OUTFRONT Media Inc. 10-Q

Item 1. Financial Statements. OUTFRONT Media Inc. Consolidated Statements of Financial Position (Unaudited) As of (in millions) March 31, 2026 December 31, 2025 Assets: Current assets: Cash and cash equivalents $ 67.2 $ 99.9 Receivables, less allowance ($ 25.0 in 2026 and $ 23.2 in 2025) 294.3 365.7 Prepaid lease and transit franchise costs 2.6 5.1 Prepaid MTA equipment deployment costs (Note 17) 0.2 — Other prepaid expenses 25.6 21.9 Other current assets 11.6 11.1 Total current assets 401.5 503.7 Property and equipment, net (Note 3) 644.3 643.8 Goodwill 2,006.4 2,006.4 Intangible assets (Note 4) 603.6 612.0 Operating lease assets (Note 5) 1,553.8 1,521.5 Other assets 28.5 24.2 Total assets $ 5,238.1 $ 5,311.6 Liabilities: Current liabilities: Accounts payable $ 33.3 $ 50.2 Accrued compensation 42.4 72.3 Accrued interest 23.4 35.1 Accrued lease and franchise costs 62.7 72.2 Other accrued expenses 63.2 55.5 Deferred revenues 60.1 57.7 Short-term operating lease liabilities (Note 5) 179.5 172.9 Other current liabilities 27.6 29.4 Total current liabilities 492.2 545.3 Long-term debt, net (Note 8) 2,584.5 2,583.4 Asset retirement obligation (Note 6) 34.1 34.0 Operating lease liabilities (Note 5) 1,398.9 1,374.7 Other liabilities 39.2 40.3 Total liabilities 4,548.9 4,577.7 Commitments and contingencies (Note 17) Redeemable noncontrolling interests (Note 9) 25.8 22.0 Stockholders’ equity (Note 10): Common stock (2026 - 450.0 shares authorized, and 176.1 shares issued and outstanding; 2025 - 450.0 shares authorized, and 175.2 issued and outstanding) 1.8 1.8 Additional paid-in capital 2,604.6 2,619.3 Distribution in excess of earnings ( 1,944.6 ) ( 1,910.8 ) Accumulated other comprehensive loss 0.1 0.1 Total stockholders’ equity 661.9 710.4 Noncontrolling interests 1.5 1.5 Total liabilities and equity $ 5,238.1 $ 5,311.6 See accompanying notes to unaudited consolidated financial statements. 3 Table of Contents OUTFRONT Media Inc. Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (in millions, except per share amounts) 2026 2025 Revenues $ 429.6 $ 390.7 Expenses: Operating 227.5 221.3 Selling, general and administrative 107.3 114.7 Net loss on dispositions 1.0 0.1 Depreciation 20.7 23.6 Amortization 17.2 17.1 Total expenses 373.7 376.8 Operating income 55.9 13.9 Interest expense, net ( 36.0 ) ( 36.0 ) Income (loss) before provision for income taxes and equity in earnings of investee companies 19.9 ( 22.1 ) Provision for income taxes ( 0.4 ) ( 0.5 ) Equity in earnings of investee companies, net of tax ( 0.2 ) 1.9 Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 19.3 ( 20.7 ) Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests 0.2 ( 0.1 ) Net income (loss) attributable to OUTFRONT Media Inc. $ 19.1 $ ( 20.6 ) Net income (loss) per common share: Basic $ 0.11 $ ( 0.14 ) Diluted $ 0.11 $ ( 0.14 ) Weighted average shares outstanding: Basic 175.5 166.4 Diluted 177.1 166.4 See accompanying notes to unaudited consolidated financial statements. 4 Table of Contents OUTFRONT Media Inc. Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended March 31, (in millions) 2026 2025 Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests $ 19.3 $ ( 20.7 ) Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests 0.2 ( 0.1 ) Net income (loss) attributable to OUTFRONT Media Inc. 19.1 ( 20.6 ) Total comprehensive income (loss) $ 19.1 $ ( 20.6 ) See accompanying notes to unaudited consolidated financial statements. 5 Table of Contents OUTFRONT Media Inc. Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Unaudited) Stockholders’ Equity (in millions, except per share amounts) Redeemable Non-controlling Interests Shares of Series A Preferred Stock Series A Preferred Stock ($ 0.01 per share par value) Shares of Common Stock Common Stock ($ 0.01 per share par value) Additional Paid-In Capital Distribution in Excess of Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non-controlling Interests Balance as of December 31, 2024 $ 13.6 0.1 $ 119.8 166.0 $ 1.7 $ 2,493.6 $ ( 1,846.2 ) $ ( 0.1 ) $ 649.0 $ 1.6 Net loss ( 0.1 ) — — — — — ( 20.6 ) — ( 20.6 ) — Stock-based payments: Vested — — — 1.9 — — — — — — Amortization — — — — — 9.5 — — 9.5 — Shares paid