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| American Tower Confidential and Proprietary American Tower Corporation: An Overview First Quarter 2025 © 2025 ATC TRS V LLC. All rights reserved.
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| American Tower Confidential and Proprietary Forward-Looking Statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward- looking statements within the meaning of federal securities laws concerning our goals, beliefs, strategies, future operating results and underlying assumptions and other statements that do not relate to historical matters. Examples of these statements include, but are not limited to, statements regarding our full year 2025 outlook and other targets, our expectations for the closing of signed agreements, and the expected impacts of such agreements on our business and factors that could affect our expectations, projected dividend growth, foreign currency exchange rates and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those described in the appendix attached hereto, and those provided in the section entitled “Risk Factors” in our most recent annual report on Form 10- K, and other risks described in documents we may subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. Definitions and reconciliations are provided at the end of the presentation. 2
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Solid Business Model Fundamentals
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Company Overview(1) • American Tower is a leading independent owner, operator and developer of multitenant communications real estate, and over 97% of our revenue is generated from leasing our properties, as well as fiber, a highly interconnected footprint of U.S. data center facilities and other urban telecommunications assets in some of our international markets, to our customers. • We provide the real estate necessary for today’s wireless communications networks. Operated by American Tower • Tower structure – constructed of galvanized steel with the capacity for multiple tenants • Land parcel – owned or operated pursuant to long-term leases • Back-up power – generators and batteries to support consistent power availability Operated by Tenant • Antenna equipment, including microwave equipment • Tenant shelters containing base-station equipment and HVAC, which tenants own, operate and maintain • Coaxial cable TEN TEN TEN AMT AMT AMT TEN TEN (1) Data for the quarter ended March 31, 2025. 4
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Global Scale Leverages Global Demand(1) American Tower has a global portfolio of over 149,000 communications sites 5 (1) Data as of March 31, 2025. In many international markets, the Company has non- tower, non-DAS communications infrastructure assets, which are excluded from site counts. U.S. 42,000+ Brazil 22,700+ South Africa 2,500+ Ghana ~3,500 Uganda ~4,400 Germany 15,200+ Costa Rica 700+ Nigeria ~9,200 Mexico 9,700+ France 4,500+ Argentina 500+ Paraguay ~1,450 Kenya ~4,400 Burkina Faso 700+ Niger 900+ Colombia 4,900+ Peru 4,400+ Chile 3,800+ Canada 200+ Spain ~12,300 Philippines ~380 Bangladesh ~940 5
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Revenue Growth: Tower Leasing Adding additional tenants, equipment and upgrades yields additional revenue, while costs remain relatively flat 6
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Traditional Master MLA vs. Comprehensive MLA 7 • Nearly all leases between American Tower and our major customers are governed through a traditional Master Lease Agreement (“MLA”). • Among many other terms, traditional MLAs establish a general contractual framework dictating the following: • Non-cancellable term (initial term of 5 to 10 years with multiple renewal terms at the option of the tenant), • Lease escalations, • Churn provisions (if any) and • Equipment entitlements and a la carte pricing for modifications (e.g., adding additional equipment for a 5G upgrade). • In the U.S., American Tower has periodically elected to execute comprehensive or holistic MLAs with certain customers. Comprehensive MLAs, which are usually shorter in duration, supplement the existing underlying traditional MLA and are typically aimed to address a specific network requirement (e.g., an initial 5G upgrade). • Although the underlying traditional MLA remains intact and continues to govern the underlying leases, the U.S. comprehensive MLA would typically replace the pre-existing a la carte pricing framework with a contractually defined, fixed increase to the customer’s lease rate (referred to as a “use-fee”) for a specified duration of time, for which the customer would receive predetermined equipment entitlements. • In the U.S., comprehensive MLAs may also incorporate additional growth components, such as new collocations, new construction towers, backup power, AZP and/or construction services. • Through U.S. comprehensive MLAs, customers can realize speed to market advantages, critical to an efficient network rollout, monetization of new spectrum assets and enhanced budgetary visibility. • In addition to administrative efficiencies, American Tower can benefit from contracted growth visibility, operational efficiencies, and an enhanced customer relationship afforded through a mutually beneficial framework. • However, we do not take a discount to our anticipated business-as-usual growth expectations via a la carte pricing in order to execute a comprehensive MLA. • As such, American Tower is generally agnostic between U.S. comprehensive MLAs vs. a la carte pricing and will ultimately pursue a framework that maximizes the value of our assets over the long term.
