Lamar Advertising Co/New

Liquidity As of June 30, 2025, Lamar had $363.0 million in total liquidity that consisted of $307.3 million available for borrowing under its revolving senior credit facility and $55.7 million in cash and cash equivalents.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

There were $434.0 million in borrowings outstanding under the Company s revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

Our Non-GAAP financial measures are determined as follows We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and investments and capitalized contract fulfillment costs, net.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

We define AFFO as FFO before (i) straight-line income and expense (ii) capitalized contract fulfillment costs, net (iii) stock-based compensation expense (iv) non-cash portion of tax expense (benefit) (v) non-real estate related depreciation and amortization (vi) amortization of deferred financing costs (vii) loss on extinguishment of debt (viii) transaction expenses (ix) non-recurring infrequent or unusual losses (gains) (x) less maintenance capital expenditures and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

The following table reflects information related to our asset retirement obligations: Balance at December 31, 2025 $ 624,925 Additions to asset retirement obligations 1,886 Accretion expense 5,707 Liabilities settled ( 4,093 ) Balance at June 30, 2026 $ 628,425 (9) Distribution Restrictions Lamar Media s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media s outstanding notes and by the terms of its senior credit facility.

SEC original ↗Lamar Advertising Co/New — 10-Q Quarterly report10-QAug 6, 2026

Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements.

SEC original ↗Lamar Advertising Co/New — Earnings release (8-K exhibit)EX-99Aug 8, 2025

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, including but not limited to the following, any of which may cause the actual results, performance or achievements of Lamar Advertising Company (referred to herein as the Company or Lamar Advertising ) or Lamar Media Corp.

SEC original ↗Lamar Advertising Co/New — 10-Q Quarterly report10-QAug 6, 2026

For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2025 of the Company and Lamar Media (the 2025 Combined Form 10-K ), filed on February 20, 2026, and as such risk factors may be further updated or supplemented, from time to time, in our future combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

SEC original ↗Lamar Advertising Co/New — 10-Q Quarterly report10-QAug 6, 2026