Crown Castle — Jul 23, 2025 release

(in millions, except per share amounts) Full Year 2025 (a) Changes to Midpoint from Previous Outlook (b) Site rental billings (c) $3,895 to $3,925 $10 Amortization of prepaid rent $80 to $110 $0 Straight-lined revenues ($15) to $15 $0 Other revenues $15 to $15 $0 Site rental revenues $3,997 to $4,042 $10 Site rental costs of operations (d) $972 to $1,017 ($15) Services and other gross margin $75 to $105 $5 Net income (loss) (e) $100 to $380 $35 Net income (loss) per share—diluted (e) $0.23 to $0.87 $0.08 Adjusted EBITDA (c) $2,780 to $2,830 $25 Depreciation, amortization and accretion $678 to $773 $0 Interest expense and amortization of deferred financing costs, net (f) $972 to $1,017 ($10) Income (loss) from discontinued operations, net of tax (g) ($830) to ($590) $0 FFO (c) $1,645 to $1,675 $35 AFFO (c) $1,805 to $1,855 $35 AFFO per share (c) $4.14 to $4.25 $0.08 Discretionary capital expenditures (c) $185 to $185 $0 Discretionary capital expenditures from discontinued operations (c)(h) $920 to $1,020 $0 (a) As issued on July 23, 2025. (b) As issued on April 30, 2025. (c) See " Non-GAAP Measures and Other Information " for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures. (d) Exclusive of depreciation, amortization and accretion. (e) Includes contributions from discontinued operations. (f) See " Non-GAAP Measures and Other Information " for the reconciliation of " Outlook for Components of Interest Expense." (g) Represents expected results from the Fiber Business, including the estimated loss on disposal. (h) Represents discretionary capital expenditures for the Fiber Business. • The following chart reconciles the com