American Tower (AMT) investor relations material

Executive summary

• Achieved robust Q1 2026 growth, with total revenue up 6.8–7% year-over-year to $2.74 billion, driven by international property and data center segments, and supported by strong 4G/5G investments and AI/cloud demand.

• Net income attributable to common stockholders surged 76% to $859.5–$879 million, reflecting higher operating profit and significant foreign currency gains.

• Raised full-year 2026 outlook for property revenue, Adjusted EBITDA, and AFFO per share, reflecting FX tailwinds and accelerated straight-line revenue.

• Strategic focus on operational efficiency, capital allocation to developed markets, and leveraging AI for margin expansion.

• Maintains a strong balance sheet with net leverage at or below 4.9x and disciplined capital deployment.

Financial highlights

• Property segment revenue grew 7–7.3% to $2.67 billion, with notable increases in Africa & APAC (+13%), Europe (+22%), Latin America (+20%), and Data Centers (+18%).

• U.S. & Canada property revenue declined 2.8–3% due to churn, primarily from DISH, and lower straight-line revenue.

• Adjusted EBITDA grew 5–5.2% to $1.84–$1.835 billion, with a margin of 67%.

• AFFO per share increased 3.3% to $2.84; AFFO attributable to common stockholders grew 2.6–3% to $1.32–$1.324 billion.

• Free cash flow was $941 million, down 1.5% year-over-year due to higher capital expenditures.

Outlook and guidance

• Full-year 2026 property revenue expected at $10,585–$10,735 million, up 3.4% from prior year; outlook raised due to FX and straight-line revenue tailwinds.

• Adjusted EBITDA forecasted at $7,195–$7,265 million, up 1.4% year-over-year; AFFO per share expected at $10.90–$11.07, up 2.1% year-over-year.

• Net income guidance raised to $3,015–$3,095 million, up 16.2% year-over-year.

• Management expects over $50 billion in future non-cancellable lease revenue based on existing contracts and exchange rates.

• Churn is expected to remain elevated in the U.S. & Canada segment due to the DISH dispute.