Q2 2025 Performance Highlights: American Tower reported a strong second quarter with a 1.2% year-over-year growth in consolidated property revenue. Adjusted EBITDA grew 1.8%, attributed to robust demand across global operations, particularly driven by mobile data consumption and ongoing upgrades in the network, despite absorbing about 90 basis points of foreign exchange (FX) headwinds.

Revised 2025 Outlook: The company raised its full-year expectations for property revenue, adjusted EBITDA, attributable AFFO, and attributable AFFO per share by approximately $165 million, $120 million, $55 million, and $0.12 per share, respectively. This reflects an improvement due to FX tailwinds estimated at $130 million and strong core leasing performance, pointing towards a continued positive trajectory in the second half of the year.

Challenges in U.S. Mobile Leasing: A key customer is experiencing delays in converting applications into commencements, leading to a longer book-to-bill cycle. This issue is projected to slightly affect second-half revenues but is not indicative of any adverse trends, as overall application volumes and customer activity remain strong.