SBA Communications Corp - Ordinary Shares - Class A

Solid Q2 performance; modestly raised 2026 outlook (site leasing revenue, AFFO, AFFO/share) - Management said Q2 results were in line and they are modestly increasing full-year 2026 guidance vs. prior due to higher straight-line revenues and improved net cash interest expense. - AFFO per share in Q2: $3.05; cash dividend: $1.25/share. - Operating efficiency remained strong: tower cash flow margins just under 80% (company-wide).

Growth drivers: steady application/lease activity; new leasing mainly from U.S. colocation; international demand healthy but churn elevated - U.S.: ~$9M of domestic new lease + amendment billings in Q2. Activity is mainly new colocations as carriers densify and expand networks. - Churn outlook unchanged: Sprint and EchoStar churn for 2026 unchanged. - International: ~$4M of new lease + amendment billings in Q2 with “healthy demand” and continuing asset integration/build-out momentum, but international churn remains elevated due to consolidations, bankruptcies, restructurings, and network rationalizations.

Key opportunity: spectrum-driven organic growth (mostly longer-dated), plus edge compute and potential satellite adjacency - FCC upper C-band auction plan adopted (160 MHz): starts April next year, and along with lower C-band creates a contiguous 440 MHz “super band.” - FCC rules are more stringent: 45% population coverage 2 years after transition deadline and 80% 6 years after, with automatic termination risk if benchmarks aren’t met (no meaningful waiver process; even alternative uses don’t count). - Management expects that meeting build-out requirements should drive incremental equipment deployed at SBA sites, supporting organic site leasing over ~5+ years (not necessarily a big next-year step-change). - Additional federal progress: 2.7 GHz repurpose cleared for potential auction as early as 2028; 4.4 GHz cleared for study; plus “real progress” across multiple bands (1.6/2.7/4.4/7 GHz). - Edge compute opportunity: shift to distributed architectures increases need for power + fiber-fed locations—expected to develop over ~next 12 months (conversations ongoing). - Satellite direct-to-device: viewed as complementary, with expected “fringe” site needs estimated at ~2%–3% of portfolio; not expected to be highly material early.