American Tower (AMT) Goldman Sachs Communacopia + Technology Conference 2026 summary

Strategic priorities and growth catalysts

• Focus on organic growth, margin expansion, and disciplined capital allocation to drive AFFO per share growth through 2026.

• Four key growth catalysts: 5G densification (current), 6G (standards by 2029, deployments by 2030-31), spectrum availability, and AI-driven network demand.

• Margin expansion targeted through global land cost management, supply chain optimization, preventative maintenance, and SG&A control.

• Pruning of emerging market exposure and focus on developed markets to optimize risk-adjusted returns.

• Capital allocation prioritizes dividends, internal CapEx (especially CoreSite and European builds), opportunistic buybacks, and selective M&A.

Market trends and operational outlook

• 5G densification is underway, with a shift from amendments to co-location, and is expected to accelerate.

• 6G standards expected by 2029, with commercial deployments likely around 2030-31; early activity may precede this.

• Spectrum auctions (including 800 MHz by 2034) are seen as major long-term catalysts, with more spectrum translating to more equipment and network investment.

• AI is expected to drive asymmetric network demand, especially uplink, requiring network rearchitecture and further investment.

• Satellite technology is viewed as complementary, not competitive, with towers, especially in ultra-rural areas.

Regional and business segment performance

• European portfolio anchored by strong partnerships (e.g., Telefónica), with new builds supported by favorable terms and government mandates.

• Divestitures in the Philippines and Bangladesh reflect a strategy to reduce volatility and focus on scalable, sustainable markets.

• CoreSite data center business is experiencing record growth, driven by demand for interconnection, multi-cloud, and AI inferencing hubs.

• Customer mix at CoreSite is curated to balance enterprises and hyperscalers, avoiding overexposure to any single segment.

• Pre-leasing and demand for CoreSite capacity remain robust, with pricing trends positive and a focus on creditworthy tenants.