for tax withholding for stock-based payments — — — ( 0.8 ) — ( 14.9 ) — — ( 14.9 ) — Series A Preferred Stock dividends ( 7 %) — — — — — — ( 2.2 ) — ( 2.2 ) — Dividends ($ 0.30 per share) — — — — — — ( 50.1 ) — ( 50.1 ) — Adjustment to redeemable value of noncontrolling interests 3.8 — — — — ( 3.8 ) — — ( 3.8 ) — Other 0.1 — — — — — — — — — Balance as of March 31, 2025 $ 17.4 0.1 $ 119.8 167.1 $ 1.7 $ 2,484.4 $ ( 1,919.1 ) $ ( 0.1 ) $ 566.9 $ 1.6 Balance as of December 31, 2025 $ 22.0 175.2 $ 1.8 $ 2,619.3 $ ( 1,910.8 ) $ 0.1 $ 710.4 $ 1.5 Net income 0.2 — — — 19.1 — 19.1 — Stock-based payments: Vested — 1.5 — — — — — — Amortization — — — 5.6 — — 5.6 — Shares paid for tax withholding for stock-based payments — ( 0.6 ) — ( 16.7 ) — — ( 16.7 ) — Dividends ($ 0.30 per share) — — — — ( 52.9 ) — ( 52.9 ) — Adjustment to redeemable value of noncontrolling interests 3.6 — — ( 3.6 ) — — ( 3.6 ) — Balance as of March 31, 2026 $ 25.8 176.1 $ 1.8 $ 2,604.6 $ ( 1,944.6 ) $ 0.1 $ 661.9 $ 1.5 See accompanying notes to unaudited consolidated financial statements. 6 Table of Contents OUTFRONT Media Inc. Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, (in millions) 2026 2025 Operating activities: Net income (loss) attributable to OUTFRONT Media Inc. $ 19.1 $ ( 20.6 ) Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests 0.2 ( 0.1 ) Depreciation and amortization 37.9 40.7 Stock-based compensation 5.6 9.5 Provision for doubtful accounts 2.2 1.5 Accretion expense 0.7 0.7 Net loss on dispositions 1.0 0.1 Equity in earnings of investee companies, net of tax 0.2 ( 1.9 ) Distributions from investee companies 0.3 0.3 Amortization of deferred financing costs and debt discount 1.4 1.5 Change in assets and liabilities, net of investing and financing activities: Decrease in receivables 69.2 45.3 Increase in prepaid MTA equipment deployment costs ( 0.2 ) — (Increase) decrease in prepaid expenses and other current assets ( 3.5 ) 0.8 Decrease in accounts payable and accrued expenses ( 57.1 ) ( 67.8 ) Increase in operating lease assets and liabilities 0.5 2.1 Increase in deferred revenues 2.4 16.7 Increase (decrease) in income taxes — 0.5 Other, net ( 4.6 ) 4.3 Net cash flow provided by operating activities 75.3 33.6 Investing activities: Capital expenditures ( 24.1 ) ( 17.2 ) Acquisitions ( 8.1 ) ( 5.7 ) MTA franchise rights ( 1.8 ) ( 4.0 ) Net proceeds from dispositions — 0.7 Investment in investee companies ( 4.0 ) — Return of investment in investee companies — 1.5 Net cash flow used for investing activities ( 38.0 ) ( 24.7 ) Financing activities: Proceeds from borrowings under short-term debt facilities — 50.0 Repayments of borrowings under short-term debt facilities — ( 10.0 ) Taxes withheld for stock-based compensation ( 16.6 ) ( 12.3 ) Dividends ( 53.4 ) ( 53.0 ) Net cash flow used for financing activities ( 70.0 ) ( 25.3 ) 7 Table of Contents OUTFRONT Media Inc. Consolidated Statements of Cash Flows (Continued) (Unaudited) Three Months Ended March 31, (in millions) 2026 2025 Net decrease in cash and cash equivalents ( 32.7 ) ( 16.4 ) Cash and cash equivalents at beginning of period 99.9 46.9 Cash and cash equivalents at end of period $ 67.2 $ 30.5 Supplemental disclosure of cash flow information: Cash paid for income taxes $ 0.4 $ — Cash paid for interest 47.1 46.2 Non-cash investing and financing activities: Accrued purchases of property and equipment $ 3.3 $ 13.4 Accrued MTA franchise rights 1.9 1.6 Taxes withheld for stock-based compensation 2.8 2.6 See accompanying notes to unaudited consolidated financial statements. 8 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Note 1. Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”) that provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”), enabling advertisers to engage with audiences in high-impact in-real-life moments and environments. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets. We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit . Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. Note 2. New Accounting Standards Adoption of New Accounting Standards In July 2025, the Financial Accounting Standards Board (the “FASB”) issued guidance in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. This guidance did not have an impact on our consolidated financial statements. Recent Pronouncements In December 2025, the FASB issued amendments to improve the guidance for interim reporting. The amendments clarify a list of disclosures that are required by U.S. GAAP and requires entities to disclose events since the end of the last annual reporting period that have a material effect on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We do not expect the amendments to have a significant impact on our interim financial reporting. In September 2025, the FASB issued amendments to guidance related to accounting for internal-use software. An entity is required to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. We do not expect the amendments to have an impact on our consolidated financial statements. In November 2024 and January 2025, the FASB issued guidance to improve disclosure of expenses by providing more detailed 9 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) information about specific expense categories included in commonly presented financial statement expense captions in the notes to the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This guidance does not change or remove current expense disclosure requirements and will not have any impact on our consolidated financial statements. We are evaluating the impact on our notes to the consolidated financial statements. Note 3. Property and Equipment, Net The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives March 31, 2026 December 31, 2025 Land $ 110.4 $ 110.4 Buildings 15 to 35 years 49.4 49.0 Advertising structures 3 to 20 years 1,750.4 1,743.4 Furniture, equipment and other 3 to 10 years 198.9 194.2 Construction in progress 28.4 29.6 2,137.5 2,126.6 Less: Accumulated depreciation 1,493.2 1,482.8 Property and equipment, net $ 644.3 $ 643.8 Depreciation expense was $ 20.7 million in the three months ended March 31, 2026, and $ 23.6 million in the three months ended March 31, 2025. Note 4. Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Impairment Net As of March 31, 2026: Permits and leasehold agreements $ 1,545.1 $ ( 996.7 ) $ — $ 548.4 Franchise agreements (a) 866.6 ( 330.8 ) ( 485.8 ) 50.0 Other intangible assets 18.1 ( 12.9 ) — 5.2 Total intangible assets $ 2,429.8 $ ( 1,340.4 ) $ ( 485.8 ) $ 603.6 As of December 31, 2025: Permits and leasehold agreements $ 1,538.1 $ ( 983.8 ) $ — $ 554.3 Franchise agreements (a) 909.0 ( 371.7 ) ( 485.8 ) 51.5 Other intangible assets 18.2 ( 12.0 ) — 6.2 Total intangible assets $ 2,465.3 $ ( 1,367.5 ) $ ( 485.8 ) $ 612.0 (a) We reclassified all Prepaid MTA equipment deployment costs and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit. In the three months ended March 31, 2026, we acquired 6 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $ 7.7 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 18.4 years. 10 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $ 17.2 million in the three months ended March 31, 2026, and $ 17.1 million in the three months ended March 31, 2025. Note 5. Leases Lessee The following table presents our operating lease assets and liabilities: As of (in millions, except years and percentages) March 31, 2026 December 31, 2025 Operating lease assets $ 1,553.8 $ 1,521.5 Short-term operating lease liabilities 179.5 172.9 Non-current operating lease liabilities 1,398.9 1,374.7 Weighted-average remaining lease term 10.9 years 10.8 years Weighted-average discount rate 6.4 % 6.4 % The components of our lease expenses were as follows: Three Months Ended March 31, (in millions) 2026 2025 Operating expenses $ 111.4 $ 109.4 Selling, general and administrative expenses 3.2 2.9 Variable costs 27.1 25.9 Cash paid for operating leases 122.2 133.0 Leased assets obtained in exchange for new operating lease liabilities 96.0 56.1 For each of the three months ended March 31, 2026 and 2025, sublease income related to office properties was immaterial. Lessor We recorded rental income of $ 296.2 million for the three months ended March 31, 2026, and $ 289.1 million for the three months ended March 31, 2025, in Revenues on our Consolidated Statement of Operations. Note 6. Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2025 $ 34.0 Accretion expense 0.7 Additions 0.1 Liabilities settled ( 0.7 ) As of March 31, 2026 $ 34.1 11 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Note 7. Related Party Transactions On January 18, 2023, we entered into a transaction with an affiliate of Providence Equity Partners L.L.C. (the “Providence Affiliate”) in connection with the Providence Affiliate’s purchase of a lease for certain outdoor advertising assets (the “Assets”) from a third-party seller. Pursuant to an agreement between us and the Providence Affiliate (the “Billboard Agreement”), we agreed to exclusively market, license and make advertising space available on the Assets to third-party advertisers for a term of up to ten years (the “Billboard Transaction”). In return, we will retain all revenues from the sale of advertising with respect to the Assets less the following payments to the Providence Affiliate or its payment designee, as applicable: (i) a minimum annual guarantee payment paid to the Providence Affiliate’s payment designee that increases from approximately $ 1.8 million to $ 3.5 million during the term of the Billboard Agreement; (ii) a minimum annual guarantee payment paid to the Providence Affiliate that increases from $ 8.5 million to $ 12.0 million by year six and adjusted for inflation thereafter through year ten; (iii) a percentage revenue share payment on gross revenues generated above $ 22.0 million paid to the Providence Affiliate during the term of the Billboard Agreement; (iv) a percentage revenue share payment on net revenues until $ 100.0 million is paid to the Providence Affiliate or its payment designee, as applicable; and (v) a one-time payment of $ 10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Billboard Transaction (the “Billboard Transaction Closing”) if we have not yet acquired the Assets as described below. The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option; (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party; and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment. As of March 31, 2026, operating lease assets related to the Billboard Agreement were $ 74.8 million , current operating lease liabilities related to the Billboard Agreement were $ 6.2 million and non-current operating lease liabilities related to the Billboard Agreement were $ 81.4 million , and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities , respectively, on the Consolidated Statements of Financial Position. Billboard revenues related to the Billboard Agreement were $ 2.3 million in the three months ended March 31, 2026, and $ 3.0 million in the three months ended March 31, 2025, and recorded in Revenues on the Consolidated Statement of Operations. Operating lease expenses related to the Billboard Agreement were $ 2.8 million in the three months ended March 31, 2026, and $ 3.0 million in the three months ended March 31, 2025, and recorded in Operating expenses on the Consolidated Statement of Operations. On February 17, 2026 , the Company entered into agreements with AdQuick, Inc. (“AdQuick”), pursuant to which, among other things, (i) AdQuick licenses its out-of-home sales cloud product to the Company for an initial non-cancellable three-year term (including a specified exclusivity period) for an annual fee of $ 17.0 million; and (ii) the Company invests up to $ 20.0 million in AdQuick, with approximately $ 4.0 million paid on February 17, 2026, and additional approximately $ 4.0 million payments made in four equal tranches, subject to the achievement of specified implementation milestones. We expect AdQuick to be a related party upon the achievement of, and payment with respect to, certain of these milestones. In the three months ended March 31, 2026, we recorded expense of $ 2.0 million within Selling, general and administrative expenses. The initial investment has been recorded as a cost method investment in Other assets on our Consolidated Statement of Financial Position. Joint Ventures Additionally, we have a 50 % ownership interest in one active joint venture that operates transit shelters in the greater Los Angeles area and two active joint ventures which operate a total of nine billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $ 8.6 million as of March 31, 2026, and $ 9.0 million as of December 31, 2025, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $ 0.6 million in each of the three months ended March 31, 2026 and 2025. 