Core Viewpoint - JCDecaux has been recognized for the third consecutive year in CDP's A List, affirming its leadership in environmental transparency and performance in combating climate change [1][2][9] Group Performance and Recognition - Among 20,000 companies assessed by CDP, JCDecaux ranks in the top 4% included in the A List, marking the fifth time the company has achieved this recognition since 2019 [2] - The assessment by CDP is based on a rigorous methodology that evaluates the quality and completeness of disclosed data, governance, and the management of climate-related risks and opportunities [3] Carbon Reduction Commitments - JCDecaux aims to achieve Net Zero Carbon by 2050, with a key milestone of reducing Scope 1 and 2 emissions by at least 73% and Scope 3 emissions by 46% by 2030 compared to 2019 [4][8] - In 2024, JCDecaux reported a 65% reduction in Scope 1 and 2 emissions and a 21% reduction in Scope 3 emissions compared to 2019 [8] Engagement and Collaboration - The company is actively engaging with stakeholders to co-develop responsible media solutions and lower-carbon street furniture, supporting sustainable urban environments [5] - JCDecaux's business model aligns with the European Union Taxonomy, with nearly 50% of its revenue reflecting sustainable practices [6] Key Figures - JCDecaux reported a revenue of €3,935.3 million in 2024 and €1,868.3 million in H1 2025, maintaining its position as the number one outdoor advertising company worldwide [13] - The company operates 1,091,811 advertising panels globally and has a daily audience of 850 million people across more than 80 countries [13]

Core Insights - Heartland Advisors' "Heartland Value Plus Fund" reported a decline of 0.10% in Q4 2025, underperforming the Russell 2000® Value Index, which gained 3.26% [1] - The fund identified opportunities in overlooked firms expected to achieve high earnings growth in 2026, despite a pullback in the AI sector due to overinvestment concerns [1] - Stock selection in Information Technology and Real Estate positively impacted performance, while negative effects were noted in Health Care, Industrials, and Energy sectors [1] Company Highlights - Lamar Advertising Company (NASDAQ:LAMR) emerged as a significant contributor to the fund's performance in Q4 2025, with a one-month return of 0.90% and a 52-week gain of 8.53% [2] - As of January 12, 2026, Lamar Advertising's stock closed at $129.60 per share, with a market capitalization of $13.126 billion [2] - The company, operating as a real estate investment trust, had previously underperformed but showed a solid Q3 report and favorable outlook, leading to a stock rally [3]

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]

Financial Performance - Consolidated revenue increased by 70% to $403 million[13,41] - Adjusted EBITDA rose by 77% to $129 million[13,41] - AFFO increased significantly by 759% to $28 million[13,41] Segment Results - America segment revenue grew by 44% to $303 million, driven by digital revenue growth of 111% to $114 million[10,14,16,41] - Airports segment revenue increased substantially by 156% to $100 million, with digital revenue up by 315% to $64 million[10,17,19,41] Capital Structure and Liquidity - Debt was reduced by $226 million, reaching $5067 billion[24] - Cash interest payments increased by $30 million to $121 million[24] Guidance - The company reaffirmed its full-year consolidated revenue guidance, expecting a 4% to 6% increase, reaching between $1570 billion and $1600 billion[10,31] - Full-year Adjusted EBITDA guidance is set between $490 million and $505 million, representing a 3% to 6% increase[31] - Full-year AFFO guidance is projected between $75 million and $85 million, indicating a 28% to 45% increase[31]