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(1) For illustrative purposes only. Does not reflect actual financial data of American Tower. Shown in USD. (2) Colocating tenants may pay higher rents than anchor tenants on build-to-suit towers. (3) Calculated as the incremental gross margin divided by the incremental revenue generated by adding an additional tenant. (4) Calculated as Gross Margin divided by Construction/Upgrade Costs. Definitions can be found at the end of this presentation. 8 Sample Tower Economics(1) One Tenant Two Tenants(2) Three Tenants(2) Construction/Upgrade Costs $275,000 - - Tenant Revenue $20,000 $50,000 $80,000 Operating Expenses (incl. ground rent, prop taxes, etc.) $12,000 $13,000 $14,000 Gross Margin $8,000 $37,000 $66,000 Gross Margin (%) 40% 74% 83% Gross Margin Conversion Rate(3) - 97% 97% Return on Investment(4) 3% 13% 24% The tower model demonstrates significant operating leverage as tenancy increases
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Tower Fixed Cost Profile Direct Costs of Operations Include: • Ground rent • Monitoring • Insurance • Real estate taxes • Utilities • Site maintenance Pass-Through Expense(1): • We typically pass through a portion of operating expenses to tenants in our international markets • Typical pass-through items include ground rent and power & fuel costs, depending on the market and structure Fixed Cost Structure of Towers: • Accommodating additional tenants typically requires minimal additional operating costs 9 Significant internal focus on cost controls (1) In Latin America, we typically pass through ground rent, while in Africa & APAC, we primarily pass through power and fuel costs. In Europe, we pass through ground rent and power and fuel costs depending on the market and structure type.
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Capital Requirements Revenue-Maintaining Capital Expenditures Capital Improvements - Includes spending on lighting system and fence repair, ground upkeep, etc., and capital to upgrade or extend the useful life of existing data centers. Historical levels of approximately $500 - $800 and approximately $1,200 - $1,700 per site per year in our international and U.S. markets, respectively Corporate - Spending primarily on IT infrastructure and system-wide security upgrades Revenue-Generating Capital Expenditures Redevelopment - Increases capacity of tower sites (e.g., height extension, foundation strengthening, extension of ground space, etc.) - Investment payback period is typically one to two years, and in the U.S., the cost is typically shared with the tenant Ground Lease Purchases - Spending to purchase land underneath communications infrastructure assets. Also includes acquisition of buildings to reduce lease payments. Discretionary Capital Projects - Primarily for the construction of new sites, new ground-up data center facilities and expansion within existing data centers, including power installations and customer specific space fit-outs and data center deferred expansion Start-Up Capital Projects - Non-recurring expenditures contemplated in acquisitions, new market launch business cases or initial deployment of new technologies or platform expansion initiatives that lead to an increase in site-level cash flow generation. 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Historical Capital Expenditures(1) ($ in millions) Revenue-Maintaining Capex Revenue-Generating Capex $340$425 10(1) Excludes the operating results of ATC TIPL.
