Crown Castle (CCI) investor relations material

Executive summary

• Q3 site rental revenue fell 5% YoY and Adjusted EBITDA fell 6%, while AFFO rose 8%; FY2026 outlook midpoints increased across key measures.

• Strategy centers on simplifying operations, completing the Fiber Business and small-cell sales, building a focused U.S. tower platform and generating $65M in annualized run-rate savings.

• Management expects 2026 to be the low point for organic growth, citing spectrum investment, mobile-data demand and emerging edge-compute opportunities.

Financial highlights

• Q3 site rental revenue was $966M, down $46M from Q3 2025; Adjusted EBITDA was $673M, down $45M.

• AFFO was $530M, up $40M or 8% YoY; AFFO per share was $1.24, up 11%, supported partly by lower interest expense and diluted shares.

• Net income was $283M vs. $323M, and diluted EPS was $0.67 vs. $0.74.

• Organic billings contribution was $35M, or 3.5%, excluding Sprint cancellations and DISH terminations; growth was 3.8% excluding DISH revenue from prior-year billings, versus 4.1% comparable growth in Q3 2025.

• Site-rental revenue was offset by $5M of Sprint cancellations, $61M of DISH terminations and a $17M decline in non-cash straight-line revenue and prepaid-rent amortization.

Outlook and guidance

• FY2026 midpoint guidance: site rental revenue $3,875M, net income $895M, diluted EPS $2.08, Adjusted EBITDA $2,715M, AFFO $1,980M and AFFO/share $4.60.

• Midpoints rose $20M for site rental revenue, $25M for Adjusted EBITDA and net income, $0.06 for EPS, $5M for AFFO and $0.01 for AFFO/share; excluding the customer transaction, Adjusted EBITDA and AFFO each increased $5M.

• Full-year organic billings contribution remains $135M, or 3.4% of midpoint; core leasing guidance is $60M-$70M, with activity expected toward the low end due to timing.

• Term extensions add $20M of straight-lined revenue; higher buyouts and efficiencies lower site-rental costs by $5M.

• Discretionary CapEx outlook increased $40M to $190M-$290M, primarily due to ground lease buyouts; midpoint is $240M, or $200M net of anticipated prepaid-rent additions.