company basis and, accordingly, are included only in our discussion of consolidated results of continuing operations.

•Results of discontinued operations are presented and discussed separately below.

2025 Compared to 2024

Consolidated Results of Continuing Operations

Consolidated Revenue

Our revenue is generated from selling advertising on out-of-home displays we own or operate, including roadside billboards, street furniture and airport displays. Our portfolio includes both printed and digital displays.

Consolidated revenue increased by $98.9 million, or 6.6%, in 2025 compared to 2024, reflecting growth across both segments. Growth in the America segment primarily reflected revenue generated under the roadside billboard contract with the New York Metropolitan Transportation Authority (“MTA”), which commenced in November 2024, and, to a lesser extent, improved performance in the San Francisco/Bay Area market. Growth in the Airports segment reflected strong advertising demand across major airports.

Consolidated revenue growth was primarily attributable to higher digital revenue, reflecting the addition of new digital inventory and increased advertiser demand. The table below provides additional information on consolidated digital revenue.

Consolidated Direct Operating Expenses

The largest component of our direct operating expenses is site lease expense, which includes rent for both lease and non-lease contracts and consists of payments for land or space used by our advertising displays, including minimum guaranteed payments and revenue-sharing arrangements. Direct operating expenses also include production, installation and maintenance costs related to the printing, transporting, posting and maintaining of advertising copy, as well as costs to operate our out-of-home displays, such as electricity for digital displays, repair and maintenance costs, and employee-related costs for our real estate and operations functions.

Consolidated direct operating expenses increased by $67.4 million, or 9.9%, in 2025 compared to 2024, primarily driven by higher site lease expense, reflecting the impact of the MTA contract, higher rent associated with increased advertising revenue, and, to a lesser extent, lower rent abatements. Rent abatements in prior periods were non-recurring and are not expected to continue.

The table below provides additional information on certain drivers of consolidated direct operating expenses.

Consolidated Selling, General and Administrative (“SG&A”) Expenses

SG&A expenses primarily consist of employee-related costs for sales, marketing, segment leadership and support functions, as well as other costs associated with those functions, including sales and marketing-related expenses, facilities, information technology and other general expenses.

Consolidated SG&A expenses increased by $9.5 million, or 3.7%, in 2025 compared to 2024, primarily driven by higher employee compensation, reflecting sales-driven incentives and increased headcount, pay and related benefit costs.

The table below summarizes restructuring and other costs included within consolidated SG&A expenses.

Corporate Expenses

Corporate expenses primarily consist of infrastructure and support costs related to our information technology, human resources, legal, finance, business services and administrative functions, as well as overall executive leadership.

Corporate expenses decreased by $16.0 million, or 12.6%, in 2025 compared to 2024, primarily due to the receipt of $10.1 million in insurance proceeds related to the ongoing recovery of certain amounts previously incurred in connection with a resolved legal matter. These proceeds are reflected in “Restructuring and other costs (reversals), net” in the table below.

The decrease also reflects the absence of certain prior-year legal costs related to property and casualty settlements and lower employee compensation, largely related to insurance benefits. Excluding share-based compensation, these underlying cost decreases totaled $7.7 million.

The table below provides additional information on certain drivers of corporate expenses.

(1)Excludes share-based compensation expense for employees of discontinued operations for all periods presented.

(2)Percentage changes that are so large as to not be meaningful have been designated as “NM.”

Depreciation and Amortization

Depreciation and amortization expense includes the depreciation of our advertising structures and other property, plant and equipment and the amortization of our finite-lived intangible assets. Depreciation and amortization increased by $1.0 million, or 0.5%, in 2025 compared to 2024.

Other Operating Income, Net

Other operating income, net, was $2.7 million in 2025, compared to $8.3 million in 2024, primarily reflecting net gains on the disposition of operating assets, which were $8.6 million higher in 2024. These net gains were partially offset by transaction costs related to structural initiatives and financial advisory services of $2.1 million in 2025 and $5.2 million in 2024. Refer to Note 14 to our Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for additional information.

Interest Expense, Net

Interest expense, net, decreased by $5.9 million in 2025 compared to 2024, primarily due to the repurchase of a portion of our senior unsecured notes and lower average interest rates on our Term Loan Facility. These decreases were partially offset by higher interest expense for 2025 associated with the August 2025 senior secured notes refinancing. For additional information regarding these transactions, refer to Note 6 to our Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

Loss on Extinguishment of Debt, Net

In 2025, we recognized a net loss on extinguishment of debt of $15.0 million, driven by a $43.8 million loss related to the August 2025 senior secured notes refinancing transactions, partially offset by a $28.8 million gain recognized on the repurchase of a portion of our senior unsecured notes in open-market transactions at a discount.

