Crown Castle (CCI) investor relations material

Executive summary

• Q1 2026 marked a return to profitability with net income of $151 million, reversing a $464 million loss in Q1 2025, driven by lower losses from discontinued operations and cost controls.

• Completed the $8.4 billion Fiber Business sale on May 1, 2026, shifting focus to a standalone U.S. tower business.

• Site rental revenues for Q1 2026 were $961 million, down 5% year-over-year, mainly due to DISH and Sprint contract terminations.

• Initiated a restructuring plan in February 2026, reducing headcount by 20% and incurring $14 million in related charges.

• Management is focused on operational efficiency, system modernization, and increasing land ownership under towers.

Financial highlights

• Adjusted EBITDA for Q1 2026 was $675 million, a 7% decrease from Q1 2025.

• AFFO for Q1 2026 was $446 million ($1.02 per share), down 7% year-over-year.

• Net cash provided by operating activities was $509 million, a 21% decrease from Q1 2025.

• Discretionary capital expenditures for towers and land totaled $50 million in Q1 2026.

• Paid $473 million in common stock dividends ($1.0625 per share) in Q1 2026, a 32% decrease per share from Q1 2025.

Outlook and guidance

• Full-year 2026 outlook is unchanged, with site rental revenues expected at $3.83–$3.87 billion and AFFO at $1.90–$1.95 billion.

• Organic contribution to site rental billings for 2026 is projected at $130 million (3.3% growth) excluding DISH and Sprint, but negative $110 million after terminations.

• Expects $65 million in annualized run-rate savings from restructuring, with $55 million realized in 2026.

• Plans to use Fiber sale proceeds for $1 billion in share repurchases and $7 billion in debt repayment.

• Discretionary CapEx guidance remains at $200 million ($160 million net of $40 million prepaid rent).