We expect Outfront's S&P Global Ratings-adjusted leverage of 5.7x as of March 31, 2025, will decline to around 5.6x by the end of 2025 as EBITDA growth is mostly offset by increased borrowings to support capital expenditures (capex) and dividends. We expect healthy demand for outdoor advertising and ongoing digital conversions will continue to support revenue growth in 2025, although we expect it will be tempered by weakening economic conditions. However, if economic conditions deteriorate or stagnate beyond our current expectations, the company's revenue and EBITDA generation will likely be weaker than our current forecast. Outfront has substantial exposure to more-volatile national advertising (45% of total revenue) given its presence in large U.S. markets and exposure to transit advertising, which