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Long-Term Demand Drivers
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Demand Driver Highlights Growing wireless penetration (Voice network deployments) Increasing Mobile Data Usage (4G/5G network deployments) Spectrum Auctions (Deployment of more antennas) Primary Revenue Impact New Lease Revenue Amendment Revenue (Increase to existing leases) Increasing Mobile Usage Additional Carrier Revenues Incremental Network Investments 12
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297 340 387 432 481 532 400 407 412 417 422 427697 747 799 849 903 959 2024 2025 2026 2027 2028 2029 (1) Forward-looking data points reflect research estimates. Notes: IoT based on M2M module connections, traffic and data usage; Non-IoT includes everything other than M2M modules (e.g., smartphones, tablets, laptops and feature phones). Sources: Ericsson Mobility Report November 2024, Altman Solon Research and Analysis. Mobile Device Penetration Connected Devices are Expected to Grow Significantly in the U.S. through at least 2029 13 U.S. Total Mobile-Connected Devices(1) (Millions) ’24-’29E CAGR 12% 1% 7% Non-IoT IoT 13 Overall
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20.1 42.0 1.5 4.1 2024 2025 2026 2027 2028 2029 Average Data Usage per Device U.S. Data Traffic per Mobile Connection by Device Type(1) (in GBs / month) 14 IoT and Non-IoT mobile data usage to grow at ~16% CAGR until at least 2029 ‘24-’29E CAGR 23% 16% Non-IoT IoT 14(1) Forward-looking data points reflect research estimates. Notes: IoT based on M2M module connections, traffic and data usage; Non-IoT includes everything other than M2M modules (e.g., smartphones, tablets, laptops and feature phones). Sources: Ericsson Mobility Report November 2024, Altman Solon Research and Analysis Overall : 16%
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Smartphone Data Usage for Common Activities 0.02 4 8 35 1250 Sending an email 3 minute song 30 minutes Internet browsing 3 minute video clip 30 minute TV show Average Data Used by Activity (in megabytes) 267x 500x 2,340x 83,333x Note: 1 MB equals 1024 KB. Sources: Altman Solon Research and Analysis, Verizon, AT&T. Exponentially Higher Mobile Data Usage is Driven by the Increasing Use of Advanced Applications 15
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Total U.S. Mobile Data Traffic Growth Total U.S. Data Traffic by Device Type(1) (in petabytes / month) Exponential Growth in Devices and per Device Usage = Significant Growth in Overall Traffic Non-IoT IoT 16 438.1 614.7 855.5 1,171.8 1,597.5 2,164.7 8,059 9,557 11,141 13,086 15,386 17,9138,497 10,172 11,996 14,258 16,984 20,077 2024 2025 2026 2027 2028 2029 Overall ‘24-’29E CAGR 38% 17% 19% (1) Forward-looking data points reflect research estimates. Notes: IoT based on M2M module connections, traffic and data usage; Non-IoT includes everything other than M2M modules (e.g., smartphones, tablets, laptops and feature phones). Sources: Ericsson Mobility Report November 2024, Altman Solon Research and Analysis.
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Avg. Monthly Smartphone Data Usage (GB/month)(2)(3) Mobile Data Growth – Global Smartphone Data Usage(1) 17 CAGR (‘24-’29E) Smartphone data usage projected to increase exponentially on a global basis; Initial 5G adoption expected to drive a portion of growth in more mature markets like the U.S. 16.5% (1) Forward-looking data points reflect research estimates. (2) Besides India (reported by Ericsson), Cisco VNI is used to estimate country data based on Ericsson’s regional figures. (3) Ericsson’s regional CAGRs (N. America, W. Europe, and L. America) are applied to the country level; S. Africa adjusted based on MTN S. Africa reported data. Sources: Ericsson Mobility Report November 2024, Cisco VNI, Altman Solon Research and Analysis. 17 14.0% 21.5% 16.9% 22.6 10.9 27.5 23.4 31.9 13.5 7.5 4.8 48.5 21.1 53.0 45.1 28.5 35.7 16.5 10.4 United States Germany France Spain Brazil Mexico South Africa Nigeria 2024 2029
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Increasing Availability of Lower Cost Smartphones Increasing Availability of Cheaper Smartphones in Emerging Markets Should Fuel Increased Mobile Data Use Samsung A54 5G Tecno Spark 10 5G Release Date March 2023 July 2023 Android OS Android 14 Android 13 Screen Size 6.4” ~105% Processor 2.4GHz Octa-Core ~92%(1) Battery 5000mAh ~100% Memory (ROM) 128GB ~100% Camera Rear: 50MP+12MP+5MP Front: 32MP Rear: 50MP Front: 8MP Complimentary Data None None 5G Enabled Price ~$450 ~$282 (63%) (1) Powered by D6020 Octa-Core Express Processor up to 2.2GHz Sources: Mobile prepaid carrier websites, Altman Solon Research and Analysis. 18 Emerging Markets consumers can now get similar or better functionality of a high-tier smartphone for as low as ~40% of the cost
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Historical Results and Long-Term Strategy
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2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 AFFO Attributable to Common Stockholders per Share $4.48 Strong Growth in Key Financial Metrics, Complemented by Solid Dividend $4.0B 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Property Segment Revenue $2.6B 2014 $2,015 $2,016 2017 2018 2019 2020 2021 2022 2023 2024 Adjusted EBITDA 2014 2024 2014 2014 Complemented by average annual dividend per share growth of nearly 18% since 2014 $9.9B(1) $6.8B(1) $10.54 2024 2024 Definitions and reconciliations are provided at the end of this presentation. 201) 2024 excludes the operating results from the Company subsidiary ATC Telecom Infrastructure Private Limited, which held its opera tions in India (“ATC TIPL”), as a result of the Company’s sale of 100% of its India operations (the “ATC TIPL Transaction”).
