American Tower — Oct 28, 2025 release

2025 Outlook for Total Tenant Billings Growth, at the midpoint, includes the following components (1) : (Totals may not add due to rounding.) U.S. & Canada Property International Property (2) Total Property Organic Tenant Billings ~4.3% >6% ~5% New Site Tenant Billings ~0% ~1% ~0.5% Total Tenant Billings Growth ~4.3% >7% ~5.5% _______________ (1) For additional discussion regarding the component growth rates, please refer to “Revenue Components” below. Tenant Billings Growth is not applicable to the Data Centers segment. For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website. (2) International property Tenant Billings Growth reflects the Company’s Africa & APAC, Europe and Latin America segments. Outlook for Capital Expenditures: ($ in millions, totals may not add due to rounding.) Full Year 2025 Discretionary capital projects (1) $ 865  to $ 895  Ground lease purchases 200  to 220  Start-up capital projects 65  to 85  Redevelopment 320  to 350  Capital improvement 160  to 170  Corporate 10  – 10  Total $ 1,620  to $ 1,730  _______________ (1) Includes the construction of 1,850 to 2,450 communications sites globally and $600 million of development spend in the Company’s Data Centers segment. 4 Reconciliation of Outlook for Adjusted EBITDA to Net income: ($ in millions, totals may not add due to rounding.) Full Year 2025 Net income $ 2,458  to $ 2,513  Interest expense 1,370  to 1,360  Depreciation, amortiza