American Tower Corporation (reit) · NYSE:AMT
American Tower Corporation (reit) — Q2 2025 Earnings Presentation
20 slides from American Tower Corporation (reit)'s earnings presentation, Jul 29, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
Second Quarter 2025 Earnings Conference Call July 29, 2025 | American Tower Confidential and Proprietary © 2025 ATC TRS V LLC. All rights reserved.
Slide 2: Agenda
Agenda Introduction Kate Reeb Senior Director, 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 Q2 2025 Q2 2024(1) Y/Y Change FX-Neutral Change(2) Total property revenue(3) $2,527 $2,497 1.2% 1.9% Total revenue(3) $2,627 $2,545 3.2% 3.9% Net income attributable to AMT common stockholders(4)(5)(6) $367 $900 (59.3%) N/A Per dil
Slide 5: Financial Results
Financial Results Rod Smith Executive Vice President, Chief Financial Officer and Treasurer
Slide 6: Q2 2025 Property Revenue
Q2 2025 Property Revenue ($ in millions) Total Property Revenue(1) Organic Tenant Billings Growth(1)(2) $2,497 $2,527 13.0% 1.2% Growth 1.9% FX-Neutral Growth(3) 6.5% >5.5% >5.0% 5.1% 5.2% Tenant Billings Growth 4.7% 2.9% 3.7% Q2 2024 Q2 2025 Total U.S. & Intl Africa & Europe LatAm Canada APAC Impac
Slide 7: Q2 2025 Adjusted EBITDA and Attributable AFFO
Q2 2025 Adjusted EBITDA and Attributable AFFO ($ in millions) Adjusted EBITDA(1) AFFO Attributable to AMT Common Stockholders $1,721 $1,752 $1,306 $1,218 1.8% Growth (6.7%) Growth 2.6% FX-Neutral Growth(2) (5.2%) FX-Neutral Growth(2) (6.8%) Per Share Growth 2.4% As Adjusted Per Share Growth(3) Q2 20
Slide 8: Raising 2025 Property Revenue Outlook
Raising 2025 Property Revenue Outlook(1) ($ in millions) $130 $10,210 $20 $15 $10,045 ~3% Y/Y Growth; >3% Y/Y FX-Neutral Growth(2) Prior Outlook Core Property Straight-Line / FX Current Outlook Outperformance Pass-Through › Increasing Property Revenue Outlook midpoint by $165 million vs. prior Outlo
Slide 9: Revising 2025 Organic Tenant Billings Growth Outlook
Revising 2025 Organic Tenant Billings Growth Outlook(1)(2) ($ in millions) >12% >6% ~5.5% ~5.3% ~5% ~4.3% ~5% >2% Total U.S. & Canada International Africa & APAC Europe LatAm Impact of Sprint Churn(3) › Reiterating Consolidated and Europe Organic Tenant Billings Growth › Raising International, Afric
Slide 10: Raising 2025 Adjusted EBITDA Outlook
Raising 2025 Adjusted EBITDA Outlook(1) ($ in millions) $80 $7,040 $30 $10 $6,920 >3% Y/Y Growth; ~4% Y/Y FX-Neutral Growth(2) Prior Outlook Cash Adjusted EBITDA Net Straight-Line FX Current Outlook 67.4% Cash Margin 67.2% Cash Margin › Increasing Adjusted EBITDA Outlook midpoint by $120 million vs.
Slide 11: Raising 2025 Attributable AFFO Outlook
Raising 2025 Attributable AFFO Outlook(1) ($ in millions) $10.56 per Share $55 $4,950 $10.44 per Share $4,895 $10 ($10) ~6% Y/Y per Share Growth (as adjusted)(2) >7% Y/Y FX-Neutral Growth (as adjusted)(2)(3) Prior Outlook Cash Adjusted EBITDA Other FX Current Outlook › Increasing Attributable AFFO O
Slide 12: Capital Allocation & Balance Sheet Management
Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) 2025 Outlook Capital Deployments(1) Balance Sheet Management Discretionary Capital Projects 3/31/2025 6/30/2025 by Region Emerging U.S. & Net Leverage (LQA) 5.0x 5.1x Markets(4) Discretionary ~20% Canad
Slide 13: In Summary
In Summary Strong Q2 Performance › Solid Organic Tenant Billings Growth underpinning the fundamental durability of business model › U.S. services business posting one of the highest quarters of revenue on record › CoreSite delivering another exceptional quarter of new leasing and double-digit revenu
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) 2014 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 2024 2Q24 2Q25 Net income $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 $908 $381 (Income) l
Slide 18: 2025 Current Outlook Reconciliations
2025 Current Outlook Reconciliations(1)(2) ($ 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 $2,340 to $2,440 Interest expense 1,385 to 1,365 Depreciation, amortization and accr
Slide 19: 2025 Prior Outlook Reconciliations
2025 Prior Outlook Reconciliations(1)(2) ($ 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 $2,740 to $2,840 Interest expense 1,370 to 1,350 Depreciation, amortization and accret
Slide 20: Reconciliations
Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Estimated Q2 2025 FX-Neutral Q2 2025 FX-Neutral Reconciliations(1) Q2 2024 Q2 2025 Growth Rate FX Impact Q2 2024 FX-Neutral Growth Rate Total Property Revenue $2,497 $2,527 1.2% (~$18) $2,497 $2,
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