First-quarter results exceeded expectations, primarily driven by the robust recovery of national clients and the scaling of programmatic.

Key data: Revenue YoY +3.9% (acquisition-adjusted), EBITDA +5.2%, AFFO per share $1.72 (+7.5%).

Business progress: national revenue grew 5.8%, programmatic grew 25% to approximately $11 million; digital same-board revenue grew 5%, accounting for over 30%; completed 19 acquisitions totaling $80 million; airports (+15.5%) and logos (+6.3%) led the gains; political advertising pacing has already surpassed the 2024 presidential election year.

Management confirmed full-year AFFO guidance of $8.50-$8.70, but will raise it in August if the trend continues.

Highlights: Management's tone is extremely optimistic, stating that pacing in Q2 through Q4 is strong, and political advertising is historically surpassing a presidential election year for the first time; no explicit risk signals.