• A smaller, diversified holding company in the spirit of Berkshire Hathaway, with core operating businesses like outdoor billboards and regional broadband.
• A company that combines a regional internet service provider (like a smaller Comcast) with an outdoor advertising firm (like Lamar Advertising).

• Outdoor Billboard Advertising: The company leases advertising space on its network of physical and digital billboards.
• Surety Insurance and Brokerage: The company underwrites surety bonds and provides related brokerage services.
• Broadband Internet Services: The company offers high-speed internet access to residential and business subscribers in select regions.
• Investment Management: The company invests capital in various ventures and assets.

Boston Omaha Corporation (BOC) operates a diversified business, serving both individuals and other companies across its various segments.

Broadband Business Customers:

For its broadband segment, Boston Omaha provides high-speed internet service to approximately 17,000 subscribers. These customers primarily fall into the following categories:

• Residential Subscribers: Individuals and households located in communities in southern Arizona (approximately 7,000 subscribers) and in Salt Lake City, Park City, Ogden, Provo, and surrounding communities in Utah (approximately 10,000 subscribers) who subscribe to high-speed internet for personal and home use.
• Small Business / Commercial Subscribers: Local businesses within its service areas that utilize high-speed internet for their operational needs.

Outdoor Billboard Advertising and Surety Insurance Business Customers:

For its outdoor billboard advertising and surety insurance and related brokerage businesses, Boston Omaha Corporation primarily serves other companies. However, the provided background information does not identify specific major customer companies by name for these segments. Customers for the outdoor billboard business are typically businesses seeking to advertise their products or services on Boston Omaha's approximately 7,400 advertising faces. Customers for the surety insurance business are generally companies (such as contractors) or individuals requiring various types of surety bonds.

Adam K. Peterson

Chairman, President, Chief Executive Officer

Adam K. Peterson has been the Co-Chairman and Co-Chief Executive Officer of Boston Omaha Corporation since 2015, transitioning to Chairman and sole Chief Executive Officer after Alex Rozek's departure in May 2024. He is also the founder and managing member of The Magnolia Group, LLC, an investment advisor managing private partnerships since its founding in 2005. Mr. Peterson serves on the board of directors of Nelnet Inc., Old Market Capital Corporation, and Crescent Bank. He previously served as Co-Chairman, Co-President, and Co-Chief Executive Officer of Yellowstone Acquisition Co., a special purpose acquisition company.

Joshua P. Weisenburger

Chief Financial Officer, Secretary and Treasurer

Joshua P. Weisenburger has served as Boston Omaha Corporation's Chief Financial Officer, Secretary, and Treasurer since June 2017, having joined the company in 2016. He has also held the roles of Chief Accounting Officer and Controller for the company. Mr. Weisenburger also serves as the Chief Financial Officer of Yellowstone Acquisition Company. Prior to joining Boston Omaha, he was employed by Ecolab, Inc., serving as a finance manager and then a finance controller from 2011 to 2016. Before that, he held several treasury roles at Kiewit Corporation from 2005 to 2009.

Joseph Max Meisinger

Chief Executive Officer, Boston Omaha Broadband, LLC

Joseph Max Meisinger serves as the Chief Executive Officer of Boston Omaha Broadband, LLC, a subsidiary of Boston Omaha Corporation.

W. Scott LaFoy

Chief Executive Officer, Link Media Holdings, LLC

W. Scott LaFoy is the Chief Executive Officer of Link Media Holdings, LLC, an entity within the Boston Omaha Corporation portfolio. In this role, he is responsible for leading the strategic direction and operational management of Link Media Holdings, which focuses on billboard operations.

Robert Thomas

President, United Casualty and Surety Insurance Company

Robert Thomas is the President of United Casualty and Surety Insurance Company, which is part of Boston Omaha Corporation's surety insurance business.

The key risks to Boston Omaha Corporation (BOC) are primarily related to its financial performance and the inherent challenges within its diverse operating segments.

1. Profitability Hurdles and Sustained Net Losses: Boston Omaha has faced challenges in achieving consistent profitability, with reports indicating widening net losses driven by factors such as higher depreciation and investment losses. The company's valuation reflects concerns about its path to sustained profitability.
2. Broadband Competition: Boston Omaha's broadband business, which serves approximately 7,000 subscribers in southern Arizona and 10,000 in Utah, faces significant competition. Pressure from larger telecommunication companies and cable operators could limit its market share growth and margin expansion.
3. Advertising Cyclicality: The outdoor billboard advertising segment, a major component of Boston Omaha's operations, is susceptible to economic downturns. Economic headwinds can lead to a softening of outdoor advertising spending, which in turn can compress billboard occupancy and pricing, impacting revenue for this business unit.

The following are clear emerging threats for Boston Omaha:

• The rapid expansion of Fixed Wireless Access (FWA) and 5G Home Internet services from major telecommunication companies, which offer a competitive alternative to Boston Omaha's traditional wired broadband services.

• The emergence and growth of Insurtech companies that leverage advanced technology, artificial intelligence, and automation to streamline insurance processes, reduce costs, and potentially offer more competitive or tailored products, threatening traditional surety insurance and brokerage models.

