American Tower — Oct 28, 2025 release

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, amortization and accretion 2,035  to 2,045  Income tax provision 425  – 425  Stock-based compensation expense 175  – 175  Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense 595  – 595  Adjusted EBITDA $ 7,058  to $ 7,113  Reconciliation of Outlook for AFFO attributable to AMT common stockholders to Net income: ($ in millions, except share and per share data, totals may not add due to rounding.) Full Year 2025 Net income $ 2,458  to $ 2,513  Straight-line revenue (87) – (87) Straight-line expense 36  – 36  Depreciation, amortization and accretion 2,035  to 2,045  Stock-based compensation expense 175  – 175  Deferred portion of income tax and