New Street Research - American Tower Corporation (AMT) American Tower 1Q26 Quick Take: FX benefits push full year guide ahead of estimates

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New Street Research

David Barden

EUR 8535.00 For Business Accounts Only

American Tower 1Q26 Quick Take: FX benefits push full year guide ahead of estimates

AMT (Buy, PT $203) reported 1Q26 results and raised its 2026 guidance on FX benefits and accelerating straight-line revenue in LatAm. Recall the company’s initial 2026 guide was ahead of estimates on favorable FX for the year (Revenue $87mm; Adj. EBITDA $57mm; AFFOPS: $0.09). AMT is now citing additional FX benefits of $107 million to revenue, $67 million to adj. EBITDA, and $0.12 to AFFOPS. We continue to view AMT as the bestgrowing, least-levered, best-positioned global tower stock in the group. This note is our instant read on the result vs. both us and consensus.

28/04/2026 1 EN

Underlying

American Tower Corporation

American Tower is a holding company. Through its subsidiaries, the company is a real estate investment trusts and an independent owner, operator and developer of multitenant communications real estate. The company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The company also provides tower-related services, including site acquisition, zoning and permitting and structural analysis, which primarily support the company's site leasing business, including the addition of new tenants and equipment on its sites.

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US03027X1000 New York Stock Exchange United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
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Pan European Telecom Services and Cable

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Analysts

David Barden

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American Tower Corporation: Update to credit analysis following upgrade to Baa2

Our credit view of American Tower reflects its very good liquidity, predictable and growing cash flow, modest capex needs offset by high tenant concentration

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Moody's Ratings upgrades American Tower's senior unsecured rating to Baa2, stable outlook

Rating Action: Moody's Ratings upgrades American Tower's senior unsecured rating to Baa2, stable outlook. Global Credit Research- 20 Apr 2026. New York, April 20, 2026-- Moody's Ratings today upgraded American Tower Corporation's senior unsecured ratings to Baa2 from Baa3 and its senior unsecured shelf rating to Baa2 from Baa3.

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American Tower 1Q26 Quick Take: FX benefits push full year guide ahead of estimates

American Tower Corporation: Update to credit analysis following upgrade to Baa2

Moody's Ratings upgrades American Tower's senior unsecured rating to Baa2, stable outlook

VZ: A transforming giant

Starlink an MVNO? Will SpaceX Bid in Spectrum Auctions? A Game Theory/Historic Perspective

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