Core Points - JCDecaux SE is supporting Swarovski in its partnership with the Comité Champs-Elysées for the 2025 Illuminations of the Champs-Élysées, marking a significant collaboration in outdoor advertising and festive events [1][3][5] - The 2025 Illuminations feature 400 illuminated trees and 200 kakemonos displaying the Swarovski logo along a 2-kilometer stretch of the avenue, enhancing the festive atmosphere in Paris [3][5] - An exclusive pop-up store by Swarovski has opened at 1 Place Charles de Gaulle, offering visitors access to its collections during the Holiday Season Illuminations [4] - The event kicked off on November 16, 2025, with a new "sound and light" experience designed by renowned lighting designer Thomas Dechandon, integrating innovative LED technology [5][7] - The Illuminations will run for 7 weeks, from November 16, 2025, to January 5, 2026, attracting both locals and tourists, with over 150,000 attendees expected for the inauguration [6][7] Company Overview - JCDecaux is the number one outdoor advertising company globally, with a daily audience of 850 million people across more than 80 countries [12] - The company reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for the first half of 2025 [12] - JCDecaux operates 1,091,811 advertising panels worldwide and is recognized for its commitment to sustainability, having joined the Euronext Paris CAC® SBT 1.5° index [12]

Core Insights - JCDecaux has renewed and extended its advertising concession contract for São Paulo Metro, including Lines 1-Blue, 2-Green, 3-Red, and adding Line 15-Silver, extending the contract to February 2036 [1][2][5] Group 1: Contract Details - The initial contract was valid until 2030 and has been extended by six years, now set to expire in February 2036 [2] - The renewal will take effect in February 2026, allowing JCDecaux to manage advertising in 63 metro stations, with potential expansion to 70 stations upon completion of Line 15-Silver [2] Group 2: Digital Transformation - The contract extension is linked to a digitisation and modernisation project for advertising inventories, which is already in progress [3] - Currently, there are over 1,050 advertising faces on the existing lines, with a focus on enhancing digital capabilities [3][5] Group 3: Market Position and Performance - JCDecaux operates in all operational metro lines in São Paulo and has a significant presence in Brazil, where out-of-home (OOH) advertising represents 12% of the advertising market share [4] - The company has over 17,000 advertising faces across various platforms, including streets, transportation, and supermarkets [4] - Brazil is one of the top ten largest advertising markets globally and the largest in Latin America, with JCDecaux's digital assets contributing over 70% of its revenue in the country [5] Group 4: Key Figures - JCDecaux reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for H1 2025 [6] - The company has a daily audience of 850 million people across more than 80 countries and operates 1,091,811 advertising panels worldwide [6] - JCDecaux is recognized for its sustainability efforts and has achieved various accolades for its extra-financial performance [6]

Link Media Outdoor - Revenue increased by 2.5% YoY to $11.8 million in Q3 2025[9, 11] - Adjusted EBITDA reached a record high of approximately $4.8 million, a 5.6% increase YoY[9, 11] - Land costs accounted for 18.2% of revenue[9, 11] Boston Omaha Broadband - Total new fiber passings were approximately 4.2k, with approximately 1.7k new fiber subscribers YTD 2025[14] - Adjusted EBITDA was approximately $3.2 million, which excludes Fiber Fast Homes[9] - Fiber Fast Homes revenue increased by 68.4% YoY to $0.7 million in Q3 2025[17] - Fiber Fast Homes had approximately 0.4k new fiber passings and approximately 1.2k new fiber subscribers YTD 2025[17, 18] General Indemnity Group - Revenue increased by 4.7% YoY[9, 21] - The loss ratio was 25.3%, attributed to larger claim payments and increased reserves on outstanding contract bonds[9, 21] - Adjusted EBITDA was approximately negative $0.3 million[9] Investments and Cash - Sky Harbour investments had a GAAP value of $82.7 million and a market value of $126.9 million[24] - The company had unrestricted cash of $22.9 million and U S Treasury securities of $18.2 million as of September 30, 2025[26]

