SBA Communications Corp - Ordinary Shares - Class A

Strong Start to 2025: SBA reported a positive first quarter, with domestic organic leasing revenue growth of 5.2% gross and 1% net YoY. Encouragingly, new business backlog also grew, indicating an increase in leasing applications. This momentum positions the company for a robust performance for the remainder of the year.

Increased Guidance for 2025: Due to solid first-quarter results and improvements in the Services segment, SBA has raised its full-year outlook for key financial metrics, including Site Leasing Revenue, Adjusted EBITDA, and AFFO. This reflects a growing confidence in demand and operational performance.

Higher Colocation Activity: New U.S. lease agreements showed that approximately 75% of new business originated from colocations rather than amendments, suggesting a shift in customer strategies towards expanding coverage efficiently, potentially driven by regulatory pressures.