This Supplemental Financial Data package provides key financial and operational data as well as reconciliations of those non-GAAP financial measures that SBA Communications Corporation ("SBA" or "We") use in evaluating the performance of our business. These non-GAAP financial measures include (1) Cash Site Leasing Revenue, (2) Core Leasing Revenue, (3) Tower Cash Flow and Tower Cash Flow Margin, (4) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin, (5) Return on Invested Capital, (6) ...

Fourth Quarter & Full Year 2025 Earnings Conference Call February 24, 2026 © 2026 ATC TRS V LLC. All rights reserved. | American Tower Confidential and Proprietary Agenda | Introduction | Spencer Kurn | | --- | --- | | | Senior Vice President, Investor Relations | | Opening Remarks | Steve Vondran | | | President and Chief Executive Officer | | Financial Results & Outlook | Rod Smith | | | Executive Vice President, Chief Financial Officer and Treasurer | Q&A | American Tower Confidential and Proprietary 2 F ...

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]

Q2 2025 Financial Performance - Total property revenue increased by 1.2% year-over-year to $2.527 billion, with a 1.9% increase on an FX-neutral basis[5] - Total revenue increased by 3.2% year-over-year to $2.627 billion, with a 3.9% increase on an FX-neutral basis[5] - Net income attributable to AMT common stockholders decreased by 59.3% to $367 million, with a per diluted share of $0.78[5] - Adjusted EBITDA increased by 1.8% year-over-year to $1.752 billion, with a 2.6% increase on an FX-neutral basis; Adjusted EBITDA margin was 66.7%[5] - AFFO attributable to AMT common stockholders decreased by 6.7% to $1.218 billion, with a per diluted share of $2.60; As adjusted, AFFO increased by 2.6% to $1.218 billion, with a per diluted share of $2.60[5] 2025 Outlook Revisions - The company raised the 2025 property revenue outlook by $165 million to $10.21 billion, representing ~3% year-over-year growth[20] - The company raised the 2025 Adjusted EBITDA outlook by $120 million to $7.04 billion, representing >3% year-over-year growth[27] - The company raised the 2025 Attributable AFFO outlook by $55 million to $4.95 billion, or $10.56 per share, representing ~6% year-over-year per share growth (as adjusted)[31] Capital Allocation - The company plans to deploy $1.5 billion in discretionary capital projects, with approximately 40% allocated to U.S. Data Centers, 25% to U.S. & Canada, 15% to Europe, and 20% to Emerging Markets[36] - The company targets a common dividend declaration of approximately $3.2 billion[39]

Financial Performance & Growth - American Tower's AFFO increased to $1.81 billion in 2014, a 23.5% reported growth compared to $1.47 billion in 2013[29] - Adjusted EBITDA for 2014 reached $2.65 billion, reflecting a 21.8% reported growth from $2.18 billion in 2013[29] - Rental and Management Revenue for 2014 was $4.01 billion, a 21.9% reported increase from $3.28 billion in 2013[29] - The company anticipates 2015 Rental and Management Revenue to be between $4.25 billion and $4.33 billion, representing a reported growth of approximately 7% at the midpoint[32] - American Tower projects 2015 Adjusted EBITDA to reach $2.86 billion, a 7.9% reported growth from $2.65 billion in 2014[34] - The company forecasts 2015 AFFO to be $1.97 billion, an 8.6% reported growth from $1.81 billion in 2014[35] Strategic Initiatives & International Expansion - American Tower has pro forma non-cancellable revenue commitments of nearly $34 billion[10] - The company's 2015 capital expenditure plan is between $800 million and $900 million, including 2,750-3,250 new towers globally, with 150-250 in the U S[41] - Pending transactions (Verizon, TIM Brazil, Airtel Nigeria) are expected to close in 1H15, with annualized revenue impacts of approximately $410 million, $235 million, and $158 million respectively[43]

Financial Performance in 2015 - Total Property Revenue increased by 16.8% year-over-year, reaching $4.68 billion[5] - Total Revenue grew by 16.4% year-over-year, amounting to $4.772 billion[5] - Adjusted EBITDA increased by 15.7% year-over-year, reaching $3.067 billion, with a margin of 64.3%[5] - Adjusted Funds From Operations (AFFO) increased by 18.5% year-over-year, reaching $2.15 billion[5] Q4 2015 Results - Property Revenue increased by 21.5% to $1.251 billion[5] - Adjusted EBITDA increased by 21.2% to $802 million[5] - AFFO increased by 22.7% to $542 million[5] Growth Drivers - Core AFFO growth was nearly 30%[11] - Consolidated Organic Core Growth was nearly 8%[14] - International contribution benefitted consolidated Organic Core Growth by approximately 100 basis points[14] 2016 Outlook - Total Property Revenue is projected to reach $5.61 billion, representing approximately 20% reported growth and approximately 22% core growth[23] - Organic Core Growth is expected to be approximately 7%[23] - Adjusted EBITDA is projected to reach $3.48 billion, representing approximately 13% outlook growth and approximately 21% core growth[32] - AFFO is projected to reach $2.41 billion, representing approximately 12% outlook growth and approximately 18% core growth[32]

