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 ...

Company Overview - SBA Communications Corporation (SBAC) has a market cap of approximately $20.7 billion and operates a portfolio of communication towers and related sites, providing essential tower space and services to wireless carriers across the United States, Latin America, and Canada [1] Earnings Expectations - SBAC is set to report its Q4 earnings soon, with analysts predicting an AFFO of $3.08 per share, which represents an 11.2% decrease from $3.47 per share in the same quarter of the previous year [2] - For fiscal 2025, analysts expect SBAC to report an AFFO of $12.20 per share, down 8.8% from $13.37 in fiscal 2024 [3] Stock Performance - Over the past 52 weeks, SBAC stock has declined by 4.9%, underperforming the Real Estate Select Sector SPDR Fund's (XLRE) increase of 2.7% and the S&P 500 Index's (SPX) return of 16.9% during the same period [4] - The company has lagged the broader market due to weakened investor sentiment towards tower REITs amid rising interest rates, which have increased financing costs and compressed valuations for capital-intensive infrastructure businesses [5] Analyst Ratings - Wall Street analysts maintain a cautiously optimistic outlook on SBAC's stock, with an overall "Moderate Buy" rating. Among 20 analysts, eight recommend "Strong Buy," one suggests a "Moderate Buy," and 11 recommend a "Hold" [6] - The average analyst price target for SBAC is $229.78, indicating a potential upside of 18.4% from current price levels [6]

Core Viewpoint - SBA Communications Corporation (NASDAQ:SBAC) is identified as a potentially undervalued stock, despite recent price target reductions by analysts [1][3]. Group 1: Analyst Ratings and Price Targets - JPMorgan analyst Richard Choe lowered the price target for SBA Communications from $245 to $240 while maintaining a "Neutral" rating, citing a conservative approach due to potential impacts from EchoStar [1][2]. - Wells Fargo also reduced its price target for SBA Communications from $215 to $205, keeping an "Equal Weight" rating, highlighting the company's favorable outlook for 2026 due to shorter DISH lease durations [3]. Group 2: Industry Context - The overall industry outlook is described as modest, with concerns regarding the EchoStar/DISH situation, although potential deals could serve as positive catalysts for tower stocks [2]. - SBA Communications is recognized as a leading independent owner and operator of wireless communications infrastructure, which includes various assets such as towers, buildings, rooftops, distributed antenna systems (DAS), and small cells [4].

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 Insights - AmpliTech Group achieved a 100% handover validation rate for its Open RAN technology during the O-RAN Global PlugFest Fall 2025, demonstrating its reliability in multi-vendor environments [1][4][7] Group 1: Technology Validation - The 100% handover validation rate indicates that AmpliTech's Radio Units (O-RUs) successfully managed tower-to-tower connections without any dropped calls, which is crucial for maintaining customer satisfaction [2][3] - This validation reinforces AmpliTech's role as a key hardware provider in the transition to disaggregated, interoperable 5G architectures, proving its technology is ready for large-scale deployment [4][8] Group 2: Market Positioning - The telecommunications industry is shifting away from closed, single-vendor systems, increasing the demand for high-performance, interoperable hardware, which positions AmpliTech favorably in the market [5] - AmpliTech's success at the PlugFest confirms its readiness for various applications, including Public 5G, Private Enterprise 5G, and CBRS-based industrial networks, expanding its total addressable market [7] Group 3: Product Features - The trial utilized AmpliTech's outdoor-rated Band n48 (CBRS) O-RUs featuring a 4×4 MIMO architecture, designed for high-capacity throughput, ensuring carrier-grade performance [7] - The units maintained continuous RF power stability and precise timing characteristics, essential for higher-layer AI and automation logic to function effectively [7][8] Group 4: Strategic Impact - Achieving a 100% success rate in handover behavior removes a significant barrier for tier-1 carriers concerned about reliability in multi-vendor setups, facilitating broader adoption of Open RAN technology [7] - AmpliTech is positioned as a trusted radio technology provider, crucial for the scalable, automated, and mobility-driven use cases prioritized by carriers [8]

