Here are 1-3 brief analogies for Lamar Advertising (LAMR):

1. Lamar Advertising is like the Simon Property Group for outdoor advertising, owning and leasing prime physical locations (billboards and displays) rather than retail spaces.
2. Think of them as the AT&T or Verizon of physical ad space, owning the "towers" (billboards and digital displays) and selling access to that infrastructure for advertising.

• Billboards: Providing advertising space on both traditional static and modern digital billboards across various locations.
• Transit Advertising: Offering ad placements on buses, bus shelters, benches, and other public transit infrastructure.
• Interstate Logo Signs: Operating business directional signs on interstates and highways, guiding motorists to services like food, gas, and lodging.

Lamar Advertising (LAMR) primarily sells its advertising space to other businesses (companies).

According to their most recent annual report (10-K), Lamar has a highly diversified customer base, with no single customer accounting for more than 1% of their consolidated revenues. Therefore, it is not possible to identify specific "major customer companies" with their symbols.

However, Lamar serves a wide array of advertisers from various industries. These customer categories include, but are not limited to:

• Retail businesses
• Healthcare providers
• Financial institutions
• Automotive companies
• Telecommunications firms
• Local, regional, and national advertisers across many other sectors

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Lamar Advertising Company (LAMR) primarily operates in the out-of-home (OOH) advertising industry, with its main products and services encompassing billboards (static and digital), transit advertising, and street furniture displays. The addressable markets for these products and services are largely within the broader U.S. Out-of-Home Advertising market.

• U.S. Out-of-Home (OOH) Advertising Market: The U.S. billboard and outdoor advertising market generated approximately $10.23 billion in revenue in 2024. This market is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2025 to 2030, reaching an estimated $16.55 billion by 2030.
• U.S. Digital Out-of-Home (DOOH) Advertising Market: Digital out-of-home advertising, a significant and growing segment of the OOH market, represented approximately 42% of the total U.S. out-of-home advertising market in 2024. Based on the total OOH market revenue, this would approximate to about $4.3 billion in 2024. This segment is expected to continue its growth at a CAGR of 6.2% through 2030.

Transit advertising, including displays on buses, subways, and at airports, is a key component within the overall U.S. out-of-home advertising market.

Here are 3-5 expected drivers of future revenue growth for Lamar Advertising (LAMR) over the next 2-3 years:

1. Strategic Acquisitions: Lamar Advertising has demonstrated a consistent strategy of opportunistic acquisitions, with approximately $300 million spent on acquisitions in 2025, including Verde Outdoor for $147.6 million. Management anticipates continued acquisition activity, which is expected to be a significant driver of Adjusted Funds From Operations (AFFO) per share growth and overall revenue.
2. Expansion of Digital Billboard Portfolio: The company is actively expanding its digital billboard network. As of Q3 2025, Lamar had 5,442 digital units in operation, an increase of approximately 450 year-to-date. Digital billing grew 5% (3.4% on a same-store basis) and now represents 31% of total billboard billing. This expansion is expected to capture increasing demand for dynamic and high-impact advertising solutions, supporting revenue growth through premium inventory and dynamic pricing.
3. Political Advertising Spending: Political advertising is projected to be a significant revenue tailwind in 2026. This is due to lower political ad revenue in 2025 compared to 2024, setting up a favorable comparison for the upcoming election cycle.
4. Growth in National and Programmatic Advertising: Lamar has experienced strong performance in its national and programmatic advertising channels. National and programmatic growth saw a 5.5% increase in Q3 2025, with programmatic specifically growing over 13%. This robust performance in these segments is expected to continue contributing positively to revenue.
5. Rate-Driven Revenue Increases: The company's pro forma revenue increases have been primarily driven by rate adjustments over several quarters. This indicates a continued ability to implement price increases across its advertising inventory, contributing to overall revenue growth.

Share Repurchases

• In May 2025, Lamar Advertising's board approved a $150 million increase to its stock repurchase authorization, bringing the total available for future repurchases to $250 million.
• The company completed $150 million in stock repurchases under its existing program prior to this increase.
• In the first quarter of 2025, Lamar repurchased $150 million of its stock at an average price of over $108 per share.

Share Issuance

• In 2024, no shares were issued under Lamar's 'At-the-Market' offering program, which had authorized the issuance of up to $400.0 million in Class A common stock.
• In July 2025, Lamar acquired Verde Outdoor for $147.642 million by issuing 1,187,500 Lamar LP Common Units, which are convertible into cash or shares of Class A common stock.

Outbound Investments

• Lamar acquired Verde Outdoor in July 2025 for $147.642 million, adding more than 1,500 billboard faces, including 80 digital displays, across ten states. This was noted as the first-ever UPREIT transaction in the billboard industry for Lamar.
• Year-to-date as of Q3 2025, the company completed over 30 asset acquisitions for $133.894 million in cash. Additionally, in May 2025, Lamar acquired Premier Outdoor Media's assets, enhancing its presence in the Northeast Corridor.
• In 2024, Lamar completed 24 acquisitions for approximately $45.4 million in cash. The company also divested its 20% interest in Vistar Media for $115 million, with a potential for an additional $15 million from escrow.

Capital Expenditures

• Lamar's total capital spending and acquisitions were $317 million in 2023, which decreased to $170 million in 2024.
• For 2025, the company expects to spend approximately $195 million on capital expenditures and a total of $345 million on capital expenditures and acquisitions.
• A primary focus of capital expenditures is reinvesting in existing assets and expanding its digital billboard platform; for example, $60.7 million was allocated to digital technology in 2024, and the company has a "stretch goal" of around 375 new digital units in 2025. Lamar also purchased 150 easements under billboards in 2024, aiming to own the land under billboards before converting them to digital.