Clear Channel Outdoor FY Conference Summary Company Overview - **Company**: Clear Channel Outdoor (NYSE: CCO) - **Date of Conference**: November 18, 2025 Key Industry Insights - **Out-of-Home Advertising Trends**: There is collective optimism in the out-of-home advertising sector, driven by new inventory and significant contracts, particularly in New York [3][4] - **Sector Growth Drivers**: Key sectors contributing to growth include auto insurance, pharmaceuticals, and technology, with AI playing a larger role than anticipated [4][5] - **Market Position**: Clear Channel Outdoor is recognized for its mass reach in the media mix, which remains valuable to marketers despite the trend towards personalized advertising [5] Financial Performance and Projections - **Sales Composition**: Approximately 40% of sales are from permanent contracts, with positive negotiations expected for the upcoming year [8][9] - **Event-Driven Opportunities**: Anticipation of significant events like the FIFA World Cup and national celebrations is expected to drive advertising demand [10][11] - **Local vs National Advertising**: Local business remains consistent, with some pullback in retail and restaurants due to consumer uncertainty, but overall growth is expected [14][15] Market Specifics - **New York City Performance**: The MTA billboard contract is performing better than initial expectations, becoming cash flow positive in its first year [17][18] - **San Francisco Demand**: A positive supply-demand dynamic is leading to increased revenue, with higher demand resulting in stronger CPMs and better sell-through rates [19][20] - **Los Angeles Market**: LA is recovering from challenges, with a shift in advertising budgets towards other states like Florida and Texas due to changes in media production [22][23][25] Advertising Vertical Expansion - **Pharmaceutical Sector**: Growth in pharmaceutical advertising is significant, with multiple new partners engaging in dialogue, indicating a shift in spending patterns [28][29] - **Emerging Verticals**: Clear Channel Outdoor is focusing on expanding into alcoholic beverages, automotive, higher education, and travel advertising [30][31][32] Measurement and Data Insights - **Measurement Solutions**: Progress is being made on developing a modern measurement system to provide real-time data, which is crucial for attracting larger advertisers [39][40][41] - **Future Expectations**: The new measurement system is expected to be trialed in early 2026, with potential mainstream adoption by 2027, which could significantly enhance advertising effectiveness [40][43] Financial Outlook - **Revenue Growth Projections**: Expected top-line growth of 4-5% and bottom-line growth of 6-8% in the coming years, with a strong performance anticipated for the next year [52][54] - **Margin Targets**: The target for airport segment margins remains above 20%, despite upcoming contract renewals that may pressure margins [53][54] Strategic Initiatives - **Debt Management**: Clear Channel Outdoor is actively exploring creative solutions to improve its leverage profile, aiming for a balanced approach that benefits equity holders, creditors, and the business [56][57] This summary encapsulates the key points discussed during the Clear Channel Outdoor FY Conference, highlighting the company's performance, industry trends, and future outlook.

World Toilet Day: JCDecaux completes the roll-out of the World’s largest network of self-cleaning public toilets in Paris Paris, November 18th, 2025 – JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announces the full completion of the roll-out of the new generation of self-cleaning public toilets for the City of Paris, the world’s largest network of self-cleaning public toilets, following 18 months of mobilisation by JCDecaux teams. In 2022, JCDecaux – a global-lead ...

Core Insights - The outdoor advertising industry is undergoing significant transformation, with programmatic and digitalization as key drivers of evolution [1] - Beijing Metro Tongcheng aims to enhance media value through technology and reshape scene experiences, transitioning subway advertising from "traffic coverage" to "scene value" by 2025 [1] Group 1: Company Strategies - Beijing Metro Tongcheng integrates "technology + scene + data" to create a deep synergy, utilizing the VIOOH programmatic digital outdoor media trading platform [1] - The company establishes a "full-link data closed loop" for quantifiable and optimizable advertising effectiveness through big data analysis and real-time monitoring [1] - The transformation of subway spaces into "interactive experience venues" allows for immediate responses to brand information and passenger needs [1] Group 2: Successful Case Studies - 1664 Beer targets young professionals aged 18-35 during peak hours, using programmatic platforms to achieve high-frequency ad rotations in key locations, resulting in increased brand visibility and sales [2] - Total Energy collaborates with Beijing Metro Tongcheng to promote green energy initiatives, effectively reaching government and business audiences through targeted advertising during peak hours [4] - Kyoto Nishiyuan utilizes innovative mirror lightbox matrices to create emotional connections with consumers, enhancing brand exposure and social engagement [6] Group 3: Market Outlook for 2026 - The outdoor advertising market is expected to enter a phase of "programmatic deepening + technology integration," with increased penetration of pDOOH as a core component of brand marketing [8] - The adoption of AI and DCO technologies will enable dynamic creative optimization, allowing real-time adjustments to advertising content [8] - Innovations in scene creation will extend into "refined" areas, with new hardware upgrades providing fresh traffic opportunities for growth [8] Group 4: Opportunities for Brands - Brands should leverage "full integration" opportunities by combining outdoor advertising with online channels for comprehensive customer journey coverage [9] - Focusing on interactive creativity and utilizing AI tools can reduce content production costs while enhancing personalization [9] - Capitalizing on "suburban scenes" will offer higher cost-effectiveness as the subway network expands, providing better advertising foundations for brands [9]

