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| American Tower Confidential and Proprietary Third Quarter 2025 Earnings Conference Call October 28, 2025 © 2025 ATC TRS V LLC. All rights reserved.
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| American Tower Confidential and Proprietary Agenda Introduction Spencer Kurn Senior Vice President, Investor Relations Opening Remarks Steven Vondran President and Chief Executive Officer Financial Results Q&A Rod Smith Executive Vice President, Chief Financial Officer and Treasurer 2
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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. 3
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| American Tower Confidential and Proprietary4 Consolidated Results Highlights $ in millions, except per share data Q3 2025 Q3 2024(1) Total property revenue(3) $2,616 $2,470 5.9% 4.2% Total revenue(3) $2,717 $2,522 7.7% 6.1% Net income (loss) attributable to AMT common stockholders(4)(5)(6)(7) $853 ($792) 207.7% N/A Per diluted share attributable to AMT(4)(5)(6)(7) $1.82 ($1.69) 207.7% N/A Adjusted EBITDA(4) $1,816 $1,687 7.6% 6.2% Adjusted EBITDA Margin % 66.8% 66.9% Cash Adjusted EBITDA Margin % 66.8% 66.6% AFFO attributable to AMT common stockholders $1,303 $1,237 5.3% 3.9% Per diluted share attributable to AMT $2.78 $2.64 5.3% 3.8% AFFO attributable to AMT common stockholders, as adjusted(8) $1,303 $1,181 10.4% 8.8% Per diluted share attributable to AMT, as adjusted(8) $2.78 $2.52 10.3% 8.7% (1) Q3 2024 results for total property revenue, total revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders, as adjusted, and AFFO attributable to AMT common stockholders per Share, as adjusted, exclude the impacts associated with discontinued operations related to the Company’s sale of 100% of its India operations, which closed in Q3 2024 (“ATC TIPL,” and the transaction, the “ATC TIPL Transaction”). Results for net income attributable to AMT common stockholders, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share include the impacts associated with discontinued operations related to the ATC TIPL Transaction. (2) See reconciliations for FX-neutral growth rates on page 18 of this presentation. (3) The growth rate is impacted by a decrease in non-cash straight-line revenue, which represented approximately $27.7 million in the current period as compared to approximately $68.5 million in the prior-year period. (4) The growth rate is impacted by a decrease in non-cash straight-line revenue, net of non-cash straight-line expense, which represented $18.3 million in the current period as compared to $51.2 million in the prior-year period. (5) The growth rate is impacted by foreign currency gains of approximately $18.0 million in the current period as compared to foreign currency losses of approximately ($337.4) million in the prior-year period. (6) The impact of foreign currency exchange rate fluctuations on net income attributable to AMT common stockholders and net income attributable to AMT common stockholders per diluted share is not provided, as the impact on all components of the net income (loss) measure cannot be calculated without unreasonable effort. (7) The growth rate is impacted by a loss on the sale of ATC TIPL of $1.2 billion in the prior-year period, which primarily included the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $1.1 billion. The loss on the sale of ATC TIPL is included in Loss from discontinued operations, net of taxes in the consolidated statements of operations. (8) 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 Company’s $6.0 billion senior unsecured multicurrency revolving credit facility (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 Company’s unsecured term loan in India, as amended in January 2024 (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. FX-Neutral Change(2)Y/Y Change
