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| American Tower Confidential and Proprietary Second Quarter 2026 Earnings Conference Call July 28, 2026 © 2026 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 Steve Vondran President and Chief Executive Officer Financial Results & Outlook 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 2026 outlook and other targets, foreign currency exchange rates, our expectations regarding our stock repurchase program, 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 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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Opening Remarks Steve Vondran, President and Chief Executive Officer
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| American Tower Confidential and Proprietary 2026 Strategic Priorities 5 • Durable ~4% OTBG(1) globally driven by robust 4G and 5G network investments • Mid-teens revenue growth in data centers driven by accelerating demand • Capture tailwinds from rapid growth in mobile data consumption, fixed wireless and AI use cases • Reduce costs through globalization, standardization and automation • Deliver 200-300 basis points of tower Adjusted EBITDA cash margin expansion by 2030 • Invest in AI to further accelerate margin upside • Prioritize developed markets to optimize asset portfolio and earnings quality • Strong balance sheet and financial flexibility with net leverage at or below 5x • After funding dividend and capex plan, opportunistically pursue M&A, repurchase shares or further de-lever 1 Revenue Growth 2 Operational Efficiency 3 Capital Allocation (1) Excluding the impacts of DISH churn. Definitions and reconciliations are provided at the end of this presentation.
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Financial Results & Outlook Rod Smith, Executive Vice President, Chief Financial Officer and Treasurer
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| American Tower Confidential and Proprietary $2.60 $2.71 Q2 2025 Q2 2026 $1,752 $1,808 Q2 2025 Q2 2026 $2,527 $2,688 Q2 2025 Q2 2026 Q2 2026 Performance Property Revenue › ~4% Organic Tenant Billings Growth ex. DISH and ~12% Data Center cash revenue growth › ~6% cash FX-neutral Adjusted EBITDA growth y/y ex. DISH › ~5% FX-neutral Attributable AFFO per Share growth y/y ex. DISH Durable Revenue Growth and With High Incremental Margins 6.3% Growth 2.4% Tenant Billings Growth 5.3% Cash FX-Neutral Growth(1) Definitions and reconciliations are provided at the end of this presentation.7 (1) See reconciliations for FX-neutral growth rates on page 20 of this presentation. Adjusted EBITDA AFFO Attributable to AMT Common Stockholders per Share 66.3% Cash Margin66.7% Cash Margin 3.2% Growth 3.3% Cash FX-Neutral Growth(1) 4.2% Growth 1.2% FX-Neutral Growth(1) ($ in millions)
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| American Tower Confidential and Proprietary $262 $297 Q2 2025 Q2 2026 1.7%(1) 0.7%(1) 10.6% 4.1% (2.4%) Total U.S. & Canada Africa & APAC Europe LatAm Q2 2026 OTBG & Data Center Growth › Mid-single-digit consolidated OTBG ex. DISH; OTBG in line with expectations across all regions › Complemented by ~12% Data Center cash revenue growth y/y Robust Infrastructure Leasing Underpinned By Secular Growth In Data Consumption Definitions and reconciliations are provided at the end of this presentation.8 (1) Reflects the removal of DISH contributions from Tenant Billings. Organic Tenant Billings Growth Impact of DISH churn Data Center Revenue Growth 13.4% Growth 12.3% Cash Revenue Growth ($ in millions) ~4% ~5%
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| American Tower Confidential and Proprietary $10,305 $10,660 $10,770 2025 2026 Prior Outlook 2026 Current Outlook Definitions and reconciliations are provided at the end of this presentation.9 Reflects 2026 outlook midpoints as reported in the Company’s Form 8-K dated July 28, 2026. Durable Leasing Trends Helped By Data Center and FX Tailwinds Plus Higher Pass Through Raising 2026 Property Revenue Outlook › Raising 2026 Outlook by ~1% at the midpoint primarily due to ~$35M of FX tailwinds, ~$25M of Data Center outperformance, and $65M of other items, including pass-through and straight- line, partially offset by (~$15M) related to the Philippines and Bangladesh divestitures › Outlook assumes Organic Tenant Billings Growth of ~1%, or ~4% excluding DISH churn, consistent with prior expectations, complemented by ~15% Data Center growth, ~200 bps acceleration versus prior plan › Outlook midpoint assumes Property Revenue growth of ~5%, and ~4% excluding non-cash straight-line and FX impacts Total Property Revenue ($ in millions)
