American Tower (AMT) TD Cowen 10th Annual Communications Infrastructure Summit summary

Strategic priorities and operational focus

• Emphasis on driving organic sales growth globally, with selective investments in developed markets and reduced exposure in emerging markets.

• Recent strategic pivot includes increased investment in the U.S. and Europe, and less in Africa, Latin America, and APAC.

• Cost control remains a key focus, with SG&A reduced by $35 million year-over-year and ongoing efforts to expand gross margins.

• Maintaining an investment-grade balance sheet and targeting leverage within a 3-5x range to support future M&A or shareholder returns.

• Ongoing board refreshment to balance experience and new perspectives.

U.S. market trends and carrier activity

• Uptick in U.S. carrier activity in the second half of the year, with Q1 application volume up 70% over Q4 and continued growth expected.

• Most activity is amendment-focused as carriers expand 5G coverage, with densification expected in urban areas.

• New co-location lease timelines are typically 3-6 months, with amendments moving faster; comprehensive agreements streamline processes.

• 5G mid-band overlays are expected to reach near 100% for all major carriers, driven by efficiency and rising data demand.

• U.S. new leasing is tracking toward the lower end of $180M-$190M guidance, with limited quarter-to-quarter variability.

International portfolio and market outlook

• Developed markets defined as U.S., Canada, and Europe; emerging markets include Latin America, Africa, and APAC.

• Capital deployment has shifted to developed markets due to macroeconomic and FX challenges in emerging regions.

• Europe shows strong growth from 5G expansion and rural coverage incentives; Africa sees high demand but faces FX headwinds.

• Latin America is experiencing churn from carrier consolidation, especially in Brazil, but is expected to return to growth post-2027.

• No other market currently presents the unique challenges of India, and no similar exits are anticipated.