American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q4 2025 Earnings Presentation
20 slides from American Tower Corporation (reit)'s earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Conference Call
Fourth Quarter & Full Year 2025 Earnings Conference Call February 24, 2026 | American Tower Confidential and Proprietary © 2026 ATC TRS V LLC. All rights reserved.
Slide 2: Agenda
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 2 | American Tower Confidential and Proprietary
Slide 3: Forward-Looking Statements
Forward-Looking Statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward- looking statements within the meaning of federal securities laws concerning our goals, beliefs, strategies, future operating results and underlying assum
Slide 4: Opening Remarks
Opening Remarks Steven Vondran, President and Chief Executive Officer
Slide 5: 2026 Strategic Priorities
2026 Strategic Priorities 1 Revenue Growth 2 Operational Efficiency 3 Capital Allocation • Durable ~4% OTBG(1) • Reduce costs through • Prioritize developed markets to globally driven by robust 4G globalization, standardization optimize asset portfolio and and 5G network investments and automation e
Slide 6: Financial Results & Outlook
Financial Results & Outlook Rod Smith, Executive Vice President, Chief Financial Officer and Treasurer
Slide 7: FY 2025 Performance
FY 2025 Performance ($ in millions) Property Revenue(1) Adjusted EBITDA(1) AFFO Attributable to AMT Common Stockholders per $10,305 Share, As Adjusted(2) $9,934 $10.76 $7,130 $6,812 3.7% Growth $9.96 5.6% Tenant Billings Growth 5.4% Cash FX-Neutral Growth(3) 4.7% Growth 7.2% Cash FX-Neutral Growth(3
Slide 8: 2026 Organic Tenant Billings Growth Outlook
2026 Organic Tenant Billings Growth Outlook ~8.5% ~4.5% ~4% ~4% (1) ~1%(1) ~0.5% (1) (1) Total U.S. & Canada Africa & APAC Europe LatAm Impact of DISH churn (~3%) › Consolidated OTBG of ~4% y/y, excluding DISH churn, driven by robust leasing demand › 100% of DISH revenue reflected in U.S. & Canada c
Slide 9: 2026 Property Revenue Growth Outlook
2026 Property Revenue Growth Outlook 5% ~1% (~2%) 4% ~1% ~3% 3% ~13% Revenue Growth ~1% ~2% 2% ~2,000 New Builds(1) ~1% 1% 0% Towers OTBG Tower OTBG Tower New Builds Towers Data Centers Cash FX-Neutral Growth FX Straight-Line Revenue 2026 Outlook Growth › Cash FX-neutral Property Revenue growth of ~
Slide 10: 2026 Adjusted EBITDA Growth Outlook
2026 Adjusted EBITDA Growth Outlook 4% ~1% (~1%) ~1% (~3%) 3% (~270) Bps of Cash (~440) Bps of Cash Margin Compression Margin Compression ~2% ~2% 2% Flat Margins Y/Y 66.8% Cash Margin 1% (~0%) 0% Towers Data Centers Services Cash FX-Neutral Growth FX Net Straight-Line 2026 Outlook Growth › Cash FX-n
Slide 11: 2026 Attributable AFFO per Share Growth Outlook
2026 Attributable AFFO per Share Growth Outlook 5% ~0.5% (~1%) 4% ~0.5% ~3% (~1%) 3% (~1%) 2% ~1% 1% 0% 2026 Cash Adjusted Maintenance CapEx Share Repurchases To- Net Interest Cash Taxes Minority Interest & 2026 Outlook Growth EBITDA Date Distributions › Acceleration of 2026 maintenance capital into
Slide 12: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2026E Outlook Capital Deployments(1) Balance Sheet Management Discretionary Capital Projects by Region 12/31/2024 12/31/2025 Emerging Markets (4) Net Leverage (LQA) 5.1x 4.9x Discretionary 15% Capital P
Slide 13: In Summary
In Summary › Robust growth in mobile data consumption underpins the fundamental durability of the tower business model › Hybrid cloud and AI-related demand tailwinds fueling strong activity for interconnection-rich data center assets › Best-in-class portfolio of towers and data centers, experienced
Slide 14: Definitions
Definitions Adjusted EBITDA: Net income before Income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other
Slide 15: Definitions (continued)
Definitions (continued) Segment Gross Margin: Revenues less operating expenses, excluding depreciation, amortization and accretion, selling, general, administrative and development expense and other operating expenses. The Company believes this measure provides valuable insight into the site-level p
Slide 16: Risk Factors
Risk Factors This presentation contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements i
Slide 17: Historical Reconciliations
Historical Reconciliations ($ in millions, totals may not add due to rounding) RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME(1) 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 2024 4Q24 4Q25 2025 Net income $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 $1,231 $837 $2,629 (Incom
Slide 18: 2026 Outlook Reconciliations
2026 Outlook Reconciliations(1)(2) ($ in millions, except share and per share data, totals may not add due to rounding) Reconciliations of Outlook for Adjusted EBITDA to Net Income: Full Year 2026 Net income $2,945 to $3,025 Interest expense 1,415 to 1,395 Depreciation, amortization and accretion 2,
Slide 19: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Estimated FX 2025 FX-Neutral FY 2025 FX-Neutral Reconciliations(1) 2024 2025 Growth Rate Impact 2024 FX-Neutral Growth Rate Total Property Revenue $9,934 $10,305 3.7% # ~$27 $9,934 $10,278 3.5% T
Slide 20: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) 2025 Tower Cash SG&A as a Percentage of Revenue Tower SG&A less Bad Debt $403 Tower Revenue less Straight-Line Revenue 9,161 4.4% 2026 Outlook Growth Rates vs. Prior Year Outlook Impact of Impact
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