In our largest tower market, the U.S., carriers are in the middle stages of the 5G cycle, where they broadly completed their initial 5G coverage-oriented activity and are shifting toward capacity-oriented activity. We anticipate carriers will densify their networks not only to meet the capacity demands of 5G, but also to plan ahead for the 6G cycle. We are excited about the 800 megahertz of higher frequency spectrum that has been earmarked for 6G and believe its deployment will drive significant activity on ...

American Tower (AMT) came out with quarterly funds from operations (FFO) of $2.63 per share, beating the Zacks Consensus Estimate of $2.54 per share. This compares to FFO of $2.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +3.63%. A quarter ago, it was expected that this wireless communications infrastructure company would post FFO of $2.62 per share when it actually produced FFO of $2.78, delivering a surprise of +6.11%.Over ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in Q4 [3] - Consolidated property revenue increased approximately 4% year-over-year, with about 5% growth when excluding non-cash straight line and FX impacts [13] - Adjusted EBITDA grew approximately 5% year-over-year, with a 7% increase when excluding non-cash net straight line and FX impacts [13][20] - The company ended 2025 with a leverage ratio of 4.9x, back within the target range of 3-5x [14] Business Line Data and Key Metrics Changes - The data center business experienced approximately 14% revenue growth, driven by strong demand for hybrid and multi-cloud deployments [13][19] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [15] - In the U.S. and Canada, Organic Tenant Billings Growth is anticipated to be approximately 0.5%, or 4.5% when excluding DISH churn [16] Market Data and Key Metrics Changes - In the U.S., carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations of mid-single-digit organic growth in the U.S. portfolio [5] - Internationally, organic tenant billings growth is expected to be approximately 8.5% in Africa and APAC, with colocation and amendment growth of about 7% [16] - In Europe, organic tenant billings growth is projected at approximately 4%, with significant new build activity anticipated [16][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption, 5G adoption, and AI applications [4] - Capital allocation will prioritize developed markets, with significant investments in tower markets and CoreSite [11][25] - The company is pursuing operational efficiency through cost management initiatives, targeting 200-300 basis points of cash EBITDA margin expansion by 2030 [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and interconnection-rich data centers [26] - The company is optimistic about the prospects of a healthier customer base following DISH's default, which is expected to enhance future growth [6] - Management noted that while 2026 may see higher churn, they anticipate an acceleration in organic growth starting in 2027 [18] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [14][25] - The company is involved in ongoing litigation with DISH to recover lease obligations, which could provide upside to future financials [44] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [29][33] Question: What is the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million annually, and they plan to pursue litigation to recover this amount [44] Question: How should we think about M&A opportunities? - Management stated they are evaluating M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance efficiency, aiming for continued margin expansion [78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in strong opportunities in Europe, particularly in Germany and Spain, with a record number of new builds expected [81]

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 ...

Core Viewpoint - American Tower reported fourth-quarter revenue exceeding Wall Street estimates, driven by strong leasing activity from telecom carriers and ongoing growth in data-center demand [1] Group 1: Financial Performance - The company posted revenue of $2.74 billion, surpassing analysts' estimates of $2.69 billion [1] - Revenue from the property segment, which includes the core site-leasing business, increased by 7.6% to $2.67 billion in the quarter [1] Group 2: Market Dynamics - U.S. wireless operators are expanding network capacity and coverage, supported by rising 5G rollouts and increasing AI-related workloads [1] - The demand for additional tower space and related infrastructure is underscored by robust data-center demand [1] Group 3: Company Insights - CEO Steven Vondran highlighted that leasing demand across the global tower portfolio and data center business remains strong, driven by sustained growth in mobile data consumption and continued 5G deployment [1] - Major customers include telecom giants such as AT&T, Verizon, and T-Mobile [1]

Exhibit 99.1 Contact: Spencer Kurn Senior Vice President, Investor Relations Telephone: (617) 375-7517 CONSOLIDATED HIGHLIGHTS (1)(2) Fourth Quarter 2025 Full Year 2025 Boston, Massachusetts – February 24, 2026: American Tower Corporation (NYSE: AMT) today reported financial results for the quarter and full year ended December 31, 2025. Steven Vondran, American Tower's Chief Executive Officer, stated, "We delivered another strong year, achieving high-single-digit growth in AFFO per Share, as adjusted, while ...

Core Insights - American Tower Corporation (AMT) is expected to report fourth-quarter 2025 results on February 24, with anticipated year-over-year growth in revenues and adjusted funds from operations (AFFO) per share [1][10] Financial Performance - In the last reported quarter, AMT achieved an AFFO per share of $2.78, surpassing consensus estimates, with revenue growth driven by its property and service operations segment [2] - The Zacks Consensus Estimate for quarterly revenues is projected at $2.68 billion, reflecting a 5.1% increase from the previous year [6][10] - The Total Property segment's operating revenues are estimated at $2.61 billion, indicating a 5.1% rise year-over-year, while the Data Centers segment is expected to generate $271.6 million, up from $236 million a year ago [5][10] Market Trends and Drivers - The growth in mobile technology, particularly 4G and 5G, along with the rise of bandwidth-intensive applications, is driving an increase in mobile data usage globally [3] - Wireless service providers are enhancing network coverage and capacity, positively impacting AMT's quarterly performance and contributing to top-line growth [4] - AMT is likely to continue its macro-tower investments to expand its global footprint, supported by a strong balance sheet [4] Analyst Sentiment - Despite the positive revenue projections, analysts have shown caution, with the consensus estimate for quarterly AFFO per share remaining unchanged at $2.54, which represents a 9.5% increase from the previous year [6] - AMT currently holds an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell), indicating a lack of confidence in a potential AFFO surprise this quarter [7][8]

A tenant representing roughly 2% of annual revenue — approximately $200 million — has defaulted on payments. Consensus estimates still project 6.5% AFFO per share growth.That $2.47 estimate follows a quarter in which American Tower reported continued operating expansion across both its tower and data center segments.In the third quarter of 2025, attributable AFFO per share reached $2.78, representing approximately 10% year-over-year growth. Consolidated revenue increased approximately 8% year over year to $ ...