Financial Data and Key Metrics Changes - Consolidated revenue growth improved to 2.9% on an acquisition-adjusted basis, with Adjusted EBITDA for the quarter at $280.8 million, an increase of 3.5% from $271.2 million in 2024 [3][9] - Adjusted funds from operations totaled $226.5 million, up 2.6% from $220.7 million last year, with diluted AFFO per share increasing 2.3% to $2.20 [9][10] - Acquisition-adjusted operating expenses increased 3.7%, influenced by one-time severance costs and technology implementation expenses [8][9] Business Line Data and Key Metrics Changes - National and programmatic advertising grew by 5.5%, while local advertising grew by 1.6% [4][17] - Digital billing grew 5%, representing about 31% of total billboard billing, with same-store digital revenue increasing 3.4% quarter-over-quarter [5][9] - Categories of strength included services, healthcare, and financial, while beverages and real estate were weaker [4] Market Data and Key Metrics Changes - Billboard regions grew in the low single-digit range, led by the Atlantic and Northeast, which improved by 3.8% and 3.3%, respectively [8] - Airport advertising grew by 5.8%, and logos increased by 5.2% [8] - Political advertising in Q3 was $2.7 million compared to $6.1 million in the previous year, indicating a significant decline [16] Company Strategy and Development Direction - The company is optimistic about 2026, expecting political advertising to act as a tailwind and benefiting from the Verde acquisition [3][24] - The integration of Verde assets is progressing well, and the company plans to continue pursuing acquisitions in the middle-market airport space [6][48] - The company is undergoing an extensive enterprise conversion to leverage AI benefits by 2027, which is expected to enhance operational efficiency [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2025 successfully and carrying momentum into 2026, with encouraging pacings for November and December [3][7] - The company noted that the local and regional sales have shown resilience, growing for the 18th consecutive quarter [10] - Management highlighted the importance of political advertising in shaping revenue expectations for 2026, especially compared to previous years [33] Other Important Information - The company raised a total of $1.1 billion through capital market transactions, improving its balance sheet and liquidity [11][12] - Total leverage remained at 3x net debt to EBITDA, with secured leverage below 1x [10][11] - A regular cash dividend of $1.55 per share is recommended for the fourth quarter, subject to board approval [15] Q&A Session Summary Question: Growth opportunities and M&A environment for 2026 - Management indicated strong growth drivers for 2026, including the momentum from acquisitions and political advertising as a tailwind [22][23] Question: Impact of AI on national growth - Management noted that AI will enhance operational efficiency and is expected to benefit the out-of-home advertising space [24] Question: Political advertising during midterm cycles - Management provided historical context on political advertising revenue, indicating a significant increase expected in 2026 compared to 2022 [33] Question: Demand for World Cup advertising in 2026 - Management expressed optimism about the World Cup's impact on advertising revenue, especially when combined with political advertising [37][38] Question: Distribution from Vistar Media - Management confirmed that the distribution will be all cash, anticipated to be around $0.25 per share [39][40] Question: National customer spending trends - Management highlighted positive momentum from national accounts and expressed confidence in the sustainability of this growth [45][46]

