American Tower Corp Q2 2025 Earnings Call Summary

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

Question: Michael Rollins - Citi Infrastructure Investments LLC - Analyst : Thanks, and good morning. So first, I'm curious if you could dig further into the different observations for domestic leasing. You talked about the increase in applications from amendments and colo/densification, but also the delay in commencements from one of your customers. So can you talk about a little bit more about how that's affecting the second half of the year and is that setting up 2026 to be a better year and to get some of these benefits to come through? And then secondly, I was just curious if you could provide an update on the opportunities to extract an incremental layer of efficiency within the business? Thanks.

Question: Richard Prentiss - Raymond James Holdings (Canada) Inc - Analyst : Hey, good morning, guys. A couple of questions. Follow-up, Steve, you mentioned US Cellular T-Mobile deal now is approved. Can you frame for us what that USM exposure you think might be and the timing for that? And then obviously, more speculative, just maybe an update on DISH, what you're seeing there and what the exposure is there.

Question: Richard Prentiss - Raymond James Holdings (Canada) Inc - Analyst : A lot of discussion lately about direct-to-device satellite connectivity. You guys own a piece of ASTS. Update us a little bit about what

Question: Nicholas Del Deo - Moffettnathanson LLC - Analyst : Hey, good morning, guys. Thanks for taking my questions. First, just to dig in a bit more into your prior comments, Steve, regarding the customer that's moving a bit slower than you had expected. Just to be clear, is this just a lengthening of the book-to-bill [cycle]. So they're kind of a plan in signing leases that expected, but it's just dragging it in terms of when they get on air? Or are you seeing the applications come in with a bit of a delay?

Question: Nicholas Del Deo - Moffettnathanson LLC - Analyst : Okay. So it's in your backlog is just purely timing then.

Question: Nicholas Del Deo - Moffettnathanson LLC - Analyst : Okay, great. And then maybe switching to CoreSite. Could you talk a little bit about CoreSite's position in the supply chain and the risk management strategy you have in place. In particular, I'm thinking with the jump in demand for a lot of key components to support big projects for both established new players, I'm curious as to whether it's becoming at all more challenging for CoreSite to kind of keep its place in line.

Question: Nicholas Del Deo - Moffettnathanson LLC - Analyst : Okay, great. And can I ask one quick housekeeping item on the CoreSite front as well. Anything you hear about the inorganic contribution from the Denver Gas & Electric Building acquisition, both financials and what it may have meant for interconnection adds, which looks like they may have had an inorganic bump.

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Good morning. Thanks for taking my question. Maybe just a quick follow-up on the data center business and then I wanted to ask about LatAm. On the data center side of things, DE1 $10 million of property revenue this year, is that a good run rate to use for next year? Or could we expect a bigger kind of run rate contribution for the full year of 2026? And maybe just kind of talk about directionally whether you expect the overall CoreSite business to grow the same, better or decel next year relative to this year on an organic basis?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Thanks. And then as a follow-up, maybe if you can talk about the LatAm business. It sounds like things are stabilizing or potentially improving there. Are we at a point where you can call a bottom in LatAm? And to what extent could you expect some significant acceleration hitting in 2026? Thank 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. JULY 29, 2025 / 12:30PM, AMT.N - Q2 2025 American Tower Corp Earnings Call

Question: Michael Funk - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah. Hi, good morning. Thank you for the questions. So just coming back to the conversion from leasing to commencement from the one customer, just wonder if anything your experience in the past, it could inform our view on the timing and what might move that forward?

Question: Michael Funk - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. So nothing to point to either on the labor side, equipment provisioning or if it's simply a capital budget decision, nothing to like point to there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 29, 2025 / 12:30PM, AMT.N - Q2 2025 American Tower Corp Earnings Call

Question: Michael Funk - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. And I think in the prepared remarks, you made some comments about Europe (inaudible) actually unchanged. I thought you mentioned Germany. Can you dig in a bit more on what you're seeing in Europe and expectations for that region?

Question: Eric Luebchow - Wells Fargo Securities LLC - Analyst : All right. Great. I appreciate the question. Rod, I think you talked about a 200% increase in co-locations year-over-year. So I'm just curious what the mix is in your guidance for this year, how that might trend after 2025? And then I wanted to touch on capital allocation as well. With leverage around 5 times now, how are you thinking about buybacks versus M&A going forward? Maybe just a quick review of what multiples and what regions you might be interested in? Thanks.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks. Good morning. Steve, I was wondering if -- I know you get this question a lot. So I figured I'd ask it given just the performance of CoreSite continues to be impressive and accelerate. Just the strategic lens that you guys look at this business within American Tower, particularly as you talk about kind of value maximization. Does the fact the business is performing better more or less interested in exploring strategic options? Or just any change in your philosophy as you watch the business perform well would be helpful to hear as you guys think about maximizing value on this business. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 29, 2025 / 12:30PM, AMT.N - Q2 2025 American Tower Corp Earnings Call

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Got it. That's very helpful. And just maybe one more. It was interesting last week at AT&T, I thought sounded more excited about fixed wireless than I heard them in the past. Their growth in that business is accelerating and talked about opening up more mid-band for that product. Are you seeing -- I know, again, you don't see that directly in the business, but any sense in the application activity or anything else with AT&T or your other carriers on fixed wireless starting to be a more clear tailwind towards capacity needs for your customer base? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 29, 2025 / 12:30PM, AMT.N - Q2 2025 American Tower Corp Earnings Call

Question: Ari Klein - BMO Capital Markets - Analyst : Thanks, and good morning. Maybe just on the services business, which has been quite strong. Curious if you could talk to what's been underpinning that because they're having higher prices of (inaudible) activity with low services levels. Is there anything new there or different that you're doing and where do we kind of go from here? Thank you.