American Tower (AMT) official guidance

Our revised outlook now implies growth of approximately 3% year-over-year.

Normalized for the impact of one-time DISH-related churn and excluding the impact of refinancing costs, our outlook for attributable AFFO per share growth implies nearly 6% growth.

As a reminder, we continue to expect our services business growth to represent an approximately 100 basis point headwind to attributable AFFO per share growth this year.

Due to higher interest rates, we now expect our debt refinancings to be an approximately 150 basis point headwind to attributable AFFO per share growth this year, up from an approximately 100 basis point headwind in our prior outlook.

We continue to expect to spend approximately 85% of our discretionary capital within our developed markets platforms, including over $700 million to develop more capacity in our data center portfolio.

Approximately $370 million to construct new towers globally and approximately $210 million to purchase land beneath our towers.

Approximately $370 million to construct new towers globally

In 2026, our growth capital plan remains consistent with our prior outlook. We continue to expect to spend approximately 85% of our discretionary capital within our developed markets platforms, including over $700 million to develop more capacity in our data center portfolio. Approximately $370 million to construct new towers globally and approximately $210 million to purchase land beneath our towers.

Our revised outlook now implies over 2% growth year-over-year, excluding non-cash net straight-line and FX impacts.

Normalized for one-time impact of DISH-related churn, our outlook for adjusted EBITDA implies approximately 5% growth on a cash FX neutral basis.

You put all that together, you end up with an organic growth rate of in the mid-single digits, maybe 4.5% for 2026.

Starting with revenue growth, this year, we remain on track to deliver approximately 4% organic tenant billings growth across our global tower business, excluding one-time DISH-related impacts, and we're raising our outlook to approximately 15% revenue growth from our data center business.

We have not reduced our outlook for services revenue, so we are maintaining that $245 million of services revenue.

Starting with revenue growth, this year, we remain on track to deliver approximately 4% organic tenant billings growth across our global tower business, excluding one-time DISH-related impacts, and we're raising our outlook to approximately 15% revenue growth from our data center business.

Normalized for the impact of one-time DISH-related churn, our outlook implies approximately 6% growth on a cash FX neutral basis.

Our revised outlook now implies nearly 4% year-over-year growth when excluding non-cash straight-line revenue and FX impacts.

| AFFO attributable to AMT common stockholders | 5,135 | | to | 5,215 | | | 2.7 | % |

| AFFO attributable to AMT common stockholders per Share | $ | 11.00 | to | $ | 11.17 | 3.0 | % |

| Capital improvement | 170 | | to | 180 | |

| Corporate | 15 | | – | 15 | |

| Discretionary capital projects(1) | $ | 1,050 | to | $ | 1,080 |

| Redevelopment | 335 | | to | 365 | |

| Start-up capital projects | 35 | | to | 55 | |

(1)Includes the construction of 1,700 to 2,300 communications sites globally and $695 million of development spend in the Company’s Data Centers segment.

| Depreciation, amortization and accretion | 2,055 | | to | 2,065 | |

| Divided by weighted average diluted shares outstanding (in thousands) | 467,000 | | – | 467,000 | |

| Adjusted EBITDA(3) | 7,240 | | to | 7,310 | | | 2.0 | % |

| Income tax provision | 490 | | – | 490 | |

| Interest expense | 1,450 | | to | 1,430 | |

| Net income | 3,270 | | to | 3,350 | | | 25.9 | % |

| Net income attributable to AMT common stockholders | 3,200 | | to | 3,280 | | | 28.1 | % |

| Organic Tenant Billings | ~0.5% | (~3%) | ~8.5% | ~4% | ~1% |

| Organic Tenant Billings | ~0.5% | (~3%) | ~8.5% | ~4% | ~1% |

| Organic Tenant Billings | ~0.5% | (~3%) | ~8.5% | ~4% | ~1% |

| Organic Tenant Billings | ~0.5% | (~3%) | ~8.5% | ~4% | ~1% |

(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively.

(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively.

(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively.

(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively.

