First Quarter 2026 Supplemental Financial Data XLS

Cover Page

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Introduction

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This Supplemental Financial Data package provides key financial and operational data as well as reconciliations of those non-GAAP financial measures that SBA Communications Corporation ("SBA" or "We") use in evaluating the performance of our business. These non-GAAP financial measures include (1) Cash Site Leasing Revenue, (2) Core Leasing Revenue, (3) Tower Cash Flow and Tower Cash Flow Margin, (4) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin, (5) Return on Invested Capital, (6) Net Debt, Net Secured Debt, Leverage Ratio, Net Cash Interest Coverage Ratio, and Secured Leverage Ratio, (7) Funds From Operations, Adjusted Funds From Operations, and Adjusted Funds From Operations Per Share and (8) certain financial metrics after eliminating the impact of changes in foreign currency exchange rates (collectively, our "Constant Currency Measures") and other identified non-recurring items. Reconciliations of these non-GAAP financial measures to their most comparable GAAP measures can be found in the Appendix to this supplemental package.

Table of Contents

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Table of Contents

Consolidated

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Consolidated Core Leasing Revenue and Organic Growth Rates

Domestic

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Domestic Core Leasing Revenue and Organic Growth Rates

International

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International Core Leasing Revenue and Organic Growth Rates

Capital and ROIC

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Historical Capital Allocation and Return on Invested Capital (ROIC)

Customers Sites and Currencies

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Customer Concentration, Portfolio Summary, & Selected Foreign Currency Exposure

Non-Cash Straight-line

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Non-Cash Straight-line Summary

Other Supplemental Data

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Other Supplemental Data

Appendix >>>

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Appendix of Non-GAAP Reconciliations

Funds From Operations, or FFO, is defined as net income (loss) plus real estate related depreciation, amortization and accretion, asset impairment and decommission costs, and adjustments for unconsolidated joint ventures. Adjusted Funds From Operations, or AFFO, is defined as FFO adjusted to remove the impact of non-cash straight-line leasing revenue, non-cash straight-line ground lease expense, non-cash compensation, changes in the non-cash portion of our reported tax position, non-real estate related depreciation, amortization and accretion, amortization of deferred financing costs and debt discounts, loss from extinguishment of debt, net, other (income) and expense, acquisition and new business initiatives related adjustments and expenses, non-discretionary cash capital expenditures, and adjustments for unconsolidated joint ventures. AFFO Per Share is defined as AFFO divided by the weighted number of shares outstanding, adjusted to include the dilutive effect of stock options and restricted stock units. FFO, AFFO and AFFO per share, which are metrics used by our public company peers in the communication site industry, provide investors useful indicators of the financial performance of our business and permit investors an additional tool to evaluate the performance of our business against those of our two principal competitors. FFO, AFFO, and AFFO per share are also used to address questions we receive from analysts and investors who routinely assess our operating performance on the basis of these performance measures, which are considered industry standards. We believe that FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion). We believe that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt) and (2) sustaining capital expenditures and exclude the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods and the non-cash portion of our reported tax provision. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. We only use AFFO as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment. We believe our definition of FFO is consistent with how that term is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and that our definition and use of AFFO and AFFO per share is consistent with those reported by the other communication site companies.

Adjusted EBITDA is defined as net income (loss) excluding the impact of interest expense, interest income, provision for or benefit from taxes, depreciation, accretion and amortization, asset impairment and decommission costs, non-cash compensation, loss from extinguishment of debt, net, other (income) and expense, acquisition and new business initiatives related adjustments and expenses, non-cash straight-line leasing revenue, and non-cash straight-line ground lease expense. Adjusted EBITDA excludes acquisition related costs which, pursuant to the adoption of new business combination accounting guidance, are expensed and included within operating expenses. Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the most recent quarter multiplied by four. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by the difference of total revenue minus non-cash straight-line leasing revenue. Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Return on Invested Capital (ROIC) is defined as A) annualized Adjusted EBITDA less annualized Cash Taxes divided by B) Historical Gross Property and Equipment plus Historical Gross Intangibles in an individual period. Annualized Cash Taxes are calculated by annualizing the current portion of the Provision for Income Taxes. Both Historical Gross Property and Equipment and Historical Gross Intangibles are calculated using historical foreign currency exchange rates in effect at date of investment and exclude the impact of Disposals and Impairments. Included in Historical Gross Intangibles are acquired sites treated as Right-of-use assets. The invested capital relating to each of these sites is presented under Acquired and other Right-of-use asset, net on the Company's consolidated Balance Sheet. ROIC is useful to investors because it measures management's ability to efficiently generate value from deployed capital. ROIC calculation does not take into consideration any potential returns on stock repurchases. Starting in 2025, the Company presents adjustments to ROIC to exclude the impact of in-period M&A transactions. Annualized Tower Cash Flows (TCF) relating to in-period acquired towers are removed from the numerator and the Gross Property and Equipment and Gross Intangibles are removed from the denominator to arrive at ROIC. We believe in-period acquisitions distort ROIC because annualized EBITDA contributions from new acquisitions do not reflect a full period of returns, resulting in an artificially low ROIC.

Cash Site Leasing Revenue is defined as site leasing revenue less non-cash straight-line site leasing revenue. Core Leasing Revenue is defined as site leasing revenues derived from new leases, amendments, and escalators less total churn plus non-organic revenue and the associated FX impact on each component. Tower Cash Flow is defined as Cash Site Leasing Revenue less site leasing cost of revenues net of non-cash straight-line ground lease expense and Tower Cash Flow Margin is defined as Tower Cash Flow divided by Cash Site Leasing Revenue. We discuss these non-GAAP financial measures because we believe these items are indicators of performance of our site leasing operations. In addition, Tower Cash Flow is a component of the calculation used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement. Neither Cash Site Leasing Revenue, Tower Cash Flow nor Tower Cash Flow Margin are intended to be alternative measures of site leasing gross profit nor of site leasing gross profit margin as determined in accordance with GAAP.

Net Debt is defined as the notional principal amount of outstanding debt minus cash and cash equivalents, short-term investments, and short-term restricted cash. Net Secured Debt is defined as the notional principal amount of outstanding secured debt minus cash and cash equivalents, short-term investments, and short-term restricted cash. Under GAAP policies, the notional principal amount of the Company's outstanding debt is not necessarily reflected on the face of the Company's financial statements. Leverage Ratio is defined as Net Debt divided by Annualized Adjusted EBITDA. Secured Leverage Ratio is defined as Net Secured Debt divided by Annualized Adjusted EBITDA. Net cash interest coverage ratio is defined as Adjusted EBITDA divided by Net Cash Interest Expense. We believe that by including the full amount of the notional principal amount due at maturity for purposes of calculating net debt, and, to the extent that such measures are calculated on net debt, by excluding cash and cash equivalents, it will provide investors a more complete understanding of our net debt and leverage position. We have included these non-GAAP financial measures because we believe these items are indicators of our financial condition, and they are used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement, 2020 Senior Notes, and 2021 Senior Notes.

Cash Site Leasing and TCF

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Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin

Adjusted EBITDA

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Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin

Select Annual Reconciliations

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Annual Reconciliations for Adjusted EBITDA, Adjusted EBITDA Margin, and Tower Cash Flow

FFO and AFFO

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Funds From Operations, Adjusted Funds From Operations, and Adjusted Funds From Operations Per Share

Net Debt and Debt Maturity

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Net Debt, Leverage Ratio, and Debt Maturity

Leverage and Net Cash Interest

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Net Debt, Leverage Ratio, and Net Cash Interest Coverage Ratio