LAMAR ADVERTISING CO/NEW Business Summary

Lamar Advertising Company (LAMR) operates as a specialized Real Estate Investment Trust (REIT) and is the leading provider of out-of-home (OOH) advertising in North America by board count. The company generates revenue primarily through the leasing of advertising space on a vast network of over 363,000 displays, including traditional static billboards, high-yield digital billboards, transit displays on buses and commuter rail, and interstate logo signs. Its business model is segmented into billboard advertising—which accounts for the majority of revenue and is currently undergoing a high-margin digital conversion—and transit/logo sign operations. Lamar distinguishes itself by focusing on local and regional advertisers, who contribute approximately 78% of billboard revenue, providing a more resilient cash flow profile than national-market-dependent peers. In the competitive landscape, Lamar maintains a dominant market share of roughly 30%, positioning it as the industry leader ahead of primary rivals Outfront Media, Clear Channel Outdoor, and JCDecaux. Founded in 1902 by Charles W. Lamar and J.M. Coe, the company has been defined by multi-generational leadership from the Reilly family. The current executive team is led by President and CEO Sean Reilly, who has served in the role since 2011, alongside Executive Chairman Kevin Reilly, Jr. and Executive Vice President and CFO Jay Johnson. Recent leadership updates include the appointment of Ross Reilly as President of the Outdoor Division effective January 1, 2026, and Sukhvinder Singh as Senior Vice President of Technology & Innovation, who spearheads the firm’s digital transformation and programmatic advertising infrastructure. The company maintains a high institutional ownership profile of over 93%, with significant positions held by Markel Group and PNC Financial Services. The Board of Directors includes seasoned veterans such as Nancy Fletcher and Stephen P. Mumblow, ensuring a governance focus on long-term REIT stability and strategic asset acquisition.