American Tower (AMT) MoffettNathanson's 2026 Media, Internet & Communications Conference summary

Strategic positioning and operational improvements

• Achieved significant balance sheet strength, including two-notch credit rating upgrades to BBB+ and reduced exposure to floating rate debt.

• Improved quality and durability of earnings by shifting cash flow mix toward developed markets and reducing emerging market exposure below 25%, targeting 20%.

• Streamlined global operations, unified processes, and improved margins by several hundred basis points.

• Leveraged U.S. operational expertise globally, enhancing cost efficiency and margin expansion.

• Positioned for growth with a strong portfolio of towers and data centers, especially in the U.S.

Growth outlook and industry trends

• U.S. tower business expected to deliver stable mid-single-digit recurring revenue growth, anchored by 5G and upcoming 6G deployments.

• Mobile data consumption is growing 30%-35% annually, driving ongoing network capacity expansion and equipment needs.

• Higher frequency spectrum bands for 6G will require network densification, benefiting tower leasing and new site construction.

• Industry consolidation has led to healthier, more competitive carrier markets in the U.S., Europe, and Brazil.

• Data center business (CoreSite) experiencing double-digit economic growth, fueled by AI workloads and cloud demand.

Technology evolution and edge computing

• 6G and AI are expected to drive significant increases in network densification and bandwidth needs, requiring more equipment and edge compute capabilities.

• Edge computing is gaining momentum, with CoreSite and tower assets well positioned to support low-latency, high-capacity applications.

• The edge ecosystem is developing, with ongoing industry discussions and trials to determine optimal deployment models.

• Data consumption trends inform capital allocation and investment decisions across towers and data centers.