OUTFRONT Media Inc.

Previous wording

As of June 30, 2025, we completed a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. As of June 30, 2026, approximately $1.7 million in restructuring reserves related to severance payments, employee benefits and related costs remain outstanding and are included in Accrued compensations on the Consolidated Statement of Financial Position. The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur in connection with the implementation of the Plan. (See Note 12. Restructuring Charges to the Consolidated Financial Statements.)

Current wording

As of June 30, 2025, we completed a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. As of September 30, 2026, approximately $1.3 million in restructuring reserves related to severance payments, employee benefits and related costs remain outstanding and are included in Accrued compensation on the Consolidated Statement of Financial Position. The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur in connection with the implementation of the Plan. (See Note 12. Restructuring Charges to the Consolidated Financial Statements.)

Previous wording

During the six months ended June 30, 2026, we built or converted 49 new digital billboard displays and entered into marketing arrangements to sell advertising on 13 third-party digital billboard displays. In the six months ended June 30, 2026, we built, converted or replaced 48 digital transit and other displays. The following table sets forth information regarding our digital displays.

Current wording

During the nine months ended September 30, 2026, we built or converted 71 new digital billboard displays and entered into marketing arrangements to sell advertising on 20 third-party digital billboard displays. In the nine months ended September 30, 2026, we built, converted or replaced 101 digital transit and other displays. The following table sets forth information regarding our digital displays.

Previous wording

(a)Digital display amounts include 6,507 displays reserved for transit agency use. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period.

Current wording

(a)Digital display amounts include 6,494 displays reserved for transit agency use. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period.

Previous wording

We have a diversified base of customers across various industries. During the three months ended June 30, 2026, our largest categories of advertisers were entertainment, technology and legal services/lawyers, which represented 16%, 11% and 10% of our total revenues from our Billboard and Transit segments, respectively. During the three months ended June 30, 2025, our largest categories of advertisers were entertainment, retail and legal services/lawyers, which represented 17%, 11% and 10% of our total revenues from our Billboard and Transit segments, respectively. During the six months ended June 30, 2026, our largest categories of advertisers were entertainment, legal services/lawyers and retail, which represented 17%, 11% and 10% of our total revenues from our Billboard and Transit segments, respectively. During the six months ended June 30, 2025, our largest categories of advertisers were entertainment, retail and legal services/lawyers, which represented 18%, 11% and 10% of our total revenues from our Billboard and Transit segments, respectively.

Current wording

We have a diversified base of customers across various industries. During the three months ended September 30, 2026, our largest categories of advertisers were entertainment, legal services/lawyers and retail, which represented 17%, 10% and 10% of our total revenues from our Billboard and Transit segments, respectively. During the three months ended September 30, 2025, our largest categories of advertisers were entertainment, retail and legal services/lawyers, which represented 17%, 10% and 10% of our total revenues from our Billboard and Transit segments, respectively. During the nine months ended September 30, 2026, our largest categories of advertisers were entertainment, technology and legal services/lawyers, which represented 17%, 11% and 11% of our total revenues from our Billboard and Transit segments, respectively. During the nine months ended September 30, 2025, our largest categories of advertisers were entertainment, retail and legal services/lawyers, which represented 18%, 11% and 10% of our total revenues from our Billboard and Transit segments, respectively.

Previous wording

Our large-scale portfolio allows our customers to reach a national audience and also provides the flexibility to tailor campaigns to specific regions or markets. We generated approximately 41% of our total revenues from our Billboard and Transit segments from enterprise advertising campaigns in the three months ended June 30, 2026, compared to approximately 41% in the same prior-year period. We generated approximately 40% of our total revenues from our Billboard and Transit segments from enterprise advertising campaigns in the six months ended June 30, 2026, compared to approximately 41% in the same prior-year period.

Current wording

Our large-scale portfolio allows our customers to reach a national audience and also provides the flexibility to tailor campaigns to specific regions or markets. We generated approximately 43% of our total revenues from our Billboard and Transit segments from enterprise advertising campaigns in the three months ended September 30, 2026, compared to approximately 44% in the same prior-year period. We generated approximately 41% of our total revenues from our Billboard and Transit segments from enterprise advertising campaigns in the nine months ended September 30, 2026, compared to approximately 42% in the same prior-year period.

Previous wording

Our transit businesses require us to periodically obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts.

