IHS TOWERS 1Q25 EARNINGS RESULTS MAY 20, 2025 Forward-Looking Information DISCLAIMER This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). ...

Group 1 - American Tower's (AMT) year-to-date gains have been relatively positive compared to the broader market, although recent months have shown sluggish performance with the stock trading in a narrow range [1] - The analysis is conducted by Moz Farooque, a seasoned market analyst with a background in financial journalism and modeling, highlighting his expertise in uncovering investment opportunities [1] Group 2 - No disclosures regarding stock or derivative positions in the companies mentioned, indicating an unbiased analysis [2] - The article emphasizes that past performance does not guarantee future results, and no specific investment recommendations are provided [3]

Financial Data and Key Metrics Changes - The company reported strong first quarter results, with site rental revenues showing 5.1% organic growth, excluding the impact of Sprint cancellations [16] - The full year 2025 outlook includes 4.5% organic growth, adjusted EBITDA of approximately $2,800 million, and AFFO of approximately $1,800 million [19][20] - The company generated $53 million of free cash flow from discontinued operations in the first quarter, or $75 million excluding a $22 million increase in net working capital [19] Business Line Data and Key Metrics Changes - The tower business has experienced more than 5% average annual organic growth from 2020 to 2024, driven by substantial mobile data demand [6][7] - Site rental revenues included a $3 million contribution from other billings, primarily related to intercompany backed billings, which is not expected to recur [17] Market Data and Key Metrics Changes - The U.S. market has seen consistent demand growth across market cycles, with cash site rental revenues growing consistently despite economic fluctuations [7][8] - Customers have invested over $35 billion annually in their networks to maintain capacity and quality, indicating strong market dynamics [6] Company Strategy and Development Direction - The company is focused on becoming a pure play U.S. tower company, which is expected to unlock substantial value in its tower business [5] - The capital allocation framework aims to balance predictable returns to shareholders with financial flexibility, including a planned share repurchase program of approximately $3 billion [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full year 2025 outlook, citing strong first quarter results and ongoing progress in separating the fiber solutions and small cell businesses [12][20] - The company believes that the continued growth in data demand will drive durable growth in its business [6] Other Important Information - The board intends to reduce the annualized dividend per share to $4.25 beginning in the second quarter of 2025 [11] - The company plans to manage its debt balance to maintain an investment grade credit rating, expecting to use approximately $6 billion of cash proceeds from the sale to repay debt [12] Q&A Session Summary Question: Can you shed light on the executive changes and the strategy going forward? - Management indicated that the focus is on separating the fiber and small cell businesses and that M&A activity is unlikely in the short term due to the ongoing sale process [24][27] Question: What is the current status of the fiber business sale? - The transaction is expected to close in the first half of 2026, pending regulatory approvals, which are time-consuming but not anticipated to be difficult [38][40] Question: How is the new leasing activity expected to trend in 2025? - Management expects leasing activity to remain consistent throughout 2025, with a target of 4.5% organic growth [43][101] Question: What are the expectations regarding churn from the Sprint merger? - Management noted that while there is expected churn from the Sprint merger, overall churn is anticipated to remain in the normal range of 1% to 2% [52] Question: Can you provide insights on the services side of the business? - Demand for services is good, but the company has exited the construction services business, which may impact activity levels [64] Question: What are the expectations for cost management and AFFO growth? - Management is focused on cost control and expects to narrow the AFFO growth range as performance becomes clearer [87]

SBA Communications (SBAC) came out with quarterly funds from operations (FFO) of $3.16 per share, beating the Zacks Consensus Estimate of $3.12 per share. This compares to FFO of $3.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.28%. A quarter ago, it was expected that this communications tower operator would post FFO of $3.37 per share when it actually produced FFO of $3.47, delivering a surprise of 2.97%.Over the last four ...