SBA Communications (SBAC) Goldman Sachs Communacopia + Technology Conference 2026 summary

Strategic focus and market positioning

• Emphasis on strengthening core business and focusing on markets with leading positions or exiting subscale markets.

• Recent efforts include bolstering service to top carrier customers and driving organic growth in key regions.

• Central America acquisition with Millicom solidified regional leadership and secured long-term, USD-based lease agreements.

• Expansion in emerging markets is opportunity-driven, prioritizing regions with existing presence and strong growth, such as Tanzania.

• Capital allocation favors selective acquisitions, new builds, and share repurchases over broad expansion.

U.S. carrier activity and spectrum outlook

• U.S. carrier activity is steady but varies by customer, with some prioritizing fiber and others driving organic growth through new leasing.

• Upcoming upper C-band spectrum auction in mid-2027 is expected to trigger a new cycle of network deployments, with activity possibly starting as early as 2028.

• Additional bands, including 2.7 GHz and higher frequencies, are under consideration for auction, likely requiring denser networks and incremental leasing.

• Carriers are expected to deploy fallow spectrum soon due to regulatory pressures and network quality incentives.

5G/6G deployment and technology trends

• 5G mid-band upgrades are nearing completion for most carriers, with some still having room for further upgrades.

• 6G is anticipated to drive a shift toward higher uplink traffic, requiring more equipment and denser networks.

• Increased uplink demand will necessitate different antennas, radios, and a greater number of equipment installations.