How much of H2 is already booked vs. short-lead demand, and if trends are equal in Q3/Q4.

Sean Reilly stated they are 85%-90% booked to goal for the period, with 10%-15% left to sell, and pacings are strong. “So we're booked to goal, we're booked at about 85% to 90%. So we still have 10% to 15% left to sell in the period for the period to hit all of our goals. And pacings are strong. We feel good about it.”

How Lamar views UPREITs versus other financing, and if it will be a common occurrence.

Sean Reilly explained UPREITs are an accretive acquisition tool, attractive for sellers due to tax efficiency, and they expect to do more of them, receiving increasing inbound queries. “We view it as -- number one, we're always going to do transactions that are accretive to AFFO per share... So we do see it happening more and more, and we're getting more and more inbound queries from folks in the billboard business that want to explore it.”

Breakdown of Q2 monthly revenue growth and the underlying organic growth assumption for the updated full-year guidance.

Jay Johnson detailed Q2 monthly growth: April 4.8%, May 5.5%, June 8%. Sean Reilly indicated full-year pro forma growth would be 'north of 5-ish'. “Well, Alexey, in terms of the cadence on top line growth in Q2, we just saw an acceleration in each month. We were at 4.8% in April. We went to about 5.5% in May and June was 8% top line growth.”

LAMR

Lamar (LAMR) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Real Estate· Aug 6, 2026

Source: earnings call transcript

Executive summary

Lamar Q2 FY26 — Strong Revenue Growth and Raised AFFO Guidance

Lamar Advertising delivered strong Q2 FY26 results, with acquisition-adjusted revenue and EBITDA exceeding internal forecasts, driven by broad-based growth across all business offerings and regions. The company raised its full-year AFFO guidance and recommended a dividend increase, reflecting confidence in continued momentum, particularly from digital and political advertising. Management also highlighted an active M&A pipeline, including UPREIT transactions, as a key growth driver.

Highlights

Acquisition-adjusted consolidated revenue grew 6.1% in Q2 FY26, the highest rate since Q2 FY22 and 21st consecutive quarter of growth.
Adjusted EBITDA increased 7.3% with a record EBITDA margin of 49.2% in Q2 FY26.
Full-year AFFO per share guidance raised to a range of $8.75 to $8.90, representing approximately 7% growth at the midpoint.
Quarterly dividend recommended to increase by $0.05 to $1.65 per share.
Digital revenue increased 15.4% year-over-year, now comprising 33.3% of total billboard revenues.

Concerns

Acquisition-adjusted consolidated expenses increased 5.1% in Q2, 150 basis points more than anticipated, though primarily driven by variable expenses tied to revenue growth.
Real estate and amusements advertising categories were slightly weaker in Q2.

Guidance & targets

Category	Target	Timeline	Confidence
Full year AFFO per share	$8.75 to $8.90 per share high materiality	FY26 · 2026	High
Quarterly dividend	$1.65 per share medium materiality	Q3 · 2026	High
Full year cash spend on M&A	easily exceed $200 million medium materiality	FY26 · 2026	High
Full year total CapEx	approximately $186 million medium materiality	FY26 · 2026	High
Full year maintenance CapEx	$65 million low materiality	FY26 · 2026	High
Full year cash taxes	around $12 million low materiality	FY26 · 2026	High
Full year total leverage	hover around 3 turns medium materiality	FY26 · 2026	High
Full year secured leverage	comfortably below 1x net debt-to-EBITDA low materiality	FY26 · 2026	High
Full year regular dividend	at least $6.50 per share medium materiality	FY26 · 2026	High
Political spend	low to mid-30s of millions medium materiality	FY26 · 2026	High
Revenue growth rates	in the same range as Q2 (6.1%) high materiality	Q3-Q4 FY26 · 2026	Medium
Expense growth	in the 4% range low materiality	FY26 · 2026	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Consolidated Highest rate of revenue growth since Q2 2022, and 21st consecutive quarter of revenue growth overall. Record EBITDA margin. EBITDA growth: 7.3% (acquisition-adjusted)EBITDA margin: 49.2%	—	6.1% (acquisition-adjusted)	—	—
Airports Outperformed, accelerating from 15.5% growth last quarter.	—	21.1% (acquisition-adjusted)	—	—
Billboard - Southwest Led billboard regions in top-line growth.	—	7.7%	—	—
Billboard - Atlantic Led billboard regions in top-line growth.	—	6.5%	—	—
Billboard - Local and Regional Grew for the 21st consecutive quarter. No year-over-year decline in over 5 years. % of billboard revenue: 77%	—	3.4%	—	—
Billboard - National and Programmatic Strongest increase since COVID rebound in 2021. % of total book of business: 22.7%% of billboard revenue: 23% (up from 18% last quarter)	—	nearly 16%	—	—

