American Tower : Earnings Presentation (5dedfe)

Published: 2026-04-28 15:58:10 ET AMT

Published on 04/28/2026 at 03:58 pm EDT

‌First Quarter 2026 Earnings Conference Call

April 28, 2026

| American Tower Confidential and Proprietary

Introduction

Spencer Kurn

Senior Vice President, Investor Relations

Opening Remarks

Steve Vondran

President and Chief Executive Officer

Financial Results & Outlook

Q&A

Rod Smith

Executive Vice President, Chief Financial Officer and Treasurer

"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 assumptions and other statements that do not relate to historical matters. Examples of these statements include, but are not limited to, statements regarding our full year 2026 outlook and other targets, foreign currency exchange rates, our expectations regarding our stock repurchase program, the creditworthiness and financial strength of our customers, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements, and the expected impacts of such agreements on our business and factors that could affect our expectations, projected dividend growth, foreign currency exchange rates and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those described in the appendix attached hereto, and those provided in the section entitled "Risk Factors" in our most recent annual report on Form 10-K, and other risks described in documents we may subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. Definitions and reconciliations are provided at the end of the presentation.

Steve Vondran, President and Chief Executive Officer

Revenue

Growth

Durable ~4% OTBG(1)

globally driven by robust 4G and 5G network investments

Double-digit revenue growth in data centers for the second consecutive year

Capture tailwinds from rapid growth in mobile data consumption, fixed wireless and AI use cases

Operational

Efficiency

Reduce costs through

globalization, standardization and automation

Deliver 200-300 basis points of tower Adjusted EBITDA cash margin expansion by 2030

Invest in AI to further accelerate margin upside

Capital

Allocation

Prioritize developed markets to

optimize asset portfolio and earnings quality

Strong balance sheet and financial flexibility with net leverage at or below 5x

After funding dividend and capex plan, opportunistically pursue M&A, repurchase shares or further de-lever

Rod Smith, Executive Vice President, Chief Financial Officer and Treasurer

($ in millions)

Property Revenue

Adjusted EBITDA

$1,744

5.2% Growth

1.0% Cash FX-Neutral Growth(1)

$1,835

AFFO Attributable to AMT Common Stockholders per Share

$2.84

$2.75

3.3% Growth

(1.1)% FX-Neutral Growth(1)

$2,488

$2,670

7.3% Growth

2.3% Tenant Billings Growth 2.8% Cash FX-Neutral Growth(1)

Q1 2025 Q1 2026

68.2% Cash Margin

67.1% Cash Margin

› ~4% Organic Tenant Billings Growth ex. DISH and ~17% Data Center cash revenue growth

› ~4% cash FX-neutral Adjusted EBITDA growth y/y ex. DISH; ~3% FX-neutral Attributable AFFO per Share growth y/y ex. DISH

Durable Revenue Growth and With High Incremental Margins

($ in millions)

Organic Tenant Billings Growth

10.5%

Data Center Revenue Growth

$289

$244

18.4% Growth

16.6% Cash Revenue Growth

~4%

~5%

3.9%

1.7%(1)

0.6%(1)

LatAm

Total U.S. & Canada Africa &

APAC

Impact of DISH churn

Europe

(2.0%)

Q1 2025 Q1 2026

› Mid-single-digit consolidated OTBG ex. DISH; OTBG in line with expectations across all regions

› Complemented by ~17% Data Center cash revenue growth y/y

Robust Infrastructure Leasing Underpinned By Secular Growth In Data Consumption

American Tower Confidential and Proprietary

8 | (1) Reflects the removal of DISH contributions from Tenant Billings.

Definitions and reconciliations are provided at the end of this presentation.