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| American Tower Confidential and Proprietary 5.0% 3.9% 6.9% 13.5% 4.9% 3.2% Total U.S. & Canada Intl Africa & APAC Europe LatAm $2,470 $2,616 Q3 2024 Q3 2025 Q3 2025 Property Revenue ($ in millions) Definitions and reconciliations are provided at the end of this presentation.5 (1) Q3 2024 excludes the operating results of ATC TIPL, which are reported as discontinued operations. (2) Organic Tenant Billings Growth is not applicable to the Data Centers segment. For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website. (3) See reconciliations for FX-neutral growth rates on page 18 of this presentation. (4) Sprint churn reflects both churn as part of the MLA with T-Mobile US, Inc. (the “T-Mobile MLA”) and churn that is expected to occur outside of the T-Mobile MLA. Total Property Revenue(1) Organic Tenant Billings Growth (OTBG)(1)(2) 5.9% Growth 5.5% Tenant Billings Growth 6.0% Cash FX-Neutral Growth(3) Impact of Sprint Churn(4) › Consolidated OTBG of 5% y/y driven by healthy carrier activity levels › Data Center revenue growth of over 14% y/y driven by strong demand and consistent price increases Revenue Growth Underpinned by Robust Data Consumption Trends Across Towers and Data Centers ~6% >5%
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| American Tower Confidential and Proprietary $2.52 $2.78 Q3 2024 Q3 2025 $1,687 $1,816 Q3 2024 Q3 2025 Q3 2025 Adjusted EBITDA and Attributable AFFO ($ in millions) Definitions and reconciliations are provided at the end of this presentation.6 (1) Q3 2024 excludes the operating results of ATC TIPL, which are reported as discontinued operations. (2) 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. (3) See reconciliations for FX-neutral growth rates on page 18 of this presentation. Adjusted EBITDA(1) AFFO Attributable to AMT Common Stockholders per Share, As Adjusted(2) 7.6% Growth 8.4% Cash FX-Neutral Growth(3) › Adjusted EBITDA growth of nearly 8% y/y driven by strong top line growth and margin expansion › Attributable AFFO per Share, As Adjusted growth of ~10% y/y driven by Adjusted EBITDA growth and disciplined cost management Strong Revenue Growth, Margin Expansion & Double-Digit Recurring Cash Flow Growth 66.6% Cash Margin 66.8% Cash Margin 10.3% Growth 8.7% FX Neutral Growth(3)
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| American Tower Confidential and Proprietary › Raising Property Revenue Outlook midpoint by $40 million vs. prior Outlook primarily due to FX tailwinds, partly offset by modest revenue reserves in Latin America › Outlook assumes Organic Tenant Billings Growth of ~5% complemented by ~13% U.S. Data Center growth, consistent with prior expectations › Outlook midpoint assumes Property Revenue Y/Y growth of ~3% Y/Y , or ~5% excluding non-cash straight-line revenue and FX(1) Raising 2025 Property Revenue Outlook ($ in millions) $10,210 $10,250 $5 $50 Prior Outlook Core Property Pass-Through FX Current Outlook ($15) Definitions and reconciliations are provided at the end of this presentation.7 (1) See reconciliations for FX-neutral growth rates on page 18 of this presentation. (2) Reflects 2025 outlook midpoints, as reported in the Company’s Form 8- K dated October 28, 2025. ~5% Y/Y Cash FX-Neutral Growth(1) (2)
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| American Tower Confidential and Proprietary Raising 2025 Adjusted EBITDA Outlook ($ in millions) Definitions and reconciliations are provided at the end of this presentation.8 (1) See reconciliations for FX-neutral growth rates on page 18 of this presentation. (2) Reflects 2025 outlook midpoints, as reported in the Company’s Form 8- K dated October 28, 2025. $7,040 $7,085$15 $30 Prior Outlook Operating Profit FX Current Outlook ~7% Y/Y Cash FX-Neutral Growth(1) › Raising Adjusted EBITDA Outlook midpoint by $45 million vs. prior Outlook primarily due to FX tailwinds and U.S. Services outperformance › Outlook midpoint assumes Adjusted EBITDA growth of ~4% Y/Y , or ~7% excluding non-cash net straight-line and FX(1) 67.2% Cash Margin 67.0% Cash Margin (2)
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| American Tower Confidential and Proprietary Raising 2025 Attributable AFFO Outlook ($ in millions) Definitions and reconciliations are provided at the end of this presentation.9 (1) 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 period. No additional adjustments are required related to the repaym ent of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Ter m 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 opera tions. (2) See reconciliations for FX -neutral growth rates on page18 of this presentation. (3) Reflects 2025 outlook midpoints, as reported in the Company’s Form 8-K dated October 28, 2025. $4,950 $5,000$15 $15 $20 Prior Outlook Cash Adjusted EBITDA Other FX Current Outlook ~8% Y/Y FX-Neutral per Share Growth (as adjusted)(1)(2) › Raising Attributable AFFO Outlook midpoint by $50 million vs. prior Outlook primarily due to FX tailwinds, conversion of topline growth and net interest benefits › Outlook midpoint assumes Attributable AFFO per Share, as adjusted growth of ~7% Y/Y , or ~9% excluding financing costs and FX(1) $10.56 per Share (3) $10.66 per Share
