SBA Communications (SBAC) Citi’s Miami Global Property CEO Conference 2026 summary

Opening remarks and valuation

• Management believes current public market valuation is significantly below private market levels and historical norms, despite steady and predictable cash flow generation and ongoing shareholder returns.

• Increased share buybacks are being prioritized due to undervaluation, with continued focus on capital allocation and shareholder remuneration.

Strategic priorities and capital allocation

• Key priorities remain building strong carrier relationships and disciplined capital allocation, with a focus on new tower builds and acquisitions.

• Share repurchases are favored currently due to market conditions, while dividend growth remains industry-leading and is expected to continue.

• Target leverage is 6-7x net debt to adjusted EBITDA, with $1.3 billion in annual AFFO available for reinvestment.

Churn, consolidation, and growth outlook

• Major churn events in 2024 are driven by customer consolidation (Sprint/T-Mobile, EchoStar/DISH, Oi in Brazil), with most impact expected to be cleared this year.

• Regulatory and legal actions are being pursued to recover contract value from DISH/EchoStar, with any recovery representing upside.

• After this year’s elevated churn, a return to normalized organic growth is anticipated, with long-term domestic site leasing growth projected at 4-5% annually.