Crown Castle Inc

Solid Q2 results; full-year guidance raised (AFFO) - Management said Q2 performance was “solid,” and increased full-year 2026 AFFO guidance. - Site rental revenues outlook +$5m at the midpoint (driven by $5m increase in “other billings”), while adjusted EBITDA outlook maintained. - Full-year 2026 AFFO expected to benefit +$5m from lower interest expense (also tempered by expectation that interest income won’t stay elevated after one-time sale proceeds). - Company reiterated 2026 is the “low point” for organic growth but expects to remain on plan for strong cash generation in the next periods.

Organic growth: headwinds mostly due to Sprint/DISH removals; contracted visibility improving - Q2 organic growth (ex. Sprint cancellations & DISH terminations): +3.9% (~$38m). - Full-year organic growth framework improved vs earlier guide: - 3.6% for 2026 if DISH revenues are excluded from prior-year site rental billings (vs prior guide 3.5%). - 3.4% full-year organic growth excluding Sprint/DISH impacts (including the “other billings” effect; increased vs prior guide). - Despite near-term headwinds, visibility improved: >90% of remaining full-year organic growth (ex. Sprint/DISH impacts) is contracted vs ~80% at the start of the year. - Leasing guidance unchanged despite lower expected services activity in Q3 (services not a clean driver of leasing, per management).

Balance sheet + capital allocation: large sale close enabled buyback and debt paydown; dividend obligation lowered - Milestone completed May 1, 2026: Crown Castle became a pure-play U.S. tower operator after closing sale of small cell and fiber businesses (net proceeds: $8.4B). - Capital actions: - Repurchased $1B of shares in Q2 at avg ~$88.66, retiring >11 million shares. - Repaid >$7B of debt since last quarter (including commercial paper/revolving/term loan, open market debt repurchases, and note maturities). - Leverage: 6.3x net debt/EBITDA at quarter-end (within target 6.0x–6.5x). - Dividend obligation reduced by ~$47m annually due to share retirement.