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| American Tower Confidential and Proprietary Adjusted EBITDA: Net income before Income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense), including Goodwill impairment; Depreciation, amortization and accretion; and Stock-based compensation expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. In addition, it is a widely used performance measure across the telecommunications real estate sector. Adjusted EBITDA Cash Margin: The percentage that results from dividing Adjusted EBITDA less net straight-line by total revenue less straight-line revenue. Adjusted EBITDA Margin: The percentage that results from dividing Adjusted EBITDA by total revenue. Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders: Nareit FFO attributable to American Tower Corporation common stockholders before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the deferred portion of income tax and other income tax adjustments, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, and (viii) other operating income (expense), less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO. The Company believes this measure provides valuable insight into the operating performance of its assets by further adjusting the Nareit AFFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above, which if unadjusted, may otherwise cause material fluctuations in Nareit FFO attributable to American Tower Corporation stockholders growth from period to period that would not be representative of the underlying performance of the Company’s property assets in those periods. In addition, it is a widely used performance measure across the telecommunications real estate sector. The Company believes providing this metric, excluding the impacts of noncontrolling interests, enhances transparency, given the minority interest in its Europe business and its U.S. data center business. AFFO attributable to American Tower Corporation common stockholders per Share: AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding. AFFO attributable to American Tower Corporation common stockholders, as adjusted: Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest expens e savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borr owing cost for the respective period. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued oper ations when deriving AFFO attributable to AMT common stockholders from continued operations. AFFO attributable to American Tower Corporation common stockholders per Share, as adjusted: AFFO attributable to American Tower Corporation common stockholders, as adjusted divided by the diluted weighted average comm on shares outstanding. Churn: Tenant Billings lost when a tenant cancels or does not renew its lease or, in limited circumstances, when the lease rates on existing leases are reduced. International Pass-through Revenues: A portion of the Company’s pass-through revenue is based on power and fuel expense reimbursements and therefore subject to fluctuations in fuel prices. As a result, revenue growth rates may fluctuate depending on the market price for fuel in any given period, which is not representative of the Company’s real estate business and its economic exposure to power and fuel costs. Furthermore, this expense reimbursement mitigates the economic impact associated with fluctuations in operating expenses, such as power and fuel costs and land rents in certain of the Company’s markets. As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates. Nareit Funds From Operations, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), Attributable to American Tower Corporation Common Stockholders: Net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations. The Company believes this measure provides valuable insight into the operating performance of its property assets by excluding the charges described above, particularly depreciation expenses, given the high initial, up-front capital intensity of the Company’s operating model. In addition, it is a widely used performance measure across the telecommunications real estate sector. Net Leverage Ratio: Net debt (total long-term debt, including current portion, and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents) divided by the quarter’s annualized Adjusted EBITDA (the quarter’s Adjusted EBITDA multiplied by four). The Company believes that including this calculation is important for investors and analysts given it is a critical component underlying its credit agency ratings. New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior -year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition to our portfolio are not included in New Site Tenant Billings. In certain cases, this could also include the net impact of certain divestitures. The Company believes providing New Site Tenant Billings enhances an investor’s ability to analyze the Company’s existing real est ate portfolio growth as well as its development program growth, as the Company’s construction and acquisition activities can drive variability in growth rates from period to period. New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valua ble insight into the growth attributable to Tenant Billings from recently acquired or constructed properties. Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company’s portfolio. Organic Tenant Billings Growth: The portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period, which enables investors and analysts to gain additional insight into the relative attractiveness, and therefore the value, of the Company’s property assets. Definitions 21
