American Tower Corp at RBC Capital Markets Global Communications Infrastructure Conference Summary

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

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : <_ALACRA_META_ABSTRACT>To maybe just set the stage, if you want to recap kind of your top level guidance that you provided around some of the key metrics, organic tenant billings growth, AFFO per share growth, and then we'll dive into some strategic and operational and balance sheet topics. Rodney Smith - American Tower Corp - Chief Financial Officer, Executive Vice President, Treasurer Yeah. When it comes to organic tenant billings growth in the US, which is really the primary metric a lot of people look at, we've updated our guidance to approximately 4.3% for the year. And that really represents a pretty robust, pretty stable demand backdrop in the US. We are continuing to see the wireless carriers roll out their 5G deployments across the country, all striving to move the amount of 5G deployment up into the 80% to 90% range. Some are there, some are not there, and they're continuing to move up. So we benefit from that. We've seen a very strong beginning of the year in terms of a level of applications. We increased our applications by about 50%, first half of 2025 versus 2024. So we saw '24 kind of ramp up. That ramp-up in applications continued into '25, and that's been a really good thing to see the carriers continue to spend money on the networks, continue to kind of keep their networks in the right condition when it comes to coverage, quality, and capacity. And we are, I think, in the beginning stages of seeing a reflection where AI-driven use cases will increasingly hit mobile devices, which could have another leg up in terms of demand, mobile data consumption on wireless networks, which could continue to drive growth, certainly for the tower industry for a long time. 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 16, 2025 / 1:30PM, AMT.N - American Tower Corp at RBC Capital Markets Global Communications Infrastructure Conference And I would say the one factor that we really look to above all others in terms of driving sustainable long-term growth on the tower sites is the growth in mobile data that we have seen, that we're seeing, and that we expect to continue to see going forward. In terms of the key priorities, which we've talked about American Tower, we are really focused on the fundamentals, driving organic growth in the US and around the globe, making sure we drive as much value as we can, not only for our shareholders but also for our customers, having those sites available for our customers in the US and around the globe is critical, making it easy and efficient for them to use them to get on to them to contract around them is also critical. We spend a considerable amount of time on operational efficiencies, making sure we have the right cost structure. That is all of our direct costs, things like operations and maintenance, capital investments around the sites, the expenses that we have around land and other things as well as SG&A and the expenses that we see there. We've had a couple of years, '23 and '24, we saw SG&A costs come down. That was purposefully driven us being proactive in bending that -- not only bending the curve down, but actually reducing the aggregate amount of SG&A at a time when inflation was fairly high. So we continue to drive those costs down to help expand margins. We also complement the existing assets we have by building towers in select places where we see the value proposition for our shareholders in places where our customers need it. With that said, we are prioritizing developed markets. We've increased capital investments in the US. We've increased investments in Europe as well as with our core site data center business, which is in the US. We've decreased capital investments in emerging markets, particularly Africa and across Latin America. So you can see our actions, our capital investments, our capital allocation is following those priorities, so being efficient is critical. And the last point that I would make, which we focus on a lot is balance sheet quality. Ensuring that we have the right balance sheet that can weather any kind of economic backdrop that can support us, our customers and shareholders in good times and bad times. You've seen us get upgraded with S&P. We're now a BBB+ rated organization. We're proactively reducing the refinancing headwinds that we have getting out ahead of that. We have no more refinancings this year. That's all done. We have now the next end of this year, the second half of 2025 to be working on planning and dealing with refinancings for next year. So we're well ahead of that curve. That puts us in a position where we can be truly opportunistic when it comes to balance sheet management. We've reduced our floating rate debt. That again reduces uncertainty around interest rates and interest rate headwinds. So we're in really good shape there.

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : You mentioned just real quick by way of follow-up before I hit the next set of topics. But -- so you get paid by -- for those DISH leases over time. So what sort of initial lease term are we looking at, 5 years, 10 years, longer?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : SpaceX purchase -- SpaceX purchase of spectrum, even a more recent announcement and thoughts on impacts to the tower industry. 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 16, 2025 / 1:30PM, AMT.N - American Tower Corp at RBC Capital Markets Global Communications Infrastructure Conference

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : Last couple of tower questions, and then maybe we'll hit on data centers. But a lot of folks are kind of thinking for 2026, 5% organic growth given what's happening with US Cellular, which we won't ask you to answer directly, but everything we just talked about,

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : And then turning to Europe. You talked about developed markets. Any kind of highlights to point out around your particular geographic exposure within Europe. And then how you see the growth prospects between organic growth around maybe some of the 5G build-outs versus inorganic growth opportunities? 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 16, 2025 / 1:30PM, AMT.N - American Tower Corp at RBC Capital Markets Global Communications Infrastructure Conference

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : You mentioned you like what you see in terms of mobile data growth. So there's mobile data growth and there's growth on terrestrial towers, which would include FWA. I assume you're excluding FWA when you're talking about mobile data growth?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : You have a technology team just north of Boston. And what are they kind of thinking and seeing as they look at your customers' behavior and also end users? Is it FWA? Or is it AI applications, which are the two? Or is there a third or fourth category that you would get excited about over the medium term around traffic growth?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : So last question, we'll go a little bit over, but data centers, the product du jour seems to be triple-digit megawatt or gigawatt plus commitments. That's not where you play. So if you look at your peer group, you've got one company in their sub-1 megawatt category is seeing a lot of success with enterprise, one of the bigger peers just recently lowered their financial guidance. You're putting up 13% year-on-year growth in Q2. So how do you see your segment of the data center space which is different than where a lot of the capital seems to be flowing -- performing around organic demand drivers? And what's kind of your strategy going forward?

Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst : That's a great overview. Appreciate your taking the time.