Outfront Media (OUT) is:

• Google for outdoor advertising.
• Amazon for outdoor ad space.

• Billboard Advertising Services: Providing advertising space on a large network of traditional and digital billboards.
• Transit Advertising Services: Offering advertising opportunities across various public transportation systems, including buses, subways, and rail.
• Out-of-Home Advertising Technology Platform: A proprietary technology platform designed to optimize, manage, and enhance audience engagement for advertisers across their assets.

Outfront Media (symbol: OUT) primarily sells its services to other companies, which are advertisers or brands looking to reach consumers outside of their homes. Due to the diverse nature of the advertising industry and Outfront Media's broad client base, specific "major customers" representing a significant concentration of revenue are typically not individually named or disclosed by the company.

Instead, Outfront Media serves a wide array of businesses across various sectors. The categories of companies that frequently utilize Outfront Media's out-of-home advertising platforms include:

1. Consumer Goods & Services: This broad category includes companies in industries such as quick-service restaurants, automotive, telecommunications, retail, entertainment (e.g., movies, streaming services), financial services, and healthcare, all aiming to promote their products and services to the general public.
2. Local and Regional Businesses: Businesses targeting specific geographic markets for their products and services, ranging from smaller local establishments to regional chains seeking to build brand awareness or drive foot traffic.
3. Government and Non-Profit Organizations: These entities often use outdoor advertising for public awareness campaigns, health initiatives, public service announcements, or to promote community events and civic engagement.

Nick Brien Chief Executive Officer

Nick Brien was appointed Interim Chief Executive Officer in February 2025 and became permanent CEO effective August 21, 2025. He brings over four decades of global experience in advertising, media, and digital marketing. Mr. Brien has held senior leadership positions at major advertising firms including Publicis, Dentsu, McCann Worldgroup, and IPG Mediabrands. He also has deep experience in ad technology, having served as CEO at Amobee. His career includes CEO roles at Enthusiast Gaming, Dentsu Aegis Network, iCrossing (a Hearst subsidiary), and Universal McCann. Mr. Brien has been a member of Outfront Media's Board of Directors since October 2014.

Matthew Siegel Executive Vice President, Chief Financial Officer

Matthew Siegel was appointed Executive Vice President and Chief Financial Officer of Outfront Media, Inc. effective June 4, 2018. He has extensive finance experience, having held high-level positions at CBS Radio, Time Warner Cable, Time Warner, Insight Communications, and Joseph E. Seagram & Sons, Inc. Mr. Siegel was Executive Vice President and CFO of CBS Radio Inc. from November 2016 to November 2017, prior to its merger with Entercom Communications Corp. He also served as Acting Co-Chief Financial Officer, Senior Vice President, and Treasurer of Time Warner Cable Inc. from 2015 to 2016, and as Senior Vice President and Treasurer from 2008 to 2015. Additionally, he was Vice President and Assistant Treasurer of Time Warner Inc. from 2001 to 2008.

Jodi Senese Executive Vice President, Chief Marketing Officer

Jodi Senese serves as Executive Vice President, Chief Marketing Officer at Outfront Media. She previously held this role at CBS Outdoor.

Richard H. Sauer Executive Vice President, General Counsel

Richard H. Sauer is the Executive Vice President and General Counsel for Outfront Media Inc. He has served in this capacity since July 2015.

Nancy Tostanoski Executive Vice President, Chief Human Resources Officer

Nancy Tostanoski holds the position of Executive Vice President, Chief Human Resources Officer at Outfront Media.

Economic Sensitivity and Competition from Alternative Advertising Mediums

Outfront Media's financial performance is highly susceptible to economic downturns, which can lead to a decrease in overall advertising spending. The out-of-home advertising industry, including billboards and transit displays, often sees reduced budgets during periods of economic uncertainty. Furthermore, the company faces intense competition from alternative advertising mediums, particularly online and mobile platforms. The shift in advertiser budgets towards these digital channels could erode Outfront Media's market share and pricing power, impacting its revenue and profitability.

Dependence on Key Municipal and Transit Contracts

A significant portion of Outfront Media's business, particularly its transit advertising segment, relies on obtaining and renewing contracts with municipalities and other governmental entities. These contracts typically have fixed terms and often involve competitive bidding processes, revenue-sharing agreements, or guaranteed minimum annual payments. The loss or non-renewal of major contracts, such as the previously mentioned MTA contract or other significant agreements in key markets like Los Angeles, can directly impact revenue stability and financial performance.

Substantial Indebtedness

Outfront Media carries significant debt levels, necessitating careful financial management to maintain liquidity and operational flexibility. The company's ability to service this indebtedness is dependent on generating sufficient cash flows, which could be adversely affected by market volatility and economic downturns. Additionally, covenants and restrictions within debt agreements may limit Outfront Media's strategic flexibility, potentially hindering its ability to pursue growth opportunities or respond effectively to competitive pressures. Elevated debt levels have also been noted to slow down capital expenditure spending.

Augmented reality (AR) advertising and spatial computing platforms represent a clear emerging threat. As AR glasses and mobile AR applications become more sophisticated and widely adopted, brands may shift advertising budgets from traditional physical out-of-home assets (billboards, transit ads) to creating interactive, personalized digital advertisements that are overlaid onto real-world environments through AR devices. This would allow advertisers to engage consumers 'on-the-go' through a new, potentially more immersive and targeted medium, directly competing with and potentially diminishing the relevance and effectiveness of Outfront Media's physical and digital out-of-home inventory.

