Boston Omaha (BOC) AGM 2025 presentation summary

Financial performance and key metrics

• Market capitalization declined from $892M in March 2021 to $459M in March 2025, with a 4-year revenue CAGR of 12.1% from $28.3M in 2020 to $45.2M in 2024.

• Adjusted EBITDA for 2024 was $17.6M for Link Media Outdoor and $5.8M for Boston Omaha Broadband, reflecting significant growth since 2020.

• Unrestricted cash and U.S. Treasury securities totaled $41.1M as of June 30, 2025, with $91.1M in net operating loss carryforwards.

• Share repurchase authorization of $18.4M remained as of June 30, 2025, with no shares repurchased in the first half of 2025.

Segment updates and operational highlights

• Link Media Outdoor saw flat revenue growth YoY in Q2 2025, with adjusted EBITDA of ~$4.5M and a debt to EBITDA ratio of 2.0x.

• Boston Omaha Broadband added ~2.1k new fiber passings and ~0.7k new fiber subscribers in Q2 2025, with adjusted EBITDA of ~$2.2M (or ~$3.2M excluding Fiber Fast Homes).

• General Indemnity Group reported 12.1% YoY revenue growth in Q2 2025, but a higher loss ratio of 32.2% due to larger claim payments and increased reserves.

• Investment in Sky Harbour Group resulted in an unrealized loss of ~$10.7M on warrants but a realized gain of ~$2.9M on share sales.

Broadband and fiber expansion

• Total fiber passings reached 43,400 by June 30, 2025, with 25,600 protected passings and a protected backlog of 10,500.

• AireBeam, InfoWest, and Utah Broadband achieved 3.2k new fiber passings and 1.1k new fiber subscribers YTD 2025, with a gross margin of 80.9%.

• Fiber Fast Homes division reported 0.3k new fiber passings and 0.9k new fiber subscribers YTD 2025, with a gross margin of 25.4% and a net loss of $1.5M in Q2.

• Manufactured home broadband project exceeded forecasts, achieving 1,200 subscribers and $608K revenue in year 1, with a 52% penetration rate.