LAMR operating KPIs by quarter

LAMR operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Change vs prior quarter
Capital expenditures Maintenance	$9.3M On the capital expenditure front, total spend for the quarter was $33.1 million, including $9.3 million of maintenance CapEx. Source: earnings call transcript	$14.7M On the capital expenditure front, total spend for the quarter was $42.7 million, including $14.7 million of maintenance CapEx. Source: earnings call transcript	+58.1%
Digital spaces	5,657 We ended Q1 with 5,657 digital spaces, an increase of 104 over the year-end 2025. Source: earnings call transcript	5,730 We ended Q2 with 5,730 digital units in operation, an increase of 177 units over year-end 2025. Source: earnings call transcript	+1.3%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Orderbook & backlog

Booked revenue for H2 FY26 85% to 90% of goal Q2 FY26 call date

10% to 15% left to sell to hit goals; pacings are strong.

Deals & partnerships

Multiple (unnamed) Billboard acquisitions and purchases of easements beneath billboards. over $100 million

Spent through June 30 on nearly 30 billboard acquisitions and easements.

Unnamed seller UPREIT transaction mid-30s-ish

Second UPREIT transaction, smaller in size, demonstrating receptivity for this tax-efficient acquisition method. Expected to close next week.

Risks & headwinds

Expense growth outpacing expectations Q2 FY26

Acquisition-adjusted consolidated expenses increased 5.1% in Q2, 150 basis points more than anticipated.

Mitigation:Primarily driven by variable expenses (revenue share leases, sales commissions) tied to solid revenue growth, so viewed as a positive. Full-year expense growth expected around 4%.

Weakness in specific advertising categories Q2 FY26

Real estate and amusements were slightly weaker.

Mitigation:Offset by strength in service, political, retail, and financial categories.

What to watch in Q3 FY26

Full-year AFFO per share

Next quarter (Q3 FY26 results)

Current $8.75 to $8.90 (midpoint $8.825)

Target Achievement of guidance, potential for further raise

Why it matters

Core earnings metric, directly impacts dividend capacity and valuation.

With that in mind, we have raised our guidance for full year AFFO to a range of $8.75 to $8.90 per share.

Find out whether LAMR delivers this. Inve re-checks your case every morning.

Q&A highlights

Confirmation of second UPREIT transaction closing soon.

Sean Reilly confirmed the second UPREIT transaction is expected to close next week.

“Yes, we have -- we expect to close our second UPREIT transaction sometime next week.”

asked by Jonnathan Navarrete · answered by Sean Reilly

2 min read 5 chapters

Detailed narrative

Strong Q2 Performance Across Segments

Lamar reported acquisition-adjusted consolidated revenue growth of 6.1% and adjusted EBITDA growth of 7.3%, with a record EBITDA margin of 49.2%. This growth was broad-based, with increases across billboards, transit, airports, and logos, as well as all regions and both local and national levels. The airport business notably outperformed with 21.1% acquisition-adjusted revenue growth, accelerating from the prior quarter.

Digital and Programmatic Driving Growth

Digital revenue increased 15.4% year-over-year, now constituting 33.3% of total billboard revenues, and was the biggest driver of overall growth in Q2. Programmatic sales were a significant bright spot, growing over 50% and accounting for approximately 10% of digital billboard revenue.

This channel, along with national business, contributed to a nearly 16% increase in consolidated national and programmatic revenue, the sharpest increase since the COVID rebound in 2021.

Political Advertising Tailwinds

Political spend increased over $5 million year-over-year in Q2 and is running significantly ahead of the 2024 cycle, with expectations to reach low to mid-$30 million this year, compared to $29 million in 2024. Approximately half of this political spend is directed to the digital platform, providing a strong tailwind that is expected to continue into Q4.

Active M&A and UPREIT Strategy

The company spent over $100 million on nearly 30 billboard acquisitions and easements through June 30, with a full-year cash spend expected to exceed $200 million. Lamar is also actively pursuing UPREIT transactions, having closed one and expecting to close a second, smaller transaction in the mid-$30 million range, highlighting this as a tax-efficient and accretive acquisition strategy that they anticipate becoming more common.

Balance Sheet Strength and Capital Allocation

Lamar maintains a strong balance sheet with total leverage of 2.9x net debt-to-EBITDA, well within covenants, and over $1 billion in investment capacity. The company has $720 million in total liquidity. Management recommended a $0.05 increase in the quarterly dividend to $1.65 per share and anticipates a special dividend at year-end to distribute 100% of taxable income, consistent with past practice.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.