12 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Note 8. Debt Debt, net, consists of the following: As of (in millions, except percentages) March 31, 2026 December 31, 2025 Long-term debt: Term loan, due 2032 $ 499.3 $ 499.3 Senior secured notes: 7.375 % senior secured notes, due 2031 450.0 450.0 Senior unsecured notes: 5.000 % senior unsecured notes, due 2027 650.0 650.0 4.250 % senior unsecured notes, due 2029 500.0 500.0 4.625 % senior unsecured notes, due 2030 500.0 500.0 Total senior unsecured notes 1,650.0 1,650.0 Debt issuance costs ( 14.8 ) ( 15.9 ) Total long-term debt, net 2,584.5 2,583.4 Total debt, net $ 2,584.5 $ 2,583.4 Weighted average cost of debt 5.3 % 5.3 % Term Loan The interest rate on the term loan due in 2032 (the “Term Loan”) was 5.7 % per annum as of March 31, 2026. As of March 31, 2026, a discount of $ 0.7 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net , on the Consolidated Statement of Operations. Revolving Credit Facility We also have a $ 500.0 million revolving credit facility, which matures in 2030 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”). As of March 31, 2026, there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.4 million in the three months ended March 31, 2026, and $ 0.5 million in the three months ended March 31, 2025. As of March 31, 2026, we had issued letters of credit totaling approximately $ 5.1 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of March 31, 2026, we had issued letters of credit totaling approximately $ 67.2 million under our aggregate $ 81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2026 and 2025. Accounts Receivable Securitization Facility As of March 31, 2026, we have a $ 150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended. 13 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility. As of March 31, 2026, there were no outstanding borrowings under the AR Facility. As of March 31, 2026, borrowing capacity remaining under the AR Facility was $ 150.0 million based on approximately $ 351.4 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $ 0.1 million in each of the three months ended March 31, 2026 and 2025. Debt Covenants The Credit Agreement governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s, capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status and/or avoid incurring taxes, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness or grant additional liens. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.5 to 1.0. As of March 31, 2026, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 (subject to potential acquisition-related adjustments). As of March 31, 2026, our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 in accordance with the Credit Agreement. As of March 31, 2026, we are in compliance with our debt covenants. Deferred Financing Costs As of March 31, 2026, we had deferred $ 19.1 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes. Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are 14 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $ 2.6 billion as of both March 31, 2026, and December 31, 2025. The fair value of our debt as of both March 31, 2026, and December 31, 2025, is classified as Level 2. Note 9. Redeemable Noncontrolling Interests To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values. The redemption value of these interests, as of all periods presented, is classified as Level 3. (See Note 8. Debt: Fair Value .) Note 10. Equity As of March 31, 2026, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized; 176,051,409 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $ 0.01 per share, were authorized with no shares issued and outstanding. We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $ 300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. No shares were sold under the ATM Program during the three months ended March 31, 2026. As of March 31, 2026, we had approximately $ 232.5 million of capacity remaining under the ATM