SBA Communications (SBAC) RBC Capital Markets 2026 Global Communications and Infrastructure Conference summary

U.S. market trends and growth drivers

• Leasing activity is in a cyclical trough, but growth continues even at low points in the cycle.

• 6G spectrum auction is expected in early 2027, with deployment likely by late 2028 or early 2029, driving future demand.

• Edge data centers at tower sites are emerging, with about half of sites able to accommodate them, supporting AI and low-latency applications.

• Demand for edge compute is anticipated to materialize within the next year, though current customer commitments are unclear.

• The infrastructure model remains largely passive, with potential to provide power for edge data centers.

Latin America and international operations

• Brazil represents 15% of revenue, with strong long-term prospects despite short-term churn from market consolidation.

• 5G rollout in Brazil is under 50%, with regulatory pressure ensuring continued investment by well-capitalized operators.

• Central America growth is supported by a 15-year contract for 7,000 sites, with additional build-to-suit commitments.

• Smaller markets in the region are considered non-core and may be divested.

• No plans for significant M&A expansion in Brazil; focus remains on organic growth.

Contract structures and customer relationships

• Long-term MLAs are in place with major U.S. carriers, providing predictability and ease of deployment.

• Verizon activity is high, AT&T steady, and T-Mobile is slowing due to a focus on free cash flow.

• MLAs are seen as mutually beneficial for both parties.