Crown Castle : Q1 2025 Earnings Presentation FINAL
CCI
Published on 04/30/2025 at 16:44
April 30, 2025
First Quarter 2025
Earnings Conference Call
PAGE 1
First Quarter 2025 Earnings Conference Call
The pathway to possible.
Key Highlights
Towers Asset Overview
Delivered strong operational and financial results in the first quarter.
Affirmed full year 2025 Outlook, which includes 4.5% tower organic growth, excluding the impact of Sprint Cancellations.
On track to successfully close Fiber business sale in 1H 2026.
Positioning tower business to maximize shareholder value on a standalone basis.
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First Quarter 2025 Earnings Conference Call
US Tower Demand Growth Has Remained Resilient Across Market Cycles and Macroeconomic Conditions
10 Yr Treasury Yield
5.0%
4.5%
$4.0bn
4.0%
3.5%
$3.0bn
3.0%
2.5%
$2.0bn
2.0%
1.5%
$1.0bn
1.0%
0.5%
2005(2)2006(2)2007(2)2008(2)2009(2)2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$0.0bn
US Tower Cash Site Rental Revenue excludes straight-line revenues and amortization of prepaid rent.
Includes contribution from prepaid rent amortization.
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First Quarter 2025 Earnings Conference Call
Q1 2025 Results
($ in millions)
Site Rental Revenues Adjusted EBITDA AFFO
$1,068
↓ ($57) / (5%)
5.1% Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations(1)
$1,011
↓ ($32) / (4%)
$754 $722
$484 $479
↓ ($5) / (1%)
Q1 2024
Results
Q1 2025
Results
Q1 2024
Results
Q1 2025
Results
Q1 2024
Results
Q1 2025
Results
Note: All metrics shown on slide exclude the contribution from discontinued operations.
1. Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations as described in the Supplemental Information Package.
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First Quarter 2025 Earnings Conference Call
Full Year 2025 Outlook Remains Unchanged
($ in millions)
Site Rental Revenues Adjusted EBITDA AFFO
$4,268
$3,987
to
$4,032
to
$3,035 $2,755
$2,805
↓ (8%)
YoY Growth(1)
↓ (6%)
YoY Growth(1)
$1,980
$1,770
to
$1,820
↓ (9%)
YoY Growth(1)
2024
Actuals
Current FY 2025
Outlook (2)
2024
Actuals
Current FY 2025
Outlook (2)
2024
Actuals
Current FY 2025
Outlook(2)
Note: All metrics shown on slide exclude the contribution from discontinued operations.
Based on midpoint of current 2025 Outlook range as compared to full year 2024 actuals.
As issued on April 30, 2025, and unchanged from previous full year 2025 Outlook issued on March 13, 2025.
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First Quarter 2025 Earnings Conference Call
2025 Outlook for Organic Contribution to Site Rental Billings,
Change in Site Rental Revenues
($ in millions)
$90-$100
$0 $160-$190
$105-$115
($35)-($25)
($205)
($45)-($15)
($175)-($145)
$0
($80)-($50) ($275)-($235)
Core Leasing Activity
Plus: Escalator
Less: Non-Renewal
Plus: Change in Other Billings
Organic Contribution to
Less: Sprint Cancellations(1)
Organic Contribution to
Change in Straight-Line
Change in Amortization of
Change in Other Revenue
Growth in Site Rental
Site Rental Billings Excluding Impact of Sprint Cancellations(1)
Site Rental Billings
Adjustment
Prepaid Rent
Revenues
$105-$115
$90-$100
($35)-($25)
$0
$160-$190
($205)
($45)-($15)
($175)-($145)
($80)-($50)
$0
($275)-($235)
Previous FY 2025
Outlook(2)
Note: Components may not sum due to rounding.
Note: All metrics shown on slide exclude the contribution from discontinued operations.
As defined in the Supplemental Information Package.
As issued on March 13, 2025.
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First Quarter 2025 Earnings Conference Call
2025 Outlook for AFFO to Estimated Annual AFFO at Anticipated Time of Transaction Close
($ in millions)
$250 - $370 $2,265 - $2,415
Annual $4.25 Dividend per Share results in approximately 75% to 80% payout of annual AFFO excluding amortization of prepaid rent(3,4)
$210 - $260
$1,770 - $1,820
2025 Outlook for AFFO(1)
Reduction to Interest Expense from Debt Repayment (2)
AFFO Impact from Revenue Growth, Interest Expense from Ongoing Operations,
and Standalone SG&A Adjustment
Estimated Annual AFFO at Anticipated Close
As issued on April 30, 2025, and unchanged from previous full year 2025 Outlook issued on March 13, 2025.
Assumes ~$6,000m of transaction proceeds are used to repay debt at 3.9%, the weighted average rate as of 12/31/2024.
Assumes annual amortization of prepaid rent of ~$70m at time of close.
Dividends subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividend.
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First Quarter 2025 Earnings Conference Call
Disclaimer
Crown Castle Inc. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 20:41 UTC.