LAMAR ADVERTISING CO

Lamar Advertising Company is one of the largest outdoor advertising companies in the United States by number of displays, operating under the Lamar name since 1902. The company manages its business through three operating segments: billboard, logo, and transit advertising. It rents space for advertising on billboards, buses, shelters, benches, logo plates, and in airport terminals. Lamar provides integrated services, covering ad copy production, placement, and maintenance. As of December 31, 2025, Lamar owned and operated approximately 159,300 billboard advertising displays in 45 states and Canada. These include bulletins, which are large, illuminated structures on major highways targeting vehicular traffic, and posters, which are smaller structures on major traffic arteries and city streets targeting both vehicular and pedestrian traffic. Additionally, the company owned and operated approximately 5,500 digital billboard advertising displays in 43 states and Canada as of December 31, 2025, typically located on major traffic arteries and city streets. Lamar is the largest provider of logo signs in the United States, operating 24 of the 28 privatized state logo sign contracts. These signs, located near highway exits, advertise nearby gas, food, camping, lodging, and other attractions. As of December 31, 2025, the company operated over 144,400 logo sign advertising displays in 24 states and the province of Ontario, Canada. The company also rents advertising space on the exterior and interior of public transportation vehicles, in airport terminals, and on transit shelters and benches in over 80 markets. As of December 31, 2025, Lamar operated approximately 40,600 transit advertising displays in 23 states and Canada.