2017 Financial Performance - Total property revenue increased by 14.9% to $6.566 billion in 2017, compared to $5.713 billion in 2016[4] - Total revenue grew by 15.2% to $6.664 billion in 2017, up from $5.786 billion in 2016[4] - Net income attributable to American Tower Corporation (AMT) common stockholders rose by 35.6% to $1.152 billion in 2017, compared to $849 million in 2016[4] - Adjusted EBITDA increased by 15.1% to $4.090 billion in 2017, from $3.553 billion in 2016[4] - Consolidated AFFO grew by 16.5% to $2.902 billion in 2017, compared to $2.490 billion in 2016[4] 2018 Outlook - The company anticipates approximately 7% growth in total property revenue for 2018, projecting revenues of $7.0 billion[25] - Normalized for Indian Carrier Consolidation-Driven Churn, the company expects approximately 9% growth in total property revenue for 2018[25] - The company projects greater than 6% growth in Adjusted EBITDA for 2018, estimating $4.4 billion[30] - Normalized for Indian Carrier Consolidation-Driven Churn, the company expects greater than 8% growth in Adjusted EBITDA for 2018[30] - The company anticipates greater than 11% growth in Consolidated AFFO for 2018, estimating $3.2 billion[30] - Normalized for Indian Carrier Consolidation-Driven Churn, the company expects greater than 13% growth in Consolidated AFFO for 2018[30]

First Quarter 2025 Earnings Conference Call April 29, 2025 © 2025 ATC TRS V LLC. All rights reserved. | American Tower Confidential and Proprietary Agenda Introduction Adam Smith Senior Vice President, Investor Relations and FP&A Opening Remarks Steven Vondran President and Chief Executive Officer Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer Q&A (1) Q1 2024 results for total property revenue, total revenue, Adjusted EBITDA, AFFO attributable to AMT common stock ...

Financial Data and Key Metrics Changes - The property revenue growth for the year was nearly 1% and 3% on an FX-neutral basis, supported by organic tenant billings growth of over 5% and U.S. data center growth of over 10% [35][36] - Adjusted EBITDA growth was approximately 2% and over 4% on an FX-neutral basis, negatively impacted by a 3.5% reduction in non-cash straight-line revenue [36][37] - Attributable AFFO per share of $10.54 represented nearly 7% growth year-over-year and over 9% on an FX-neutral basis [37] Business Line Data and Key Metrics Changes - The U.S. data center business saw fourth quarter revenue growth of nearly 10%, with demand for interconnection campuses remaining elevated [32] - The construction of nearly 2,400 sites contributed to organic tenant billings growth, with significant volumes in Europe [36][37] - The CoreSite data center business delivered another record year of new leasing, reinforcing demand and pricing durability [21][22] Market Data and Key Metrics Changes - In the U.S. tower business, application activity observed four quarters of sequential acceleration, with major customers upgrading an average of 65% of their sites with mid-band spectrum [16] - Internationally, mid-band coverage stands at approximately 45% in Europe, 15% in Latin America, and 10% in Africa, with data consumption growing at a CAGR of around mid-teens to roughly 20% since 2020 [20] - The 2025 outlook for wireless CapEx spend is expected to return to higher levels, totaling approximately $35 billion, which is roughly $5 billion above the average annual spend in 4G [17] Company Strategy and Development Direction - The company aims to maintain a 5 times leverage target on a recurring basis, focusing on balance sheet strength, efficiency, and capital allocation discipline [9][10] - The strategic priorities include enhancing customer value proposition and strengthening the durability and quality of earnings for shareholders [9][24] - The company plans to direct most discretionary capital towards developed market platforms, reducing emerging market discretionary CapEx to just over $300 million in 2025 [26][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 5G investment cycle and the need for continued network investments to support coverage, driven by increasing mobile data demand [7][18] - The company is entering 2025 in a stronger position despite global risks, with a focus on higher quality earnings and sustained growth [9][10] - Management highlighted the resilience of consumer demand for connectivity and bandwidth-intensive applications, despite macroeconomic uncertainties [27][50] Other Important Information - The company successfully issued $1.2 billion in senior unsecured notes at an average coupon of 5.2% and average tenor of 7.5 years [34] - The company plans to resume dividend growth in the mid-single-digit range, subject to Board approval, corresponding to an approximately $3.2 billion distribution to shareholders [47] - The liquidity position stands at $12 billion, including $10 billion of bank facility capacity, providing flexibility to manage upcoming maturities [49] Q&A Session Summary Question: Can you provide details on the domestic leasing environment and the mix of COLO versus amendments? - Management indicated a robust pipeline from all carriers, with a healthy mix of amendments and colocations, and noted that the organic tenant billings growth is influenced by contracted use fees and new leases [52][58] Question: What is the outlook for multiyear growth opportunities? - Management reaffirmed long-term guidance, expecting mid-single-digit growth through 2027, with a slight reduction in 2025 due to timing and churn impacts [55][63] Question: How is the data center business performing and what are the integration plans? - Management expressed satisfaction with CoreSite's performance and emphasized the strategic importance of integrating data center connectivity with tower operations, particularly in the context of edge computing [70][73] Question: What are the plans for land purchases in the U.S.? - Management plans to increase investment in land purchases under towers to secure long-term revenue, with a focus on high-quality sites [77][81] Question: How does the company view potential M&A opportunities? - Management stated that there are currently no compelling M&A opportunities, emphasizing the need for strategic fit and value creation before pursuing any acquisitions [118][119]