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| American Tower Confidential and Proprietary $7,130 $7,230 $7,275 2025 2026 Prior Outlook 2026 Current Outlook Definitions and reconciliations are provided at the end of this presentation.10 High Operating Leverage Helped By FX Tailwinds and Operating Expense Savings Raising 2026 Adjusted EBITDA Outlook Reflects 2026 outlook midpoints as reported in the Company’s Form 8-K dated July 28, 2026. › Raising 2026 Outlook by ~1% at the midpoint primarily due to ~$20M of FX tailwinds, ~$30M of Data Center outperformance and ~$35M of one-time benefits, partly offset by (~$10M) related to the Philippines and Bangladesh divestitures and (~$30M) of other items, including net straight-line › Outlook midpoint assumes Adjusted EBITDA growth of ~2% Y/Y , or ~2% excluding non-cash net straight-line and FX impacts 67.0% Cash Margin 66.6% Cash Margin Adjusted EBITDA ($ in millions)
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| American Tower Confidential and Proprietary $10.76 $10.99 $11.08 2025 2026 Prior Outlook 2026 Current Outlook Definitions and reconciliations are provided at the end of this presentation.11 Well-Positioned for Long-Term, Durable Attributable AFFO per Share Growth Raising 2026 Attributable AFFO per Share Outlook Reflects 2026 outlook midpoints as reported in the Company’s Form 8-K dated July 28, 2026. › Raising 2026 Outlook by ~1% at the midpoint primarily due to Adjusted EBITDA outperformance and FX tailwinds, partially offset by higher interest costs and cash taxes › Outlook includes (~4%) headwind from DISH-related churn, (~3%) headwind from cash taxes and net interest, and (~1%) headwind from Services › Outlook now excludes a ($0.01) headwind related to the Philippines and Bangladesh divestitures › Outlook midpoint assumes Attributable AFFO per Share growth of ~3% Y/Y , or ~2% excluding FX impacts and refinancing costs Attributable AFFO per Share
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| American Tower Confidential and Proprietary Discretionary Capital Projects $1.7 M&A $0.2 Non-Discretionary CapEx $0.2 Common Stock Dividends $3.3 Capital Allocation & Balance Sheet Management 3/31/2026 6/30/2026 Net Leverage (LQA) 4.9x 4.9x Liquidity $10.4 $9.9 Fixed / Floating Rate Debt (%) 94% / 6% 93% / 7% Weighted Average Remaining Term 5.1 years 5.2 years Balance Sheet Management2026E Outlook Capital Deployments(1) Definitions and reconciliations are provided at the end of this presentation.12 Discretionary Capital Projects by Region (1) Reflects 2026 outlook midpoints, as reported in the Company’s Form 8- K dated July 28, 2026. (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. Emerging Markets 15% Europe 25% U.S. & Canada 20% U.S. Data Centers 40% › 2026 capital deployment plan highlights emphasis on developed markets and selective capital projects › Targeting a common dividend declaration of ~$3.3 billion(2), implying mid-single-digit year-over-year per share growth Financial Flexibility Supporting Disciplined Capital Plan; Investment Grade Balance Sheet (2) (3) (4) ($ in billions)
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| American Tower Confidential and Proprietary In Summary 13 › 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 attributable AFFO per Share growth 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 common 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 Revenue: 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 (OTBG): 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 14
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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. 15
