American Tower (AMT) investor relations material

Financial performance and strategic priorities

• Achieved approximately 8% AFFO per share growth and expanded margins in 2025, driven by efficiency and cost controls.

• Invested around $1.8 billion, prioritizing developed markets such as the U.S. and Europe, and data center expansion.

• Data center platform delivered double-digit growth, while tower business saw mid-single-digit organic tenant billings growth.

• Focus remains on maximizing organic growth, disciplined capital allocation, and margin expansion.

• U.S. capital deployment and European business development are top priorities.

U.S. market trends and growth drivers

• Healthy demand environment with record-setting services activity and continued 5G deployment.

• Mobile data traffic is growing 30%-35% annually, driving ongoing network investments and densification.

• Uptick in co-locations and new installations as carriers expand coverage and density, especially with higher band spectrum.

• Key growth drivers include widespread 5G handset adoption, data-intensive applications, and emerging AI use cases.

• Fixed wireless is contributing to increased network capacity needs and incremental revenue opportunities.

Spectrum and regulatory environment

• New spectrum releases are expected, with higher band spectrum requiring more infrastructure and equipment.

• Both new and reused spectrum will drive additional equipment deployment on towers.

• 6G is anticipated to bring another wave of network upgrades and densification needs in the coming years.