San Antonio, TX, February 25, 2021 – Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today reported financial results for the quarter and year ended December 31, 2020.

•Revenue down 25.3% to $257.8 million.

•Segment Adjusted EBITDA1 down 35.4% to $94.2 million.

•Revenue down 17.9% to $268.4 million. Revenue, excluding movements in foreign exchange rates ("FX"), down 23.0% to $251.9 million.

•Segment Adjusted EBITDA1 down 43.2% to $37.0 million. Segment Adjusted EBITDA1, excluding movements in FX, down 46.9% to $34.6 million.

1     See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of this financial measure.

•Renegotiated contracts with landlords and municipalities to better align fixed site lease expenses with reductions in revenue;

•Cut compensation costs through reductions in salaries, bonuses and employee hours, as well as hiring freezes and furloughs;

•Executed on restructuring plans to reduce headcount throughout the Company;

•Obtained European governmental support and wage subsidies;

•Eliminated and reduced certain discretionary expenses;

•Deferred capital expenditures; and

•Deferred site lease and other payments to optimize working capital levels.

1See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

Americas: Revenue down 25.3%:

•Total digital revenue down 29.6% to $83.4 million; digital revenue from billboards & street furniture down 15.4% to $71.0 million

•Revenue from print billboards, airport displays, other transit displays and wallscapes down

•National sales down 27.3%; local sales down 24.0%

Europe: Revenue down 17.9%; excluding movements in FX, down 23.0%:

•Digital revenue down 14.2% to $91.8 million; digital revenue, excluding movements in FX, down 18.8% to $86.9 million

Other: Revenue down 79.3%; excluding movements in FX, down 76.4%:

•We sold our Clear Media business on April 28, 2020

•Revenue from our Latin America business was $15.2 million and $26.3 million for the three months ended December 31, 2020 and 2019, respectively, and $44.0 million and $89.6 million for the years ended December 31, 2020 and 2019, respectively.

1Direct operating and SG&A expenses as included throughout this earnings release refers to the sum of direct operating expenses (excluding depreciation and amortization) and selling, general and administrative expenses (excluding depreciation and amortization).

2Restructuring and other costs included within Direct operating and SG&A expenses were $8.2 million and $6.4 million during the three months ended December 31, 2020 and 2019, respectively, and $19.2 million and $15.3 million during the years ended December 31, 2020 and 2019, respectively. Included within restructuring and other costs for the year ended December 31, 2020 were severance costs of $12.1 million related to the restructuring plan to reduce headcount.

3See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

Americas: Direct operating and SG&A expenses down 16.8%:

•Lower site lease expenses related to lower revenue and renegotiated fixed lease expense

•Lower compensation costs from lower revenue and operating cost savings initiatives

•Lower direct production, maintenance and installation expenses driven by lower revenue and operating cost savings initiatives

Europe: Direct operating and SG&A expenses down 11.5%; excluding movements in FX, down 17.0%:

•Lower site lease expense related to lower revenue and renegotiated fixed lease expense

•Lower employee compensation expense from lower revenue, operating cost savings initiatives, and governmental support and wage subsidies

Other: Direct operating and SG&A expenses down 69.9%; excluding movements in FX, down 65.8%:

•We sold our Clear Media business on April 28, 2020

•Direct operating and SG&A expenses from our Latin America business were $15.1 million and $19.3 million for the three months ended December 31, 2020 and 2019, respectively, and $54.1 million and $70.2 million for the years ended December 31, 2020 and 2019, respectively.

1Restructuring and other costs included within corporate expenses were $3.1 million and $8.6 million during the three months ended December 31, 2020 and 2019, respectively, and $13.8 million and $27.7 million during the years ended December 31, 2020 and 2019, respectively. Included within restructuring and other costs for the year ended December 31, 2020 were severance costs of $2.5 million related to the restructuring plans to reduce headcount.

2See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for an explanation of this financial measure.