Current wording

Our transit businesses require us to periodically obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts. We may be unable to successfully obtain or renew these contracts on favorable economic terms or at all.

Previous wording

Total revenues increased $62.3 million, or 14%, in the three months ended June 30, 2026, compared to the same prior-year period and increased $101.2 million, or 12%, in the six months ended June 30, 2026, compared to the same prior-year period.

Current wording

Total revenues increased $43.6 million, or 9%, in the three months ended September 30, 2026, compared to the same prior-year period and increased $144.8 million, or 11%, in the nine months ended September 30, 2026, compared to the same prior-year period.

Previous wording

Billboard property lease expenses represented 23% of total revenues in the three months ended June 30, 2026, and 24% in the three months ended June 30, 2025. The decrease in billboard property lease expenses as a percentage of total revenues in the three months ended June 30, 2026, compared to the same prior-year period was primarily due to higher Transit revenues and the impact of lost billboards in the period. Billboard property lease expenses represented 24% of total revenues in the six months ended June 30, 2026, and 26% in the six months ended June 30, 2025. The decrease in billboard property lease expenses as a percentage of total revenues in the six months ended June 30, 2026, compared to the same prior-year period was primarily due to higher Transit revenues, higher proceeds from condemnations and the impact of lost billboards in the period.

Current wording

Billboard property lease expenses represented 23% of total revenues in the three months ended September 30, 2026, and 24% in the three months ended September 30, 2025. The decrease in billboard property lease expenses as a percentage of total revenues in the three months ended September 30, 2026, compared to the same prior-year period was primarily due to higher Transit revenues. Billboard property lease expenses represented 24% of total revenues in the nine months ended September 30, 2026, and 25% in the nine months ended September 30, 2025. The decrease in billboard property lease expenses as a percentage of total revenues in the nine months ended September 30, 2026, compared to the same prior-year period was primarily due to higher Transit revenues, higher proceeds from condemnations and the impact of lost billboards in the period.

Previous wording

Billboard property lease expenses increased $6.0 million, or 5%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily due to higher variable billboard property lease expenses, partially offset by the impact of lost billboards in the period. Billboard property lease expenses increased $8.1 million, or 4%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to higher variable billboard property lease expenses, partially offset by the impact of lost billboards in the period.

Current wording

Billboard property lease expenses increased $7.4 million, or 7%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to higher variable billboard property lease expenses. Billboard property lease expenses increased $15.5 million, or 5%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to higher variable billboard property lease expenses, partially offset by the impact of lost billboards in the period.

Previous wording

Transit franchise expenses represented 13% of total revenues in the three months ended June 30, 2026, 14% in the three months ended June 30, 2025, 13% in the six months ended June 30, 2026, and 14% in the six months ended June 30, 2025. Transit franchise expenses, as a percentage of total revenues in the three and six months ended June 30, 2026, were comparable to the same prior-year periods, primarily driven by higher variable transit franchise expenses driven by higher Transit revenues outside of New York.

Current wording

Transit franchise expenses represented 13% of total revenues in the three months ended September 30, 2026, 13% in the three months ended September 30, 2025, 13% in the nine months ended September 30, 2026, and 14% in the nine months ended September 30, 2025. Transit franchise expenses, as a percentage of total revenues in the three and nine months ended September 30, 2026, were comparable to the same prior-year periods, primarily driven by higher variable transit franchise expenses driven by higher Transit revenues outside of New York.

Previous wording

Transit franchise expenses increased $3.6 million, or 6%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation. Transit franchise expenses increased $5.3 million, or 4%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation.

Current wording

Transit franchise expenses increased $4.7 million, or 8%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation. Transit franchise expenses increased $10.0 million, or 6%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation.

Previous wording

2026, compared to the same prior-year period, primarily due to higher production expenses and higher maintenance and utility costs, partially offset by lower site-related costs. Posting, maintenance and other expenses increased $7.4 million, or 7%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to higher production expenses and higher maintenance and utility costs, partially offset by lower site-related costs.

Current wording

Posting, maintenance and other expenses, as a percentage of total revenues, were 12% in the three months ended September 30, 2026, 13% in the three months ended September 30, 2025, 12% in the nine months ended September 30, 2026 and 13% in the nine months ended September 30, 2025. Posting, maintenance and other expenses increased $0.1 million in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to higher site-related costs, partially offset by lower production expenses. Posting, maintenance and other expenses increased $7.5 million, or 4%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to higher production expenses and higher maintenance and utility costs, partially offset by lower site-related costs.