($ in millions)

Total Property Revenue

$10,515

$10,305

$10,660

› Raising 2026 Outlook by ~1% at the midpoint primarily due to

~$110M of FX tailwinds and ~$35M of accelerated straight-line revenue related to Oi

› Outlook assumes Organic Tenant Billings Growth of ~1%, or

~4% excluding DISH churn, complemented by ~13% Data Center growth and the construction of 2,000 new tower sites, consistent with prior expectations

2025 2026 Prior Outlook 2026 Current

Outlook

› Outlook midpoint assumes Property Revenue growth of ~3%, and ~3% excluding non-cash straight-line and FX impacts

Strong Leasing Trends Helped By FX and Straight-Line Tailwinds

($ in millions)

Adjusted EBITDA

$7,130

$7,125

$7,230

2025 2026 Prior Outlook 2026 Current

Outlook

› Raising 2026 Outlook by ~1% at the midpoint primarily due to

~$70M of FX tailwinds and ~$35M of accelerated straight-line revenue related to Oi

› Outlook midpoint assumes Adjusted EBITDA growth of ~1% Y/Y, or ~2% excluding non-cash net straight-line and FX impacts

67.0% Cash Margin

66.7% Cash Margin

High Operating Leverage Helped By FX and Straight-Line Tailwinds

Attributable AFFO per Share

$10.99

› Raising 2026 Outlook by ~1% at the midpoint primarily due to FX tailwinds

$10.87

$10.76

› Outlook includes (~4%) headwind from DISH-related churn, (~2%) headwind from cash taxes and net interest, and (~1%) headwind from Services

2025 2026 Prior Outlook 2026 Current

Outlook

› Outlook midpoint assumes Attributable AFFO per Share growth of ~2% Y/Y, or ~1% excluding FX impacts and refinancing costs

Well-Positioned for Long-Term, Durable Attributable AFFO per Share Growth

($ in billions)

2026E Outlook Capital Deployments(1)

Balance Sheet Management

Discretionary Capital Projects

by Region

Discretionary

Capital Projects (3)

$1.8

Emerging

Markets(4)

15%

Common Stock

Dividends (2)

$3.3

U.S. Data

Centers 40%

U.S. G

Canada 20%

Europe

25%

MGA

$0.1

Non-Discretionary CapEx

$0.2

12/31/2025

3/31/2026

Net Leverage (LQA)

4.9x

Liquidity

$11.1

$10.4

Fixed / Floating Rate Debt (%)

96% / 4%

94% / 6%

Weighted Average Remaining Term

5.3 years

5.1 years

› 2026 capital deployment plan highlights emphasis on developed markets and selective capital projects

› Targeting a common dividend declaration of ~$3.3 billion(2), implying mid-single-digit year-over-year per share growth

Financial Flexibility Supporting Disciplined Capital Plan; Investment Grade Balance Sheet

12 |

Reflects 2026 outlook midpoints, as reported in the Company's Form 8-K dated April 28, 2026.

American Tower Confidential and Proprietary

Subject to board approval.

Discretionary capital includes capital for tower and data center development, ground lease purchases, start-up capital projects and redevelopment.

Represents the Company's Latin America and Africa & APAC property segments.

Definitions and reconciliations are provided at the end of this presentation.

› 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 management team and operational excellence position American Tower to capture growth opportunities across our markets

› Disciplined capital allocation and investment grade balance sheet support growth opportunities with high returns

› Strategic priorities designed to deliver on our goal of industry-leading attributable AFFO per Share growth and maximize long-term shareholder value creation

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 operating income (expense), including Goodwill impairment; Depreciation, amortization and accretion; and Stock-based compensation expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. In addition, it is a widely used performance measure across the telecommunications real estate sector.

Adjusted EBITDA Cash Margin: The percentage that results from dividing Adjusted EBITDA less net straight-line by total revenue less straight-line revenue.

Adjusted EBITDA Margin: The percentage that results from dividing Adjusted EBITDA by total revenue.

Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders: Nareit FFO attributable to American Tower Corporation common stockholders before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the deferred portion of income tax and other income tax adjustments, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, and (viii) other operating income (expense), less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO. The Company believes this measure provides valuable insight into the operating performance of its assets by further adjusting the Nareit AFFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above, which if unadjusted, may otherwise cause material fluctuations in Nareit FFO attributable to American Tower Corporation stockholders growth from period to period that would not be representative of the underlying performance of the Company's property assets in those periods. In addition, it is a widely used performance measure across the telecommunications real estate sector. The Company believes providing this metric, excluding the impacts of noncontrolling interests, enhances transparency, given the minority interest in its Europe business and its U.S. data center business.

