February 4, 2026 Fourth Quarter 2025 Earnings Conference Call 1 The pathway to possible. PAGE Fourth Quarter 2025 Earnings Conference Call Cautionary Language 2. Midpoint of Outlook range as issued on March 13, 2025. 3. Midpoint of Outlook range as issued on October 22, 2025. 3 Fourth Quarter 2025 Earnings Conference Call PAGE This presentation contains forward-looking statements and information ("Forward-Looking Statements") that are based on our management's current expectations. Statements that are not h ...

Financial Impact - Crown Castle Inc. issued a notice of default and termination to DISH Wireless L.L.C. regarding the Master Lease Agreement, but does not expect this to impact financial results for the full year 2025 [5] - The company anticipates that the termination of agreements with DISH will not materially affect its financial performance [7]

Core Insights - Crown Castle Inc. reported its full year 2025 results, showing a net income of $444 million, a significant recovery from a loss of $3.9 billion in 2024, primarily due to the absence of a goodwill impairment charge recorded in the previous year [9][18] - The company provided its outlook for 2026, expecting site rental revenues to decline by 5% to approximately $3.85 billion, alongside a projected net income of $780 million, reflecting a 76% increase from 2025 [2][11] Financial Performance - Site rental revenues for 2025 were $4.049 billion, down 5% from 2024, impacted by Sprint cancellations and a decrease in amortization of prepaid rent [2][6] - Adjusted EBITDA for 2025 was $2.863 billion, a decrease of 6% from the previous year, attributed to lower site rental revenues [9][18] - The company’s AFFO for 2025 was $1.904 billion, or $4.36 per share, representing a 4% decrease from 2024 [9][18] Operational Changes - Crown Castle plans to reduce its tower and corporate workforce by approximately 20%, aiming for $65 million in annualized operating cost savings [3][13] - The company is reaffirming its capital allocation framework, with plans to maintain its dividend at $4.25 per share [3][8] Future Outlook - For 2026, the company anticipates organic growth of approximately 3.5%, excluding the impacts of DISH revenues and Sprint cancellations [3][18] - The expected impact from DISH terminations and Sprint cancellations is projected to be $240 million for 2026 [18] - Crown Castle plans to repurchase approximately $1 billion of shares and repay around $7 billion of debt following the anticipated sale of its Fiber Business [8][13] Market Position - Crown Castle operates approximately 40,000 cell towers and 90,000 route miles of fiber, providing essential infrastructure for wireless services across major U.S. markets [23]

Core Viewpoint - Crown Castle (CCI) is expected to report a significant decline in quarterly earnings and revenues, indicating potential challenges ahead for the company [1]. Earnings Estimates - Wall Street analysts predict quarterly earnings of $1.07 per share, reflecting a decline of 40.6% year-over-year [1]. - The consensus EPS estimate has been adjusted downward by 2.2% over the past 30 days, indicating a reassessment of projections by analysts [2]. Revenue Forecasts - Revenues are forecasted to be $1.05 billion, representing a year-over-year decrease of 36.4% [1]. - Specific revenue segments are projected as follows: - 'Revenues- Services and other' estimated at $50.40 million, a change of -3.1% from the previous year [5]. - 'Revenues- Site rental' expected to reach $1.01 billion, indicating a decline of -36.9% from the prior-year quarter [5]. Gross Margin Predictions - Analysts project 'Services and other- Gross margin' to be $21.43 million, down from $25.00 million year-over-year [5]. - 'Site rental- Gross margin' is expected to be $759.78 million, compared to $1.17 billion reported in the same quarter last year [6]. Cost Estimates - 'Depreciation, amortization and accretion' is estimated at $189.56 million [6]. - 'Costs of operations- Services and other' likely to reach $25.16 million [6]. - 'Costs of operations- Site rental' is projected at $251.32 million [7]. Market Performance - Shares of Crown Castle have decreased by -3.9% over the past month, contrasting with a +1.8% increase in the Zacks S&P 500 composite [7]. - The company holds a Zacks Rank 4 (Sell), suggesting it is expected to underperform the overall market in the near future [7].

Core Viewpoint - Crown Castle Inc. has announced year-end tax reporting information for its 2025 distributions, providing detailed breakdowns of the nature of distributions paid to shareholders [1] Distribution Summary - For the calendar year ended December 31, 2025, Crown Castle made several cash distributions to holders of its Common Stock, with specific amounts detailed for each payment date [2] - The distributions included ordinary taxable dividends, qualified taxable dividends, Section 199A dividends, and non-taxable distributions, with the following per share amounts: - March 31, 2025: $1.565000 total, with $1.292363 as ordinary taxable, $0.029189 as qualified taxable, $1.263174 as Section 199A, and $0.272637 as non-taxable [2] - June 30, 2025: $1.062500 total, with $0.877403 as ordinary taxable, $0.019817 as qualified taxable, $0.857586 as Section 199A, and $0.185097 as non-taxable [2] - September 30, 2025: Same as June [2] - December 31, 2025: Same as June [2] - There were no Unrecaptured Section 1250 Gain and no long-term capital gain reported for the year [3] Company Overview - Crown Castle owns and operates approximately 40,000 cell towers and around 90,000 route miles of fiber, supporting small cells and fiber solutions across major U.S. markets [4] - The company's infrastructure connects cities and communities to essential data, technology, and wireless services, facilitating the flow of information and innovations [4]