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| American Tower Confidential and Proprietary Definitions (continued) Segment Gross Margin: Revenues less operating expenses, excluding depreciation, amortization and accretion, selling, general, administrative and development expense and other operating expenses. The Company believes this measure provides valuable insight into the site -level profitability of its assets. Segment Operating Profit: Segment Gross Margin less segment selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets while also taking into account the overhead expenses required to manage each of its operating segments. Straight-line expenses: We calculate straight-line ground rent expense for our ground leases based on the fixed non-cancellable term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to us such that renewal appears, at the inception of the lease, to be reasonably assured. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease, if the tenant exercises its renewal option. For towers with these types of tenant leases at the inception of the ground lease, we calculate our straight-line ground rent over the term of the ground lease, including all renewal options required to fulfill the tenant lease obligation. Straight-line revenues: Under GAAP, the Company recognizes revenue on a straight-line basis over the term of the contract for certain of its tenant leases. Due to the Company’s significant base of non-cancellable, long-term tenant leases, this can result in significant fluctuations in growth rates upon tenant lease signings and renewals (typically increases), when amounts billed or received upfront upon these events are initi ally deferred. These signings and renewals are only a portion of the Company’s underlying business growth and can distort the underlying performance of our Tenant Billings Growth. As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures. Tenant Billings: The majority of the Company’s revenue is generated from non-cancellable, long-term tenant leases. Revenue from Tenant Billings reflects several key aspects of the Company’s real estate business: (i) “colocations/amendments” reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) “escalations” reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) “cancellations” reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) “new sites” reflects the impact of new property construction and acquisitions. Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billings for a current period with Tenant Billings for the corresponding prior-year period, in each case adjusted for foreign currency exchange rate fluctuations. The Company believes this measure provides valuable insight into the growth in recurring Tenant Billings and underlying demand for its real estate portfolio. 22
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| American Tower Confidential and Proprietary This presentation contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to, statements regarding our full year 2025 outlook and other targets, foreign currency exchange rates, the creditworthiness and financial strength of our customers, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements and the expected impacts of such agreements on our business and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) a significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand; (2) a substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers; (3) if our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (4) increasing competition within our industries may materially and adversely affect our revenue; (5) competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria; (6) new technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results; (7) divestitures and strategic partnerships may materially and adversely affect our financial condition, results of operations or cash flows; (8) our leverage and debt service obligations, including during a rising interest rates environment, may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements; (9) high inflation may adversely affect us by increasing costs beyond what we can recover through