AFFO attributable to American Tower Corporation common stockholders per Share: AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding.

AFFO attributable to American Tower Corporation common stockholders, as adjusted: Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest expense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borrowing cost for the respective period. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations.

AFFO attributable to American Tower Corporation common stockholders per Share, as adjusted: AFFO attributable to American Tower Corporation common stockholders, as adjusted, divided by the diluted weighted average common shares outstanding.

Churn: Tenant Billings lost when a tenant cancels or does not renew its lease or, in limited circumstances, when the lease rates on existing leases are reduced.

International Pass-through Revenue: A portion of the Company's pass-through revenue is based on power and fuel expense reimbursements and therefore subject to fluctuations in fuel prices. As a result, revenue growth rates may fluctuate depending on the market price for fuel in any given period, which is not representative of the Company's real estate business and its economic exposure to power and fuel costs. Furthermore, this expense reimbursement mitigates the economic impact associated with fluctuations in operating expenses, such as power and fuel costs and land rents in certain of the Company's markets. As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates.

Nareit Funds From Operations, as defined by the National Association of Real Estate Investment Trusts ("Nareit"), Attributable to American Tower Corporation Common Stockholders: Net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion, and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations. The Company believes this measure provides valuable insight into the operating performance of its property assets by excluding the charges described above, particularly depreciation expenses, given the high initial, up-front capital intensity of the Company's operating model. In addition, it is a widely used performance measure across the telecommunications real estate sector.

Net Leverage Ratio: Net debt (total long-term debt, including current portion, and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents) divided by the quarter's annualized Adjusted EBITDA (the quarter's Adjusted EBITDA multiplied by four). The Company believes that including this calculation is important for investors and analysts given it is a critical component underlying its credit agency ratings.

New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior-year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition to our portfolio are not included in New Site Tenant Billings. In certain cases, this could also include the net impact of certain divestitures. The Company believes providing New Site Tenant Billings enhances an investor's ability to analyze the Company's existing real estate portfolio growth as well as its development program growth, as the Company's construction and acquisition activities can drive variability in growth rates from period to period.

New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valuable insight into the growth attributable to Tenant Billings from recently acquired or constructed properties.

Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company's portfolio.

Organic Tenant Billings Growth (OTBG): The portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period, which enables investors and analysts to gain additional insight into the relative attractiveness, and therefore the value, of the Company's property assets.

(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 profitability of its assets.

Segment Operating Profit: Segment Gross Margin less segment selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets while also taking into account the overhead expenses required to manage each of its operating segments.

Segment Operating Profit and Segment Gross Margin are before interest income, interest expense, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to noncontrolling interest and income tax benefit (provision).

Straight-line expenses: We calculate straight-line ground rent expense for our ground leases based on the fixed non-cancellable term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to us such that renewal appears, at the inception of the lease, to be reasonably assured. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease, if the tenant exercises its renewal option. For towers with these types of tenant leases at the inception of the ground lease, we calculate our straight-line ground rent over the term of the ground lease, including all renewal options required to fulfill the tenant lease obligation.

Straight-line revenues: Under GAAP, the Company recognizes revenue on a straight-line basis over the term of the contract for certain of its tenant leases. Due to the Company's significant base of non-cancellable, long-term tenant leases, this can result in significant fluctuations in growth rates upon tenant lease signings and renewals (typically increases), when amounts billed or received upfront upon these events are initially deferred. These signings and renewals are only a portion of the Company's underlying business growth and can distort the underlying performance of our Tenant Billings Growth. As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures.

Tenant Billings: The majority of the Company's revenue is generated from non-cancellable, long-term tenant leases. Revenue from Tenant Billings reflects several key aspects of the Company's real estate business: (i) "colocations/amendments" reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) "escalations" reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) "cancellations" reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) "new sites" reflects the impact of new property construction and acquisitions.

Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billings for a current period with Tenant Billings for the corresponding prior-year period, in each case adjusted for foreign currency exchange rate fluctuations. The Company believes this measure provides valuable insight into the growth in recurring Tenant Billings and underlying demand for its real estate portfolio.

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 include, but are not limited to, statements regarding our full year 2026 outlook and other targets, foreign currency exchange rates, our expectations regarding our stock repurchase program, the creditworthiness and financial strength of our customers, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements and the expected impacts of such agreements on our business and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) a significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand; (2) our business, results of operations and financial condition could be negatively impacted by disputes with our customers; (3) a substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers; (4) increasing competition within our industries may materially and adversely affect our revenue; (5) if our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected; (6) competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria; (7) new technologies or changes, or lack thereof, in our or a customer's business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results; (8) divestitures may materially and adversely affect our financial condition, results of operations or cash flows; (9) our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments; (10) our leverage, debt service obligations and repurchase activity may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements; (11) increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases; (12) restrictive covenants in the agreements related to our securitization transaction, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (13) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (14) our business, and that of our customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict our ability to operate our business as we currently do or impact our competitive landscape; (15) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (16) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (17) we could have liability under environmental and occupational safety and health laws; (18) we may be adversely affected by regulations related to climate change;

(19) if we, or third parties on which we rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, we may incur substantial costs and suffer other negative consequences, which may include reputational damage; (20) our data center segment contains certain operational differences from our tower leasing operations, resulting in different operational risks. If we do not successfully operate our data center segment or identify or manage the related operational risks, such operations may produce results that are lower than anticipated; (21) if we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results; (22) our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations; (23) the transformation initiatives we undertake may not deliver the results we expect; (24) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (25) our towers, data centers, other telecommunications assets or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums; and (26) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information that is provided in the section entitled "Risk Factors" in our most recent annual report on Form 10-K, and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances.

($ in millions, totals may not add due to rounding)

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME(1)

2016 2017

2018(2)

2019

2020

2021

2022

2023

2024

2025

1Q25

1Q26

Net income

$970 $1,225

$1,265

$1,917

$1,692

$2,568

$1,697

$1,367

$2,280

$2,629

$499

$879

(Income) loss from discontinued operations, net of taxes

n/a n/a

n/a

(171)

277

978

Income tax provision (benefit)

156 31

(110)

(0)

130

214

113

366

416

119

140

Other expense (income)

48 (31)

(24)

(18)

241

(565)

(435)

326

(378)

576

338

(90)

(Gain) loss on retirement of long-term obligations

(1) 70

Interest expense

717 750

826

814

794

871

1,136

1,388

1,405

1,359

325

347

Interest income

(26) (35)

(55)

(47)

(40)

(20)

(49)

(119)

(135)

(134)

(27)

(36)

Other operating expenses (income)

73 256

513

166

266

399

271

371

(56)

Goodwill impairment(3)

- -

Depreciation, amortization and accretion

1,526 1,716

2,111

1,778

1,882

2,134

3,165

2,929

2,029

2,042

493

518

Stock-based compensation expense

90 109

138

111

121

112

162

183

193

174

ADJUSTED EBITDA

$3,553 $4,090

$4,667

$4,745

$5,156

$5,578

$6,336

$6,688

$6,812

$7,130

$1,744

$1,835

Divided by total revenue

$5,786 $6,664

$7,440

$7,580

$8,042

$8,160

$9,645

$10,012

$10,127

$10,645

$2,563

$2,738

ADJUSTED EBITDA MARGIN

61% 61%

63%

64%

68%

66%

67%

68%

67%

AFFO RECONCILIATION(1)

2016 2017

2018(2)

2019

2020

2021

2022

2023

2024

2025

1Q25

1Q26

Adjusted EBITDA

$3,553 $4,090

$4,667

$4,745

$5,156

$5,578

$6,336

$6,688

$6,812

$7,130

$1,744

$1,835

Straight-line revenue

(132) (194)

(88)

(184)

(322)

(460)

(509)

(465)

(278)

(101)

(17)

(19)

Straight-line expense

68 62

Cash interest(4)

