SBA Communications (SBAC) official guidance

Consistent with our prior outlook, we continue to assume that at $1.2 billion November ABS maturity will be refinanced in November of this year at 5.25%.

On the new leasing cadence in the second half, if you look at our outlook that we provided in the revenue bridge that's in our press release, and you look at the range that we provided, at the midpoint of the range, for new leasing contributions in the U.S., you'll note that based on the actual results of the first half of the year, it implies a lesser contribution in the second half of the year.

On the discretionary CapEx, I would say that we're expecting in the ballpark of around 600 or so sites to be built, new tower builds this year, most of those in Central America, and a reasonable amount in Tanzania as well.

Consistent with our prior outlook, we continue to assume that at $1.2 billion November ABS maturity will be refinanced in November of this year at 5.25%.

We intend to resume share buybacks in the second half of this year.

| AFFO (1) | $ | 1,270.0 | to | $ | 1,318.0 | $ | 1.0 | | $ | 2.0 |

| AFFO per share (1) (5) | $ | 11.95 | to | $ | 12.40 | $ | 0.02 | | $ | 0.03 |

Outlook for AFFO per share is calculated by dividing the Company’s outlook for AFFO by an assumed weighted average number of diluted common shares of 106.3 million.

| Discretionary cash capital expenditures (6) | $ | 455.0 | to | $ | 475.0 | $ | 25.0 | | $ | 25.0 |

| Adjusted EBITDA (1) | $ | 1,920.0 | to | $ | 1,940.0 | $ | (1.0 | ) | | $ | — |

| Net cash interest expense (2)(3) | $ | 490.0 | to | $ | 498.0 | $ | (2.0 | ) | | $ | (2.0 | ) |

| Non-discretionary cash capital expenditures (4) | $ | 65.0 | to | $ | 75.0 | $ | (2.0 | ) | | $ | (2.0 | ) |

| **2026 Total Site Leasing Revenue** | $ | 2,651 | | to | $ | 2,676 | | $ | 1,813 | | to | $ | 1,827 | | $ | 838 | | to | $ | 849 | | |

| **2026 Total Site Leasing Revenue** | $ | 2,651 | | to | $ | 2,676 | | $ | 1,813 | | to | $ | 1,827 | | $ | 838 | | to | $ | 849 | | |

| Site development revenue | $ | 190.0 | to | $ | 210.0 | $ | — | | $ | — |

| Site leasing revenue | $ | 2,651.0 | to | $ | 2,676.0 | $ | 2.0 | | $ | 3.0 |

| Tower Cash Flow (1) | $ | 2,091.0 | to | $ | 2,111.0 | $ | (1.0 | ) | | $ | — |

I would expect that this year's leasing activity in the U.S. will be relatively steady based on where we sit today.

While we did not repurchase meaningful shares in the first quarter as we prioritize paying down our revolving credit facility with excess free cash flow, we expect share buybacks to remain an important part of our capital allocation strategy in 2026.

Our outlook assumes a range of $36 million-$40 million related to churn.