Previous wording

SG&A expenses increased $12.4 million, or 11%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily due to higher professional fees, including software and technology expenses, higher compensation-related expenses, a higher allowance for bad debt and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees, partially offset by lower credit card usage by customers. SG&A expenses increased $5.0 million, or 2%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to higher professional fees, including software and technology expenses, a higher allowance for bad debt, higher compensation-related expenses, including severance and salaries, higher client entertainment expenses, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees, partially offset by lower credit card usage by customers. We expect SG&A expenses to outpace our revenue growth for the remainder of 2026, as we continue to invest in our strategic initiatives, including digital sales, data analytics, technology enhancements, customer experience improvements, employee training and recruitment.

Current wording

SG&A expenses increased $24.3 million, or 23%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to higher compensation-related expenses, including incentive-based compensation and salaries, higher professional fees, including software and technology expenses, a higher allowance for bad debt and higher client entertainment expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees. SG&A expenses increased $29.3 million, or 9%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to higher professional fees, including software and technology expenses, higher compensation-related expenses, including incentive-based compensation, salaries and severance, a higher allowance for bad debt and higher client entertainment expenses, partially offset by lower credit card usage by customers and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees. We expect SG&A expenses to outpace our revenue growth for the remainder of 2026, as we continue to invest in our strategic initiatives, including digital sales, data analytics, technology enhancements, customer experience improvements, employee training and recruitment.

Previous wording

In the three months ended June 30, 2025, we recorded restructuring charges of approximately $19.8 million associated with the Plan, consisting of severance payments, employee benefits and related costs, and professional fees. The restructuring charges include approximately $2.2 million in non-cash charges for stock-based compensation.

Current wording

We recorded restructuring charges for severance payments of approximately $0.3 million in the three months ended September 30, 2025, and recorded restructuring charges of $20.1 million consisting of severance payments, employee benefits and related costs, and professional fees in the nine months ended September 30, 2025, associated with the Plan. In the nine months ended September 30, 2025, the restructuring charges include approximately $2.2 million in non-cash charges for stock-based compensation.

Previous wording

Depreciation decreased $3.6 million, or 15%, in the three months ended June 30, 2026, and decreased $6.5 million, or 14%, in the six months ended June 30, 2026, compared to the same prior-year periods, primarily due to an increase in fully-depreciated assets.

Current wording

Depreciation decreased $2.4 million, or 11%, in the three months ended September 30, 2026, and decreased $8.9 million, or 13%, in the nine months ended September 30, 2026, compared to the same prior-year periods, primarily due to an increase in fully-depreciated assets.

Previous wording

Amortization decreased $0.4 million, or 2%, in the three months ended June 30, 2026, and decreased $0.3 million, or 1%, in the six months ended June 30, 2026, compared to the same prior-year periods.

Current wording

Amortization increased $0.2 million, or 1%, in the three months ended September 30, 2026, and decreased $0.1 million in the nine months ended September 30, 2026, compared to the same prior-year periods.

Previous wording

Interest expense, net, was $36.2 million (including $1.3 million of deferred financing costs) in the three months ended June 30, 2026, and $36.5 million (including $1.5 million of deferred financing costs) in the same prior-year period. Interest expense, net, was $72.2 million (including $2.7 million of deferred financing costs) in the six months ended June 30, 2026, and $72.5 million (including $3.0 million of deferred financing costs) in the same prior-year period. Interest expense, net, in the three and six months ended June 30, 2026, decreased slightly compared to the same prior-year periods, due primarily to the refinancing of the 2027 Notes (as defined below), partially by a higher interest rates.

Current wording

Interest expense, net, was $36.9 million (including $1.3 million of deferred financing costs) in the three months ended September 30, 2026, and $37.0 million (including $1.4 million of deferred financing costs) in the same prior-year period. Interest expense, net, was $109.1 million (including $4.0 million of deferred financing costs) in the nine months ended September 30, 2026, and $109.5 million (including $4.4 million of deferred financing costs) in the same prior-year period. Interest expense, net, in the three and nine months ended September 30, 2026, decreased slightly compared to the same prior-year periods, due primarily to lower aggregate interest expense following the refinancing of the 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”), as the reduction in principal amount of senior notes outstanding was partially funded with lower-cost borrowings under the AR Facility (as defined below).