•Lower restructuring and other costs, primarily related to the Separation

•Impairment charges of $150.4 million recognized during the year ended December 31, 2020 due to expected negative impacts from COVID-19, as compared to $5.3 million of impairment charges recognized in 2019

•Gain of $75.2 million on sale of Clear Media recognized in second quarter of 2020

•Loss on extinguishment of debt of $5.4 million recognized during year ended December 31, 2020 as compared to $101.7 million recognized in 2019

•Income tax benefit of $25.0 million and $58.0 million recognized during the three and twelve months ended December 31, 2020, respectively, as compared to income tax expense of $13.4 million and $72.3 million recognized during the three and twelve months ended December 31, 2019, respectively

Adjusted EBITDA1:

1See “Supplemental Disclosure Regarding Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

2Our Latin America business represented $0.6 million and $6.9 million of Other Segment Adjusted EBITDA for the three months ended December 31, 2020 and 2019, respectively, and ($8.9) million and $19.5 million of Other Segment Adjusted EBITDA for the twelve months ended December 31, 2020 and 2019, respectively.

•Our Americas segment entered into a partnership with Bombora, the leading provider of business-to-business (“B2B”) intent data. In an out-of-home industry first, our Americas segment is integrating Bombora's data with the audience insights, demographics and location targeting provided by RADARView®, allowing advertisers to understand how each of our displays in the Americas impacts more than 100 B2B audience segments. This makes targeting the B2B customer more accessible and measurable during the pandemic and beyond. Reaching these audiences remains especially relevant as COVID continues to dramatically impact work behaviors, travel patterns and the traditional media channels used by B2B advertisers.

•Our Americas segment introduced The COVID-19 Recovery Resource Center, which is designed to help businesses reopen, rally and recover throughout the crisis. Leveraging data insights from RADARView®, the center is giving local and national advertisers access to curated portals of industry-leading data and insights, creative approaches, digital solutions and other strategies aimed at reigniting their businesses on the heels of the pandemic.

•Americas markets deployed 17 new digital billboards in the fourth quarter, for a total of more than 1,400 digital billboards at December 31, 2020. Our Americas segment had more than 2,000 digital billboards and street furniture displays at December 31, 2020.

•Clear Channel Italia was once again the winner of the ATAC bid for the license to manage advertising spaces on bus shelters, pole banners and stopping points across the city of Rome. The two-year license covers approximately 13,000 panels positioned in strategic points around the city.

•Clear Channel Spain was awarded a ten-year contract extension by the Regional Transport Consortium to manage and maintain outdoor advertising spanning bus shelters and bus stop posts across Madrid. The contract, which totals over 7,000 locations across key urban centers, includes digitization in key areas in Madrid and innovative sustainability solutions that are new to Spain.

•European markets added 545 new digital displays in the fourth quarter, for a total of more than 16,000 digital displays at December 31, 2020.

•Our Latin American markets had more than 700 digital displays at December 31, 2020.

1.Reflects net proceeds of $216.0 million from the sale of our Clear Media business, net of cash retained by Clear Media, received in the second quarter of 2020. In October 2020, we paid $23.3 million of taxes to the Chinese taxing authorities related to the sale.

1Other operating income, net, for the year ended December 31, 2020 includes a gain recognized on the sale of Clear Media of $75.2 million.

1As of December 31, 2020, the Company had $43.2 million of letters of credit outstanding and $1.8 million of excess availability under the Revolving Credit Facility and $62.4 million of letters of credit outstanding and $35.3 million of excess availability under the Receivables-Based Credit Facility. Access to availability under the Company's credit facilities is limited by the covenants relating to incurrence of secured indebtedness in the CCWH Senior Notes Indenture.

2On February 17, 2021, the Company issued $1.0 billion aggregate principal amount of 7.750% Senior Notes Due 2028. The Company plans to use the proceeds to redeem $940.0 million aggregate principal amount of its 9.25% Senior Notes due 2024.

3The current portion of long-term debt was $21.4 million and $20.3 million as of December 31, 2020 and December 31, 2019, respectively.

The Company will host a conference call to discuss results on February 25, 2021 at 8:30 a.m. Eastern Time. The conference call number is 877-665-6356 (U.S. callers) and 270-215-9897 (International callers), and the access code for both is 6592053. A live audio webcast of the conference call will also be available on the events section of the Clear Channel Outdoor Holdings, Inc. website (investor.clearchannel.com). After the live conference call, a replay of the webcast will be available for a period of 30 days on the recent events section of the Clear Channel Outdoor Holdings, Inc. website.