Lamar Advertising Co. J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Lamar Advertising Co. J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Lamar Advertising Co. Neutral

LAMR, LAMR US

J.P. Morgan TMC Conference Takeaways Price (18 May 26):$147.49

Media, Entertainment and

Advertising

David Karnovsky, CFA AC

Sean Reilly, President & CEO of Lamar Advertising, presented at the J.P. Morgan (1-212) 622-1206

david.karnovsky@jpmorgan.com

TMC Conference today. See below for our takeaways:

Alexey Philippov, CFA

• OOH industry is strong across the board. CEO Reilly called out political, (1-212)alexey.philippov@jpmorgan.com622-0810

national and pharma as drivers behind the outperformance YTD, while framing

broad-based strength across categories. Political ad spending is on track to Douglas Wardlaw

(1-212) 622 4885

grow double-digits over 2024 this midterm cycle, unlike a typical drop-off vs. douglas.wardlaw@jpmchase.com

presidential years. Notably, 65% of what LAMR codes as political is driven by

Kiscada A Hastings

advocacy advertising rather than traditional candidate-vs.-candidate spending, (1-212) 622-0226

which Reilly believes could signal a structural durability during off-cycle kiscada.hastings@jpmchase.com

years. National advertising, a headwind 18 months ago, has flipped to a J.P. Morgan Securities LLC

tailwind, driven by the return of auto insurance buyers, new telecom

customers, and pharma. Local remains steady, pacing above overall platform

growth last year, led by the services vertical (21% of the book, ~60%

attorneys). Lamar’s discussions with advertising agencies at the OAAA

conference last week suggest that the buy-side does not expect any slowdown

into the back half of the year. Programmatic (+25% y/y in 1Q) is also

supporting topline and helps attract new and return old customers.