Previous wording

In June 2026, we recorded a loss on extinguishment of debt of $1.4 million relating to the redemption of all of our outstanding 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”).

Current wording

In the nine months ended September 30, 2026, we recorded a Loss on extinguishment of debt of $1.4 million relating to the redemption of the 2027 Notes. In the three and nine months ended September 30, 2025, we recorded a Loss on extinguishment of debt of $0.6 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan.

Previous wording

Provision for income taxes increased $0.7 million in the three months ended June 30, 2026, and increased $0.6 million, or 86%, in the six months ended June 30, 2026, compared to the same prior-year periods, due primarily to higher income from taxable REIT subsidiaries (“TRSs”).

Current wording

Provision for income taxes increased $0.1 million in the three months ended September 30, 2026, and increased $0.7 million, or 37%, in the nine months ended September 30, 2026, compared to the same prior-year periods, due primarily to higher income from taxable REIT subsidiaries (“TRSs”).

Previous wording

Net income before allocation to redeemable and non-redeemable noncontrolling interests increased $58.2 million in the three months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher transit revenues. Net income before allocation to redeemable and non-redeemable noncontrolling interests was $97.0 million in the six months ended June 30, 2026, compared to Net loss before allocation to redeemable and non-redeemable noncontrolling interests of $1.2 million in the same prior-year period, primarily driven by higher transit revenues and higher proceeds from condemnations.

Current wording

Net income before allocation to redeemable and non-redeemable noncontrolling interests increased $13.7 million in the three months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher Transit revenues. Net income before allocation to redeemable and non-redeemable noncontrolling interests increased $111.9 million in the nine months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher Transit revenues and higher proceeds from condemnations.

Previous wording

When used herein, references to “FFO” and “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, 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 amortization of 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, 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 highlights 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.

Current wording

When used herein, references to “FFO” and “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, 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 amortization of 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, a net loss on disposition of 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 highlights 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.

Previous wording

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.

Current wording

Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for 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.

Previous wording

(a)In the three and six months ended June 30, 2025, Restructuring charges associated with the Plan consisted 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.

Current wording

(a)In the three months ended September 30, 2025, Restructuring charges associated with the Plan consisted of severance payments, employee benefits and related costs. In the nine months ended September 30, 2025, Restructuring charges associated with the Plan consisted 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.

Previous wording

FFO attributable to OUTFRONT Media Inc. increased $53.1 million, or 75%, in the three months ended June 30, 2026, compared to the same prior-year period, due primarily to higher Adjusted OIBDA and restructuring charges in 2025. FFO attributable to OUTFRONT Media Inc. increased $90.1 million, or 93%, in the six months ended June 30, 2026, compared to the same prior-year period, due primarily to higher Adjusted OIBDA and restructuring charges in 2025. AFFO attributable to OUTFRONT Media Inc. increased $37.7 million, or 45%, in the three months ended June 30, 2026, compared to the same prior-year period, due primarily to higher Adjusted OIBDA. AFFO attributable to OUTFRONT Media Inc. increased $71.6 million, or 65%, in the six months ended June 30, 2026, compared to the same prior-year period, due primarily to higher Adjusted OIBDA.

Current wording

FFO attributable to OUTFRONT Media Inc. increased $5.9 million, or 6%, in the three months ended September 30, 2026, compared to the same prior-year period, due primarily to higher Adjusted OIBDA. FFO attributable to OUTFRONT Media Inc. increased $96.0 million, or 49%, in the nine months ended September 30, 2026, compared to the same prior-year period, due primarily to higher proceeds from condemnations, higher Adjusted OIBDA and restructuring charges in 2025. AFFO attributable to OUTFRONT Media Inc. increased $4.9 million, or 5%, in the three months ended September 30, 2026, compared to the same prior-year period, due primarily to higher Adjusted OIBDA. AFFO attributable to OUTFRONT Media Inc. increased $76.5 million, or 37%, in the nine months ended September 30, 2026, compared to the same prior-year period, due primarily to higher proceeds from condemnations and higher Adjusted OIBDA.