Financial Data and Key Metrics Changes - Consolidated revenue growth improved to 2.9% on an acquisition-adjusted basis, with adjusted EBITDA for the quarter at $280.8 million, an increase of 3.5% year-over-year [3][9] - Adjusted funds from operations (AFFO) totaled $226.5 million, up 2.6% from the previous year, with diluted AFFO per share increasing 2.3% to $2.20 [9][14] - Acquisition-adjusted operating expenses increased by 3.7%, influenced by one-time severance costs and technology implementation expenses [8][9] Business Line Data and Key Metrics Changes - National and programmatic advertising grew by 5.5%, while local advertising saw a growth of 1.6% [4][16] - Digital billing grew by 5%, representing about 31% of total billboard billing, with same-store digital revenue increasing by 3.4% [5][9] - The company closed 18 acquisitions for nearly $47 million in Q3, bringing the year-to-date cash spend to nearly $134 million [6][12] Market Data and Key Metrics Changes - Billboard regions experienced low single-digit growth, with the Atlantic and Northeast regions improving by 3.8% and 3.3%, respectively [8] - Airport advertising grew by 5.8%, and logos increased by 5.2%, outperforming the broader portfolio [8] - Political advertising revenue for Q3 was $2.7 million, significantly lower than $6.1 million in the same quarter last year [15] Company Strategy and Development Direction - The company is optimistic about 2026, expecting political advertising to act as a tailwind and anticipating stronger pacing from national buyers [3][22] - The integration of Verde assets is progressing well, and the company plans to continue pursuing acquisitions in the middle-market airport space [5][49] - The company aims to maintain a strong balance sheet, with an investment capacity exceeding $1 billion while keeping leverage below 4 times net debt to EBITDA [11][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2025 successfully and carrying momentum into 2026, despite macroeconomic uncertainties [6][10] - The company noted that the auto insurance vertical is showing signs of recovery, with large customers returning to spend [33] - Management highlighted the potential benefits of AI in enhancing operational efficiency and advertising effectiveness in the future [23] Other Important Information - The company anticipates total capital expenditures of $180 million for the year, with maintenance CapEx budgeted at $60 million [10][14] - A regular cash dividend of $1.55 per share is recommended for Q4, subject to board approval, with an expected total dividend of $6.20 per share for the year [14] Q&A Session Summary Question: Growth opportunities and M&A environment for 2026 - Management indicated strong growth drivers for 2026, including the momentum from acquisitions and improved pacing from national buyers [20][21] Question: Impact of AI on national growth - Management noted that while AI benefits will be realized in 2027, it is expected to enhance advertising effectiveness [23] Question: Political advertising during midterm cycles - Management provided historical context on political advertising revenue, indicating a significant increase expected in 2026 compared to 2022 [32] Question: Demand for World Cup advertising in 2026 - Management expressed optimism about the World Cup's impact on advertising revenue, especially when combined with political advertising [38] Question: Distribution from Vistar Media - Management confirmed that the distribution will be all cash, anticipated to be around $0.25 per share [39] Question: National customer spending trends - Management highlighted positive conversations with national accounts and a better outlook for 2026 compared to the previous year [46][47]

Core Viewpoint - Zhaoxun Media has established a dual-driven communication system leveraging high-speed rail stations and urban business districts, aiming to enhance social value dissemination through its advertising network [1][2] Financial Performance - In the first three quarters, Zhaoxun Media achieved approximately 440 million yuan in revenue and a net profit attributable to shareholders of 33.44 million yuan [1] Business Model and Strategy - The company has partnered with 18 railway bureau groups, covering 30 provincial administrative regions, with a digital screen count and market share that continues to lead, reaching over 2 billion passenger flows annually [1] - Zhaoxun Media focuses on high-end commercial entities in first-tier and new first-tier cities, complementing its high-speed rail scene strategy to effectively reach high-frequency consumer groups [1] Technological Integration - The company is exploring the integration of emerging technologies such as naked-eye 3D and AI into its advertising business, enhancing visual impact and consumer engagement [2][3] - Zhaoxun Media plans to promote the fusion of digital media and public welfare, actively incorporating cutting-edge technologies like 5G and AI to improve the efficiency and interactivity of its public welfare content [2] Industry Trends - Outdoor advertising companies are advised to keep pace with technological trends by deploying new devices like high-definition interactive screens and utilizing big data analytics for precise advertising [2][3] - The rapid iteration of technology necessitates that companies leverage AI for dynamic creative generation and user behavior prediction to optimize advertising strategies [3]

Core Viewpoint - The company "Yangyuan Beverage" announced a capital increase of 1 billion yuan for its subsidiary "Wenming Qianhong Investment," raising the total scale of the private equity fund from 3 billion yuan to 4 billion yuan, with the company holding a 99.925% stake in the fund [1][2]. Group 1: Investment Activities - The capital increase will be used for investments in other projects, with no additional investments planned for currently invested projects [1]. - "Wenming Qianhong Investment" has already invested in seven companies, including 1 billion yuan in "Chongqing Ziguang Huazhi Technology," 8 billion yuan in "Ruipu Lanjun Energy," and 16 billion yuan in "Changjiang Storage" [1]. Group 2: Strategic Developments - "Wenming Qianhong Investment" is currently involved in a merger with another outdoor advertising company, "Fenzhong Media," with a valuation of 8.3 billion yuan [2]. - "Changjiang Storage," the parent company of "Changjiang Storage Technology," completed its shareholding reform, indicating a significant strategic development in the semiconductor sector [2].