Core Insights - JCDecaux UK has won three prestigious awards at The Media Leader Awards, including Media Owner of the Year, Media Owner Leader of the Year, and the Grand Prix Media Leader Award [1][2][3] - The awards recognize JCDecaux's innovation and leadership in the Out-of-Home media sector, highlighting its digital capabilities and commitment to community impact [2][4] Company Performance - JCDecaux UK's performance is noted as stellar, showcasing the enduring power of Out-of-Home media, supported by innovative tools like the industry-first DMP and Optix creative pre-testing [4] - The company has undergone an impressive five-year transformation, emphasizing inclusion and community engagement, such as having 60 colleagues trained as mental health first aiders [4] Leadership Recognition - Co-CEOs Chris Collins and Dallas Wiles were jointly awarded the Grand Prix Media Leader Award, recognized for their leadership in a competitive field [3][4] - The judges highlighted the strong performance of JCDecaux UK against all judging categories, affirming the effectiveness of their dual leadership approach [4] Technological Advancements - Displayce, a technology suite majority-owned by JCDecaux, was awarded Technology Company of the Year, offering a media buying platform dedicated to Digital Out-of-Home (DOOH) [4] - Displayce operates across eight countries, providing real-time campaign planning and measurement on over 1.6 million digital screens [4] Strategic Vision - JCDecaux UK has positioned itself as a leading digital media company and a pioneer in programmatic Out-of-Home, enhancing the value of Out-of-Home in the media mix [5] - The company continues to invest in premium Out-of-Home locations, focusing on data-driven opportunities for brands and partners [5] Recent Achievements - In addition to the Media Leader Awards, JCDecaux UK also won Business of the Year and Media Sales Team of the Year at the Manchester Publicity Association Awards 2025 [5]

Core Insights - Lamar Advertising Company is scheduled to participate in a Q&A session at the 9th Annual Wells Fargo TMT Conference on November 18, 2025 [1] - The session will be available via live audio webcast and archived for 30 days on the company's website [1] Company Overview - Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, operating over 362,000 displays across the United States and Canada [2] - The company provides a variety of advertising formats, including billboards, interstate logos, transit, and airport advertising, catering to both local businesses and national brands [2] - Lamar boasts the largest network of digital billboards in the United States, with over 5,400 displays [2]

Core Insights - Outfront Media reported $467.5 million in revenue for Q3 2025, a 3.5% year-over-year increase, with an EPS of $0.57 compared to $0.19 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $456.56 million by 2.4%, and the EPS surpassed the consensus estimate of $0.50 by 13.78% [1] Revenue Breakdown - Billboard organic revenues were $352.8 million, slightly below the estimated $354.85 million, reflecting a -2.2% change year-over-year [4] - Transit organic revenues reached $112.4 million, exceeding the estimated $101.27 million, marking a +23.7% change year-over-year [4] - Total organic revenues of $467.5 million surpassed the average estimate of $456.21 million, showing a +3.5% year-over-year change [4] - Other organic revenues were $2.3 million, significantly above the estimated $0.52 million, representing a +475% change year-over-year [4] Earnings Performance - Net Earnings Per Share (Diluted) was $0.29, compared to the average estimate of $0.23 [4] - Adjusted OIBDA for Billboard was $139.3 million, slightly above the average estimate of $138.67 million [4] - Adjusted OIBDA for Transit was $15.7 million, significantly exceeding the average estimate of $2.47 million [4] Stock Performance - Over the past month, Outfront Media's shares returned -1%, while the Zacks S&P 500 composite increased by +1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Financial Performance - Q3 2025 - Consolidated Revenue reached $468 million, a 3.5% year-over-year increase[5] - Transit Revenue experienced significant growth, rising by 23.7% to $112 million[5] - Consolidated Operating Income increased substantially by 26.1% to $90 million[5] - Consolidated Adjusted OIBDA grew by 17.2% to $137 million[5] - Consolidated Net Income saw a considerable increase of 48.3% to $51 million[5] - Consolidated AFFO (Adjusted Funds From Operations) increased by 24.1% to $100 million[5] Billboard Segment Performance - Billboard Revenue decreased slightly by (2.2%) to $353 million[5] - Billboard Adjusted OIBDA increased modestly by 2.1% to $139 million[5] Factors Affecting Comparability - NY MTA Billboard Contract: Q3'25 revenue was $0.0 million compared to $7.7 million in Q3'24[7] - LA Billboard Contract: Q3'25 revenue was $0.0 million compared to $5.1 million in Q3'24[7] Digital Revenue Growth - Digital revenues accounted for 35.6% of total Billboard & Transit revenues in Q3 2025, up from 32.7% in Q3 2024[58]

