Crown Castle (CCI) investor relations material

Executive summary

• Delivered solid first-quarter 2026 results, returning to profitability with net income of $151 million, compared to a loss of $464 million in Q1 2025, driven by cost controls and reduced losses from the pending Fiber Business sale.

• Transitioned toward a standalone tower business, with the sale of Fiber and Small Cell businesses expected to close in the first half of 2026; most approvals received and separation largely complete.

• Management focused on operational efficiency, system modernization, shareholder returns, and increasing land ownership under towers.

• Executed restructuring of tower and corporate organizations, anticipating $65 million in annualized cost reductions and a 20% reduction in staffing.

• Actively pursuing legal remedies against DISH for defaulted payments, amending litigation to include breach of contract and claims against EchoStar.

Financial highlights

• Q1 2026 site rental revenues were $961 million, down $50 million or 5% year-over-year due to $49 million DISH terminations and $5 million Sprint cancellations.

• Adjusted EBITDA for Q1 2026 was $675 million, a decrease of $47 million or 7% year-over-year.

• AFFO for Q1 2026 was $446 million ($1.02 per share), down $33 million or 7% year-over-year.

• Common stock dividends paid totaled $473 million ($1.0625 per share), a 32% decrease per share from Q1 2025.

• Capital expenditures from continuing operations were $57 million, up 43% year-over-year, mainly due to increased land purchases.

Outlook and guidance

• Full-year 2026 outlook remains unchanged, with site rental revenues expected at $3.83–$3.87 billion and AFFO at $1.90–$1.95 billion ($4.38–$4.49 per share), assuming Fiber and Small Cell sale closes June 30.

• Organic contribution to site rental billings for 2026 is projected at $130 million (3.3% growth) excluding DISH and Sprint, but negative $110 million after terminations.

• Adjusted EBITDA outlook for 2026 is $2.665–$2.715 billion, down 6% year-over-year.

• AFFO guidance for 2026 is $1.895–$1.945 billion, representing a slight increase of 0.8% at the midpoint.

• $1 billion in share repurchases and $7 billion in debt repayment planned post-Fiber sale.