Program. On May 7, 2026 , we announced that our board of directors approved a quarterly cash dividend of $ 0.30 per share on our common stock payable on June 30, 2026 , to stockholders of record at the close of business on June 5, 2026 . Note 11. Revenues The following table summarizes revenues by source: Three Months Ended March 31, (in millions) 2026 2025 Billboard: Static displays $ 210.5 $ 206.9 Digital displays 97.9 92.3 Other (a) 24.5 11.5 Billboard revenues 332.9 310.7 Transit: Static displays 41.0 34.1 Digital displays 44.7 35.6 Other 9.3 8.0 Transit revenues 95.0 77.7 Other 1.7 2.3 Total revenues $ 429.6 $ 390.7 (a) In the first quarter of 2026, includes revenues related to condemnations of $ 13.5 million . Rental income was $ 296.2 million in the three months ended March 31, 2026, and $ 289.1 million in the three months ended March 31, 2025, and is recorded in Revenues on the Consolidated Statement of Operations. All revenues were generated in the U.S. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2025, during the three months ended March 31, 2026. 15 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Note 12. Restructuring Charges As of June 30, 2025, we completed a restructuring and reduction in force plan (the “Plan”). Restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position, as follows: (in millions) Severance, Employee Benefits, and Related Costs As of December 31, 2025 $ 6.6 Liabilities settled ( 2.0 ) As of March 31, 2026 $ 4.6 Note 13. Acquisitions Acquisitions We completed several asset acquisitions for a total purchase price of approximately $ 8.1 million in the three months ended March 31, 2026, and $ 5.7 million in the three months ended March 31, 2025. The value of the assets acquired has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Intangible Assets ). Note 14. Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months ended March 31, 2026 and 2025. Three Months Ended March 31, (in millions) 2026 2025 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 5.6 $ 9.5 Tax benefit ( 0.3 ) ( 0.4 ) Stock-based compensation expense, net of tax $ 5.3 $ 9.1 As of March 31, 2026, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $ 47.8 million, which is expected to be recognized over a weighted average period of 2.4 years. 16 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) RSUs and PRSUs The following table summarizes activity for the three months ended March 31, 2026, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2025 3,203,845 $ 15.76 Granted: RSUs 723,244 26.16 PRSUs 327,220 32.64 Vested: RSUs ( 1,017,858 ) 16.15 PRSUs ( 409,749 ) 15.95 Forfeitures: RSUs ( 9,066 ) 17.84 Non-vested as of March 31, 2026 2,817,636 20.05 Note 15. Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities as TRSs. As such, we have provided for their federal and state income taxes. Tax years 2022 to present are open for examination by the tax authorities. Our effective income tax rate represents a combined annual effective tax rate for federal, state and local taxes applied to interim operating results. In the three months ended March 31, 2026 and 2025, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, and the impact of state and local taxes. Note 16. Earnings Per Share (“EPS”) Three Months Ended March 31, (in millions) 2026 2025 Net income (loss) available for common stockholders $ 19.1 $ ( 20.6 ) Less: Distributions to holders of Series A Convertible Perpetual Preferred Stock — 2.2 Net income (loss) available for common stockholders, basic and diluted $ 19.1 $ ( 22.8 ) Weighted average shares for basic EPS 175.5 166.4 Dilutive potential shares from grants of RSUs and PRSUs 1.6 — Weighted average shares for diluted EPS (a)(b) 177.1 166.4 (a) The potential impact of 2.4 million granted RSUs and PRSUs in the three months ended March 31, 2025, were antidilutive. The potential antidilutive impact of granted RSUs and PRSUs in the three months ended March 31, 2026, was immaterial. (b) The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”) in the three months ended March 31, 2025, were antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock. 17 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Note 17. Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments and letters of credit. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations New York Metropolitan Transportation Authority (the “MTA”) Agreement We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. Under our current agreement with the MTA (as amended, the “MTA Agreement”): • Deployments . We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, which amounts are subject to the ability of the MTA to fulfill its pre-installation obligations under the MTA Agreement. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”). • Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. Recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $ 50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. All other deployment costs are subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the three months ended March 31, 2026. However, we do expect to recoup some equipment deployment costs throughout the remainder of the Amended Term (as defined below) of the MTA Agreement, beginning in 2026. • Payments . We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65 %) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero , then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5 % of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5 % from the prior year. • Term . In July 2021, we extended the initial 10 -year term of the MTA Agreement to a 13 -year base term (the “Amended Term”). We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions. 18 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) During the three months ended March 31, 2026, we had no recoupment from incremental revenues. As of March 31, 2026, 27,354 digital displays had been installed, composed of 5,015 digital advertising screens on subway and train platforms and entrances, 15,904 smaller-format digital advertising screens on rolling stock and 6,435 MTA communications displays. In the three months ended March 31, 2026, no installations occurred. We substantially completed our initial deployment in 2024, with the remaining deployment required under the MTA Agreement subject to satisfaction of various conditions and work to be performed by the MTA. We are currently only performing maintenance operations, and replacing damaged and broken displays. (in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization Reclassification Ending Balance Three months ended March 31, 2026: Prepaid MTA equipment deployment costs $ — $ 0.2 $ — $ — $ — $ 0.2 Intangible assets (franchise agreements) 27.4 1.2 — ( 1.5 ) — 27.1 Total $ 27.4 $ 1.4 $ — $ ( 1.5 ) $ — $ 27.3 Year Ended December 31, 2025: Other current assets $ 1.1 $ ( 0.2 ) $ ( 0.9 ) $ — $ — $ — Intangible assets (franchise agreements) 10.8 20.3 — ( 3.7 ) — 27.4 Total $ 11.9 $ 20.1 $ ( 0.9 ) $ ( 3.7 ) $ — $ 27.4 AdQuick, Inc. Agreement On February 17, 2026 , the Company entered into agreements with AdQuick, Inc. (“AdQuick”), pursuant to which, among other things, (i) AdQuick licenses its out-of-home sales cloud product to the Company for an initial non-cancellable three-year term (including a specified exclusivity period) for an annual fee of $ 17.0 million; and (ii) the Company invests up to $ 20.0 million in AdQuick, with approximately $ 4.0 million paid on February 17, 2026, and additional approximately $ 4.0 million payments made in four equal tranches, subject to the achievement of specified implementation milestones. Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of March 31, 2026, the outstanding letters of credit were approximately $ 72.3 million and outstanding surety bonds were approximately $ 109.0 million, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows. Note 18. Segment Information We have identified our Chief Executive Officer as the chief operating decision maker for purposes of determining segments. We currently manage our operations through two reportable operating segments—(1) Billboard, which provides advertising space on billboard advertising structures and sites in the U.S., and (2) Transit , which provides advertising space on transit advertising displays operating under exclusive multi-year contracts with municipalities in large cities across the U.S. Included in Other are operating results for third-party digital equipment sales, which does not meet the criteria to be a reportable segment. 