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]