(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively.

| Total property revenue(1)(2) | $ | 10,695 | to | $ | 10,845 | 4.5 | % |

| Stock-based compensation expense | 145 | | – | 145 | |

| Total Tenant Billings Growth | ~0.5% | (~3%) | ~12% | ~10% | ~2% |

| Total Tenant Billings Growth | ~0.5% | (~3%) | ~12% | ~10% | ~2% |

| Total Tenant Billings Growth | ~0.5% | (~3%) | ~12% | ~10% | ~2% |

| Total Tenant Billings Growth | ~0.5% | (~3%) | ~12% | ~10% | ~2% |

| Total Tenant Billings Growth | ~0.5% | (~3%) | ~12% | ~10% | ~2% |

Our revised outlook now implies approximately 2% growth year-over-year, excluding non-cash net straight line and FX impacts.

We remain confident in our ability to deliver 200 to 300 basis points of Cash-Adjusted EBITDA margin expansion in our tower business by 2030.

In 2026, our growth capital plan remains consistent with our prior outlook. We continue to expect to spend approximately 85% of our discretionary capital within our developed markets platforms, including over $700 million in success-based investments in our data center portfolio to replenish elevated levels of capacity, purchases of land beneath our tower sites, and continued acceleration in European new builds with over 700 new sites planned.

First, driving durable revenue growth, including approximately 4% Organic Tenant Billings Growth across our global tower portfolio when adjusting for one-time DISH related impacts and double-digit growth from our data center business.

Moving from a negative OTBG into positive territory in the lower single digits in 2027 and returning to kind of the expectation of normalized growth by the time we get out to 2028 and beyond.

We are reiterating organic growth assumptions across all regions and continue to expect Organic Tenant Billings Growth of approximately 1% or approximately 4% when excluding DISH churn and data center growth of approximately 13% year-over-year.

| Organic Tenant Billings | ~0.5% | (~3%) | ~8.5% | ~4% | ~1% |

We're planning for $1.9 billion in capital deployments, of which $1.8 billion is discretionary in nature and includes the construction of 2,000 sites at the midpoint.

Our plan also includes approximately $180 million in maintenance capital, a reduction of roughly $15 million due to an acceleration of maintenance capital projects into 2025, reducing 2026 anticipated spending.

This is comprised of colocation and amendment growth of approximately 2.5%, escalations of approximately 3%, DISH-related churn of approximately 4%, and normal churn of approximately 1%.

This is comprised of colocation and amendment growth of approximately 2.5%, escalations of approximately 3%, DISH-related churn of approximately 4%, and normal churn of approximately 1%.

We're planning for $1.9 billion in capital deployments, of which $1.8 billion is discretionary in nature and includes the construction of 2,000 sites at the midpoint.

We expect to grow our dividend approximately 5%, resulting in approximately $3.3 billion in distributions to our shareholders, subject to board approval.

We expect to grow our dividend approximately 5%, resulting in approximately $3.3 billion in distributions to our shareholders, subject to board approval.

Cash-adjusted EBITDA margins are expected to be 66.8%, down a modest 20 basis points versus last year, as steady margins in towers are offset by contributions from lower-margin data centers and services.

Cash-adjusted EBITDA margins are expected to be 66.8%, down a modest 20 basis points versus last year, as steady margins in towers are offset by contributions from lower-margin data centers and services.

This is comprised of colocation and amendment growth of approximately 2.5%, escalations of approximately 3%, DISH-related churn of approximately 4%, and normal churn of approximately 1%.

Turning to property revenue on slide nine, we expect our outlook for approximately 1% Organic Tenant Billings Growth to be complemented by the selective construction of approximately 2,000 new tower sites at the midpoint of our outlook and approximately 13% growth in our U.S. data center business.

This is comprised of colocation and amendment growth of approximately 2.5%, escalations of approximately 3%, DISH-related churn of approximately 4%, and normal churn of approximately 1%.

In data centers, we expect cash margins to decline approximately 270 basis points year-over-year, as one-time benefits from property tax adjustments and legal settlements in 2025 are not expected to reoccur in 2026.

We expect these new initiatives, in conjunction with continued strong conversion rates, to drive 200-300 basis points of tower cash EBITDA margin expansion over the next five years.

In towers, due to a continuation of high conversion rates and cost savings initiatives, we expect cash margins to be flat year-over-year, even while absorbing approximately 60 basis points of one-time pressure from DISH-related churn.