Summary of Baylin Technologies Conference Call on Kaelus Acquisition Company Overview - **Company**: Baylin Technologies (OTCPK:BYLT.F) - **Acquisition Target**: Kaelus - **Acquisition Value**: CAD 42 million [doc id='16'] Key Points and Arguments Baylin's Transformation - **Baylin 1.0**: Pre-Q3 2021, had four business units, CAD -15 million in Adjusted EBITDA, CAD 40 million in debt, and 15% gross margins [doc id='3'] - **Baylin 2.0**: Post-restructuring, divested non-core mobile business, achieved profitable growth, reduced debt by approximately 50%, and improved gross margins to around 43% [doc id='3'][doc id='4'] Business Performance - **2024 Projections**: Expected to finish the year with CAD 83.6 million in revenue, CAD 5.4 million in positive Adjusted EBITDA, and three business units [doc id='4'] - **Satellite Business**: Experienced a slowdown due to government-related work but is restructuring and innovating product lines [doc id='5'][doc id='6'] - **Infrastructure Business**: Grew by 40% in a challenging capital spending environment, with gross margins around 60% [doc id='8'] Acquisition Rationale - **Strategic Fit**: Kaelus will enhance Baylin's growth engine, particularly in infrastructure, and provide significant cross-selling and upselling opportunities [doc id='17'][doc id='24'] - **Market Position**: Kaelus has a strong backlog of CAD 28 million, contributing to a combined backlog exceeding CAD 50 million post-acquisition [doc id='19][doc id='20'] - **Financial Projections**: Combined revenue expected to reach approximately CAD 140 million with CAD 16 million in Adjusted EBITDA [doc id='20'] Operational Synergies - **Cost Structure Improvements**: Baylin plans to leverage its experience in tariff mitigation and operational efficiencies to enhance margins post-acquisition [doc id='25'][doc id='46'] - **Cross-Selling Opportunities**: Baylin's established relationships with major carriers (AT&T, Verizon, etc.) will facilitate the introduction of Kaelus products [doc id='24][doc id='46] Financial Strategy - **Debt Management**: Current debt is CAD 10 million, with plans to reduce leverage ratios to low twos by 2026 [doc id='37'] - **Equity Raise**: Targeting CAD 10 million to fund the acquisition, with strong support from existing investors [doc id='35][doc id='36] Future Outlook - **Baylin 3.0**: The acquisition is seen as a stepping stone towards further growth and potential future acquisitions in a fragmented market [doc id='40][doc id='41] - **Long-Term Goals**: Aiming for sustained growth beyond 2026, with expectations of increasing stock value and operational efficiency [doc id='39][doc id='40] Additional Important Points - **Market Dynamics**: The wireless infrastructure spending cycle is currently favorable, with increased demand for innovative solutions [doc id='59] - **No Overlapping Technologies**: Kaelus's product lines do not significantly overlap with Baylin's, allowing for a smooth integration and expansion of offerings [doc id='57][doc id='58] This summary encapsulates the key insights from the conference call regarding Baylin Technologies' acquisition of Kaelus, highlighting the strategic rationale, financial implications, and future growth potential.

Core Insights - Mobix Labs has taken a strategic minority stake in TalkingHeads Wireless (THW), enhancing its position in the AI-driven wireless infrastructure market [1][3][6] - The investment aims to leverage THW's AI-powered technologies to improve energy efficiency in wireless communications, addressing the rising demand for intelligent infrastructure [2][4][5] Investment Details - The terms of the investment were not disclosed, but it marks a significant step in Mobix Labs' entry into the AI infrastructure ecosystem [1][3] - The partnership began in November 2024, focusing on AI-enabled, energy-efficient base-station technologies [3][6] Market Context - There is a sharp increase in global network demand and AI-driven compute loads, necessitating intelligent and power-aware infrastructure [4][5] - THW's platform can reduce energy consumption by up to 50% while maintaining high performance, which is critical as power costs rise and 5G workloads increase [5][6] Strategic Alignment - The investment reinforces Mobix Labs' role in the evolution of AI-enabled network and compute infrastructure, positioning the company at the intersection of AI, energy efficiency, and next-generation wireless [7][8] - Both companies express a commitment to achieving strong financial returns while addressing technological challenges in the wireless sector [8]