(694) (723)

(807)

(800)

(824)

(831)

(1,089)

(1,338)

(1,350)

(1,305)

(312)

(334)

Interest Income

26 35

119

135

134

Cash paid for income taxes(5)(6)

(96) (137)

(164)

(147)

(146)

(227)

(260)

(253)

(278)

(266)

(33)

(45)

Dividends on preferred stock

(107) (87)

(9)

Capital improvement Capex

(110) (114)

(150)

(160)

(150)

(165)

(187)

(157)

(185)

(36)

(43)

Corporate Capex

(16) (17)

(9)

(11)

(9)

(8)

(9)

(16)

(14)

(10)

(1)

(5)

Adjustments and dividends for noncontrolling interests

(90) (160)

(363)

(92)

(33)

(74)

(190)

(305)

(348)

(391)

(91)

(109)

Adjustments for discontinued operations

n/a n/a

n/a

380

318

345

365

AFFO Attributable to Common Stockholders

$2,400 $2,755

$3,191

$3,442

$3,764

$4,277

$4,517

$4,612

$4,934

$5,042

$1,290

$1,324

Divided by weighted average diluted shares outstanding

429.3 431.7

443.0

445.5

446.1

453.3

462.8

467.2

468.1

468.8

468.5

466.8

AFFO Attributable to Common Stockholders per Share

$ 5.59 $ 6.38

$ 7.20

$ 7.73

$ 8.44

$ 9.43

$ 9.76

$ 9.87

$ 10.54

$ 10.76

$ 2.75

$ 2.84

AFFO attributable to AMT common stockholders from discontinued operations

n/a n/a

n/a

($380)

($319)

($345)

($365)

AFFO attributable to AMT common stockholders from continuing operations

n/a n/a

n/a

3,897

4,197

4,266

4,569

5,042

1,290

1,324

Adjustment for full period interest expense savings associated with the use of ATC TIPL Transaction proceeds

n/a n/a

n/a

$28

$79

$131

$92

AFFO Attributable to Common Stockholders, as adjusted(7)

n/a n/a

n/a

$3,924

$4,277

$4,398

$4,661

$5,042

$1,290

$1,324

AFFO Attributable to Common Stockholders per Share, as adjusted(7)

n/a n/a

n/a

$ 8.66

$ 9.25

$ 9.41

$ 9.96

$ 10.76

$ 2.75

$ 2.84

2021, 2022, 2023 and 2024 are presented to include the reclassification of ATC TIPL as discontinued operations. All other periods shown have not been changed.

Includes one-time net positive impacts to 2018 Adjusted EBITDA and AFFO attributable to common stockholders related to the Company's settlement with Tata in Q4 2018.

Full year 2023 includes impairment charges of $80 million for the Spain reporting unit.

In Q2 2019, the Company made a capitalized interest payment of approximately $14 million associated with the purchase of the shareholder loan previously held by its joint venture partner in Ghana. In Q1 2020, the Company made a capitalized interest payment of approximately $63 million associated with the acquisition of MTN's redeemable noncontrolling interests in each of its joint ventures in Ghana and Uganda. In each case, the deferred interest was previously expensed but excluded from AFFO Attributable to Common Stockholders.

2015 and 2022 exclude one-time GTP cash tax charge.

2026 includes adjustments for refunds in Germany of $0.5 million. 2025 includes adjustments for (i) $0.3 million of taxes paid in Singapore related to the ATC TIPL Transaction, (ii) $25.8 million of taxes paid in South Africa, which were incurred as a result of the sale of South Africa Fiber, (iii) $30.4 million of taxes paid related to the sale of equity securities in the U.S. and (iv) $6.5 million of other tax adjustments. 2024 includes adjustments for withholding taxes paid in Singapore of $36.4 million, which were incurred as a result of the ATC TIPL Transaction.

Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest expense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borrowing cost for the respective period. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations.