Previous wording

The following table presents our Revenues, Adjusted OIBDA and Operating income by segment in the three and six months ended June 30, 2026 and 2025.

Current wording

The following table presents our Revenues, Adjusted OIBDA and Operating income by segment in the three and nine months ended September 30, 2026 and 2025.

Previous wording

(a)In the three and six months ended June 30, 2025, Restructuring charges associated with the Plan consisted 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.

Current wording

(a)In the three months ended September 30, 2025, Restructuring charges associated with the Plan consisted of severance payments, employee benefits and related costs. In the nine months ended September 30, 2025, Restructuring charges associated with the Plan consisted 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.

Previous wording

Billboard segment revenues increased $28.1 million, or 8%, in the three months ended June 30, 2026, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, and revenues related to the 2026 Federation Internationale de Football Association (“FIFA”) World Cup, partially offset by the impact of lost billboards in the period. Billboard segment revenues increased $50.3 million, or 8%, in the six months ended June 30, 2026, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, revenues related to the 2026 FIFA World Cup and higher proceeds from condemnations, partially offset by the impact of lost billboards in the period. We generated approximately 39% in the three months ended June 30, 2026, 38% in the three months ended June 30, 2025, 37% in the six months ended June 30, 2026, and 38% in the six months ended June 30, 2025, of our Billboard segment revenues from enterprise advertising campaigns.

Current wording

Billboard segment revenues increased $20.9 million, or 6%, in the three months ended September 30, 2026, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, and revenues related to the 2026 Federation Internationale de Football Association (“FIFA”) World Cup. Billboard segment revenues increased $71.2 million, or 7%, in the nine months ended September 30, 2026, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, revenues related to the 2026 FIFA World Cup and higher proceeds from condemnations, partially offset by the impact of lost billboards in the period. We generated approximately 38% in the three months ended September 30, 2026, 39% in the three months ended September 30, 2025, 37% in the nine months ended September 30, 2026, and 38% in the nine months ended September 30, 2025, of our Billboard segment revenues from enterprise advertising campaigns.

Previous wording

Billboard segment property lease expenses represented 31% of Billboard segment revenues in the three months ended June 30, 2026, 32% in the three months ended June 30, 2025, 32% in the six months ended June 30, 2026, and 33% in the six months ended June 30, 2025. Billboard segment property lease expenses increased $6.0 million, or 5%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher variable billboard property lease expenses, partially offset by the impact of lost billboards in the period. Billboard segment property lease expenses increased $8.1 million, or 4%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher variable billboard property lease expenses, partially offset by the impact of lost billboards in the period. Billboard segment posting maintenance and other expenses increased $2.9 million, or 8%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher maintenance and utilities, higher production expenses, and higher compensation-related expenses, partially offset by lower site-related costs. Billboard segment posting maintenance and other expenses increased $4.3 million, or 6%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher maintenance and utilities, higher production expenses, and higher compensation-related expenses, partially offset by lower site-related costs.

Current wording

Billboard segment property lease expenses represented 32% of Billboard segment revenues in the three months ended September 30, 2026, 31% in the three months ended September 30, 2025, 32% in the nine months ended September 30, 2026, and 33% in the nine months ended September 30, 2025. Billboard segment property lease expenses increased $7.4 million, or 7%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher variable billboard property lease expenses. Billboard segment property lease expenses increased $15.5 million, or 5%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher variable billboard property lease expenses, partially offset by the impact of lost billboards in the period. Billboard segment posting, maintenance and other expenses decreased $0.1 million in the three months ended September 30, 2026, compared to the same prior-year period, primarily driven by lower production expenses, partially offset by higher site-related costs and higher compensation-related expenses. Billboard segment posting, maintenance and other expenses increased $4.2 million, or 4%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher maintenance and utilities, and higher compensation-related expenses.

Previous wording

SG&A expenses in the Billboard segment increased $5.7 million, or 8%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, and a higher allowance for bad debt, partially offset by lower credit card usage by customers and lower compensation-related expenses. SG&A expenses in the Billboard segment increased $7.0 million, or 5%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, and a higher allowance for bad debt, partially offset by lower credit card usage by customers and lower compensation-related expenses.

Current wording

SG&A expenses in the Billboard segment increased $13.4 million, or 21%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, higher compensation-related expenses and a higher allowance for bad debt. SG&A expenses in the Billboard segment increased $20.4 million, or 10%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, a higher allowance for bad debt and higher compensation-related expenses, partially offset by lower credit card usage by customers.

