American Tower Corp at Goldman Sachs Communacopia & Technology Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: James Schneider - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>Thank for being here. Maybe, Steve, just kind of starting out at a very high level. Company has changed a little bit since you were here last. You sold India, domestic market opportunities improved a bit. The data center market continues to evolve. So as you see here today, which segments of the business do you think will have the greatest change at this point a year from now?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Very good. One of the initiatives I know you also have underway is to kind take a harder look at your class base. Can you help investors understand the process you're undertaking to optimize things?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Time to take in.

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Great. Before we dive into business, I want to ask you one question on capital allocation. You've got a lot of options available to you. Dividends, inorganic, organic tower builds, M&A. Just give us some insight as to how you think about the different return hurdles

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Yes. Great. So maybe digging into your domestic tower business for a moment. You said on your Q2 call, excuse me, application volume activity levels were strong. Services business, quite strong that actually lead activity levels, but I think you slightly lowered your organic growth guidance, which you attributed to timing. So maybe starting with the sort of activity levels is mainly a continuation of what we've seen on rural builds and mid-band 5G deployments? Or is there anything else going on there?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Very good. And then as for the downtick in guidance, it sounds like you're confident that's timing related, but we believe that's being driven by AT&T. And given your expiry of the MLA with that company, maybe does that kind of change how you're thinking about doing an MLA with AT&T?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Yes. Okay. Very good. US carriers, I think, have upgraded more than 50% of their sites with 5G at this point. Verizon has publicly talked about 80%, 90% of CBN finished by the end of this year. So given the size of your domestic business. With carrier CapEx seemingly not moving very much, may potentially flat to down for the next few years. Sort of what level of comfort should investors have in your ability to sort of drive 5% organic growth long term?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Fair enough. EchoStar. I believe your current exposure is $200 million annualized?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Okay. Fair enough. Maybe just help us understand the contracts you have in place with them and their ability to churn? And what years those renewals kind of have come up? And how should that kind of think about. How should we be thinking about your overall churn profile over the next sort of five years plus?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Okay. Great. I don't think we're worried about 2037 yet. Okay. Can you maybe remind us just in principle, if you have a customer would say, like a 700-megahertz antenna on your tower, they want to deploy 600-megahertz antenna, would that be considered for you a co-location or an amendment? And maybe if you were to kind of change the type of antenna configuration, are there any kind of like multiband antennas going to accommodate both?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Okay. Fair. Maybe just sort of thinking a little bit longer term. With the changes at the FCC, there seems to be more likelihood of a spectrum option come up at some point in the next several years. Based on what you know about the potential spectrum that could be auctioned, do you see those bands as a driver for potential new tower deployments?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Okay. Great. Moving to international for a second. I think last quarter, you increased your organic growth guidance in both Africa and Latin America. Maybe walk through these markets starting to Africa, but I think the cooler side and the mineral side of the business has been at a pretty attractive level. Churn has been better. What's driving that trend? Can you maybe help us break down how investors should think about how that region should move in the out years?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Fair enough. LatAm. Leasing activities there have been sluggish for a little while now. How are you thinking about how long will you kind of hang out in this kind of low single-digit growth rate? And when can we start to see an improvement in more accurately reflects kind of the underlying trends in the market?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Great. Maybe ending up on Europe. You reiterated your organic growth guidance there. I think a lot of investors have been surprised by the durability of growth there. Maybe unpack for us what's happening on the ground? And in which countries are you seeing sort of the most demand or the most interesting trends happening?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Got it. Data centers and CoreSite. We cannot get through for one of these presentations at the conference without talking about AI. So let me get right to it. We've started to see AI inferencing pick up as a business among many of your customers. I think it's against the reason of CoreSite should benefit from that. How do you think that plays out? And when would you expect to see CoreSite benefits directly from the inference market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 5:10PM, AMT.N - American Tower Corp at Goldman Sachs Communacopia & Technology Conference

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Yes. And I think that sort of edge compute thesis was part of your rationale for doing CoreSite in the beginning. Has that kind of played out as you thought? Or do you think we're now kind of like finally catching up to fulfill that thesis? And have you actually had any discussions with your customers about putting compute at the base of your towers?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Yes. Fair enough. A couple of financials to round this out. With the potential churn from Sprint coming and what other events are on the horizon, how should investors think about the growth algorithm for the company financially over the medium- and long term. In other words, X percent topline growth translates to Y EBITDA and FFO?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Okay. Very good. I think we'll almost out of time. So we end it there. But thank you much Steve for being with us. We appreciate it. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 5:10PM, AMT.N - American Tower Corp at Goldman Sachs Communacopia & Technology Conference