Third Quarter 2025 Earnings Conference Call October 28, 2025 © 2025 ATC TRS V LLC. All rights reserved. | American Tower Confidential and Proprietary Agenda Introduction Spencer Kurn Senior Vice President, Investor Relations Opening Remarks Steven Vondran President and Chief Executive Officer Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer Q&A | American Tower Confidential and Proprietary 2 Forward-Looking Statements "Safe Harbor" Statement under the Private Secur ...

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 ...

American Tower Corporation (NYSE:AMT) Q4 2024 Earnings Conference Call February 25, 2025 8:30 AM ET Company Participants Adam Smith - SVP of IR & FP&A Steve Vondran - President and CEO Rod Smith - EVP, CFO, and Treasurer Conference Call Participants Michael Rollins - Citi Simon Flannery - Morgan Stanley Batya Levi - UBS Ric Prentiss - Raymond James Nick Del Deo - MoffettNathanson James Schneider - Goldman Sachs Richard Choe - JPMorgan Operator Ladies and gentlemen, thank you for standing by. Welcome to the ...