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| American Tower Confidential and Proprietary Capital Allocation & Balance Sheet Management ($ in billions, totals may not add due to rounding) › Reiterating 2025 capital plan including emphasis on selective capital projects yielding the highest risk -adjusted rates of return › Continue to target a common dividend declaration of ~$3.2 billion(2), implying mid-single-digit year-over-year growth 6/30/2025 9/30/2025 Net Leverage (LQA) 5.1x 4.9x Liquidity $10.5 $10.7 Fixed / Floating Rate Debt (%) 93% / 7% 94% / 6% Weighted Average Remaining Term 5.6 years 5.5 years Balance Sheet Management2025 Outlook Capital Deployments(1) Definitions and reconciliations are provided at the end of this presentation. (2) 10 Discretionary Capital Projects by Region U.S. Data Centers ~40% U.S. & Canada ~25% Europe ~15% Emerging Markets(4) ~20% (1) Reflects 2025 outlook midpoints, as reported in the Company’s Form 8-K dated October 28, 2025. (2) Subject to board approval. (3) Discretionary capital includes capital for tower and data center development, ground lease purchases, start -up capital projects, and redevelopment. (4) Represents the Company’s Latin America and Africa & APAC property segments. Discretionary Capital Projects(3) $1.5 M&A $0.3 Non- Discretionary Capex $0.2 Common Stock Dividends(2) $3.2
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| American Tower Confidential and Proprietary In Summary 11 › Robust growth in mobile data consumption underpins the fundamental durability of the tower business model › Hybrid cloud and AI-related demand tailwinds fueling strong activity for interconnection-rich data center assets › Best-in-class portfolio of towers and data centers, experienced management team and operational excellence position American Tower to capture growth opportunities across our markets › Disciplined capital allocation and investment grade balance sheet support growth opportunities with high returns › Strategic priorities designed to deliver on our goal of industry-leading AFFO per Share and maximize long-term shareholder value creation
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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, and including adjustments and distributions for unconsolidated affiliates and noncontrolling inte rests 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 12
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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. Segment Operating Profit and Segment Gross Margin are before interest income, interest expense, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to noncontrolling interest and income tax benefit (provision). 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. 13
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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 14
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| American Tower Confidential and Proprietary15 Historical Reconciliations ($ in millions, totals may not add due to rounding) (1) 2021, 2022, 2023, 2024 and 3Q24 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) 3Q25, 3Q24 and 2024 exclude withholding taxes paid in Singapore of $0.3 million, $2.9 million and $36.4 million, respectively, which were incurred as a result of the ATC TIPL Transaction. The Company believes that these 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 3Q24 3Q25 Net income (loss) $803 $672 $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 ($780) $913 (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 1,209 - Income tax provision (benefit) 63 158 156 31 (110) (0) 130 214 113 91 366 122 37 Other expense (income) 62 135 48 (31) (24) (18) 241 (565) (435) 326 (378) 270 (28) 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 1,405 357 347 Interest income (14) (17) (26) (35) (55) (47) (40) (20) (49) (119) (135) (38) (36) Other operating expenses 69 67 73 256 513 166 266 399 271 371 74 5 17 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 2,029 499 523 Stock-based compensation expense 80 91 90 109 138 111 121 112 162 183 193 44 42 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 $1,687 $1,816 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 $2,522 $2,717 A DJUSTED EBITDA MA RGIN 65% 64% 61% 61% 63% 63% 64% 68% 66% 67% 67% 67% 67% AFFO RECONCILIATION(1) 2014 2015 2016 2017 2018(2) 2019 2020 2021 2022 2023 2024 3Q24 3Q25 Adjusted EBITDA $2,650 $3,067 $3,553 $4,090 $4,667 $4,745 $5,156 $5,578 $6,336 $6,688 $6,812 $1,687 $1,816 Straight-line revenue (124) (155) (132) (194) (88) (184) (322) (460) (509) (465) (278) (69) (28) Straight-line expense 38 56 68 62 58 44 52 48 34 24 47 17 9 Cash interest(4) (572) (573) (694) (723) (807) (800) (824) (831) (1,089) (1,338) (1,350) (343) (334) Interest Income 14 16 26 35 55 47 40 20 49 119 135 38 36 Cash paid for income taxes(5)(6) (69) (64) (96) (137) (164) (147) (146) (227) (260) (253) (278) (43) (40) Dividends on preferred stock (24) (90) (107) (87) (9) - - - - - - - - Capital improvement Capex (75) (90) (110) (114) (150) (160) (150) (150) (165) (187) (157) (37) (48) Corporate Capex (24) (16) (16) (17) (9) (11) (9) (8) (9) (16) (14) (4) (6) Adjustments and dividends for noncontrolling interests (24) (34) (90) (160) (363) (92) (33) (74) (190) (305) (348) (91) (102) Adjustments for discontinued operations n/a n/a n/a n/a n/a n/a n/a 380 318 345 365 83 - 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 $1,237 $1,303 Divided by weighted average diluted shares outstanding 400.1 423.0 429.3 431.7 443.0 445.5 446.1 453.3 462.8 467.2 468.1 468.3 469.0 AFFO Attributable to Common Stockholders per Share 4.48$ 5.00$ 5.59$ 6.38$ 7.20$ 7.73$ 8.44$ 9.43$ 9.76$ 9.87$ 10.54$ 2.64$ 2.78$ 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) ($83) - 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 1,154 1,303 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 $26 - 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 $1,181 $1,303 AFFO Attributable to Common Stockholders per Share, as adjusted(7) n/a n/a n/a n/a n/a n/a n/a 8.66$ 9.25$ 9.41$ 9.96$ 2.52$ 2.78$
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| American Tower Confidential and Proprietary16 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 October 28, 2025. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for October 28, 2025 through December 31, 2025: (a) 1,404 Argentinean Pesos; (b) 124.00 Bangladeshi Taka; (c) 5.55 Brazilian Reais; (d) 1.38 Canadi an Dollars; (e) 965 Chilean Pesos; (f) 4,190 Colombian Pesos; (g) 0.86 Euros; (h) 12.30 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 19.30 Mexican Pesos; (k) 1,550 Nigerian Naira; (l) 7,390 Paraguayan Guarani; (m) 3.60 Peruvian Soles; (n) 58.00 Philippine Pesos; (o) 17.50 South African Rand; (p) 3,580 Ugandan Shillings; and (q) 560 West African CFA Francs. Reconciliations of Outlook for Adjusted EBITDA to Net Income: Net income $2,458 to $2,513 Interest expense 1,370 to 1,360 Depreciation, amortization and accretion 2,035 to 2,045 Income tax provision 425 - 425 Stock-based compensation expense 175 - 175 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense 595 - 595 Adjusted EBITDA 7,058$ to 7,113$ Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income: Net income $2,458 to $2,513 Straight-line revenue (87) - (87) Straight-line expense 36 - 36 Depreciation, amortization and accretion 2,035 to 2,045 Stock-based compensation expense 175 - 175 Deferred portion of income tax and other income tax adjustments 149 - 149 Amortization of deferred financing costs, and debt discounts and premiums and long-term deferred interest charges 53 - 53 Other, including other operating expense, (gain) loss on retirement of long-term obligations and other (income) expense 715 - 715 Capital improvement capital expenditures (160) to (170) Corporate capital expenditures (10) - (10) Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (391) - (391) AFFO attributable to AMT common stockholders 4,973$ to 5,028$ Divided by weighted average diluted shares outstanding (in thousands) 468,900 - 468,900 AFFO attributable to AMT common stockholders per Share 10.60$ to 10.72$ Full Year 2025 Full Year 2025