price increases; (10) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (11) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (12) our business, and that of our customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict our ability to operate our business as we currently do or impact our competitive landscape; (13) we may be adversely affected by regulations related to climate change; (14) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (15) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (16) we could have liability under environmental and occupational safety and health laws; (17) if we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results; (18) if we, or third parties on which we rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, we may incur substantial costs and suffer other negative consequences, which may include reputational damage; (19) our expansion and operational initiatives involve a number of risks and uncertainties, including those related to integrating acquired or leased assets, that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (20) our towers, fiber networks, data centers or computer systems may be affected by natural disasters (including as a result of climate change) and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums; and (21) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information that is provided in the section entitled “Risk Factors” in our most recent annual report on Form 10-K, and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. Risk Factors 23
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| American Tower Confidential and Proprietary Historical Reconciliations ($ in millions, totals may not add due to rounding) (1) 2021, 2022, 2023, 2024, and 1Q24 are presented to include the reclassification of ATC TIPL as discontinued operations. All other periods shown have not been changed. (2) Includes one-time net positive impacts to 2018 Adjusted EBITDA and AFFO attributable to common stockholders related to the Company's settlement with Tata in Q4 2018. (3) Full year 2023 includes impairment charges of $80 million for the Spain reporting unit. (4) In Q2 2019, the Company made a capitalized interest payment of approximately $14 million associated with the purchase of the shareholder loan previously held byits joint venture partner in Ghana. In Q1 2020, the Company made a capitalized interest payment of approximately $63 million associated with the acquisition of MTN's redeemable noncontrolling interests in each of its joint ventures in Ghana and Uganda. In each case, the deferred interest was previously expensed but excluded from AFFO Attributable to Common Stockholders. (5) 2015 and 2022 exclude one-time GTP cash tax charge. (6) 1Q24 and 2024 exclude withholding taxes paid in Singapore of $11.8 million and $36.4 million, respectively, which were incurred as a result of the ATC TIPL Transaction. The Company believes that these withholding tax payments are nonrecurring and does not believe these are an indication of its operating performance. (7) Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest expense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borrowing cost for the respective period. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations. RECONCILIA TION OF A DJUSTED EBITDA TO NET INCOME(1) 2014 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 2024 1Q24 1Q25 Net income $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 $922 $499 (Income) loss from discontinued operations, net of taxes n/a n/a n/a n/a n/a n/a n/a (171) 277 71 978 (92) - Income tax provision (benefit) 63 158 156 31 (110) (0) 130 214 113 91 366 91 119 Other expense (income) 62 135 48 (31) (24) (18) 241 (565) (435) 326 (378) (113) 338 Loss (gain) on retirement of long-term obligations 4 80 (1) 70 3 22 72 38 0 0 - - - Interest expense 580 596 717 750 826 814 794 871 1,136 1,388 1,405 364 325 Interest income (14) (17) (26) (35) (55) (47) (40) (20) (49) (119) (135) (31) (27) Other operating expenses (income) 69 67 73 256 513 166 266 399 271 371 74 (0) (56) Goodwill impairment(3) - - - - - - - - - 80 - - - Depreciation, amortization and accretion 1,004 1,285 1,526 1,716 2,111 1,778 1,882 2,134 3,165 2,929 2,029 509 493 Stock-based compensation expense 80 91 90 109 138 111 121 112 162 183 193 63 53 A DJUSTED EBITDA $2,650 $3,067 $3,553 $4,090 $4,667 $4,745 $5,156 $5,578 $6,336 $6,688 $6,812 $1,712 $1,744 Divided by total revenue $4,100 $4,772 $5,786 $6,664 $7,440 $7,580 $8,042 $8,160 $9,645 $10,012 $10,127 $2,513 $2,563 A DJUSTED EBITDA MA RGIN 65% 64% 61% 61% 63% 63% 64% 68% 66% 67% 67% 68% 68% AFFO RECONCILIATION(1) 2014 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 2024 1Q24 1Q25 Adjusted EBITDA $2,650 $3,067 $3,553 $4,090 $4,667 $4,745 $5,156 $5,578 $6,336 $6,688 $6,812 $1,712 $1,744 Straight-line revenue (124) (155) (132) (194) (88) (184) (322) (460) (509) (465) (278) (79) (17) Straight-line expense 38 56 68 62 58 44 52 48 34 24 47 11 9 Cash interest(4) (572) (573) (694) (723) (807) (800) (824) (831) (1,089) (1,338) (1,350) (351) (312) Interest Income 14 16 26 35 55 47 40 20 49 119 135 31 27 Cash paid for income taxes(5)(6) (69) (64) (96) (137) (164) (147) (146) (227) (260) (253) (278) (38) (33) Dividends on preferred stock (24) (90) (107) (87) (9) - - - - - - - - Capital improvement Capex (75) (90) (110) (114) (150) (160) (150) (150) (165) (187) (157) (24) (36) Corporate Capex (24) (16) (16) (17) (9) (11) (9) (8) (9) (16) (14) (2) (1) Adjustments and dividends for noncontrolling interests (24) (34) (90) (160) (363) (92) (33) (74) (190) (305) (348) (88) (91) Adjustments for discontinued operations n/a n/a n/a n/a n/a n/a n/a 380 318 345 365 131 - AFFO Attributable to Common Stockholders $1,791 $2,116 $2,400 $2,755 $3,191 $3,442 $3,764 $4,277 $4,517 $4,612 $4,934 $1,303 $1,290 Divided by weighted average diluted shares outstanding 400.1 423.0 429.3 431.7 443.0 445.5 446.1 453.3 462.8 467.2 468.1 467.7 468.5 AFFO Attributable to Common Stockholders per Share 4.48$ 5.00$ 5.59$ 6.38$ 7.20$ 7.73$ 8.44$ 9.43$ 9.76$ 9.87$ 10.54$ 2.79$ 2.75$ AFFO attributable to AMT common stockholders from discontinued operations n/a n/a n/a n/a n/a n/a n/a ($380) ($319) ($345) ($365) ($131) - AFFO attributable to AMT common stockholders from continuing operations n/a n/a n/a n/a n/a n/a n/a 3,897 4,197 4,266 4,569 1,172 1,290 Adjustment for full period interest expense savings associated with the use of ATC TIPL Transaction proceeds n/a n/a n/a n/a n/a n/a n/a $28 $79 $131 $92 $33 - AFFO Attributable to Common Stockholders, as adjusted(7) n/a n/a n/a n/a n/a n/a n/a $3,924 $4,277 $4,398 $4,661 $1,205 $1,290 AFFO Attributable to Common Stockholders per Share, as adjusted(7) n/a n/a n/a n/a n/a n/a n/a 8.66$ 9.25$ 9.41$ 9.96$ 2.58$ 2.75$ 24
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| American Tower Confidential and Proprietary 2025 Current Outlook Reconciliations(1)(2) ($ in millions, except share and per share data, totals may not add due to rounding) (1) As reported in the Company's Form 8-K dated April 29, 2025. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for April 29, 2025 t hrough December 31, 2025: (a) 1,319 Argentinean Pesos; (b) 125.80 Bangladeshi Taka; (c) 5.90 Brazilian Reais; (d) 1.43 Canadi an Dollars; (e) 985 Chilean Pesos; (f) 4,300 Colombian Pesos; (g) 0.93 Euros; (h) 15.85 Ghanaian Cedis; (i) 130 Kenyan Shillings; (j) 20.50 Mexican Pesos; (k) 1,650 Nigerian Naira; (l) 7,990 Paraguayan Guarani; (m) 3.75 Peruvian Soles; (n) 58.40 Philippine Pesos; (o) 18.90 South African Rand; (p) 3,720 Ugandan Shillings; and (q) 620 West African CFA Francs. Reconciliations of Outlook for Adjusted EBITDA to Net Income: Net income $2,740 to $2,840 Interest expense 1,370 to 1,350 Depreciation, amortization and accretion 2,000 to 2,010 Income tax provision 375 to 365 Stock-based compensation expense 170 - 170 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense 230 to 220 Adjusted EBITDA 6,885$ to 6,955$ Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income: Net income $2,740 to $2,840 Straight-line revenue (61) - (61) Straight-line expense 39 - 39 Depreciation, amortization and accretion 2,000 to 2,010 Stock-based compensation expense 170 - 170 Deferred portion of income tax and other income tax adjustments 105 - 105 Amortization of deferred financing costs, and debt discounts and premiums and long-term deferred interest charges 50 - 50 Other, including other operating expense, (gain) loss on retirement of long-term obligations and other (income) expense 335 to 325 Capital improvement capital expenditures (145) to (155) Corporate capital expenditures (10) - (10) Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (373) - (373) AFFO attributable to AMT common stockholders 4,850$ to 4,940$ Divided by weighted average diluted shares outstanding (in thousands) 468,700 - 468,700 AFFO attributable to AMT common stockholders per Share 10.35$ to 10.54$ Full Year 2025 Full Year 2025 25
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| American Tower Confidential and Proprietary 2025 Prior Outlook Reconciliations(1)(2) ($ in millions, except share and per share data, totals may not add due to rounding) (1) As reported in the Company's Form 8-K dated February 25, 2025. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for February 25, 2025 through December 31, 2025: (a) 1,202 Argentinean Pesos; (b) 124.10 Bangladeshi Taka; (c) 5.90 Brazilian Reais; (d) 1.44 Canadi an Dollars; (e) 1,000 Chilean Pesos; (f) 4,410 Colombian Pesos; (g) 0.97 Euros; (h) 15.50 Ghanaian Cedis; (i) 131 Kenyan Shillings; (j) 20.90 Mexican Pesos; (k) 1,620 Nigerian Naira; (l) 7,900 Paraguayan Guarani; (m) 3.75 Peruvian Soles; (n) 59.60 Philippine Pesos; (o) 18.75 South African Rand; (p) 3,720 Ugandan Shillings; and (q) 630 West African CFA Francs. Reconciliations of Outlook for Adjusted EBITDA to Net Income: Net income $2,930 to $3,020 Interest expense 1,375 to 1,355 Depreciation, amortization and accretion 1,985 to 1,995 Income tax provision 345 to 335 Stock-based compensation expense 178 - 178 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense 42 - 42 Adjusted EBITDA 6,855$ to 6,925$ Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income: Net income $2,930 to $3,020 Straight-line revenue (62) - (62) Straight-line expense 39 - 39 Depreciation, amortization and accretion 1,985 to 1,995 Stock-based compensation expense 178 - 178 Deferred portion of income tax and other income tax adjustments 77 - 77 Amortization of deferred financing costs, and debt discounts and premiums and long-term deferred interest charges 56 - 56 Other, including other operating expense, (gain) loss on retirement of long-term obligations and other (income) expense 147 - 147 Capital improvement capital expenditures (145) to (155) Corporate capital expenditures (10) - (10) Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (365) - (365) AFFO attributable to AMT common stockholders 4,830$ to 4,920$ Divided by weighted average diluted shares outstanding (in thousands) 468,700 - 468,700 AFFO attributable to AMT common stockholders per Share 10.31$ to 10.50$ Full Year 2025 Full Year 2025 26
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| American Tower Confidential and Proprietary Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) (1) Total Property Revenue, Total Property Revenue Ex. Straight -Line, Total Revenue, Adjusted EBITDA, AFFO attributable to AMT commo n stockholders, as adjusted, and AFFO attributable to AMT common stockholders per Share, as adjusted, for the current and pri or period exclude discontinued operations. AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stoc kholders per Share include discontinued operations, for the periods in which American Tower operated in India. (2) Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest exp ense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing i ndebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borrowing cost for the respective peri od. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already consid ered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations, except for 2025 Outlook. Cash Adjusted EBITDA Margin Reconciliation Q1 2024 Q1 2025 Adjusted EBITDA less Net Straight-Line $1,644 $1,736 Divided by: Total Revenue less Straight-Line Revenue 2,434 2,546 Cash Adjusted EBITDA Margin 67.5% 68.2% 2025 Outlook FX-Neutral Reconciliations(1) 2024 2025E Growth Rate Estimated FX Impact 2024 2025E FX-Neutral FX-Neutral Growth Rate Total Property Revenue $9,934 $10,045 1.1% (~$179) $9,934 $10,224 2.9% Total Revenue 10,127 10,295 1.7% (~179) 10,127 10,474 3.4% Adjusted EBITDA 6,812 6,920 1.6% (~122) 6,812 7,042 3.4% AFFO attributable to AMT common stockholders 4,934 4,895 (0.8%) (~106) 4,934 5,001 1.4% AFFO attributable to AMT common stockholders per Share $10.54 $10.44 (0.9%) (~$0.23) $10.54 $10.67 1.2% AFFO attributable to AMT common stockholders, as adjusted(2) 4,661 4,895 5.0% (~106) 4,661 5,001 7.3% AFFO attributable to AMT common stockholders per Share, as adusted(2) $9.96 $10.44 4.8% (~$0.23) $9.96 $10.67 7.1% U.S. & Canada Property Revenue Growth Excluding Straight-Line Q1 2025 U.S. & Canada Property Revenue less Straight-Line Revenue $1,289 Q1 2024 U.S. & Canada Property Revenue less Straight-Line Revenue 1,244 3.6% Q1 2025 FX-Neutral Reconciliations(1) Q1 2024 Q1 2025 Growth Rate Estimated FX Impact Q1 2024 Q1 2025 FX-Neutral FX-Neutral Growth Rate Total Property Revenue $2,482 $2,488 0.2% (~$74) $2,482 $2,562 3.2% Total Property Revenue Ex. Straight-Line 2,403 2,471 2.8% (~74) 2,403 2,545 5.9% International Property Revenue 947 946 (0.1)% (~74) 947 1,020 7.7% Total Revenue 2,513 2,563 2.0% (~74) 2,513 2,637 4.9% Adjusted EBITDA 1,712 1,744 1.9% (~49) 1,712 1,793 4.7% AFFO attributable to AMT common stockholders 1,303 1,290 (1.0)% (~45) 1,303 1,335 2.5% AFFO attributable to AMT common stockholders per Share $2.79 $2.75 (1.4)% (~$0.10) $2.79 $2.85 2.2% AFFO attributable to AMT common stockholders, as adjusted(2) 1,205 1,290 7.1% (~45) 1,205 1,335 10.8% AFFO attributable to AMT common stockholders per Share, as adusted(2) $2.58 $2.75 6.6% (~$0.10) $2.58 $2.85 10.5% 27
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Additional Information Available For more information on the tower industry and American Tower, please refer to our “Introduction to the Tower Industry and American Tower” presentation, which can be found in the Investor Presentations section of our investor relations materials hub. This presentation provides an overview of the tower business model and information on American Tower’s operating performance and financial strategy. 28