($ in millions, except share and per share data, totals may not add due to rounding)

Reconciliations of Outlook for Adjusted EBITDA to Net Income:

Net income Interest expense

Depreciation, amortization and accretion Income tax provision

Stock-based compensation expense

Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense

Adjusted EBITDA

Full Year 2026

$3,015 to $3,095

1,430 to 1,410

2,135 to 2,145

470 - 470

145 - 145

- - -

$ 7,195 to $ 7,265

Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income:

Full Year 2026

Net income

$3,015 to

$3,095

Straight-line revenue

27 -

Straight-line expense

36 -

Depreciation, amortization and accretion

2,135 to

2,145

Stock-based compensation expense

145 -

145

Deferred portion of income tax and other income tax adjustments

152 -

152

Amortization of deferred financing costs, and debt discounts and premiums and long-term

deferred interest charges

68 -

Other, including other operating expense, (gain) loss on retirement of long-term obligations and

other (income) expense

129 to

129

Capital improvement capital expenditures

(165) to

(175)

Corporate capital expenditures

(15) -

(15)

Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests

(437) -

(437)

AFFO attributable to AMT common stockholders

$ 5,090 to

$ 5,170

Divided by weighted average diluted shares outstanding (in thousands)

467,000 -

467,000

AFFO attributable to AMT common stockholders per Share

$ 10.90 to

$ 11.07

As reported in the Company's Form 8-K dated April 28, 2026.

American Tower Confidential and Proprietary

The Company's outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for April 28, 2026 through December 31, 2026: (a) 1,623 Argentinean Pesos; (b) 123.30 Bangladeshi Taka; (c) 5.50 Brazilian Reais; (d) 1.37 Canadian Dollars; (e) 880 Chilean Pesos; (f) 3,800 Colombian Pesos; (g) 0.85 Euros; (h) 11.00 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 17.90 Mexican Pesos; (k) 1,430 Nigerian Naira; (l) 6,700 Paraguayan Guarani; (m) 3.40 Peruvian Soles; (n) 58.20 Philippine Pesos; (o) 16.90 South African Rand; (p) 3,580 Ugandan Shillings; and (q) 560 West African CFA Francs.

($ in millions, except share and per share data, totals may not add due to rounding)

Reconciliations of Outlook for Adjusted EBITDA to Net Income:

Net income Interest expense

Depreciation, amortization and accretion Income tax provision

Stock-based compensation expense

Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense

Adjusted EBITDA

Full Year 2026

$2,945 to $3,025

1,415 to 1,395

2,060 to 2,070

440 - 440

140 - 140

90 - 90

$ 7,090 to $ 7,160

Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income:

Full Year 2026

Net income

$2,945 to

$3,025

Straight-line revenue

70 -

Straight-line expense

36 -

Depreciation, amortization and accretion

2,060 to

2,070

Stock-based compensation expense

140 -

140

Deferred portion of income tax and other income tax adjustments

128 -

128

Amortization of deferred financing costs, and debt discounts and premiums and long-term

deferred interest charges

53 -

Other, including other operating expense, (gain) loss on retirement of long-term obligations and

other (income) expense

215 to

215

Capital improvement capital expenditures

(160) to

(170)

Corporate capital expenditures

(15) -

(15)

Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests

(437) -

(437)

AFFO attributable to AMT common stockholders

$ 5,035 to

$ 5,115

Divided by weighted average diluted shares outstanding (in thousands)

467,000 -

467,000

AFFO attributable to AMT common stockholders per Share

$ 10.78 to

$ 10.95

As reported in the Company's Form 8-K dated February 24, 2026.

American Tower Confidential and Proprietary

The Company's prior outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for February 24, 2026 through December 31, 2026: (a) 1,645 Argentinean Pesos; (b) 123.40 Bangladeshi Taka; (c) 5.50 Brazilian Reais; (d) 1.38 Canadian Dollars; (e) 930 Chilean Pesos; (f) 4,030 Colombian Pesos; (g) 0.85 Euros; (h) 11.60 Ghanaian Cedis; (i) 134 Kenyan Shillings; (j) 18.40 Mexican Pesos; (k) 1,550 Nigerian Naira; (l) 7,000 Paraguayan Guarani; (m) 3.35 Peruvian Soles; (n) 58.90 Philippine Pesos; (o) 17.00 South African Rand; (p) 3,790 Ugandan Shillings; and (q) 560 West African CFA Francs.

