Core Insights - American Tower Corporation (AMT) reported Q3 2025 adjusted funds from operations (AFFO) of $2.78 per share, exceeding the Zacks Consensus Estimate of $2.62 and up from $2.64 in the prior year [1][8] - Total revenues for the quarter reached $2.72 billion, surpassing the Zacks Consensus Estimate of $2.65 billion, and reflecting a year-over-year increase of 7.7% [2][8] - The stock experienced a decline of approximately 2% in early trading despite the positive earnings report [1] Financial Performance - AMT's adjusted EBITDA was $1.82 billion, representing a 7.6% increase from the previous year, with an adjusted EBITDA margin of 66.8% [3] - Property operations generated revenues of $2.62 billion, up 5.9% year-over-year, with total operating profit at $1.83 billion and an operating profit margin of 70% [4] - Service operations revenues significantly increased to $101 million from $52 million in the prior year, with an operating profit margin of 41% [5] Cash Flow and Liquidity - The company generated $1.46 billion in cash from operating activities, a slight decrease of 0.6% year-over-year, while free cash flow was $984 million, down 5.1% [6] - As of September 30, 2025, AMT had total liquidity of $10.7 billion, including $2.0 billion in cash and cash equivalents and $8.7 billion available under revolving credit facilities [6] Guidance and Outlook - AMT raised its 2025 guidance for total property revenues to a range of $10,210-$10,290 million, up from the previous range of $10,135-$10,285 million [7] - Adjusted EBITDA guidance was revised to $7,058-$7,113 million, and AFFO attributable to common stockholders is now expected in the range of $4,973-$5,028 million [9] - The AFFO per share guidance was also increased to $10.60-$10.72, compared to the prior range of $10.46-$10.65 [10] Market Position - AMT currently holds a Zacks Rank 2 (Buy), indicating a favorable outlook in the market [11]

Core Insights - American Tower (AMT) reported a revenue of $2.72 billion for the quarter ended September 2025, reflecting a year-over-year increase of 7.7% and surpassing the Zacks Consensus Estimate by 2.43% [1] - The earnings per share (EPS) for the quarter was $2.78, a significant increase from $0.89 in the same quarter last year, exceeding the consensus EPS estimate by 6.11% [1] Financial Performance - The total operating revenues for Data Centers were reported at $267 million, slightly below the average estimate of $268.01 million, but still showing a year-over-year growth of 14.1% [4] - Total operating revenues for Services reached $101.1 million, significantly exceeding the average estimate of $58.18 million, marking a year-over-year increase of 94.4% [4] - Total Property revenues amounted to $2.62 billion, surpassing the average estimate of $2.59 billion, with a year-over-year growth of 5.9% [4] Geographic Revenue Breakdown - Geographic revenues from Total International were $1.03 billion, exceeding the average estimate of $1.01 billion, with a year-over-year change of 12.3% [4] - U.S. & Canada geographic revenues were reported at $1.32 billion, matching the average estimate and showing a slight year-over-year increase of 0.1% [4] - Africa & APAC revenues reached $371 million, surpassing the average estimate of $361.43 million, with a year-over-year growth of 24.9% [4] - Latin America revenues were $417 million, closely aligning with the average estimate of $417.27 million, reflecting a year-over-year increase of 3.5% [4] - European revenues were reported at $244 million, exceeding the average estimate of $238.1 million, with a year-over-year change of 14.6% [4] Stock Performance - American Tower's shares have returned -2.5% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.6% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - Total revenue grew nearly 8% year-over-year, driven by steady consolidated organic growth in the mid-single digits and strong contributions from U.S. services and CoreSite [15][16] - Adjusted EBITDA also grew nearly 8% year-over-year, complemented by 20 basis points of cash margin expansion [15] - Attributable AFFO per share as adjusted grew approximately 10% year-over-year, supported by robust EBITDA growth and disciplined management of below-the-line costs [15][16] Business Line Data and Key Metrics Changes - Consolidated property revenue grew nearly 6% year-over-year, with U.S. and Canada property revenue flat year-over-year and international property revenue growing approximately 12% year-over-year [16][17] - Data center property revenue grew over 14%, driven by record retail new leasing and consistent pricing growth [16][17] - Consolidated organic tenant billings growth was 5%, with U.S. and Canada segment growing approximately 4% organically [17] Market Data and Key Metrics Changes - Mobile data consumption in the U.S. increased approximately 35% year-over-year, indicating a strong demand for mobile data and a need for increased network capacity [8][9] - Approximately 75% of the company's towers have been upgraded with 5G equipment, with significant growth opportunities remaining as carriers complete their 5G rollouts [10] - International markets, especially in Africa and APAC, showed double-digit growth, while Europe and Latin America experienced steady mid-single-digit and low-single-digit growth, respectively [17] Company Strategy and Development Direction - The company focuses on four strategic priorities: optimizing long-term value creation, maximizing organic growth, expanding margins, and disciplined capital allocation [12][13] - The company aims to leverage its unmatched portfolio of assets to benefit from increasing mobile data consumption and demand for interconnection-rich data centers [11][24] - The capital allocation philosophy prioritizes dividends, internal CapEx, and evaluating M&A opportunities against share buybacks [65][68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry landscape, highlighting the benefits of carrier consolidation and increased mobile data consumption [6][9] - The company raised its full-year outlook across key financial metrics, supported by FX tailwinds and U.S. services outperformance [15][16] - Management noted that the demand for mobile data will require a doubling in overall network capacity over the next five years, driving robust levels of leasing activity [8][9] Other Important Information - The company reached a positive interim agreement with AT&T Mexico regarding previously withheld payments, which will resume monthly payments going forward [20] - The arbitration regarding the legal dispute with AT&T Mexico is scheduled for August 2026, with expectations of future reserves until the arbitration is settled [21] Q&A Session Summary Question: Services revenue continues to come in above expectations. How does that factor into deployments in 2026? - Management noted a healthy pipeline of activity in services, indicating robust carrier activity and a continued build-out of 5G networks [26][27] Question: How are you thinking about the relevance of your tower portfolio for supporting higher frequency bands? - Management expressed excitement about new spectrum bands coming to market, emphasizing that towers will be essential for deploying these bands [31][32] Question: Can you provide details on the cost optimization program? - Management highlighted that cost efficiencies are a strategic priority, with incremental improvements expected rather than a step function change [42][44] Question: What is the outlook for the data center business? - Management indicated sustained double-digit growth is possible, driven by increased demand for hybrid cloud deployments [48][50] Question: How do you view the potential impact of new spectrum sales on densification demand? - Management stated that more spectrum typically leads to network augmentations, which are monetizable events, and emphasized the need for densification over time [71][73]

