Crown Castle Inc at Goldman Sachs Communacopia & Technology Conference Summary

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

Question: Joshua Frantz - Goldman Sachs - Analyst : <_ALACRA_META_ABSTRACT>Sunit, you're not new to Crown Castle being on the Board, but you're relatively new to the CFO role. Can you tell us what you want to implement given your history as CFO at other companies?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. And you mentioned you're in kind of the midst of a major transformation with selling fiber in the small cell businesses. How should we think about how the company looks 12 months from now? And if there's any update on the deal process, that would be fantastic.

Question: Joshua Frantz - Goldman Sachs - Analyst : Terrific. And you also mentioned you have a new permanent CEO. From your discussions with him thus far, what kind of changes do you think he's going to bring to the company and how do you think his experience kind of helps through the transition with the fiber and small cell sale?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. So if we kind of think about the operations of the business, you raised your leasing guide at 2Q results. You're the only three public US towers to do that. Can you give us some incremental insight as to what you're seeing? Is it continuation of rural builds? Is it densification, mid-band deployments? Where are we there?

Question: Joshua Frantz - Goldman Sachs - Analyst : The carriers have upgraded more than 50% of their sites with 5G and Verizon's pointing to 80% to 90% of their C-band finished by the end of this year. How do we think about the organic growth for the next 5 years, the next 10 years? I think the carriers have talked about their CapEx plans, which are generally flat, maybe down a little bit. But should we be able to think about like a mid single-digit 5 percentage organic growth for the next few years and beyond?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. As we think just about you're leasing for the year, it's $110 million, $120 millioni Is that a fair run rate to think about, I know you talked about organic a bit there, but given the amount of new spectrum that's coming to the carriers. And do you think that the 5G build cycle will take longer than 4G or similar or slower or faster? Where do we stand there, do you think?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. And you hinted at it a bit, with the spectrum deal from last week, I think it was at this point, your EchoStar revenue exposure is about 5%, if you want to update us there with a more specific number, we would be happy to take it. But can you talk to us about the contracts that you have in place with them? Their ability to churn, I think they've signed a 20,000-tower deal with you guys. I think it stands up to 2034 -- 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 11, 2025 / 4:30PM, CCI.N - Crown Castle Inc at Goldman Sachs Communacopia & Technology Conference

Question: Joshua Frantz - Goldman Sachs - Analyst : 2036. And how do we think about their payment and the potential churn that could come? Are you confident that you're going to get your payment from now into the middle of next decade?

Question: Joshua Frantz - Goldman Sachs - Analyst : And in your leasing guide, is there -- and I want to make sure I heard this right, there's nothing in the 110 to 120 from DISH, or is there some In there and does that go away? Like how do we think about, in your guidance, how much that could be driven by EchoStar?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. Okay. And I guess the expectation is AT&T potentially does less densification of the 3.45 because they can do a software upgrade and that will give them more capacity. But they're going to have to deploy the 600 that they bought. As we think about that coming online, maybe starting in '26 or '27, whenever that comes online, do you have the ability to generate incremental co-location revenue as they put a 600 MHz antenna, or do you think it's going to be more amendment driven and are there antennas that can do both 600 and 700 that would kind of fit within their deployments already?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. And last --

Question: Joshua Frantz - Goldman Sachs - Analyst : Understood. Last question on this. If EchoStar wanted to kind of buy out the contract early, how do you think about that kind of negotiation?

Question: Joshua Frantz - Goldman Sachs - Analyst : Understood.

Question: Joshua Frantz - Goldman Sachs - Analyst : I figured I'd take a shot. As it relates to the US cellular T-Mobile, can you kind of remind us the size of your US cellular business today and how much revenue is from overlapping sites and kind of think maybe, if there's any years that there are certain contracts that are coming up that would drive churn?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. And there's the thought and part of some of the law changes that we've had, that there are some spectrum auctions probably coming towards the second half of the decade. What do you know about the spectrum that could potentially be auctioned? Do you 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 11, 2025 / 4:30PM, CCI.N - Crown Castle Inc at Goldman Sachs Communacopia & Technology Conference think these are incremental drivers for the traditional tower deployments? Or do you think these are spectrum bands that are maybe used in different ways like a small cell configuration or something like that?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. If we shift to some kind of financial questions, you have a lot of options in terms of dividend growth or inorganic tower builds or M&A or buyback. Can you give us an update on how you think about kind of different return hurdles for each one of those different