Outfront Media Inc. operates within the expansive Out-of-Home (OOH) advertising market in North America, encompassing traditional and digital billboards, transit advertising, and mobile integrations.

Out-of-Home (OOH) Advertising

• The North American Out-of-Home (OOH) and Digital Out-of-Home (DOOH) advertising market was estimated at approximately USD 11.22 billion in 2025 and is projected to reach USD 14.30 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 4.97% during this period.
• In the United States alone, the OOH advertising market is expected to grow from USD 9.38 billion in 2025 to USD 11.65 billion by 2031, with a CAGR of 3.68% from 2026-2031.
• U.S. OOH advertising revenue surpassed USD 9.1 billion in 2024.

Digital Out-of-Home (DOOH) Advertising

• The North American digital OOH advertising market size was valued at USD 4.94 billion in 2025 and is anticipated to grow to USD 11.22 billion by 2033, at a CAGR of 10.8%.
• The United States digital OOH advertising market reached USD 6.7 billion in 2025 and is expected to reach USD 15.4 billion by 2034, with a CAGR of 9.40% during 2026-2034.
• DOOH accounted for 34% of the total OOH ad spend in the U.S. in 2024, showing a 7.5% increase.

Billboards

• Billboards constitute a significant portion of the OOH market. In 2025, billboards commanded a 45.30% revenue share of the U.S. out-of-home advertising market.
• Globally, the billboard segment held 45.14% of the digital out-of-home advertising market share in 2026.
• The billboard and outdoor advertising market in North America is projected to reach US$ 27,052.7 million by 2033, with a CAGR of 9.9% from 2026 to 2033.

Transit Advertising

• The North American transit advertising market was valued at USD 10 billion in 2024 and is projected to grow to USD 13 billion by 2035.
• In 2024, transit advertising led OOH category growth in the U.S. with a 10.6% increase.
• The global transit & transportation digital out-of-home advertising market size was valued at US$ 3,463.4 million in 2024 and is estimated to grow to US$ 6,799.0 million by 2030, at a CAGR of 11.4%. North America was the largest revenue-generating market in 2024.

Mobile Advertising

• The global mobile advertising market size was valued at USD 262.84 billion in 2025 and is projected to grow to USD 1,266.57 billion by 2034, exhibiting a CAGR of 18.60%. North America held the largest share of the global mobile advertising market in 2025, at 33.20%.
• The U.S. mobile advertising market is projected to reach an estimated value of USD 142.68 billion by 2032.
• The North America in-app advertising market is anticipated to achieve a market value of USD 93,246.8 million by 2032, with the U.S. market dominating this segment in North America.

Outfront Media (OUT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Continued Growth in Transit Advertising: The company has reported strong performance in its transit segment, with a notable acceleration in revenue growth, particularly within the New York MTA. This segment is projected to continue its high-teens growth, indicating sustained demand and expansion in transit advertising.
2. Digital Transformation and Expansion of Digital Out-of-Home (DOOH) Assets: Outfront Media plans significant capital expenditures, projected at $90 million for 2026, primarily for digital board conversions and technology infrastructure. Digital revenue already represents a substantial portion of total revenues and is expected to continue growing, with management aiming for a balanced revenue split between static and digital formats.
3. Leveraging Programmatic Advertising and Strategic Technology Partnerships: The integration of Digital Out-of-Home (DOOH) into programmatic platforms is identified as a major growth driver, with programmatic and digital direct automated sales showing significant increases. Strategic partnerships with companies like AWS and AdQuick are crucial for modernizing the out-of-home advertising landscape, enhancing operational efficiency, and capturing new market opportunities.
4. Major Event-Driven Advertising Opportunities: Outfront Media anticipates revenue boosts from significant events, specifically highlighting optimism for advertising opportunities related to the upcoming World Cup and strategic partnerships with FIFA sponsors and host cities.

Share Issuance

• On November 26, 2025, Outfront Media converted the remaining 125,000 shares of its Series A Preferred Stock into 7,903,431 shares of common stock.
• Diluted weighted average shares outstanding increased to 177.0 million for the fourth quarter of 2025, up from 171.8 million in the same prior-year period.
• Diluted weighted average shares outstanding were 173.3 million for the fourth quarter of 2023, compared to 172.7 million for the same prior-year period.

Outbound Investments

• On February 25, 2026, Outfront Media announced an exclusive multi-year commercial partnership with AdQuick and a strategic equity investment of up to $20.0 million, tied to agreed milestones. This investment is intended to integrate AdQuick's out-of-home (OOH) sales cloud with Outfront's inventory to unify planning, execution, and measurement across its advertising platforms.

Capital Expenditures

• For 2026, total capital expenditures are projected to be approximately $90 million, with $30 million to $35 million allocated for maintenance capital expenditures. The remaining capital is primarily designated for growth initiatives, including digital conversions and new digital boards.
• In the fourth quarter of 2025, capital expenditures amounted to about $25 million, which included the conversion of 26 new boards to digital, bringing the total digital conversions for 2025 to 103.
• Capital expenditures increased by $16.0 million, or 22%, in 2022 compared to 2021, reaching $89.8 million in 2022 from $73.8 million in 2021. This rise was mainly attributed to the expansion of digital displays, increased maintenance for billboard display and safety upgrades, and office remodel projects. Expected capital expenditures for the full year 2023 were approximately $90.0 million, focused on digital displays, software and technology, office renovations, safety projects, and maintenance.