19 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) The following tables set forth our financial performance by segment. We present Operating income (loss) before Depreciation , Amortization , Net loss on dispositions and Stock-based compensation (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Adjusted OIBDA margin is a secondary measure utilized to measure performance of our operating segments. Our chief operating decision maker utilized Adjusted OIBDA and Adjusted OIBDA margin in evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. We believe these measures highlight operational trends and provide an important perspective on operational performance across periods. Three Months Ended March 31, (in millions, except percentages) 2026 2025 Billboard : Billboard revenues $ 332.9 $ 310.7 Billboard property lease (a) ( 111.3 ) ( 109.2 ) Posting, maintenance and other (a) ( 37.1 ) ( 35.7 ) Significant Billboard segment operating expenses (a) ( 148.4 ) ( 144.9 ) Significant Billboard segment selling, general and administrative (b) ( 68.1 ) ( 66.8 ) Billboard Adjusted OIBDA $ 116.4 $ 99.0 Billboard Adjusted OIBDA margin 35.0 % 31.9 % Transit : Transit revenues $ 95.0 $ 77.7 Transit franchise (a) ( 59.7 ) ( 58.0 ) Posting, maintenance and other (a) ( 17.9 ) ( 16.6 ) Significant Transit segment operating expenses (a) ( 77.6 ) ( 74.6 ) Significant Transit segment selling, general and administrative (b) ( 18.8 ) ( 17.3 ) Transit Adjusted OIBDA $ ( 1.4 ) $ ( 14.2 ) Transit Adjusted OIBDA margin ( 1.5 ) % ( 18.3 ) % Total segments: Segment revenues $ 427.9 $ 388.4 Billboard property lease (a) ( 111.3 ) ( 109.2 ) Transit franchise (a) ( 59.7 ) ( 58.0 ) Posting, maintenance and other (a) ( 55.0 ) ( 52.3 ) Significant segment operating expenses (a) ( 226.0 ) ( 219.5 ) Significant segment selling, general and administrative (b) ( 86.9 ) ( 84.1 ) Segment Adjusted OIBDA $ 115.0 $ 84.8 20 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Three Months Ended March 31, (in millions) 2026 2025 Reconciliation to net income (loss): Segment Adjusted OIBDA $ 115.0 $ 84.8 Non-segment Adjusted OIBDA ( 14.6 ) ( 20.6 ) Total Adjusted OIBDA 100.4 64.2 Net loss on dispositions ( 1.0 ) ( 0.1 ) Depreciation ( 20.7 ) ( 23.6 ) Amortization ( 17.2 ) ( 17.1 ) Stock-based compensation ( 5.6 ) ( 9.5 ) Total operating income 55.9 13.9 Interest expense, net ( 36.0 ) ( 36.0 ) Income (loss) before provision for income taxes and equity in earnings of investee companies 19.9 ( 22.1 ) Provision for income taxes ( 0.4 ) ( 0.5 ) Equity in earnings of investee companies, net of tax ( 0.2 ) 1.9 Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 19.3 ( 20.7 ) Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests 0.2 ( 0.1 ) Net income (loss) attributable to OUTFRONT Media Inc. $ 19.1 $ ( 20.6 ) Revenues $ 429.6 $ 390.7 Billboard property lease (a) $ ( 111.3 ) $ ( 109.2 ) Transit franchise (a) ( 59.7 ) ( 58.0 ) Posting, maintenance and other (a) ( 56.5 ) ( 54.1 ) Operating expenses ( 227.5 ) ( 221.3 ) Selling, general and administrative (b) ( 107.3 ) ( 114.7 ) Stock-based compensation 5.6 9.5 Adjusted OIBDA $ 100.4 $ 64.2 (a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (b) Selling, general and administrative expenses includes, but is not limited to, compensation and benefits, including commissions, professional fees, office rent and travel and entertainment. 21 Table of Contents OUTFRONT Media Inc. Notes to Consolidated Financial Statements (Unaudited) Other disclosures (a) : Three Months Ended March 31, (in millions) 2026 2025 Revenues (b) : United States $ 429.6 $ 390.7 As of March 31, 2026 December 31, 2025 Long-lived Assets (c) : United States $ 4,823.9 $ 4,798.8 (a) Total assets and capital expenditures by segment are not regularly provided or reviewed by the chief operating decision maker. These metrics are reviewed and managed on a consolidated basis. (b) Revenues classifications are based on the geography of the advertising. (c) Reflects total assets less current assets, investments and non-current deferred tax assets. 22 Table of Contents