($ in millions, except per share amounts & as noted, totals may not add due to rounding)

Estimated Q1 2026 FX-Neutral

Q1 2026 FX-Neutral Reconciliations(1) Q1 2025 Q1 2026 Growth Rate FX Impact Q1 2025 FX-Neutral Growth Rate

Total Property Revenue $2,488 $2,670 7.3% ~$110 $2,488 $2,560 2.9%

Total Property Revenue Ex. Straight-Line 2,471 2,651 7.3% ~110 2,471 2,541 2.8%

Adjusted EBITDA 1,744 1,835 5.2% ~70 1,744 1,765 1.2%

Adjusted EBITDA Ex. Net Straight-Line 1,736 1,825 5.1% ~70 1,736 1,754 1.0%

AFFO attributable to AMT common stockholders 1,290 1,324 2.6% ~56 1,290 1,268 (1.7)%

AFFO attributable to AMT common stockholders per Share $2.75 $2.84 3.3% ~$0.12 $2.75 $2.72 (1.1)%

Estimated 2026E FX-Neutral

2026 Outlook FX-Neutral Reconciliations(1) 2025 2026E Growth Rate FX Impact 2025 FX-Neutral Growth Rate

Total Property Revenue $10,305 $10,660 3.4% ~$195 $10,305 $10,465 1.6%

Total Property Revenue Ex. Straight-Line 10,204 10,687 4.7% ~195 10,204 10,492 2.8%

Adjusted EBITDA 7,130 7,230 1.4% ~124 7,130 7,106 (0.3)%

Adjusted EBITDA Ex. Net Straight-Line 7,065 7,293 3.2% ~124 7,065 7,169 1.5%

AFFO attributable to AMT common stockholders 5,042 5,130 1.8% ~102 5,042 5,028 (0.3)%

AFFO attributable to AMT common stockholders per Share $10.76 $10.99 2.1% ~$0.22 $10.76 $10.77 0.1%

1Q 2026 Growth Rates vs. Prior Year Impact of Impact of Impact of Impact of Impact of Net

1Q 2026 Dish Churn Impact of FX Net Interest Normalized 1Q 2026 Dish Churn FX Interest Normalized

Property Revenue Ex. Straight-Line Revenue $ 2,651 $ (52) $ 110 - $ 2,593 7.3% (2.1%) 4.5% - 4.9%

Adjusted EBITDA Ex. Net Straight-Line $ 1,825 $ (52) $ 70 - $ 1,807 5.1% (3.0%) 4.0% - 4.1%

Attributable AFFO per Share $ 2.84 $ (0.11) $ 0.12 $ (0.03) $ 2.86 3.3% (4.0%) 4.4% (1.1%) 4.0%

2026 Outlook Growth Rates vs. Prior Year Outlook Impact of Impact of Outlook Impact of Impact of Impact of Net

Midpoint Dish Churn Impact of FX Net Interest Normalized Midpoint Dish Churn FX Interest Normalized

Property Revenue Ex. Straight-Line Revenue $ 10,687 $ (212) $ 195 - $ 10,704 4.7% (2.1%) 1.9% - 4.9%

Adjusted EBITDA Ex. Net Straight-Line $ 7,293 $ (212) $ 124 - $ 7,380 3.2% (3.0%) 1.8% - 4.5%

Attributable AFFO per Share $ 10.99 $ (0.45) $ 0.22 $ (0.12) $ 11.34 2.1% (4.2%) 2.0% (1.1%) 5.4%

Cash Adjusted EBITDA Margin Reconciliation Q1 2025 Q1 2026

Adjusted EBITDA less Net Straight-Line $1,736 $1,825

Divided by: Total Revenue less Straight-Line Revenue 2,546 2,719

Cash Adjusted EBITDA Margin 68.2% 67.1%

American Tower Confidential and Proprietary

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| American Tower Confidential and Proprietary

Disclaimer

American Tower Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 19:57 UTC.