• Outdoor Billboard Advertising: The U.S. billboard and outdoor advertising market was valued at approximately $9.2 billion in 2024 and $10.34 billion in 2024, with projections to reach $16.72 billion by 2030. Other estimates place the market at $10.23 billion in 2024, growing to $16.55 billion by 2030. Another source estimates the market to reach US$17,026.5 million by 2033. The broader out-of-home advertising market in North America is projected to reach $56.1 billion by 2030.
• Surety Insurance: The U.S. surety industry writes approximately $7-9 billion in premiums annually. Globally, the surety market was valued at $16 billion in 2021 and is estimated to reach $24.4 billion by 2031. North America held the largest market share in the global surety market in 2021 and is projected to maintain its position, accounting for 50.44% of the market in 2023, valued at USD 21,251.17 million. The U.S. is the largest surety market globally, representing over half of the estimated $14 billion in bonds issued worldwide in 2021. The market was estimated at $19.14 billion in 2024, projected to reach $27.7 billion by 2035. Another source values the market at US$20.26 billion in 2024 and projects it to reach US$31.85 billion by 2031.
• Broadband Services: The U.S. broadband services market was valued at $62.6 billion in 2023 and is expected to reach $152.7 billion by 2032. Other estimates for the U.S. broadband services market show a revenue of $74,031.4 million in 2024, expected to reach $113,827.7 million by 2030. The Internet Service Providers (ISP) market in the U.S. was valued at approximately $139.8 billion in 2023 and $172.1 billion in 2025, growing to $179.9 billion in 2026. The U.S. residential fixed broadband market had 120.6 million subscriptions at year-end 2024. The U.S. broadband services market is projected to reach about $137.10 billion in 2026.

1. Growth in Broadband Subscriber Base and Network Expansion: Boston Omaha's broadband segment is a key driver, with the company consistently adding new fiber passings and subscribers. In Q3 2025, Boston Omaha Broadband's revenue increased by 2.1% year-over-year, and Adjusted EBITDA grew by 23.2%. From 2023 to Q3 2025, broadband customers increased from 43,000 to 48,900. Management has indicated a focus on growing the broadband subscriber base and expanding operations organically.
2. Organic and Acquisitive Growth in Outdoor Billboard Advertising: The outdoor billboard advertising segment remains Boston Omaha's largest and provides stable cash flows. Link Media Outdoor, the billboard advertising subsidiary, reported a 2.5% year-over-year revenue increase in Q3 2025. The company plans to continue expanding its billboard operations through both organic growth and strategic acquisitions.
3. Expansion and Scalability of Surety Insurance Operations: The surety insurance business is demonstrating significant revenue growth. Revenue from insurance activities increased from $17.7 million in 2023 to $23.9 million in 2024. In Q1 2025, premiums earned in the surety insurance segment jumped 39% to $5.56 million, indicating strong growth as this business scales up.
4. Strategic Acquisitions Across Core Business Segments: A fundamental part of Boston Omaha's growth strategy involves expanding its operations through acquisitions. Management explicitly expects to continue pursuing acquisitions in its billboard and broadband segments. This acquisitive approach allows the company to grow its asset base and market presence across its diversified businesses.

Share Repurchases

• Boston Omaha Corporation announced on November 17, 2025, the adoption of a share repurchase program authorizing the company to repurchase up to $30 million of its Class A common stock through December 31, 2026.
• As of June 30, 2025, Boston Omaha had $18.4 million remaining in its share repurchase authorization.
• On July 23, 2024, the Board approved a share repurchase program allowing the company to repurchase up to $20 million of its Class A common stock.

Share Issuance

• As of August 12, 2025, Boston Omaha had 30,872,876 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
• Around March 2024, Boston Omaha Broadband, LLC issued Class A common stock in exchange for the remaining minority interests in FIF Utah, LLC and FIF St. George, LLC, valuing the transactions at approximately $4.4 million and $9 million respectively.

Outbound Investments

• Boston Omaha's largest investment is in Sky Harbour Group, with a GAAP value of $84.8 million and a market value of $127.2 million as of June 30, 2025.
• The company reported mixed results from its investment in Sky Harbour Group in Q2 2025, including an unrealized loss of approximately $10.7 million on warrants, offset by equity method income of approximately $6.1 million and a realized gain of approximately $2.9 million from selling shares.
• Other notable minority investments as of June 30, 2025, include CB&T with a GAAP value of $19.1 million, Boston Omaha Asset Management (BOAM) General Partner at $6.1 million, and the Build for Rent Fund at $4.1 million.

Capital Expenditures

• For the 12 months ending March 8, 2026, Boston Omaha incurred $32.2 million in capital expenditures, reflecting heavy capital investment, particularly in its broadband segment.
• In Q2 2025, Boston Omaha Broadband invested $6.6 million in capital expenditures, primarily focused on expanding its fiber infrastructure, adding approximately 2,100 new fiber passings.
• Management plans to continue driving growth through targeted acquisitions in outdoor advertising and by expanding its broadband operations.