Group 1 - The core idea of the articles is that multiple local governments in South Korea are constructing high-tech media zones modeled after New York City's Times Square to boost tourism and regional economies [1][2] - South Korea's outdoor advertising expenditure is projected to increase from $440 million in 2020 to $710 million in 2023, driven by relaxed regulations on outdoor advertising [1] - The initiative began in 2016 in Seoul's Gangnam District, which designated "free outdoor advertising zones" to break policy restrictions, and has since expanded to other areas including Gwanghwamun Square and Haeundae in Busan [1][2] Group 2 - Seoul has established a significant presence in this initiative, with Gangnam District featuring 19 large LED screens to create the "Gangnam Eye" landmark space [2] - The Myeongdong area has a giant screen of 1,292 square meters, attracting over one million visitors during last Christmas [2] - Haeundae Square serves as the first non-capital area designated for free advertising, functioning as a public platform for cultural performances and safety information, with plans for additional multimedia installations [2] Group 3 - Experts have raised concerns about the potential negative impacts of concentrated digital advertising, including effects on public space comfort and residents' quality of life [2] - While large enterprises can benefit from long-term operational rights through investment in advertising, small businesses may face competitive disadvantages [2] - The lack of local cultural elements in the advertising landscape may lead to a homogenization of urban aesthetics, undermining the unique cultural identity of different cities [2]

Core Insights - The outdoor advertising industry is undergoing a transformation, moving from traditional static ads to interactive and data-driven marketing solutions, which are proving effective in engaging consumers and driving sales [1][6][10] Group 1: Technological Transformation - The shift in outdoor advertising is characterized by a move from "one-way communication" to "two-way interaction," enhancing consumer engagement through technology [3][4] - Successful case studies demonstrate that interactive technologies, such as AR and QR codes, significantly increase consumer participation and conversion rates [3][4][6] - Real-time content adjustment based on environmental factors, such as weather, can enhance ad effectiveness, with click-through rates increasing by 2.3 times [4] Group 2: Data-Driven Strategies - The use of data analytics in outdoor advertising allows for precise targeting, making it more effective than many online channels [6][8] - The SCS model enables advertisers to lock in specific consumer segments and create tailored media strategies that yield measurable results, such as a 21% increase in monthly revenue for a local brand [6][7] - Key performance indicators now focus on metrics like scan rates and in-store visits, rather than just exposure, leading to a 58% improvement in overall ROI [8] Group 3: Value Creation - Outdoor advertising is no longer viewed as a supplementary option but as a critical component of integrated marketing strategies, bridging online and offline efforts [9][10] - Successful campaigns demonstrate that outdoor ads can effectively convert online engagement into in-store actions, with some brands seeing a 70% increase in trial participation [9][10] - The focus is shifting towards creating emotional connections and immediate demand triggers, enhancing the relevance of outdoor advertising in consumers' daily lives [11] Group 4: Overcoming Challenges - The industry faces challenges such as high costs and client skepticism, but these can be addressed through innovative models like SCS and P-CSMG, which emphasize measurable outcomes and risk-sharing agreements [13][15] - Training sales teams to adopt a consultative approach can significantly improve client relationships and conversion rates, with reported increases of 35% in sales effectiveness [15][16] Group 5: Future Outlook - The future of outdoor advertising lies in its ability to serve as a "physical showcase" for brands, aligning with broader human aspirations and societal values [18][20] - The integration of the five theoretical models proposed by industry experts provides a comprehensive framework for brands to navigate the evolving landscape of outdoor advertising [20][27]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - Investing in bargain stocks with recent price momentum may be a safer approach [2] Group 2: Clear Channel Outdoor (CCO) Analysis - CCO has shown a price increase of 8.6% over the past four weeks, indicating growing investor interest [3] - The stock gained 15.5% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [4] - CCO has a beta of 2.61, suggesting it moves 161% higher than the market in either direction [4] - CCO has a Momentum Score of B, indicating a favorable time to invest [5] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [6] - CCO is trading at a Price-to-Sales ratio of 0.37, indicating it is relatively cheap at present [6] Group 3: Investment Opportunities - CCO has significant potential for growth at a fast pace, and other stocks also meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen [7] - There are over 45 Zacks Premium Screens available to help identify winning stock picks based on various investing styles [8]