Company Overview - Crown Castle Inc. owns, operates, and leases approximately 40,000 cell towers and around 90,000 route miles of fiber, supporting small cells and fiber solutions across every major U.S. market [3] Upcoming Financial Results - Crown Castle plans to release its fourth quarter 2025 results on February 4, 2026, after the market closes [1] - A conference call is scheduled for February 4, 2026, at 4:30 p.m. eastern time to discuss the results [1] Conference Call Details - The conference call will be accessible via a live audio webcast on the Crown Castle website [2] - Participants can join the call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time [2] - A replay of the webcast will be available on the Investor page of Crown Castle's website until the end of the day on February 4, 2027 [2]

Core Insights - Listed infrastructure underperformed global equities in Q4, despite two cuts in short-term rates in the U.S., due to higher long-term bond yields and a prevailing higher-for-longer sentiment [3] - European utilities outperformed U.S. utilities, aided by improving regulations, while renewables benefited from their increasing relevance in AI and policy derisking [3] Sector Performance - Underperforming sectors included natural gas utilities, energy infrastructure pipelines, communication towers, and North American rails, primarily due to higher production levels and adverse weather forecasts for natural gas [4] - Electric utilities, particularly in Western Europe, were the top contributors, with SSE and Iberdrola leading the performance [5][6][7] Company Highlights - SSE, the largest renewable energy generator in the U.K., saw its share price rise as funding risks diminished and macroeconomic concerns eased [6] - Iberdrola, a multinational integrated electric utility, raised guidance during its third-quarter results, reflecting strong operational performance [7] - OGE Energy and Redeia were the largest detractors, with OGE facing delays in a data center deal and Redeia impacted by negative sentiment from a regulatory review [8][9] Outlook - The outlook for listed infrastructure remains positive, with expectations of continued performance driven by inflection in electricity demand and solid earnings growth, supported by lower nominal bond yields [10] - Electric utilities are benefiting from several tailwinds, including the energy transition, climate change adaptation, and growing electricity demand from AI data centers and industrial sectors [11] Portfolio Highlights - The strategy saw positive contributions from eight out of ten sectors, with electric and water utilities being the top contributors, while energy infrastructure and communications were detractors [13] - The strategy outperformed relative to the FTSE Global Core Infrastructure 50/50, driven by stock selection in electric, water, and gas utility sectors, along with a renewables overweight [14] - Top contributors to absolute returns included SSE, Iberdrola, Enel, NextEra Energy, and Clearway Energy, while detractors included OGE Energy, Redeia, WEC Energy, Enbridge, and Crown Castle [15] Investment Activity - New positions were initiated in U.S. electric utilities Portland General Electric and Edison International, as well as French utility Engie and Brazilian utility Axia Energia, while positions in CPFL Energia, Crown Castle, and WEC Energy were exited [16]

Core Viewpoint - Leading Wall Street firms have released their top stock picks for the year 2026, indicating a strategic focus on specific sectors and companies for investment opportunities [1] Group 1 - Major financial institutions are actively identifying and promoting stocks they believe will perform well in the upcoming year [1] - The release of these stock picks reflects the firms' analysis and expectations regarding market trends and economic conditions for 2026 [1]

Core Viewpoint - Crown Castle has terminated its wireless infrastructure agreement with DISH Wireless due to DISH's default on payment obligations, resulting in Crown Castle being owed over $3.5 billion [1][3]. Group 1: Contractual Obligations and Termination - DISH Wireless notified Crown Castle in September 2025 of its decision to discontinue its network business after selling public spectrum licenses to AT&T and SpaceX [2]. - Despite initially making required payments, DISH eventually defaulted on its obligations, prompting Crown Castle to exercise its right to terminate the agreement [3]. - Crown Castle does not expect the termination and recovery actions to impact its full-year 2025 results [3]. Group 2: Spectrum Licenses and Financial Implications - DISH is accused of refusing to pay American workers and businesses that contributed to building its network, which is necessary to meet FCC coverage requirements for retaining spectrum licenses [5]. - The spectrum licenses in question are being sold for over $40 billion, highlighting the financial stakes involved [5]. Group 3: Crown Castle's Infrastructure - Crown Castle operates approximately 40,000 cell towers and 90,000 route miles of fiber, providing essential communications infrastructure across major U.S. markets [5].

Core Viewpoint - Crown Castle (CCI) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Business Improvement Indicators - Rising earnings estimates and the Zacks rating upgrade suggest an improvement in Crown Castle's underlying business, indicating potential for stock price appreciation [4][9]. - The Zacks Consensus Estimate for Crown Castle has increased by 2.6% over the past three months, with expected earnings of $4.30 per share for the fiscal year ending December 2025, showing no year-over-year change [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [6][8]. - Only the top 20% of Zacks-covered stocks receive a "Strong Buy" or "Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [8][9].