Slides
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1 First Quarter 2025 Earnings Conference Call PAGE The pathway to possible. First Quarter 2025 Earnings Conference Call April 30, 2025
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2 First Quarter 2025 Earnings Conference Call PAGE Cautionary Language This presentation contains forward-looking statements and information (“Forward-Looking Statements”) that are based on our management's current expectations. Statements that are not historical facts are hereby identified as Forward-Looking Statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus" and any variations of these words and similar expressions are intended to identify Forward-Looking Statements. Such statements include our full year 2025 Outlook and plans, projections, expectations, and estimates regarding (1) the value of our business model, strategy, the performance and resilience of our tower business, and the demand for our towers, (2) creation and maximization of shareholder value, (3) our strategic position and the benefits which may be derived therefrom, (4) our operating and financial framework, initiatives, and focus, (5) industry trends, including demand for data and factors driving such demand, (6) tenants’ investment in wireless networks, (7) dividends and share repurchase program, (8) net income (loss) (including on a per share basis), (9) AFFO (including on a per share basis and including annual AFFO following the anticipated close of the Fiber Business sale) and its components and growth, (10) Adjusted EBITDA and its components and growth, (11) free cash flows, (12) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) and its components and growth, (13) site rental revenues and its components and growth, (14) interest expense, (15) the impact of Sprint Cancellations, (16) our balance sheet, (17) capital expenditure, (18) prepaid rent additions and amortization, (19) services contribution, (20) the impact of tariff policies and (21) the timing, closing, and use of proceeds from the Fiber Business sale and the impacts therefrom. Dividends and the share repurchase program remain subject to the approval of our board of directors, which has the discretion to determine whether to declare dividends or authorize a repurchase program and the amounts and timing of the dividends and share repurchase program. Forward-Looking Statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those expected. Such Forward-Looking Statements should be considered in light of all relevant risk factors included in our filings with the Securities and Exchange Commission. Crown Castle assumes no obligation to update publicly any Forward-Looking Statements, whether as a result of new information, future events or otherwise. This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, AFFO and Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations). Definitions and tables reconciling such non-GAAP financial measures are set forth in the Supplemental Information Package and the earnings release posted in the Investors section of Crown Castle's website at investor.crowncastle.com. As used in this presentation, the term "including" and any variations thereof, means "including without limitation."
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3 First Quarter 2025 Earnings Conference Call PAGE Key Highlights Delivered strong operational and financial results in the first quarter. Affirmed full year 2025 Outlook, which includes 4.5% tower organic growth, excluding the impact of Sprint Cancellations. On track to successfully close Fiber business sale in 1H 2026. Positioning tower business to maximize shareholder value on a standalone basis. Towers Asset Overview
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4 First Quarter 2025 Earnings Conference Call PAGE $0.0bn $1.0bn $2.0bn $3.0bn $4.0bn 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 Yr Treasury YieldIndicates US RecessionUS Tower Cash Site Rental Revenue(1) (2) (2) (2) 1. US Tower Cash Site Rental Revenue excludes straight-line revenues and amortization of prepaid rent. 2. Includes contribution from prepaid rent amortization. (2) (2) US Tower Demand Growth Has Remained Resilient Across Market Cycles and Macroeconomic Conditions 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%
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5 First Quarter 2025 Earnings Conference Call PAGE $1,068 $1,011 Q1 2024 Results Q1 2025 Results Q1 2025 Results ($ in millions) ↓ ($57) / (5%) 5.1% Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations(1) Site Rental Revenues Adjusted EBITDA AFFO $754 $722 Q1 2024 Results Q1 2025 Results ↓ ($32) / (4%) $484 $479 Q1 2024 Results Q1 2025 Results ↓ ($5) / (1%) Note: All metrics shown on slide exclude the contribution from discontinued operations. 1. Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations as described in the Supplemental Information Package.
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6 First Quarter 2025 Earnings Conference Call PAGE $3,035 $2,755 to $2,805 2024 Actuals Current FY 2025 Outlook $1,980 $1,770 to $1,820 2024 Actuals Current FY 2025 Outlook $4,268 $3,987 to $4,032 2024 Actuals Current FY 2025 Outlook Full Year 2025 Outlook Remains Unchanged ($ in millions) ↓ (6%) YoY Growth ↓ (9%) YoY Growth ↓ (8%) YoY Growth (2) (2) (2) (1) (1) (1) Note: All metrics shown on slide exclude the contribution from discontinued operations. 1. Based on midpoint of current 2025 Outlook range as compared to full year 2024 actuals. 2. As issued on April 30, 2025, and unchanged from previous full year 2025 Outlook issued on March 13, 2025. Site Rental Revenues Adjusted EBITDA AFFO
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7 First Quarter 2025 Earnings Conference Call PAGE Organic Contribution to Site Rental Billings 2025 Outlook for Organic Contribution to Site Rental Billings, Change in Site Rental Revenues ($ in millions) $105-$115 $90-$100 ($35)-($25) $0 $160-$190 ($205) ($45)-($15) ($175)-($145) ($80)-($50) $0 ($275)-($235) Previous FY 2025 Outlook(2) Note: Components may not sum due to rounding. Note: All metrics shown on slide exclude the contribution from discontinued operations. 1. As defined in the Supplemental Information Package. 2. As issued on March 13, 2025. Core Leasing Activity Plus: Escalator Less: Non-Renewal Plus: Change in Other Billings Less: Sprint Cancellations Change in Straight-Line Adjustment Change in Amortization of Prepaid Rent Change in Other Revenue Growth in Site Rental Revenues $105-$115 $90-$100 ($35)-($25) $0 $160-$190 ($205) ($45)-($15) ($175)-($145) ($80)-($50) $0 ($275)-($235) (1) Organic Contribution to Site Rental Billings Excluding Impact of Sprint Cancellations(1)
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8 First Quarter 2025 Earnings Conference Call PAGE 2025 Outlook for AFFO to Estimated Annual AFFO at Anticipated Time of Transaction Close ($ in millions) $1,770 - $1,820 $2,265 - $2,415 $210 - $260 $250 - $370 2025 Outlook for AFFO Reduction to Interest Expense from Debt Repayment AFFO Impact from Revenue Growth, Interest Expense from Ongoing Operations, and Standalone SG&A Adjustment Estimated Annual AFFO at Anticipated Close 1. As issued on April 30, 2025, and unchanged from previous full year 2025 Outlook issued on March 13, 2025. 2. Assumes ~$6,000m of transaction proceeds are used to repay debt at 3.9%, the weighted average rate as of 12/31/2024. 3. Assumes annual amortization of prepaid rent of ~$70m at time of close. 4. Dividends subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividend. Annual $4.25 Dividend per Share results in approximately 75% to 80% payout of annual AFFO excluding amortization of prepaid rent(3,4) (2)(1)