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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 2026 outlook and other targets, foreign currency exchange rates, our expectations regarding our stock repurchase program, 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) our business, results of operations and financial condition could be negatively impacted by disputes with our customers; (3) 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; (4) increasing competition within our industries may materially and adversely affect our revenue; (5) if our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected; (6) competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria; (7) 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; (8) divestitures may materially and adversely affect our financial condition, results of operations or cash flows; (9) our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments; (10) our leverage, debt service obligations and repurchase activity 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; (11) increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases; (12) restrictive covenants in the agreements related to our securitization transaction, 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; (13) 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; (14) 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; (15) 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; (16) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (17) we could have liability under environmental and occupational safety and health laws; (18) we may be adversely affected by regulations related to climate change; (19) 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; (20) our data center segment contains certain operational differences from our tower leasing operations, resulting in different operational risks. If we do not successfully operate our data center segment or identify or manage the related operational risks, such operations may produce results that are lower than anticipated; (21) 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; (22) our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations; (23) the transformation initiatives we undertake may not deliver the results we expect; (24) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (25) our towers, data centers, other telecommunications assets or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums; and (26) 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 16
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| American Tower Confidential and Proprietary17 Historical Reconciliations ($ in millions, totals may not add due to rounding) (1) 2021, 2022, 2023 and 2024 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) 2022 excludes one-time GTP cash tax charge. (6) 2025 includes adjustments for (i) $0.3 million of taxes paid in Singapore related to the ATC TIPL Transaction, (ii) $25.8million of taxes paid in South Africa, which were incurred as a result of the sale of South Africa Fiber, (iii) $30.4 million of taxes paid related to the sale of equity securities in the U.S. and (iv) $6.5 million of other tax adjustments. 2024 includes adjustments for withholding taxes paid in Singapore of $36.4million, which were incurred as a result of the ATC TIPL Transaction. (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. RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME(1) 2016 2017 2018 (2) 2019 2020 2021 2022 2023 2024 2025 2Q25 2Q26 Net income $970 $1,225 $1,265 $1,917 $1,692 $2,568 $1,697 $1,367 $2,280 $2,629 $381 $888 (Income) loss from discontinued operations, net of taxes n/a n/a n/a n/a n/a (171) 277 71 978 - - - Income tax provision (benefit) 156 31 (110) (0) 130 214 113 91 366 416 131 122 Other expense (income) 48 (31) (24) (18) 241 (565) (435) 326 (378) 576 374 (54) (Gain) loss on retirement of long-term obligations (1) 70 3 22 72 38 0 0 - - - 3 Interest expense 717 750 826 814 794 871 1,136 1,388 1,405 1,359 343 355 Interest income (26) (35) (55) (47) (40) (20) (49) (119) (135) (134) (31) (44) Other operating expenses (income) 73 256 513 166 266 399 271 371 74 68 (4) (9) Goodwill impairment (3) - - - - - - - 80 - - - - Depreciation, amortization and accretion 1,526 1,716 2,111 1,778 1,882 2,134 3,165 2,929 2,029 2,042 510 514 Stock-based compensation expense 90 109 138 111 121 112 162 183 193 174 47 34 ADJUSTED EBITDA $3,553 $4,090 $4,667 $4,745 $5,156 $5,578 $6,336 $6,688 $6,812 $7,130 $1,752 $1,808 Divided by total revenue $5,786 $6,664 $7,440 $7,580 $8,042 $8,160 $9,645 $10,012 $10,127 $10,645 $2,627 $2,749 ADJUSTED EBITDA MARGIN 61% 61% 63% 63% 64% 68% 66% 67% 67% 67% 67% 66% AFFO RECONCILIATION(1) 2016 2017 2018 (2) 2019 2020 2021 2022 2023 2024 2025 2Q25 2Q26 Adjusted EBITDA $3,553 $4,090 $4,667 $4,745 $5,156 $5,578 $6,336 $6,688 $6,812 $7,130 $1,752 $1,808 Straight-line revenue (132) (194) (88) (184) (322) (460) (509) (465) (278) (101) (28) 19 Straight-line expense 68 62 58 44 52 48 34 24 47 36 9 9 Cash interest (4) (694) (723) (807) (800) (824) (831) (1,089) (1,338) (1,350) (1,305) (329) (342) Interest Income 26 35 55 47 40 20 49 119 135 134 31 44 Cash paid for income taxes (5)(6) (96) (137) (164) (147) (146) (227) (260) (253) (278) (266) (79) (119) Dividends on preferred stock (107) (87) (9) - - - - - - - - - Capital improvement Capex (110) (114) (150) (160) (150) (150) (165) (187) (157) (185) (38) (45) Corporate Capex (16) (17) (9) (11) (9) (8) (9) (16) (14) (10) (2) (3) Adjustments and dividends for noncontrolling interests (90) (160) (363) (92) (33) (74) (190) (305) (348) (391) (97) (108) Adjustments for discontinued operations n/a n/a n/a n/a n/a 380 318 345 365 - - - AFFO Attributable to Common Stockholders $2,400 $2,755 $3,191 $3,442 $3,764 $4,277 $4,517 $4,612 $4,934 $5,042 $1,218 $1,264 Divided by weighted average diluted shares outstanding 429.3 431.7 443.0 445.5 446.1 453.3 462.8 467.2 468.1 468.8 468.8 466.3 AFFO Attributable to Common Stockholders per Share 5.59$ 6.38$ 7.20$ 7.73$ 8.44$ 9.43$ 9.76$ 9.87$ 10.54$ 10.76$ 2.60$ 2.71$ AFFO attributable to AMT common stockholders from discontinued operations n/a n/a n/a n/a n/a ($380) ($319) ($345) ($365) - - - AFFO attributable to AMT common stockholders from continuing operations n/a n/a n/a n/a n/a 3,897 4,197 4,266 4,569 5,042 1,218 1,264 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 $28 $79 $131 $92 - - - AFFO Attributable to Common Stockholders, as adjusted(7) n/a n/a n/a n/a n/a $3,924 $4,277 $4,398 $4,661 $5,042 $1,218 $1,264 AFFO Attributable to Common Stockholders per Share, as adjusted (7) n/a n/a n/a n/a n/a 8.66$ 9.25$ 9.41$ 9.96$ 10.76$ 2.60$ 2.71$
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| American Tower Confidential and Proprietary18 2026 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 July 28, 2026. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for April 28, 2026 through December 31, 2026: (a) 1,527 Argentinean Pesos; (b) 5.15 Brazilian Reais; (c) 1.37 Canadian Dollars; (d) 895 Chilean P esos; (e) 3,700 Colombian Pesos; (f) 0.86 Euros; (g) 11.80 Ghanaian Cedis; (h) 135 Kenyan Shillings; (i) 17.50 Mexican Pesos; (j) 1,380 Nigerian Naira; (k) 6,300 Paraguayan Guarani; (l) 3.45 Peruvian Soles; (m) 16.60 South African Rand; (n) 3,770 Ugandan Shillings; and (o) 560 West African CFA Francs. Reconciliations of Outlook for Adjusted EBITDA to Net Income: Net income $3,270 to $3,350 Interest expense 1,450 to 1,430 Depreciation, amortization and accretion 2,055 to 2,065 Income tax provision 490 - 490 Stock-based compensation expense 145 - 145 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense (170) - (170) Adjusted EBITDA 7,240$ to 7,310$ Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income: Net income $3,270 to $3,350 Straight-line revenue 66 - 66 Straight-line expense 34 - 34 Depreciation, amortization and accretion 2,055 to 2,065 Stock-based compensation expense 145 - 145 Deferred portion of income tax and other income tax adjustments 151 - 151 Amortization of deferred financing costs, and debt discounts and premiums and long-term deferred interest charges 50 - 50 Other, including other operating expense, (gain) loss on retirement of long-term obligations and other (income) expense (16) to (16) Capital improvement capital expenditures (170) to (180) Corporate capital expenditures (15) - (15) Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (435) - (435) AFFO attributable to AMT common stockholders 5,135$ to 5,215$ Divided by weighted average diluted shares outstanding (in thousands) 467,000 - 467,000 AFFO attributable to AMT common stockholders per Share 11.00$ to 11.17$ Full Year 2026 Full Year 2026
