American Tower Corp.

Strong Q2 execution; raised full-year outlook again - Management highlighted “robust leasing demand” across towers and a record quarter at CoreSite (digital data center platform). - Consolidated results (ex one-time DISH churn, straight-line, and FX): property revenue ~+4% cash FX-neutral, normalized adjusted EBITDA ~+5–6% cash FX-neutral, and AFFO per share ~+5% cash FX-neutral (ex one-time DISH churn and excluding refinancing costs). - Good: raised 2026 guidance for the second time this year, driven by tower durability, data center outperformance, and FX tailwinds.

2026 outlook specifics (forecasts) - Property revenue: raised +$110M at midpoint (~+1%), implying ~+4% YoY excluding straight-line & FX (and ~+6% on a cash FX-neutral basis excluding one-time DISH churn). - Adjusted EBITDA: raised +$45M at midpoint (~+1%), implying >+2% YoY excluding straight-line & FX (and ~+5% cash FX-neutral excluding DISH churn). - Attributable AFFO / share: raised +$0.09 (~+1%), implying ~+3% YoY (and ~+6% on an FX-neutral basis excluding DISH churn and refinancing-cost impact). - Expectation for growth trajectory: management calls 2026 a “trough” for AFFO/share growth due to headwinds easing into 2027, targeting a mid- to high-single-digit AFFO/share growth long term afterward.

Core themes driving demand (opportunities) - Steve Vondran emphasized an “inflection point” with 4 overlapping catalysts that could sustain network investment through the next decade: 1. Next phase of the 5G cycle (coverage → capacity densification) 2. Large spectrum availability (~800 MHz over the next few years starting upper S-band in 2027) 3. Early steps toward 6G (higher-frequency, edge intelligence, more distributed deployment) 4. AI applications increasing traffic patterns—particularly uplink growth and more persistent/bidirectional data needs - Good/surprising: AI + cloud interconnection is showing up directly in CoreSite leasing—CoreSite campuses host major AI/cloud ecosystems, supporting a virtuous cycle of demand and connectivity.