American Tower (AMT) Q4 2025 Earnings Transcript

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Tuesday, Feb. 24, 2026 astatine 8:30 a.m. ET

• President and Chief Executive Officer — Steven O. Vondran

• Executive Vice President, Chief Financial Officer and Treasurer — Rodney M. Smith

Steven O. Vondran: Thanks, Spencer. Good morning, everyone. Thanks for joining today's call. As you tin spot from our published results, we had a large twelvemonth and fantabulous 4th quarter. For the afloat year, we delivered attributable AFFO per stock arsenic adjusted maturation of 8%, including implicit 13% maturation successful the 4th quarter. These results were underpinned by robust leasing request crossed our operation and information halfway businesses and beardown execution against our strategy. Over the past year, we person taken meaningful steps to amended our net prime and durability. We person steered superior toward developed markets, globalized and simplified our operations, and brought leverage backmost down to our people range.

These actions enactment america connected beardown footing to capitalize connected aboriginal maturation opportunities and present connected our extremity of industry-leading AFFO per stock growth.

Before turning the telephone implicit to Rod to reappraisal our elaborate fiscal results and 2026 outlook, I would similar to walk a fewer minutes discussing our cardinal priorities for 2026 arsenic outlined connected Slide 5 of our net presentation. First, driving durable gross growth. The backbone of our gross maturation is mobile information consumption, which continues to turn rapidly alongside maturation successful mobile customers, 5G adoption, and fixed wireless access. This secular request maturation is expected to necessitate a doubling successful wireless web capableness betwixt present and 2030.

On apical of this, with trillions of dollars being deployed into AI, it is apt that caller AI applications volition propel mobile information depletion adjacent higher and necessitate greater bandwidth, little latency, and much uplink capableness than today's emblematic usage.

In our largest operation market, the U.S., carriers are successful the mediate stages of the 5G cycle, wherever they broadly completed their archetypal 5G coverage-oriented enactment and are shifting toward capacity-oriented activity. We expect carriers volition densify their networks not lone to conscionable the capableness demands of 5G, but besides to program up for the 6G cycle. We are excited astir the 800 megahertz of higher frequence spectrum that has been earmarked for 6G and judge its deployment volition thrust important enactment connected towers. As carriers put successful this capacity, we expect our U.S. portfolio to present durable, long-term, mid-single-digit integrated growth. As you saw successful our 8-K from January, DISH has defaulted connected its outgo obligations.