Crown Castle (CCI) investor relations material

Executive summary

• Full year 2025 results exceeded guidance midpoints for all key metrics, including site rental revenues of $4,049 million, adjusted EBITDA of $2,863 million, and AFFO of $1,904 million, despite headwinds from Sprint cancellations and DISH terminations.

• Major business transformation underway, including the sale of small cell and fiber businesses, to focus on a U.S.-only tower model, with proceeds used for $7 billion in debt repayment and $1 billion in share repurchases.

• Workforce reduction of approximately 20% and cost-saving initiatives are targeting $65 million in annualized operating cost savings.

• Terminated DISH contract due to payment default, seeking to recover over $3.5 billion in owed payments through litigation and regulatory channels.

Financial highlights

• 2025 site rental revenues were $4,049 million, adjusted EBITDA was $2,863 million, and AFFO was $1,904 million.

• 2026 guidance midpoints: site rental revenues $3,850 million, adjusted EBITDA $2,690 million, AFFO $1,920 million, all impacted by DISH churn and business divestitures.

• 2026 organic growth expected at 3.3% ($130 million), or 3.5% excluding DISH, marking a low point before anticipated improvement.

• 2026 AFFO expected to increase by $15 million over 2025, despite a $110 million decrease in site rental billings, due to cost reductions and lower interest expense.

• Net income for 2026 is expected to be $780 million, up 76% from 2025.

Outlook and guidance

• 2026 outlook excludes DISH contributions, reflecting $220 million churn, and assumes small cell/fiber sale closes June 30, 2026.

• AFFO guidance for 12 months post-sale revised to $2,100 million midpoint, up from $1,920 million for full year 2026, due to cost and interest savings.

• 2026 organic growth guide of 3.5% is expected to be the low point, with improvement anticipated in subsequent years.

• Approximately 80% of 2026 organic growth is already contracted.

• No contributions from DISH Wireless are included in 2026 due to contract termination.