Crown Castle (CCI) UBS Global Media and Communications Conference 2025 summary

Strategic priorities and transformation

• Executing a major transaction to sell the fiber and small cell business, targeting completion by mid-2026.

• Relaunching as a pure-play, U.S.-focused tower company, aiming for industry best-in-class status.

• Driving organizational efficiencies, leveraging experience from European tower markets.

• Focused on disciplined capital allocation, with $6B of sale proceeds to pay down debt and the remainder for share buybacks.

• Maintaining investment grade status is a core value proposition.

Market dynamics and growth outlook

• U.S. tower market is mature and consolidated, contrasting with Europe's fragmented landscape.

• Steady demand from major wireless operators, with ongoing 5G deployment and future 6G on the horizon.

• Data demand continues to grow at a 30%+ annual rate, fueling network investments.

• Carrier CapEx may have peaked, but ongoing upgrades and densification remain positive for tower revenues.

• Mid-single-digit annual revenue growth is considered attainable, supported by rent escalators and data growth.

Tenant relationships and legal matters

• Dish represents about 5% of revenues, with a contract running through 2036; litigation was initiated to enforce obligations.

• Dish's payments are fixed and not dependent on deployment, providing revenue stability.

• Will consider negotiated settlements only if beneficial to shareholders.