American Tower Corp at KeyBanc Technology Forum Transcript

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

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Let's talk about the intersection of sort of towers and data centers maybe to start. American Tower acquired CoreSite, what, three, four years ago. At the time, there was a view and like strong conviction that the edge would play out in terms of towers and data centers being sort of converged infrastructure. I think the company admitted that that thesis hasn't played out as quick as you might have liked. What keeps you convicted that that's sort of a thesis that you can continue to pursue? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 11, 2025 / 5:00PM, AMT.N - American Tower Corp at KeyBanc Technology Forum

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : So talk about sort of in the last three years, what type of progress you've made in terms of establishing these edge facilities? You talked about Raleigh. How many relocations do you have? Where do you see that going over the next three to four years?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : So I wanted to ask, I mean, I think we hear headlines of all the big numbers of megawatts and gigawatts even being built. These are smaller facilities. There's also -- telcos have a lot of central offices with probably in the range of 5 megawatts type of power. What do you see ultimately as like the driving force to get customers? And what's like the inflection point around like really establishing that business?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Interesting.

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Got it. I want to take a little bit of a step back. I mean you've been a CTO for a long time. You're a technologists. Where would you sort of characterize where we are from an AI perspective?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Got it. Let's switch gears and talk about the tower business a little bit. And I even -- before we get to towers and sort of the spectrum opportunity over the next 5 years, AST SpaceMobile, I mean, direct-to-cellular service from satellites has been a topic. How do you think about that, in terms of maybe an opportunity or maybe a competitive threat?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Now just to put you on the spot, DISH, earnings call a couple of weeks ago talked about building a satellite network to serve mobile use cases, right? Were they really talking about trying to take some of those high-cost sites for the carriers in rural areas and really complement those or even REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 11, 2025 / 5:00PM, AMT.N - American Tower Corp at KeyBanc Technology Forum potentially have them offload a lot of the traffic that would otherwise be on a tower site in a rural market onto the satellite service. What do you think about what they were talking about from a sort of like satellite to cellular connectivity?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Okay. Fair enough. Switch gears. I mean, tax, new tax bill was passed. It gave the FCC spectrum auction authority. They have to auction a certain amount of spectrum over the next several years. Maybe what do you see as the opportunity for American Tower? What spectrum bands? What's sort of up and coming in your view from a spectrum standpoint?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : So the upper C band should be sort of first to auction?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : What do you see as the timeline for potential?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : For the upper C band?

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Yes. The first step is 2 years, 4 years, they have to deploy it by, I guess, is -- the auction will be in 2 years is what they are saying.

Question: Brandon Nispel - KeyBanc Capital Markets Inc - Analyst : Got it. Any questions for the audience in the last minute? Unidentified Participant Just a quick one. 5G seems to have rolled out slower than most of our expectations. Is the new tax bill going to help the carriers finally start moving forward a little faster? Or do we need native AI on our iPhones to get the Edge going? Kind of a double edge question there.