SBA Communications Corp - Ordinary Shares - Class A

2026 outlook raised; Q1 momentum strong (FX + straight-line revenue + operating efficiency) - SBA reported a “solid start” and increased full-year outlook for key metrics: site leasing revenue, cash flow, adjusted EBITDA, AFFO, and AFFO per share versus initial 2026 guidance. - Drivers cited: outperformance in Q1, high straight-line revenue, and favorable foreign currency rates. - Cost discipline remained strong: company-wide tower cash flow margins ~80% and direct cost control.

Leasing demand looks steady; U.S. backlog up moderately; churn outlook unchanged - U.S. backlog increased modestly from Dec 31 to Mar 31, described as moderate, not extreme, and a sign that applications are replenishing the backlog faster than execution is consuming it. - SBA expects fairly steady U.S. leasing activity through the rest of 2026 (not a spike scenario), based on customer interaction and backlog. - New lease/amendment billings: +$10M quarterly YoY in the U.S.; international +$4M quarterly YoY. - Churn outlook unchanged: - Sprint and EchoStar-related churn unchanged for 2026. - EchoStar dispute: SBA continues litigation in federal court and believes it has strong contractual rights (key overhang/risk remains). - International churn elevated due to carrier consolidation, bankruptcy/restructurings, and network rationalizations—SBA expects 2026 is the peak churn year with improvement over the next several years.

Balance sheet / leverage: maintaining targeted range; refinancing and potential investment-grade step-up - In January, SBA paid off $750M ABS debt using the revolving credit facility. - Uses free cash flow to pay down revolver over time. - Assumption unchanged: $1.2B November ABS maturity refinanced in November at 5.25%. - End of quarter: ~$13B total debt; leverage 6.6x net debt / adjusted EBITDA, near historical lows and within target 6–7x. - Investment-grade push: SBA remains committed and expects an inaugural investment-grade bond issuance sometime in 2026 (dependent on market conditions)—which could reduce cost of debt and broaden funding access.