Previous wording

Billboard segment Adjusted OIBDA increased $13.5 million, or 10%, in the three months ended June 30, 2026, compared to the same prior-year period. Billboard segment Adjusted OIBDA increased $30.9 million, or 13%, in the six months ended June 30, 2026, compared to the same prior-year period. Billboard segment Adjusted OIBDA margin was 39.0% in the three months ended June 30, 2026, 38.3% in the three months ended June 30, 2025, 37.1% in the six months ended June 30, 2026, and 35.3% in the six months ended June 30, 2025.

Current wording

Billboard segment Adjusted OIBDA increased $0.2 million in the three months ended September 30, 2026, compared to the same prior-year period. Billboard segment Adjusted OIBDA increased $31.1 million, or 8%, in the nine months ended September 30, 2026, compared to the same prior-year period, due primarily to a larger increase in Billboard segment revenues compared to a smaller increase in Billboard segment operating expenses. Billboard segment Adjusted OIBDA margin was 37.3% in the three months ended September 30, 2026, 39.5% in the three months ended September 30, 2025, 37.2% in the nine months ended September 30, 2026, and 36.7% in the nine months ended September 30, 2025.

Previous wording

Transit segment revenues increased $34.3 million, or 32%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily due to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts. Transit segment revenues increased $51.6 million, or 28%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts. We generated approximately 46% in the three months ended June 30, 2026, 53% in the three months ended June 30, 2025, 48% in the six months ended June 30, 2026 and 53% in the six months ended June 30, 2025, of our Transit segment revenues from enterprise advertising campaigns.

Current wording

Transit segment revenues increased $22.9 million, or 20%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts. Transit segment revenues increased $74.5 million, or 25%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts. We generated approximately 57% in the three months ended September 30, 2026, 62% in the three months ended September 30, 2025, 51% in the nine months ended September 30, 2026 and 56% in the nine months ended September 30, 2025, of our Transit segment revenues from enterprise advertising campaigns.

Previous wording

Transit segment franchise expenses represented 47% of Transit segment revenues in the three months ended June 30, 2026, 59% in the three months ended June 30, 2025, 54% in the six months ended June 30, 2026, and 66% in the six months ended June 30, 2025. Transit segment franchise expenses increased $3.6 million, or 6%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation. Transit segment franchise expenses increased $5.3 million, or 4%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation. Transit segment posting, maintenance and other expenses increased $2.2 million, or 12%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher display production costs and higher posting and rotation costs, partially offset by lower site-related costs. Transit segment posting, maintenance and other expenses increased $3.5 million, or 10%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher display production costs and higher posting and rotation costs.

Current wording

MD&A.)Transit segment franchise expenses increased $4.7 million, or 8%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation. Transit segment franchise expenses increased $10.0 million, or 6%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the MTA due to inflation. Transit segment posting, maintenance and other expenses increased $0.4 million, or 2%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher display production costs. Transit segment posting, maintenance and other expenses increased $3.9 million, or 7%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher display production costs and higher posting and rotation costs.

Previous wording

SG&A expenses in the Transit segment increased $2.5 million, or 14%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, higher compensation-related expenses, including commissions, and a higher allowance for bad debt, partially offset by lower credit card usage by customers. SG&A expenses in the Transit segment increased $4.0 million, or 11%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, higher compensation-related expenses, including commissions, and a higher allowance for bad debt, partially offset by lower credit card usage by customers.

Current wording

SG&A expenses in the Transit segment increased $4.6 million, or 26%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher professional fees, including software and technology expenses, higher compensation-related expenses, including commissions, a higher allowance for bad debt and higher credit card usage by customers. SG&A expenses in the Transit segment increased $8.6 million, or 16%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily driven by higher compensation-related expenses, including commissions, and higher professional fees, including software and technology expenses, and a higher allowance for bad debt.

Previous wording

Transit segment Adjusted OIBDA increased $26.0 million in the three months ended June 30, 2026, compared to the same prior-year period, due primarily to a larger increase in Transit segment revenues compared to a smaller increase in Transit segment operating expenses. Transit segment Adjusted OIBDA was $31.8 million in the six months ended June 30, 2026, compared to an Adjusted OIBDA loss of $7.0 million in the same prior-year period, due primarily to a larger increase in Transit segment revenues compared to a smaller increase in Transit segment operating expenses.

