American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q3 2025 Earnings Presentation
18 slides from American Tower Corporation (reit)'s earnings presentation, Oct 28, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call October 28, 2025 | American Tower Confidential and Proprietary © 2025 ATC TRS V LLC. All rights reserved.
Slide 2: Agenda
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 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: Consolidated Results Highlights
Consolidated Results Highlights $ in millions, except per share data Q3 2025 Q3 2024(1) Y/Y Change FX-Neutral Change(2) Total property revenue(3) $2,616 $2,470 5.9% 4.2% Total revenue(3) $2,717 $2,522 7.7% 6.1% Net income (loss) attributable to AMT common stockholders(4)(5)(6)(7) $853 ($792) 207.7%
Slide 5: Q3 2025 Property Revenue
Q3 2025 Property Revenue ($ in millions) Total Property Revenue(1) Organic Tenant Billings Growth (OTBG)(1)(2) $2,616 13.5% $2,470 6.9% 5.9% Growth ~6% 5.5% Tenant Billings Growth >5% 4.9% 6.0% Cash FX-Neutral Growth(3) 5.0% 3.2% 3.9% Q3 2024 Q3 2025 Total U.S. & Intl Africa & Europe LatAm Canada AP
Slide 6: Q3 2025 Adjusted EBITDA and Attributable AFFO
Q3 2025 Adjusted EBITDA and Attributable AFFO ($ in millions) Adjusted EBITDA(1) AFFO Attributable to AMT Common Stockholders per Share, As Adjusted(2) $1,816 $1,687 $2.78 $2.52 7.6% Growth 10.3% Growth 8.4% Cash FX-Neutral Growth(3) 8.7% FX Neutral Growth(3) Q3 2024 Q3 2025 Q3 2024 Q3 2025 66.6% Ca
Slide 7: Raising 2025 Property Revenue Outlook
Raising 2025 Property Revenue Outlook ($ in millions) $50 $10,250 $10,210 $5 ($15) ~5% Y/Y Cash FX-Neutral Growth(1) Prior Outlook Core Property Pass-Through FX Current Outlook (2) › Raising Property Revenue Outlook midpoint by $40 million vs. prior Outlook primarily due to FX tailwinds, partly offs
Slide 8: Raising 2025 Adjusted EBITDA Outlook
Raising 2025 Adjusted EBITDA Outlook ($ in millions) $30 $7,085 $7,040 $15 ~7% Y/Y Cash FX-Neutral Growth(1) (2) Prior Outlook Operating Profit FX Current Outlook 67.2% Cash Margin 67.0% Cash Margin › Raising Adjusted EBITDA Outlook midpoint by $45 million vs. prior Outlook primarily due to FX tailw
Slide 9: Raising 2025 Attributable AFFO Outlook
Raising 2025 Attributable AFFO Outlook ($ in millions) $10.66 per Share $10.56 per Share $15 $15 $20 $5,000 $4,950 ~8% Y/Y FX-Neutral per Share Growth (as adjusted)(1)(2) Prior Outlook Cash Adjusted EBITDA Other FX Current Outlook(3) › Raising Attributable AFFO Outlook midpoint by $50 million vs. pr
Slide 10: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2025 Outlook Capital Deployments(1) Balance Sheet Management Discretionary Capital Projects 6/30/2025 9/30/2025 by Region Emerging U.S. & Net Leverage (LQA) 5.1x 4.9x Markets(4) Discretionary ~20% Canad
Slide 11: 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 12: 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 13: 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 14: 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 15: Historical Reconciliations
Historical Reconciliations ($ in millions, totals may not add due to rounding) RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME(1) 2014 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 2024 3Q24 3Q25 Net income (loss) $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 ($780) $913 (
Slide 16: 2025 Current Outlook Reconciliations
2025 Current Outlook Reconciliations(1)(2) ($ 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 2025 Net income $2,458 to $2,513 Interest expense 1,370 to 1,360 Depreciation, amortization and accr
Slide 17: 2025 Prior Outlook Reconciliations
2025 Prior Outlook Reconciliations(1)(2) ($ 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 2025 Net income $2,340 to $2,440 Interest expense 1,385 to 1,365 Depreciation, amortization and accret
Slide 18: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Estimated Q3 2025 FX-Neutral Q3 2025 FX-Neutral Reconciliations(1) Q3 2024 Q3 2025 Growth Rate FX Impact Q3 2024 FX-Neutral Growth Rate Total Property Revenue $2,470 $2,616 5.9% ~$42 $2,470 $2,57
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