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| American Tower Confidential and Proprietary19 2026 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 April 28, 2026. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for April 28, 2026 through December 31, 2026: (a) 1,623 Argentinean Pesos; (b) 123.30 Bangladeshi Taka; (c) 5.50 Brazilian Reais; (d) 1.37 Canadi an Dollars; (e) 880 Chilean Pesos; (f) 3,800 Colombian Pesos; (g) 0.85 Euros; (h) 11.00 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 17.90 Mexican Pesos; (k) 1,430 Nigerian Naira; (l) 6,700 Paraguayan Guarani; (m) 3.40 Peruvian Soles; (n) 58.20 Philippine Pesos; (o) 16.90 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 $3,015 to $3,095 Interest expense 1,430 to 1,410 Depreciation, amortization and accretion 2,135 to 2,145 Income tax provision 470 - 470 Stock-based compensation expense 145 - 145 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense - - - Adjusted EBITDA 7,195$ to 7,265$ Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income: Net income $3,015 to $3,095 Straight-line revenue 27 - 27 Straight-line expense 36 - 36 Depreciation, amortization and accretion 2,135 to 2,145 Stock-based compensation expense 145 - 145 Deferred portion of income tax and other income tax adjustments 152 - 152 Amortization of deferred financing costs, and debt discounts and premiums and long-term deferred interest charges 68 - 68 Other, including other operating expense, (gain) loss on retirement of long-term obligations and other (income) expense 129 to 129 Capital improvement capital expenditures (165) to (175) Corporate capital expenditures (15) - (15) Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (437) - (437) AFFO attributable to AMT common stockholders 5,090$ to 5,170$ Divided by weighted average diluted shares outstanding (in thousands) 467,000 - 467,000 AFFO attributable to AMT common stockholders per Share 10.90$ to 11.07$ Full Year 2026 Full Year 2026
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| American Tower Confidential and Proprietary20 Reconciliations ($ in millions, except per share amounts & as noted, totals may not add due to rounding) Cash Adjusted EBITDA Margin Reconciliation Q2 2025 Q2 2026 Adjusted EBITDA less Net Straight-Line $1,733 $1,836 Divided by: Total Revenue less Straight-Line Revenue 2,599 2,768 Cash Adjusted EBITDA Margin 66.7% 66.3% Q2 2026 FX-Neutral Reconciliations Q2 2025 Q2 2026 Growth Rate Estimated FX Impact Q2 2025 Q2 2026 FX-Neutral FX-Neutral Growth Rate Total Property Revenue $2,527 $2,688 6.3% ~$75 $2,527 $2,613 3.4% Total Property Revenue Ex. Straight-Line 2,499 2,707 8.3% ~75 2,499 2,632 5.3% Adjusted EBITDA 1,752 1,808 3.2% ~46 1,752 1,762 0.6% Adjusted EBITDA Ex. Net Straight-Line 1,733 1,836 5.9% ~46 1,733 1,790 3.3% AFFO attributable to AMT common stockholders 1,218 1,264 3.8% ~39 1,218 1,225 0.6% AFFO attributable to AMT common stockholders per Share $2.60 $2.71 4.2% ~$0.08 $2.60 $2.63 1.2% 2026 Outlook FX-Neutral Reconciliations 2025 2026E Growth Rate Estimated FX Impact 2025 2026E FX-Neutral FX-Neutral Growth Rate Total Property Revenue $10,305 $10,770 4.5% ~$230 $10,305 $10,540 2.3% Total Property Revenue Ex. Straight-Line 10,204 10,836 6.2% ~230 10,204 10,606 3.9% Adjusted EBITDA 7,130 7,275 2.0% ~144 7,130 7,131 0.0% Adjusted EBITDA Ex. Net Straight-Line 7,065 7,375 4.4% ~144 7,065 7,231 2.3% AFFO attributable to AMT common stockholders 5,042 5,175 2.6% ~132 5,042 5,043 0.0% AFFO attributable to AMT common stockholders per Share $10.76 $11.08 3.0% ~$0.28 $10.76 $10.80 0.4% 2Q 2026 Impact of Dish Churn Impact of FX Impact of Net Interest Normalized 2Q 2026 Impact of Dish Churn Impact of FX Impact of Net Interest Normalized Property Revenue Ex. Straight-Line Revenue 2,707$ (52)$ 75$ - 2,684$ 8.3% (2.1%) 3.0% - 7.4% Adjusted EBITDA Ex. Net Straight-Line 1,836$ (52)$ 46$ - 1,842$ 5.9% (3.0%) 2.6% - 6.3% Attributable AFFO per Share 2.71$ (0.11)$ 0.08$ (0.00)$ 2.74$ 4.2% (4.2%) 3.1% (0.0%) 5.4% 2Q 2026 Growth Rates vs. Prior Year Outlook Midpoint Impact of Dish Churn Impact of FX Impact of Net Interest Normalized Outlook Midpoint Impact of Dish Churn Impact of FX Impact of Net Interest Normalized Property Revenue Ex. Straight-Line Revenue 10,836$ (212)$ 230$ - 10,818$ 6.2% (2.1%) 2.3% - 6.0% Adjusted EBITDA Ex. Net Straight-Line 7,375$ (212)$ 144$ - 7,443$ 4.4% (3.0%) 2.0% - 5.3% Attributable AFFO per Share 11.08$ (0.45)$ 0.28$ (0.15)$ 11.40$ 3.0% (4.2%) 2.6% (1.4%) 5.9% 2026 Outlook Growth Rates vs. Prior Year