American Tower — Feb 24, 2026 release

Subsequent to the end of the fourth quarter, through February 17, 2026, the Company repurchased approximately 312 thousand shares of its common stock for an aggregate of approximately $53 million, including commissions and fees. The Company expects to continue managing the pacing of the remaining approximately $1.6 billion under its buyback program in response to general market conditions and other relevant factors. The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Capital Expenditures – During the fourth quarter of 2025, total capital expenditures were approximately $592 million, of which $63 million was for non-discretionary capital improvements and corporate capital expenditures. For the full year 2025, total capital expenditures were approximately $1.7 billion, of which $196 million was for non-discretionary capital improvements and corporate capital expenditures. For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website. 2 LEVERAGE AND FINANCING OVERVIEW Leverage – For the quarter ended December 31, 2025, the Company’s Net Leverage Ratio was 4.9x net debt (total debt less cash and cash equivalents) to fourth quarter 2025 annualized Adjusted EBITDA. Calculation of Net Leverage Ratio ($ in millions, totals may not add due to rounding.) As of December 31, 2025 Total debt $ 37,220  Less: Cash an