American Tower (AMT) investor relations material

Executive summary

• Q2 2026 delivered strong property revenue and data center growth, with total revenue up 4.7% to $2,749 million and property revenue up 6.3% to $2,688 million, driven by robust global tower leasing, record CoreSite leasing, and operational discipline.

• Net income surged 133.2% to $888 million, supported by strong leasing demand, record CoreSite activity, and significant foreign currency gains.

• Management raised full-year 2026 outlooks for property revenue, Adjusted EBITDA, and AFFO per share, citing FX tailwinds, data center outperformance, and operational efficiency.

• Strategic focus remains on durable revenue growth, operational efficiency, disciplined capital allocation, and leveraging AI-driven demand.

• Amended and extended $6.0B multicurrency revolving credit facility, $4.0B revolving credit facility, and $1.0B term loan, enhancing liquidity and financial flexibility.

Financial highlights

• Q2 2026 property revenue reached $2,688M, up 6.3% year-over-year; Adjusted EBITDA was $1,808M, up 3.2%; AFFO per share grew 4.2% to $2.71.

• Data center revenue grew 13.4% year-over-year, with cash revenue up 12.3%.

• Property gross margin reached $1,980 million, margin of 73.7%; Adjusted EBITDA margin was 65.8% for Q2 2026.

• Cash provided by operating activities increased 16.0% to $1,487 million; free cash flow up 19.6% to $1,158 million.

• Foreign currency gains contributed $42.1 million in Q2 2026, compared to losses of $484.0 million in Q2 2025.

Outlook and guidance

• Full-year 2026 property revenue guidance raised to $10,770M, reflecting ~5% year-over-year growth and ~6% cash FX-neutral growth ex-DISH.

• Adjusted EBITDA outlook increased to $7,275M, up ~2% year-over-year and ~5% cash FX-neutral growth ex-DISH.

• AFFO per share outlook raised to $11.08, representing ~3% year-over-year growth and ~5% FX-neutral growth ex-DISH.

• Net income guidance increased to $3,270–$3,350 million, up 25.9% at midpoint.

• 2026 expected to be a trough year for AFFO per share growth due to DISH churn and refinancing; mid-to-high single-digit growth expected to resume in 2027.