Current wording

Transit segment Adjusted OIBDA increased $13.2 million, or 84%, in the three months ended September 30, 2026, compared to the same prior-year period, due primarily to a larger increase in Transit segment revenues compared to a smaller increase in Transit segment operating expenses. Transit segment Adjusted OIBDA increased $52.0 million in the nine months ended September 30, 2026, compared to the same prior-year period, due primarily to a larger increase in Transit segment revenues compared to a smaller increase in Transit segment operating expenses.

Previous wording

Total Other revenues decreased $0.1 million, or 4%, operating expenses decreased $0.1 million, or 5%, and Other Adjusted OIBDA in the three months ended June 30, 2026, was comparable to the same prior-year period, due primarily to a decrease in third-party digital equipment sales. Total Other revenues decreased $0.7 million, or 14%, operating expenses decreased $0.4 million, or 11%, and Other Adjusted OIBDA decreased $0.3 million, or 30%, in the six months ended June 30, 2026, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.

Current wording

Total Other revenues decreased $0.2 million, or 9%, operating expenses decreased $0.2 million, or 11%, and Other Adjusted OIBDA in the three months ended September 30, 2026, was comparable to the same prior-year period, due primarily to a decrease in third-party digital equipment sales. Total Other revenues decreased $0.9 million, or 13%, operating expenses decreased $0.6 million, or 11%, and Other Adjusted OIBDA decreased $0.3 million, or 21%, in the nine months ended September 30, 2026, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.

Previous wording

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding restructuring charges and stock-based compensation, increased $3.3 million, or 18%, in the three months ended June 30, 2026, compared to the same prior-year period, primarily due to higher compensation-related expenses, including severance, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees. Corporate expenses, excluding restructuring charges and stock-based compensation, decreased $3.0 million, or 8%, in the six months ended June 30, 2026, compared to the same prior-year period, primarily due to lower professional fees, including fees related to a management consulting project, and lower compensation-related expenses, including severance, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.

Current wording

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding restructuring charges, a net loss on disposition of non-real estate assets and stock-based compensation, increased $5.3 million, or 29%, in the three months ended September 30, 2026, compared to the same prior-year period, primarily due to higher compensation-related expenses and higher professional fees, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees. Corporate expenses, excluding restructuring charges, a net loss on disposition of non-real estate assets and stock-based compensation, increased $2.3 million, or 4%, in the nine months ended September 30, 2026, compared to the same prior-year period, primarily due to higher compensation-related expenses, including severance, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees and lower professional fees, including fees related to a management consulting project.

Previous wording

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, interest, capital expenditures, equipment deployment costs and dividends. Funding for short-term cash needs will come primarily from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowings under the Revolving Credit Facility (as defined below), the AR Facility (as defined below) or other credit facilities that we may establish, to the extent available.

Current wording

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, interest, repayment of short-term debt, capital expenditures, equipment deployment costs and dividends. Funding for short-term cash needs will come primarily from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowings under the Revolving Credit Facility (as defined below), the AR Facility (as defined below) or other credit facilities that we may establish, to the extent available.

Previous wording

Working capital was a deficit of $204.5 million as of June 30, 2026, compared to a deficit of $41.6 million as of December 31, 2025, primarily driven by higher short-term debt, a lower cash balance and lower receivables, partially offset by lower bonus accruals, lower accounts payable and lower accrued interest.

Current wording

Working capital was a deficit of $175.7 million as of September 30, 2026, compared to a deficit of $41.6 million as of December 31, 2025, primarily driven by higher short-term debt, a lower cash balance and lower receivables, partially offset by lower severance and commission accruals, lower accounts payable and lower accrued interest.