Group 1 - The article emphasizes the importance of owning hard assets in an inflationary environment, as they provide reliable returns and are not easily replaceable [2] - The focus is on income-producing asset classes that offer sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The investment strategy highlighted is defensive in nature, targeting medium- to long-term horizons [2]

Core Insights - The fiber-owned small cell transaction is expected to close in 2026, indicating a strategic shift for the company [1] - The US wireless communications infrastructure industry is entering a significant growth phase, driven by strong fundamentals and increasing customer demand [1][10] - Crown Castle is positioned to deliver attractive risk-adjusted returns as the only large publicly traded tower operator focused exclusively on the US market [1][10] Financial Performance - The company reported a 5.2% organic growth in the tower business for the third quarter, amounting to $52 million, despite challenges from Sprint cancellations [11] - Adjusted EBITDA and AFFO are expected to increase by $30 million and $40 million respectively in the updated full-year 2025 outlook, driven by strong demand for assets [12][14] - The updated discretionary capital expenditures for 2025 are projected to be $155 million, reflecting a $30 million reduction due to timing [14][66] Market Dynamics - Mobile data demand is projected to increase by over 30% in 2024, marking the third consecutive year of growth, which necessitates network capacity expansion by operators [1][5] - The FCC plans to auction at least 800 megahertz of additional spectrum starting in 2027, creating opportunities for tower operators [6] - Major mobile network operators have acquired approximately 700 megahertz of spectrum in the last five years, indicating a trend towards increased spectrum investment [5] Strategic Priorities - Crown Castle aims to enhance operational efficiency by investing in systems to improve asset information quality and accessibility [7][8] - The company plans to maintain a dividend payout ratio of 75% to 80% of AFFO, excluding amortization of prepaid rent, post-fiber sale [8] - The focus will be on maximizing cash flow through organic growth and continuous improvement in profitability [8][10] Customer Engagement - The new CEO has emphasized the importance of employee engagement and customer feedback in shaping the company's strategic direction [2] - Crown Castle is committed to maximizing revenue opportunities with existing customers while also exploring efficiency gains through the divestiture of the fiber operations [19][58] - The company is actively engaging with clients to identify unmet needs and potential service expansions [58]

Core Insights - SBA Communications (SBAC) is expected to experience strong growth due to increased consumer demand and the adoption of data-driven mobile devices and applications, supported by long-term leases that ensure stable revenues [1][3][4] - The company is expanding its portfolio, having acquired 4,329 communication sites for $562.9 million, which positions it to benefit from global trends in mobile data usage and wireless spending growth [5][10] Positive Factors - The advancement of mobile technology, particularly 5G networks, is driving global mobile data usage, leading wireless service providers to enhance network coverage and capacity [3][10] - SBAC's business model is resilient, generating most revenues from long-term tower leases with built-in rent escalators, resulting in high operating margins [4][10] - The company has demonstrated a commitment to shareholder value through dividend increases and share buybacks, with a five-year annualized dividend growth rate of 18.52% [6][7][10] Challenges - High customer concentration is a concern, with T-Mobile, AT&T, and Verizon accounting for 87.4% of SBAC's domestic site-leasing revenues, making the company vulnerable to any loss or consolidation among these customers [8][9] - The company has a leveraged balance sheet with $12.6 billion in total debt and a net debt to annualized adjusted EBITDA ratio of 6.5X, which may keep financial obligations elevated [9][10]