Lamar Advertising reports strong Q3 2026 results

Item 2.02. Results of Operations and Financial Condition.

On November 5, 2026 , Lamar Advertising Company announced via press release its results for the quarter ended September 30, 2026. A copy of Lamar's press release is hereby furnished to the Commission and incorporated by reference herein as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No.

Description

99.1 Press Release of Lamar Advertising Company, dated November 5, 2026, reporting Lamar's financial results for the quarter ended September 30, 2026.

104 Cover Page Interactive Data File - (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: November 5, 2026

LAMAR ADVERTISING COMPANY

By: /s/ Jay L. Johnson

Jay L. Johnson

Executive Vice President, Chief Financial Officer and Treasurer

5321 Corporate Boulevard

Baton Rouge, LA 70808

Lamar Advertising Company Announces

Third Quarter Ended September 30, 2026 Operating Results

Three Month Results

• Net revenues were $624.5 million

• Net income was $165.0 million

• Adjusted EBITDA was $306.9 million

Nine Month Results

• Net revenues were $1.77 billion

• Net income was $431.5 million

• Adjusted EBITDA was $836.5 million

Baton Rouge, LA – November 5, 2026 - Lamar Advertising Company (the "Company" or "Lamar") (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company's operating results for the third quarter ended September 30, 2026.

"Our sales growth accelerated in the third quarter, buoyed by demand from national customers, our digital platform and political spend," Lamar chief executive Sean Reilly said. "With those results in hand and a strong start to the fourth quarter, we are raising our guidance for full-year AFFO per diluted share to a range of $8.87 to $8.97."

Third Quarter Highlights

• Net revenues increased 6.6%

• Net income increased 14.5%

• Adjusted EBITDA increased 9.3%

• AFFO increased 10.1%

Third Quarter Results

Lamar reported net revenues of $624.5 million for the third quarter of 2026 versus $585.5 million for the third quarter of 2025, a 6.6% increase.¹ Operating income for the third quarter of 2026 increased $20.4 million to $209.4 million as compared to $189.1 million for the same period in 2025. Lamar recognized net income of $165.0 million for the third quarter of 2026 as compared to net income of $144.1 million for the same period in 2025, an increase of $20.9 million. Net income per diluted share was $1.59 and $1.40 for the three months ended September 30, 2026 and 2025, respectively.

Adjusted EBITDA for the third quarter of 2026 was $306.9 million versus $280.8 million for the third quarter of 2025, an increase of 9.3%².

Cash flow provided by operating activities was $284.1 million for the three months ended September 30, 2026 versus $235.7 million for the third quarter of 2025, an increase of $48.4 million. Free cash flow for the third quarter of 2026 was $220.1 million as compared to $189.2 million for the same period in 2025, a $30.9 million increase.

For the third quarter of 2026, funds from operations, or FFO, was $224.2 million versus $219.3 million for the same period in 2025, an increase of 2.2%. Adjusted funds from operations, or AFFO, for the third quarter of 2026 was $249.3 million compared to $226.5 million for the same period in 2025, an increase of 10.1%. Diluted AFFO per share increased 9.5% to $2.41 for the three months ended September 30, 2026 as compared to $2.20 for the same period in 2025.⁶

1

Acquisition-Adjusted Three Months Results

Acquisition-adjusted net revenue for the third quarter of 2026 increased 6.2% over acquisition-adjusted net revenue for the third quarter of 2025. Acquisition-adjusted EBITDA for the third quarter of 2026 increased 8.2% as compared to acquisition-adjusted EBITDA for the third quarter of 2025. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2025 period for acquisitions and divestitures for the same time frame as actually owned in the 2026 period. See "Reconciliation of Reported Basis to Acquisition-Adjusted Results", which provides reconciliations to GAAP for acquisition-adjusted measures.

Nine Month Results

Lamar reported net revenues of $1.77 billion for the nine months ended September 30, 2026 versus $1.67 billion for the nine months ended September 30, 2025, a 5.9% increase.³ Operating income for the nine months ended September 30, 2026 decreased $14.5 million to $563.5 million as compared to $578.0 million for the same period in 2025. Lamar recognized net income of $431.5 million for the nine months ended September 30, 2026 as compared to net income of $438.3 million for the same period in 2025, a decrease of $6.8 million.⁴ Net income per diluted share was $4.17 and $4.27 for the nine months ended September 30, 2026 and 2025, respectively.

Adjusted EBITDA for the nine months ended September 30, 2026 was $836.5 million versus $769.4 million for the same period in 2025, an increase of 8.7%⁵.

Cash flow provided by operating activities was $683.9 million for the nine months ended September 30, 2026 as compared to $592.9 million for the same period in 2025, an increase of $91.0 million. Free cash flow for the nine months ended September 30, 2026 was $591.2 million as compared to $509.4 million for the same period in 2025, an $81.8 million increase.

For the nine months ended September 30, 2026, funds from operations, or FFO, was $628.8 million versus $600.8 million for the same period in 2025, an increase of 4.6%. Adjusted funds from operations, or AFFO, for the nine months ended September 30, 2026 was $674.8 million compared to $616.1 million for the same period in 2025, an increase of 9.5%. Diluted AFFO per share increased 8.8% to $6.54 for the nine months ended September 30, 2026 as compared to $6.01 for the same period in 2025.⁷

Liquidity

As of September 30, 2026, Lamar had $721.1 million in total liquidity⁸ that consisted of $667.0 million available for borrowing under its revolving senior credit facility and $54.1 million in cash and cash equivalents. There