Previous wording

•Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. Recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which were deemed authorized before December 31, 2020, were paid directly by the MTA. All other deployment costs are subject to recoupment in accordance with the MTA Agreement. Based on the recent performance of our MTA assets, we currently expect to recoup some but not all of our MTA equipment deployment costs incurred prior to December 31, 2025, but do not expect to recoup current period or future MTA equipment deployment costs incurred throughout the remainder of the Amended Term (as defined below) of the MTA Agreement even if revenues related to the MTA Agreement exceed the minimum annual guarantee threshold. (See the “Critical Accounting Policies” section of this MD&A for further discussion of our accounting for recoupment of equipment deployment costs). During the three and six months ended June 30, 2026, revenues related to the MTA Agreement exceeded the minimum annual guarantee threshold. However, no Prepaid MTA equipment deployment costs or associated recoupment expenses were recorded, consistent with our accounting treatment. We expect our MTA equipment deployment costs to be approximately $30.0 million in 2026 and approximately $30.0 million to $40.0 million annually throughout the remainder of the Amended Term of the MTA Agreement. These equipment deployment costs primarily encompass maintenance costs (including equipment replacement costs) for existing MTA display locations.

Current wording

•Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. Recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which were deemed authorized before December 31, 2020, were paid directly by the MTA. All other deployment costs are subject to recoupment in accordance with the MTA Agreement. Based on the recent performance of our MTA assets, we currently expect to recoup some but not all of our MTA equipment deployment costs incurred prior to December 31, 2025, but do not expect to recoup current period or future MTA equipment deployment costs incurred throughout the remainder of the Amended Term (as defined below) of the MTA Agreement even if revenues related to the MTA Agreement exceed the minimum annual guarantee threshold. (See the “Critical Accounting Policies” section of this MD&A for further discussion of our accounting for recoupment of equipment deployment costs). During the three and nine months ended September 30, 2026, revenues related to the MTA Agreement exceeded the minimum annual guarantee threshold. However, no Prepaid MTA equipment deployment costs or associated recoupment expenses were recorded, consistent with our accounting treatment. We expect our MTA equipment deployment costs to be approximately $25.0 million in 2026 and approximately between $30.0 million and $40.0 million annually throughout the remainder of the Amended Term of the MTA Agreement. These equipment deployment costs primarily encompass maintenance costs (including equipment replacement costs) for existing MTA display locations.

Previous wording

We may utilize cash on hand and/or incremental third-party financing to fund costs under the MTA Agreement over the next couple of years. However, we cannot reasonably estimate the aggregate financing amount, if any, at this time. As of June 30, 2026, we have issued surety bonds in favor of the MTA totaling approximately $90.0 million, which amount is subject to change as equipment installations are completed and revenues are generated. During the six months ended June 30, 2026, we incurred equipment deployment costs of $4.2 million, for a total of $633.2 million to date, of which $33.9 million had been recouped from incremental revenues to date. As of June 30, 2026, we had Intangible assets related to franchise agreements related to the MTA Agreement of $28.6 million. As of June 30, 2026, 27,354 digital displays had been installed, composed of 5,021 digital advertising screens on subway and train platforms and entrances, 15,904 smaller-format digital advertising screens on rolling stock and 6,429 MTA communications displays. In the three and six months ended June 30, 2026, no installations occurred. We substantially completed our initial deployment in 2024, with the remaining deployment required under the MTA Agreement subject to satisfaction of various conditions and work to be performed by the MTA. We are currently only performing maintenance operations and replacing damaged and broken displays.

Current wording

We may utilize cash on hand and/or incremental third-party financing to fund costs under the MTA Agreement over the next couple of years. However, we cannot reasonably estimate the aggregate financing amount, if any, at this time. As of September 30, 2026, we have issued surety bonds in favor of the MTA totaling approximately $90.0 million, which amount is subject to change as equipment installations are completed and revenues are generated. During the nine months ended September 30, 2026, we incurred equipment deployment costs of $12.8 million, for a total of $641.8 million to date, of which $33.9 million had been recouped from incremental revenues to date. As of September 30, 2026, we had Intangible assets related to franchise agreements related to the MTA Agreement of $35.2 million. As of September 30, 2026, 27,345 digital displays had been installed, composed of 5,025 digital advertising screens on subway and train platforms and entrances, 15,904 smaller-format digital advertising screens on rolling stock and 6,416 MTA communications displays. As of September 30, 2026, this active installed digital display count decreased by nine compared to December 31, 2025, due to the removal of digital displays as a result of MTA station construction and screen repair or replacement timing. We substantially completed our initial deployment in 2024, with the remaining deployment required under the MTA Agreement subject to satisfaction of various conditions and work to be performed by the MTA. We are currently only performing maintenance operations and replacing damaged and broken displays.