Industry Revenues:

• Mobile infrastructure: approx. 90%
• Data centers and others: approx. 10%

TOP 3 Markets:

• USA: approx. 55%
• Latin America: approx. 20%
• Europe: approx. 15%

American Tower Corporation generates the majority of its revenues from providing mobile infrastructure, particularly through leasing transmission towers to mobile network operators. The U.S. market is the largest revenue contributor, followed by Latin America and Europe. These markets benefit from the increasing demand for mobile services and advancing digitalization.

Production of Products: Not applicable

American Tower Corporation (NYSE: AMT) is a Real Estate Investment Trust (REIT) specializing in the ownership, operation, and development of communication infrastructure, particularly cell towers. The company does not produce physical products in the traditional sense, but offers infrastructure and service solutions to mobile network operators and other communication service providers.

American Tower operates sites worldwide, including in the USA, Latin America, Africa, Europe, and Asia. The main activity is to acquire, construct, and manage cell towers to enable network operators to efficiently provide their communication services.

Strategy for Future Growth:

1. International Expansion: American Tower Corporation is increasingly focusing on expanding into international markets, especially in emerging countries. This includes expanding infrastructure in regions with growing demand for mobile services.

2. 5G Infrastructure: The company is investing significantly in the development and expansion of 5G networks. This involves building new towers and modernizing existing facilities to meet the requirements of the new technology.

3. Digitalization and Technological Innovations: American Tower is focusing on digitizing its operations and implementing new technologies to increase efficiency and reduce operating costs.

4. Diversification of Revenue Sources: In addition to the traditional tower business, the company is diversifying its revenue sources through investments in data centers and other digital infrastructures.

These strategies aim to strengthen American Tower's market position and secure stable long-term returns by responding to the increasing demand for mobile and digital connectivity.

Main materials: Steel, concrete, aluminum

Countries of origin: China, India, Brazil

American Tower Corporation, as an operator of mobile phone masts and infrastructure, primarily needs materials such as steel, concrete, and aluminum for the construction and maintenance of their towers. These materials are essential for the structural integrity and longevity of the towers.

Steel and aluminum are often imported from China and India, as these countries are among the largest producers worldwide and offer competitive prices. Concrete is often sourced locally, but special additives or components can also be imported from Brazil to meet specific construction requirements.

The selection of supplier countries is based on the availability, costs, and quality of the materials, as well as on existing trade relationships and logistical considerations.

Market share: Approx. 20% in the global market for mobile phone masts (2025, estimate)

EBITDA margin: 63% (2024)

Dividend yield: 2.7% (2024)

American Tower Corporation (AMT) has a significant competitive advantage due to its global presence and extensive portfolio of mobile phone masts. With an estimated market share of around 20% in the global market for mobile phone masts, AMT is one of the leading providers in this sector.

The high EBITDA margin of 63% demonstrates the efficiency and profitability of the company, indicating strong operational performance and cost efficiency. This enables AMT to pay stable and attractive dividends, as highlighted by the dividend yield of 2.7%.

In addition, AMT benefits from long-term lease agreements with major telecommunications providers, leading to stable and predictable income. The continuous demand for mobile infrastructure, especially due to the expansion of 5G networks, further strengthens the company's market position and competitive advantage.

Institutional investor share: approx. 90% (2025, estimated)

Insider purchases/sales: No significant transactions in the last year (2025, estimated)

American Tower Corporation traditionally has a high institutional investor share, as it is an established company in the wireless communication infrastructure sector. Institutional investors appreciate the company's stability and dividend yield.

In 2025, there were no significant insider purchases or sales, indicating that the management has confidence in the current corporate strategy and does not expect any short-term changes in corporate leadership or strategy.

Market share of American Tower Corporation: Estimate 20% (2025)

Main competitors and their market shares:

1. Crown Castle International Corp. (CCI): Estimate 18%
2. SBA Communications Corporation (SBAC): Estimate 12%
3. Cellnex Telecom: Estimate 10%
4. Deutsche Funkturm (part of Deutsche Telekom): Estimate 8%
5. Indus Towers Limited: Estimate 7%

Moat of American Tower Corporation:

American Tower Corporation has a significant moat, characterized by its global presence and the diversification of its sites. With over 200,000 communication sites worldwide, the company has built a strong infrastructure that is hard to replicate. This broad geographical coverage provides a strategic advantage, especially in emerging markets.

Compared to its competitors, American Tower has a stable and predictable cash flow due to its international expansion and ability to secure long-term lease agreements with mobile operators. This gives the company an edge over competitors that are more focused on specific regions or markets.

However, companies like Crown Castle and SBA Communications also have strong moats, especially in the USA, due to their dense network coverage and strategic partnerships. Cellnex Telecom has also built a significant moat in Europe through aggressive expansion and acquisitions.

Overall, American Tower remains a leader due to its global reach and diversified revenue sources, although competitors also hold strong positions in specific markets.

Revenue growth: 8.5% (2024) Profit growth: 10.2% (2024) Dividend yield: 3.1% (2024)

American Tower Corporation achieved solid revenue growth of 8.5% in 2024, attributed to continuous expansion in international markets and increasing demand for mobile infrastructure. The profit growth of 10.2% reflects efficiency in operational processes and successful integration of new acquisitions.

The dividend yield of 3.1% in 2024 makes the stock attractive for income-oriented investors. American Tower has a history of consistent dividend increases, indicating stable financial health and reliable cash flow.

Overall, American Tower Corporation holds a strong market position in the mobile infrastructure sector, promising long-term positive growth prospects given the increasing demand for data transmission capacities. However, investors should also consider macroeconomic risks and the volatility of international business.

Dividend yield: 2.8% (estimated for 2025)
Dividend growth: 5% annually (average over the last 5 years)

American Tower Corporation is known for regularly paying dividends to its shareholders. The company has pursued a solid dividend policy in the past, characterized by steady growth in payouts.

The reliability of dividend payments is supported by a stable source of income from long-term lease agreements with mobile network operators. These contracts provide a predictable and recurring revenue base, enabling American Tower to continuously distribute and increase dividends.

Analysts believe that American Tower will continue its dividend policy in the future as well, as the demand for mobile infrastructure remains strong.