Question: Joshua Frantz - Goldman Sachs - Analyst : Sure. You mentioned that you're not so focused on kind of M&A given the deals that you're trying to get finished. But just on like valuation discrepancy in private tower, multiples versus where public trades at, what are you seeing and are there any other kind of factors that would go into your thinking as to if you do want to execute on some M&A in the US? 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 11, 2025 / 4:30PM, CCI.N - Crown Castle Inc at Goldman Sachs Communacopia & Technology Conference

Question: Joshua Frantz - Goldman Sachs - Analyst : Fair to say that privates are still significantly above with the public trade?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. And in terms of total amount of capital that you can use for buybacks and dividends and build-to-suits and et cetera, can you remind us about that total capital amount that you'll have in any one year post the fiber sale? And then how much of that you think about or if we're going to -- we know what the dividend is going to be, 75%, but what's your total capital amount?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. You've been operating three kind of distinct businesses for years now. I have to think that there is a lot of ways that you can become significantly more efficient by having one business, just what most people think is a relatively simple tower business. Can you kind of help us think about the moving pieces and how to size the potential cost efficiency. You've thrown the bucket in your slide deck with kind of a cost takeout, but is there incrementally more than that? And we'll start there.

Question: Joshua Frantz - Goldman Sachs - Analyst : And is that two years, three years, four years?

Question: Joshua Frantz - Goldman Sachs - Analyst : Okay. And as you kind of think longer term about your margin profile, where do you think that can go and how efficient can you be there?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. One of the things that I think is helpful to me, at least as I think about any company and kind of the financials, is kind of the algorithm. The Sprint churn will be done and we won't have to talk about that hopefully anymore. But how do we think about if you can grow organically X% what that means for EBITDA, or Y%, and then, AFFO kind of Z%. What's the best way to think about how that works?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. And then as you buy back stock, is a high single digit AFFO per share growth rate a fair way to think about the algorithm here?

Question: Joshua Frantz - Goldman Sachs - Analyst : Okay. And then kind of turning back to some activity levels, fixed wireless has been -- we we all dreamed the dream, I don't know, five, six, seven years ago on 5G, and it was going to bring all these applications of classes and who knows what. And what we got 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 11, 2025 / 4:30PM, CCI.N - Crown Castle Inc at Goldman Sachs Communacopia & Technology Conference was really fixed wireless thus far. The carrier customers have effectively said they're not devoting any specific capital to fixed wireless today. Maybe that changes if they get they get some actual results around what the returns could be for that. As you think about that opportunity, how do you think that kind of comes into your business? Like do you think this is a real opportunity in the near term? Do you think this is something over the long term? Do you think that your towers are situated to be a real beneficiary there?

Question: Joshua Frantz - Goldman Sachs - Analyst : And is there a best way to think about the amount of your towers that are kind of situated in either urban or kind of suburban areas? Which would be in theory best place for incremental fixed wireless deployments?

Question: Joshua Frantz - Goldman Sachs - Analyst : Sure. And I guess to that point, do you think satellite becomes an incremental driver industry-wide, not necessarily for the towers, but do you see that as a competitive threat to your customers?

Question: Joshua Frantz - Goldman Sachs - Analyst : Sure. I think the theme for the past or I guess this week has been AI. As you think about the potential that AI can bring to your business either on costs or incremental revenue, if you can help your carrier customers figure out where they need more equipment or maybe be at discussions with hyperscalers with potentially putting some sort of equipment at the base of towers. How do you see how that could potentially play out for you?

Question: Joshua Frantz - Goldman Sachs - Analyst : Have you had conversations with any of like the big tech companies on how you could help them implement whatever they're going to try to do?

Question: Joshua Frantz - Goldman Sachs - Analyst : Got it. The cable companies have been pretty happy with their MVNO and their capital-light wireless deployment efforts. Do you have conversations with them about how you can help? They have some CBRS, but it feels like they're deploying that more on their own kind of infrastructure.

Question: Joshua Frantz - Goldman Sachs - Analyst : I think people have been quite interested in the fact that you're going to be, quote-unquote, a simple business, in a few months and it's just towers. We know the growth algorithm. We know you're going to do 75% of the AFFO as dividends. You're going to have three, four customers effectively. With the minute that we have left, what are the one or two things that you think investors should kind of take away from this presentation? And what are the few things that you think are being overlooked, if anything, at the moment?

Question: Joshua Frantz - Goldman Sachs - Analyst : I think that's a good place to stop. Thanks for being here. See you next year.