Q4 2025 American Tower Corp Earnings Call Transcript
Key Points
- American Tower Corp (AMT) reported an 8% growth in attributable AFFO per share for the full year 2025, with a notable 13% growth in the fourth quarter.
- The company has successfully steered capital towards developed markets, simplified operations, and reduced leverage, positioning itself for future growth opportunities.
- AMT anticipates durable long-term mid-single-digit organic growth in its US portfolio, driven by 5G and future 6G network investments.
- Internationally, AMT expects faster organic growth compared to the US, with significant 5G rollout opportunities in emerging markets.
- The data center business, particularly CoreSite, is experiencing impressive double-digit growth, driven by demand for hybrid and multi-cloud deployments and AI-related use cases.
- DISH Network's default on payment obligations negatively impacts AMT's 2026 outlook, although legal action is being pursued to recover lease obligations.
- In Latin America, AMT expects a decline in organic tenant billings by approximately 3% due to elevated consolidation-related churn in Brazil.
- The company anticipates a modest decline in cash adjusted EBITDA margins due to lower-margin contributions from data centers and services.
- AMT's 2026 outlook for attributable AFFO per share growth is approximately 1%, impacted by DISH-related churn and refinancing costs.
- The company faces challenges in maintaining growth momentum in the US market, with a shift from initial 5G overlays to network densification.
Ladies and gentlemen, thank you for standing by. Welcome to the American Tower fourth quarter and full year 2025 earnings conference call. As a reminder, today's conference call is being recorded. (Operator Instructions)
I would now like to turn the call over to your host Spencer Kurn, SVP of Investor Relations. Please go ahead.
Thank you, and good morning. Welcome to our fourth quarter 2025 earnings call. I'm Spencer Kurn, Head of Investor Relations for American Tower. Joining me on the call today are Steven Vondran, our President and CEO; and Rod Smith, our Executive Vice President, CFO and Treasurer. Following our prepared remarks, we will open the call for your questions.
Before we begin, I need to call your attention to our safe harbor statement. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in American Tower SEC filings and results may differ materially. Additional
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