Financial Data and Key Metrics Changes - Total revenue grew nearly 8% year over year, driven by steady consolidated organic growth in the mid-single digits and strong contributions from U.S. services and CoreSite [18][19] - Adjusted EBITDA also grew nearly 8% year over year, complemented by 20 basis points of cash margin expansion [18] - Attributable AFFO per share as adjusted grew approximately 10% year over year, supported by robust EBITDA growth and disciplined management of below-the-line costs [18][20] Business Line Data and Key Metrics Changes - Consolidated property revenue grew nearly 6% year over year, with U.S. and Canada property revenue flat year over year but growing approximately 5% when excluding non-cash straight-line revenue and Sprint churn [19][20] - International property revenue grew approximately 12% year over year, and data center property revenue grew over 14%, driven by record retail new leasing and consistent pricing growth [19][20] Market Data and Key Metrics Changes - Mobile data consumption in the U.S. increased approximately 35% year over year, indicating a strong demand for mobile data and necessitating a doubling of overall network capacity over the next five years [10][11] - Approximately 75% of the company's towers have been upgraded with 5G equipment, with significant growth opportunities remaining as carriers complete their 5G rollouts [12] Company Strategy and Development Direction - The company focuses on four strategic priorities: optimizing long-term value creation, maximizing organic growth, expanding margins, and disciplined capital allocation [14][16] - The company is well-positioned to benefit from demand drivers across its tower and data center businesses, with a strong emphasis on operational excellence and cost efficiency [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry landscape, highlighting the benefits of carrier consolidation and the increasing demand for mobile data [9][10] - The company raised its full-year outlook across key financial metrics, supported by FX tailwinds, U.S. services outperformance, and net interest benefits [19][21] Other Important Information - The company has executed $28 million in share repurchases since the quarter-end and maintains a strong balance sheet with net leverage below five times [16][25] - The company expects to distribute approximately $3.2 billion to shareholders as a common dividend in 2025, subject to board approval [25] Q&A Session Summary Question: Services revenue performance and deployment expectations - Management noted a healthy pipeline of activity in services, indicating robust carrier activity and a positive outlook for 2026 [33][34] Question: Impact of new spectrum auctions on tower portfolio - Management expressed excitement about new spectrum bands coming to market, emphasizing that towers will be essential for deploying these higher frequency bands [36][37] Question: CoreSite pre-leasing share decline - Management clarified that the decline in pre-leasing was due to transitioning construction projects into service, not a slowdown in demand [41][43] Question: Cost optimization program details - Management highlighted ongoing efforts to improve cost efficiencies, with expectations for incremental improvements rather than a step function change [51][52] Question: EchoStar contract and future contributions - Management confirmed that EchoStar is current on payments and emphasized the importance of defending the contract through 2036 [69][70] Question: Capital allocation strategy - Management reiterated a disciplined approach to capital allocation, prioritizing dividends, internal CapEx, and evaluating M&A opportunities against share buybacks [71][74]