In 2024, we recognized a loss on extinguishment of debt of $2.4 million related to the prepayment and amendment of the Term Loan Facility.

For additional information, refer to Note 6 to our Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

Other Income (Expense), Net

Other income, net, was $1.2 million in 2025, compared to other expense, net of $8.4 million in 2024. The year-over-year change primarily reflects the absence of debt modification expense recognized in 2024, when we incurred $10.0 million related to the issuance of senior secured notes and the associated prepayment and refinancing of the Term Loan Facility.

For additional information regarding these items, refer to Notes 6 and 14 to our Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

Income Tax Benefit (Expense) Attributable to Continuing Operations

The effective tax rates for continuing operations were (5.0)% and 7.0% in 2025 and 2024, respectively. The effective tax rate in both years was significantly impacted by changes in the valuation allowance recorded against deferred tax assets, primarily related to interest expense carryforwards, due to uncertainty regarding our ability to realize those assets in future periods. For a full reconciliation of our effective tax rate to the statutory rate and additional details regarding our income tax provision, refer to Note 9 to our Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

In the third quarter of 2025, we recognized the effects of the applicable provisions of the One Big Beautiful Bill Act. The impacts were favorable but not material to our consolidated financial statements in the period enacted.

America Results of Operations

(1)Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.

America Revenue

America revenue increased by $53.3 million, or 4.7%, in 2025 compared to 2024, primarily driven by revenue generated under the MTA contract and, to a lesser extent, improved performance in the San Francisco/Bay Area market.

Revenue growth by format was driven by both digital and print billboards, reflecting the addition of new inventory, including assets operated under the MTA contract, as well as higher advertiser demand. Digital revenue growth also benefited from increased programmatic advertising activity.

The table below provides additional information on America digital revenue.

Revenue growth by sales channel reflected continued strength in local advertising sales across various markets, with national sales also contributing. National sales accounted for 35.5% of America segment revenue in 2025, compared to 36.0% in 2024, with the remainder derived from local sales.

America Direct Operating Expenses

America direct operating expenses increased by $34.7 million, or 7.8%, in 2025 compared to 2024, primarily driven by higher site lease expense, largely attributable to the MTA contract. The increase in site lease expense also reflected higher rent associated with increased advertising revenue. The table below provides information on America site lease expense.

America SG&A Expenses

America SG&A expenses increased by $6.4 million, or 3.0%, in 2025 compared to 2024, primarily driven by higher employee compensation, reflecting higher sales commissions, additional sales headcount and pay increases. This increase was partially offset by lower payment processing fees.

Airports Results of Operations

(1)Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.

Airports Revenue

Airports revenue increased by $45.6 million, or 12.6%, in 2025 compared to 2024, driven by strong advertising demand, with the most significant growth at the Port Authority of New York and New Jersey, San Francisco International, and Metropolitan Washington Airports Authority airports.

Revenue growth by format was driven by higher digital revenue, partially offset by lower print revenue. The table below provides additional information on Airports digital revenue.

Revenue growth by sales channel primarily reflected higher national sales, with local sales also contributing. National sales accounted for 62.0% of Airports segment revenue in 2025, compared to 59.4% in 2024, with the remainder derived from local sales.

Airports Direct Operating Expenses

Airports direct operating expenses increased by $33.5 million, or 14.2%, in 2025 compared to 2024, primarily driven by higher site lease expense, which reflected revenue growth and, to a lesser extent, lower rent abatements.

The table below provides additional information on Airports site lease expense and rent abatements.

Airports SG&A Expenses

Airports SG&A expenses increased by $4.6 million, or 12.2%, in 2025 compared to 2024, primarily driven by higher employee compensation, reflecting higher incentive-based pay, additional sales headcount and pay increases.

Income (Loss) from Discontinued Operations

Income from discontinued operations was $128.5 million in 2025, compared to a loss of $52.1 million in 2024. The year-over-year change was primarily driven by a $124.6 million net gain on sold businesses in 2025, mainly resulting from international dispositions completed in the first quarter, compared to a $44.4 million net loss in 2024 related to the classification of the Brazil business as held for sale.

The results of discontinued operations in 2025 also reflected lower expenses compared to the prior year, including lower depreciation and amortization following the classification of discontinued businesses as held for sale, lower interest expense following the repayment of the CCIBV Term Loan Facility, and the absence of impairment charges recognized in 2024 related to long-lived assets in Latin America. These favorable impacts were partially offset by the absence of operating income previously contributed by businesses sold during 2025.

For additional information regarding income (loss) from discontinued operations, including details of the major components, refer to Note 3 to our Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

2024 Compared to 2023

For a comparison of our historical results of operations for the year ended December 31, 2024 to the year ended December 31, 2023, refer to Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025.