Lamar Advertising Company (LAMR) Citi’s Miami Global Property CEO Conference 2026 summary

Market positioning and business model

• Yield remains near 5%, above the REIT average, with AFFO multiples below peers, suggesting undervaluation.

• High barriers to entry due to federal, state, and local regulations create a strong competitive moat.

• Dominant market share in small and mid-sized markets, with 80%+ share across most of the footprint.

• Capacity growth is primarily through digital conversions, not new builds.

• Ability to control digital competition within existing markets.

Financial performance and outlook

• 2025 finished stronger than expected, with a robust holiday season driving EBITDA and AFFO per share above guidance.

• Political advertising and recent acquisitions are expected to provide tailwinds in 2026.

• Loss of the Vancouver transit franchise had minimal EBITDA impact, while the Verde acquisition is highly accretive.

• World Cup-related contracts already exceed $3 million.

• Guidance for 2026 includes continued growth from rate increases and integration of acquisitions.

Industry trends and verticals

• New pharma advertising vertical emerged due to regulatory changes, with geofencing enhancing campaign effectiveness.

• Local advertising remains the majority, with increasing share versus traditional media in many markets.

• Ability to adapt to changing verticals and customer bases, replacing lost segments with new ones.