Core Insights - OUTFRONT Media Inc. reported strong third-quarter results for 2025, with revenues of $467.5 million, an increase of 3.5% compared to the same period in 2024, driven by exceptional transit revenues in NYC [2][4] - The company experienced a significant increase in net income attributable to OUTFRONT Media Inc., which rose by 48.3% to $51.3 million, reflecting improved operational performance [18] - The company announced a quarterly dividend of $0.30 per share, payable on December 31, 2025, indicating a commitment to returning value to shareholders [20] Financial Performance - Revenues for the third quarter of 2025 were $467.5 million, up from $451.9 million in the same quarter of 2024 [2][4] - Operating income increased to $89.9 million from $71.3 million year-over-year [2][4] - Adjusted OIBDA rose by 17.2% to $137.2 million compared to $117.1 million in the prior year [7][18] Segment Analysis - Billboard segment revenues decreased by 2.2% to $352.8 million, impacted by lost billboards and lower proceeds from condemnations [8] - Transit segment revenues surged by 23.7% to $112.4 million, primarily due to increased average revenue per display [10] - Other segment revenues increased to $2.3 million, driven by higher third-party digital equipment sales [12] Expense Management - Total operating expenses decreased by 1.0% to $230.7 million, attributed to lower variable property lease expenses and the impact of the Canadian business sale [5] - Selling, General and Administrative expenses (SG&A) fell by 3.2% to $105.2 million, mainly due to reduced compensation-related expenses [6] Cash Flow and Capital Expenditures - Net cash flow from operating activities for the nine months ended September 30, 2025, was $189.5 million, an increase of 8.5% from the previous year [19] - Total capital expenditures rose by 6.8% to $64.0 million for the same period [19] Balance Sheet and Liquidity - As of September 30, 2025, the company had unrestricted cash of $63.0 million and $494.9 million available under its revolving credit facility [21] - Total indebtedness was reported at $2.6 billion, with a weighted average cost of debt of 5.4% [21][16]

Core Insights - JCDecaux SE reported a Q3 2025 revenue of €926.1 million, reflecting a -2.3% decrease compared to Q3 2024, with organic growth down by -0.9% [6][12][20] - The company secured a significant contract for exclusive advertising at Brussels Airport, effective January 1, 2026, which had 23.6 million passengers in 2024 [3][4] - Digital Out-of-Home (DOOH) revenue grew by +6.1%, now representing 41.8% of total revenue, with programmatic revenue increasing by +12.3% [6][12] Revenue Breakdown - Street Furniture revenue decreased by -2.5% to €456.9 million, with a -1.1% decline in organic growth, primarily due to a high comparison base from 2024 [14][15] - Transport revenue slightly decreased by -0.4% to €345.5 million, but showed a +1.7% organic growth driven by North America and Rest of the World [17] - Billboard revenue fell by -6.8% to €123.7 million, with a -6.9% decline in organic growth, largely affected by a strong comparison base in France [18] Future Outlook - For Q4 2025, the company anticipates organic revenue growth to be around flat, with advertising revenue expected to increase by approximately +1% [20][9] - The macroeconomic environment remains challenging, particularly with no expected improvement in trading conditions in China [20][9]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $405.6 million, an increase of 8.1% year-over-year, driven by record revenue levels in both segments [5][12] - Adjusted EBITDA for the quarter was $132.5 million, up 9.5%, and AFFO was $30.5 million, up 62.5% [12] - The America segment revenue was $310 million, up 5.9%, while airports revenue was $95.6 million, up 16.1% [12][13] Business Line Data and Key Metrics Changes - The America segment experienced local sales growth of 5.7% and national sales growth of 6.1% [12] - Airports segment digital revenue increased by 37.4%, with national sales growing by 25.2% [13] - Segment-adjusted EBITDA for the America segment was $133.4 million, up 3.9%, while airports segment-adjusted EBITDA was $21.9 million, up 29.2% [12][13] Market Data and Key Metrics Changes - Key markets such as New York and San Francisco showed growth in both national and local sales channels, particularly in digital and programmatic sales [5][6] - Categories performing well included banking, legal services, and technology, particularly AI [6] Company Strategy and Development Direction - The company is focusing on accelerating revenue growth in the U.S., increasing cash generation, and reducing debt [5][6] - A transition to a U.S.-focused company has improved the risk profile and allowed for a focus on operational efficiencies [6] - The company is pursuing a multi-year goal of 6-8% adjusted EBITDA growth and aims for net leverage of 7-8 times by the end of 2028 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising market, noting momentum building in both local and national segments [22] - The company is confident in achieving its near-term guidance and long-term goals, including sustainable top-line growth and meaningful deleveraging [18][19] Other Important Information - The company completed significant international divestitures worth nearly $900 million, including the sale of its business in Spain for approximately $135 million and Brazil for $15 million [6][7] - The company ended the quarter with liquidity of $366 million, including $155 million in cash [14] Q&A Session Summary Question: Can you provide detail on advertiser behavior for the billboard and airports unit? - Management noted that the advertising market has shown good strength and momentum, particularly in national sales [22] Question: Any updates on strategic alternatives considering shareholder interest? - Management refrained from commenting on market speculation but confirmed that the board is open to avenues for long-term shareholder value [24] Question: What is the minimum cash the company likes to keep on hand? - The company targets a minimum cash balance of $50 million to $75 million to weather seasonality, prioritizing debt paydown and business investment [26] Question: What improvements are seen in the Northern California market? - Management highlighted a rebound in San Francisco's reputation and increased advertiser interest, particularly from the tech vertical [29] Question: How is the company addressing out-of-home measurement challenges? - Positive feedback has been received on the new In-Campaign Measurement Solution, and efforts are ongoing to develop next-generation outdoor measurement [48][50]