Crown Castle — Oct 22, 2025 release

(dollars in millions, except per share amounts) Current Full Year 2025 Outlook Midpoint (a) Full Year 2024 Actual % Change Previous Full Year 2025 Outlook (b) Current Compared to Previous Outlook Site rental revenues (c) $4,030 $4,268 (6)% $4,020 $10 Net income (loss) $285 $(3,903) N/A $240 $45 Net income (loss) per share—diluted $0.65 $(8.98) N/A $0.55 $0.10 Adjusted EBITDA (c)(d) $2,835 $3,035 (7)% $2,805 $30 AFFO (c)(d) $1,870 $1,980 (6)% $1,830 $40 AFFO per share (c)(d) $4.29 $4.55 (6)% $4.20 $0.09 (a) Reflects midpoint of full year 2025 Outlook as issued on October 22, 2025. (b) Reflects midpoint of full year 2025 Outlook as issued on July 23, 2025. (c) Excludes amounts related to the Fiber Business (as defined in " Non-GAAP Measures and Other Information ") which are presented in discontinued operations. (d) 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. "We delivered strong operational and financial results in the third quarter and are increasing full year 2025 Outlook as we continue to find opportunities to operate more efficiently," stated Chris Hillabrant, Crown Castle’s President and Chief Executive Officer. "I am excited by Crown Castle’s opportunity to create long-term attractive risk-adjusted returns as the only U.S. focused, large publicly traded tower company af