分组1 - American Tower reported quarterly funds from operations (FFO) of $2.78 per share, exceeding the Zacks Consensus Estimate of $2.62 per share, and up from $2.64 per share a year ago, representing an FFO surprise of +6.11% [1] - The company achieved revenues of $2.72 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.43%, compared to year-ago revenues of $2.52 billion [2] - Over the last four quarters, American Tower has surpassed consensus FFO estimates two times and topped consensus revenue estimates four times [2] 分组2 - The stock has added about 3.5% since the beginning of the year, while the S&P 500 has gained 16.9%, indicating underperformance relative to the market [3] - The current consensus FFO estimate for the coming quarter is $2.61 on revenues of $2.67 billion, and for the current fiscal year, it is $10.58 on revenues of $10.5 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

Core Viewpoint - American Tower exceeded Wall Street expectations for third-quarter revenue, driven by strong demand for data centers and significant spending from telecom companies on network coverage [1] Group 1 - American Tower reported better-than-expected revenue for the third quarter [1] - The growth was supported by robust demand for data centers [1] - Telecom companies increased their spending on network coverage, contributing to the revenue boost [1]

Q3 2025 Financial Performance - Total property revenue increased by 5.9% year-over-year to $2616 million, or 4.2% on an FX-Neutral basis[5] - Total revenue increased by 7.7% year-over-year to $2717 million, or 6.1% on an FX-Neutral basis[5] - Net income attributable to AMT common stockholders was $853 million, a 207.7% increase compared to a loss of $792 million in Q3 2024[5] - Adjusted EBITDA increased by 7.6% year-over-year to $1816 million, or 6.2% on an FX-Neutral basis[5] - AFFO attributable to AMT common stockholders increased by 5.3% year-over-year to $1303 million, or 3.9% on an FX-Neutral basis[5] - AFFO attributable to AMT common stockholders, as adjusted, increased by 10.4% year-over-year to $1303 million, or 8.8% on an FX-Neutral basis[5] Updated 2025 Outlook - The company is raising its property revenue outlook midpoint by $40 million to $10250 million, primarily due to FX tailwinds[21] - The company is raising its Adjusted EBITDA outlook midpoint by $45 million to $7085 million, primarily due to FX tailwinds and U S Services outperformance[25] - The company is raising its Attributable AFFO outlook midpoint by $50 million to $5000 million, primarily due to FX tailwinds, conversion of topline growth and net interest benefits[28] Capital Allocation - The company is targeting a common dividend declaration of approximately $32 billion[32, 35] - Discretionary capital projects are allocated as follows: U S Data Centers ~40%, U S & Canada ~25%, Europe ~15%, and Emerging Markets ~20%[32]

American Tower REIT swung to a third-quarter profit on strong revenue growth and ratcheted up its 2025 earnings projection. ...

Exhibit 99.1 Contact: Spencer Kurn Senior Vice President, Investor Relations Telephone: (617) 375-7517 AMERICAN TOWER CORPORATION REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS CONSOLIDATED HIGHLIGHTS (1)(2) Third Quarter 2025 Boston, Massachusetts – October 28, 2025: American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended September 30, 2025. Steven Vondran, American Tower's Chief Executive Officer, stated, "We delivered another strong quarter, resulting in mid-to-high si ...

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