SBA Communications Corporation (SBAC) Presents At Bank Of America 2025 Media, Communications & Entertainment Conference Transcript

SBA Communications (SBAC) CFO Marc Montagner reported at the Bank of America 2025 Conference that major carrier deployments are in varying stages: T-Mobile's 2.5 spectrum rollout is largely complete, Verizon is approximately 70% through its deployment and highly active, while AT&T is at about 50% and catching up. Montagner noted that SBAC's application volume has increased for six consecutive quarters, signaling sustained demand for its infrastructure, with over 50% of its revenue stemming from co-locations. This indicates ongoing robust activity for SBAC, driven by continued carrier network buildouts despite differing progress among wireless providers.

Analysis

SBA Communications' CFO, Marc Montagner, provided a clear segmentation of the current U.S. carrier deployment cycle, offering valuable visibility into the company's demand pipeline. T-Mobile's 2.5 GHz spectrum deployment is reported as nearly complete, suggesting a moderation in activity from that carrier on this specific project. However, this is offset by significant ongoing work from Verizon, which is approximately 70% through its deployment and described as a highly active partner. Furthermore, AT&T is positioned at only the 50% completion mark, indicating a substantial runway for future leasing activity as it plays catch-up. This staggered carrier investment timeline underpins the company's robust operational metrics, evidenced by six consecutive quarters of sequential growth in application volume. This sustained demand, driven by the lag in AT&T's and the continued progress of Verizon's buildouts, points to a durable leasing environment for SBA's tower assets in the near-to-medium term.

Key Decisions for Investors

• Investors should note that the staggered network buildouts provide a clear and sustained demand runway for SBAC, with Verizon's ongoing activity and AT&T's catch-up phase poised to drive leasing revenue even as T-Mobile's major project concludes.
• The six consecutive quarters of rising application volume is a strong leading indicator of near-term organic growth, and its continuation should be monitored as a key performance metric for the company.
• The commentary implies superior network deployment execution by Verizon compared to AT&T, which could be a factor for investors considering relative positioning within the wireless carrier sector itself.