New Street Research - American Tower Corporation (AMT) American Tower 4Q25 Quick Take: Consensus couldn’t get DISH right for ‘26

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New Street Research

David Barden

EUR 8494.00 For Business Accounts Only

American Tower 4Q25 Quick Take: Consensus couldn’t get DISH right for ‘26

AMT (Buy, PT $203) reported 4Q25 results. We continue to view AMT as the best-growing, least-levered, best-positioned stock in the group. 4Q was generally ahead on all metrics. Guidance is bit of a mess with consensus largely having included DISH while there are 2 larger than anticipated factors moving in opposite directions in the form of FX (+) and straight line (negative, but non-cash). This note is our instant read on the result vs. both us and consensus.

24/02/2026 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

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Analysts

David Barden

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American Tower 4Q25 Quick Take: Consensus couldn’t get DISH right for ‘26

Not unexpectedly, SATS defaults on AMT leases – We quantify the readthrough

Towers & interest rates, the biggest moving parts

AMD 6GW deployment for Meta – On a path to exceed 10% market share

WBD/PSKY/NFLX Update

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