American Tower Corp at UBS Global Media and Communications Conference Transcript

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

Question: Batya Levi - UBS AG - Analyst : So I thought that we would just start with maybe looking into the next year. And if you could just give us an overview of what your top priorities would be.

Question: Batya Levi - UBS AG - Analyst : That's great. I'd like to dig in on all of them. But before we do that, maybe just get this topic out of the way. Can you just maybe talk about maybe framing the potential risk as we go through the litigation with DISH and how should we think about the process?

Question: Batya Levi - UBS AG - Analyst : Maybe just generally in the US, you mentioned healthy levels of carrier activity can we dig in a little bit more based on where we are in terms of the first phase of 5G deployment completed, what does that mean in terms of carrier activity going forward? Is there a pause in the market? Are you already starting to see some densification? What are they spending on?

Question: Batya Levi - UBS AG - Analyst : For the 5G deployment, which is still ongoing, the carriers now have access to more spectrum. It's sort of deep and breadth of spectrum is available for them. Does that delay more activity for towers?

Question: Batya Levi - UBS AG - Analyst : Okay. We had AT&T CEO John Stankey thank you in the prior session, and he said that he the wireless CapEx has peaked. What does that imply for you?

Question: Batya Levi - UBS AG - Analyst : Okay. I remember a time that we used to say every time the carriers touch the tower, the tower companies benefit from that. But maybe with the holistic M&As the carriers also got some flexibility, and we're able to light up more spectrum with just a software upgrade. So thinking LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 2:00PM, AMT.N - American Tower Corp at UBS Global Media and Communications Conference about the upcoming spectrum that's becoming available, we saw it with three, four, five for AT&T, it's just spectrum upgrade maybe they will build out 600 megahertz later on. Can you just help us understand when is it good for tower and when is it not?

Question: Batya Levi - UBS AG - Analyst : And mobile data usage still up 35% can you talk a little bit about what use cases do you think that the carriers will continue to support with incremental mobile equipment?

Question: Batya Levi - UBS AG - Analyst : And I think you mentioned before that the current network planning has been more to support the downlink capacity and not so much the uplink. Are you seeing a change in the carrier activity to sort of support the future use cases that could be coming? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 2:00PM, AMT.N - American Tower Corp at UBS Global Media and Communications Conference

Question: Batya Levi - UBS AG - Analyst : Got it. And maybe other potential tenants. Cable is a small portion of your portfolio. They are talking a lot about continuing to build the CBRS. Is that an opportunity?

Question: Batya Levi - UBS AG - Analyst : Any thoughts about Starlink and their potential for building a maybe hybrid MNO with satellite and terrestrial networks.

Question: Batya Levi - UBS AG - Analyst : Maybe wrapping all of that up in terms of how to think about domestic organic growth. You have given a outlook of about 5% growth to 27%. We had some discrete events that could change it. Maybe help us understand what could be the outlook into 2017 given those items? And then how do we think about future growth from there?

Question: Batya Levi - UBS AG - Analyst : And how do you think about churn going forward with the industry consolidation churn almost over? What you used to say that it's 1% to 2%. But is that the right level when you think about the incumbent tenants on your network now?

Question: Batya Levi - UBS AG - Analyst : The network services business has been tremendous and we always think of that as potentially have Oxy for future growth to come. Can you maybe help us understand, is that wrong? Is that like a onetime benefit that you have, that's not going to continue? And how do we think about that business going forward.

Question: Batya Levi - UBS AG - Analyst : Got it. And maybe talking about competition in the US. We're hearing more and more private tower companies trying to get some business from the incumbents and Verizon has a deal with Vertical Bridge. They talk about wanting to diversify their to our portfolio. How do you think about their presence and your and as the carriers move on to the densification phase, could that opportunity be shared with some of the private ones.

Question: Batya Levi - UBS AG - Analyst : Okay. Maybe let's move on to Europe. Another developed region that has been growing around mid-single digits what how do you think about your positioning there, both in terms of potential consolidation that could happen among the carriers, your exposure to that? But also, it looks like there are some portfolios that are being available, what would be our approach.

Question: Batya Levi - UBS AG - Analyst : And how would you balance in terms of growth versus yield? And I guess you've mentioned that you want to put incremental capital into developed markets. So that would hit it. But in terms of growth opportunity. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 2:00PM, AMT.N - American Tower Corp at UBS Global Media and Communications Conference

Question: Batya Levi - UBS AG - Analyst : Okay. LatAm and that one has seen some industry consolidation. Can you just remind us how long that will take us? And then anything else that you're seeing in terms of new activity picking up?

Question: Batya Levi - UBS AG - Analyst : Any update on Mexico? How should we think about trends there?

Question: Batya Levi - UBS AG - Analyst : And maybe Africa, it remains one of the sort of half of your emerging footprint roughly it's been growing very nicely, double digits. So you expect that to grow? And also maybe provide some guidance for us in terms of your appetite to remain in the region.

Question: Batya Levi - UBS AG - Analyst : And then maybe core sites, the other part of the business, which has been doing tremendously well, maybe not for the reasons that you bought the asset for. First, maybe operationally, it was a double-digit grower, can '26 be a repeat of that and then same question, strategically, do you see yourself as the owner of that asset for a longer term?

Question: Batya Levi - UBS AG - Analyst : And so far, it's contained domestically. Would you consider also owning data center assets outside of the US?

Question: Batya Levi - UBS AG - Analyst : Okay. Maybe tying it all together in terms of how to think about capital allocation and especially considering where your stock valuation is right now. And as you think about opportunities to invest in developed markets, both on the tower side, maybe core side development CapEx seems to be going up how should we think about that discretionary CapEx versus buyback and your leverage?

Question: Batya Levi - UBS AG - Analyst : And can we expect that to continue in the near term? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 2:00PM, AMT.N - American Tower Corp at UBS Global Media and Communications Conference

Question: Batya Levi - UBS AG - Analyst : That's fair. I think we'll end it there. Thank you so much.