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| American Tower Confidential and Proprietary17 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 July 29, 2025. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for July 29, 2025 through December 31, 2025: (a) 1,290 Argentinean Pesos; (b) 125.20 Bangladeshi Taka; (c) 5.70 Brazilian Reais; (d) 1.37 Canadian D ollars; (e) 940 Chilean Pesos; (f) 4,240 Colombian Pesos; (g) 0.88 Euros; (h) 11.10 Ghanaian Cedis; (i) 131 Kenyan Shillings; (j) 19.60 Mexican Pesos; (k) 1,650 Nigerian Naira; (l) 7,980 Paraguayan Guarani; (m) 3.65 Peruvian Soles; (n) 56.10 Philippine Pesos; (o) 18.00 South African Rand; (p) 3,690 Ugandan Shillings; and (q) 580 West African CFA Francs. Reconciliations of Outlook for Adjusted EBITDA to Net Income: Net income $2,340 to $2,440 Interest expense 1,385 to 1,365 Depreciation, amortization and accretion 2,040 to 2,050 Income tax provision 435 to 425 Stock-based compensation expense 170 - 170 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense 635 to 625 Adjusted EBITDA 7,005$ to 7,075$ Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income: Net income $2,340 to $2,440 Straight-line revenue (87) - (87) Straight-line expense 36 - 36 Depreciation, amortization and accretion 2,040 to 2,050 Stock-based compensation expense 170 - 170 Deferred portion of income tax and other income tax adjustments 156 - 156 Amortization of deferred financing costs, and debt discounts and premiums and long-term deferred interest charges 59 - 59 Other, including other operating expense, (gain) loss on retirement of long-term obligations and other (income) expense 745 to 735 Capital improvement capital expenditures (155) to (165) Corporate capital expenditures (10) - (10) Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (389) - (389) AFFO attributable to AMT common stockholders 4,905$ to 4,995$ Divided by weighted average diluted shares outstanding (in thousands) 468,900 - 468,900 AFFO attributable to AMT common stockholders per Share 10.46$ to 10.65$ Full Year 2025 Full Year 2025
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| American Tower Confidential and Proprietary18 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. U.S. & Canada Property Revenue Growth Excluding Straight-Line & Sprint Churn Impacts Q3 2025 U.S. & Canada Property Revenue less Straight-Line Revenue & Sprint Churn Impacts $1,320 Q3 2024 U.S. & Canada Property Revenue less Straight-Line Revenue 1,259 4.8% Data Centers Property Revenue Growth Excluding Straight-Line Q3 2025 Data Centers Property Revenue less Straight-Line Revenue $264 Q3 2024 Data Centers Property Revenue less Straight-Line Revenue 232 13.7% Cash Adjusted EBITDA Margin Reconciliation Q3 2024 Q3 2025 Adjusted EBITDA less Net Straight-Line $1,635 $1,797 Divided by: Total Revenue less Straight-Line Revenue 2,454 2,690 Cash Adjusted EBITDA Margin 66.6% 66.8% 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 $10,250 3.2% ~$1 $9,934 $10,249 3.2% Total Property Revenue Ex. Straight-Line 9,656 10,163 5.3% ~1 9,656 10,162 5.2% Total Revenue 10,127 10,585 4.5% ~1 10,127 10,584 4.5% Adjusted EBITDA 6,812 7,085 4.0% (~12) 6,812 7,097 4.2% Adjusted EBITDA Ex. Net Straight-Line 6,581 7,034 6.9% (~12) 6,581 7,046 7.1% AFFO attributable to AMT common stockholders 4,934 5,000 1.3% (~31) 4,934 5,031 2.0% AFFO attributable to AMT common stockholders per Share $10.54 $10.66 1.1% (~$0.07) $10.54 $10.73 1.8% AFFO attributable to AMT common stockholders, as adjusted(2) 4,661 5,000 7.3% (~31) 4,661 5,031 7.9% AFFO attributable to AMT common stockholders per Share, as adjusted(2) $9.96 $10.66 7.0% (~$0.07) $9.96 $10.73 7.7% Attributable AFFO per Share, as Adjusted Growth Ex. Financing Costs and FX 2025 Outlook AFFO per Share As Adjusted less Financing Costs and FX Impacts 10.88$ 2024 AFFO per Share As Adjusted 9.96 9.2% Q3 2025 FX-Neutral Reconciliations(1) Q3 2024 Q3 2025 Growth Rate Estimated FX Impact Q3 2024 Q3 2025 FX-Neutral FX-Neutral Growth Rate Total Property Revenue $2,470 $2,616 5.9% ~$42 $2,470 $2,574 4.2% Total Property Revenue Ex. Straight-Line 2,401 2,589 7.8% ~42 2,401 2,547 6.0% International Property Revenue 918 1,031 12.3% ~42 918 989 7.7% International Property Revenue Ex. Straight-Line 910 1,023 12.4% ~42 910 981 7.8% Total Revenue 2,522 2,717 7.7% ~42 2,522 2,675 6.1% Total Revenue Ex. Straight-Line 2,454 2,690 9.6% ~42 2,454 2,648 7.9% Adjusted EBITDA 1,687 1,816 7.6% ~25 1,687 1,791 6.2% Adjusted EBITDA Ex. Net Straight-Line 1,635 1,797 9.9% ~25 1,635 1,772 8.4% AFFO attributable to AMT common stockholders 1,237 1,303 5.3% ~17 1,237 1,285 3.9% AFFO attributable to AMT common stockholders per Share $2.64 $2.78 5.3% ~$0.04 $2.64 $2.74 3.8% AFFO attributable to AMT common stockholders, as adjusted(2) 1,181 1,303 10.4% ~17 1,181 1,285 8.8% AFFO attributable to AMT common stockholders per Share, as adjusted(2) $2.52 $2.78 10.3% ~$0.04 $2.52 $2.74 8.7%