OUT

• Commodity price risk arises mainly from electricity costs for digital and static billboard displays.
• The company does not use derivatives for commodity risk but has fixed-rate electricity contracts covering 10.7% of 2025 utility costs, expiring through June 2029.
• Interest rate risk stems from a $500.0 million variable-rate Term Loan at 5.4% and $100.0 million drawn on the AR Facility at 5.0%.
• A 0.25% rate change on the Term Loan would alter annualized interest expense by about $1.3 million; the same change on the AR Facility would shift it by roughly $0.3 million.
• No derivatives are currently used to hedge interest rate or credit risk, though future use is possible.
• Credit risk is deemed limited due to a broad customer base and ongoing credit evaluations, with allowances considered adequate.

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.

We have disclosed the risk factors affecting our business, results of operations and financial condition in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. There have been no material changes from the risk factors previously disclosed.