Churn is expected to be back-half weighted, resulting in approximately 10% organic growth in the first half of the year and approximately 7% in the second half of the year.

Churn is expected to be back-half weighted, resulting in approximately 10% organic growth in the first half of the year and approximately 7% in the second half of the year.

In the U.S. and Canada, Organic Tenant Billings Growth is expected to be approximately 0.5% or approximately 4.5% when excluding DISH churn.

| Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense | 90 | | – | 90 | |

Finally, moving to our outlook for AFFO on slide 9, we are raising our attributable AFFO outlook by $50 million, which now implies growth at the midpoint of approximately 7% year-over-year on an as adjusted basis or approximately 9% excluding financing costs and FX impacts.

Finally, moving to our outlook for AFFO on slide 9, we are raising our attributable AFFO outlook by $50 million, which now implies growth at the midpoint of approximately 7% year-over-year on an as adjusted basis or approximately 9% excluding financing costs and FX impacts.

At the midpoint of our revised guidance, we now expect to deliver attributable AFFO per share as adjusted growth of approximately 7% net of FX headwinds and financing costs.

Our outlook implies attributable AFFO per share as adjusted growth of approximately 9%, which reflects the fundamental strength of our core operating model.

$1.5 billion of our capital expenditures are related to discretionary projects of building approximately 2,150 new towers at the midpoint and $600 million of data center spend.

$1.5 billion of our capital expenditures are related to discretionary projects of building approximately 2,150 new towers at the midpoint and $600 million of data center spend.

We continue to expect to distribute approximately $3.2 billion to our shareholders as a common dividend in 2025, subject to board approval, and expect $1.7 billion in capital expenditures.

Importantly, we expect 80% of our discretionary projects this year to be in developed markets, consistent with our capital allocation philosophy that Steve reiterated earlier.

We continue to expect to distribute approximately $3.2 billion to our shareholders as a common dividend in 2025, subject to board approval, and expect $1.7 billion in capital expenditures.

Moving to adjusted EBITDA on slide 8, we are raising our adjusted EBITDA outlook by $45 million at the midpoint, which implies approximately 4% growth year-over-year or approximately 7% growth year- over-year, excluding non-cash net straight-line and FX impacts.

Moving to adjusted EBITDA on slide 8, we are raising our adjusted EBITDA outlook by $45 million at the midpoint, which implies approximately 4% growth year-over-year or approximately 7% growth year- over-year, excluding non-cash net straight-line and FX impacts.

Our 2025 outlook assumes approximately $30 million of revenue reserves for the full year, of which $19 million are already reflected in our results through the third quarter.

We expect future reserves of approximately $8 million-$10 million per quarter until the arbitration is settled.

$1.5 billion of our capital expenditures are related to discretionary projects of building approximately 2,150 new towers at the midpoint and $600 million of data center spend.

We are reiterating organic growth assumptions across all regions and continue to expect organic tenant billings growth of approximately 5% and data center growth of approximately 13% year-over-year.

We are reiterating organic growth assumptions across all regions and continue to expect organic tenant billings growth of approximately 5% and data center growth of approximately 13% year-over-year.

Starting with property revenue outlook on Slide 7, we are raising our outlook by $40 million at the midpoint, which implies approximately 3% year-over-year growth or approximately 5% when excluding non-cash straight-line revenue and FX impacts.

Starting with property revenue outlook on Slide 7, we are raising our outlook by $40 million at the midpoint, which implies approximately 3% year-over-year growth or approximately 5% when excluding non-cash straight-line revenue and FX impacts.

| AFFO attributable to AMT common stockholders | 4,973 | | to | 5,028 | | 1.3% | 7.3% |

| AFFO attributable to AMT common stockholders per Share | $ | 10.60 | to | $ | 10.72 | 1.1% | 7.0% |

| Capital improvement | 160 | | to | 170 |

| Corporate | 10 | | – | 10 |

| Ground lease purchases | 200 | | to | 220 |

| Redevelopment | 320 | | to | 350 |

| Start-up capital projects | 65 | | to | 85 |

(1)Includes the construction of 1,850 to 2,450 communications sites globally and $600 million of development spend in the Company’s Data Centers segment.

| Depreciation, amortization and accretion | 2,035 | | to | 2,045 | |