SBA通信-A 2025年度报告

® S B A C O M M U N I C AT I O N S and ongoing investments in our global towerportfolio. In the U.S., our customers continuedto invest in 5G coverage to keep up withgrowing mobile data demand. Amid elevatedwireless competition, our customers investedsignificantly to offer superior network quality,reliability, and speeds to meet their customers’needs. In 2025, we saw continued upgradeactivity at our tower sites as carriers deployednew technologies, including Massive MIMO,toincrease network capacity,alongsidecolocation activity to densify networks andextend coverage into underserved areas. New5G use cases, such as fixed wireless access,expandednetwork uses beyond traditionalmobile devices, driving meaningful increasesin data consumption. Today, approximately 15million total fixed wireless access subscribersplacesignificant demands on networks,consumingsubstantially more data than atypicalmobile user.As carriers lean moreheavily on convergence, bundling traditionalmobilewith broadband,the network will require even more investment moving forward. Our services businessalso benefitted from strong customer demand and delivered strongresults for the year, supported primarily by construction-related activitytied to network densification. Our international business delivered solid new leasing activity resultsacrossour portfolio,anchored by Brazil,where carrier customerscontinued to invest in advancing 5G coverage. A younger demographic,an increasing reliance on mobility, and upcoming spectrum auctions reinforce the long-term opportunity in that market.Outside of Brazil, our African markets continued toperform very well and remain among the highestreturning investments in our portfolio, and ourCentralAmerican markets experienced steadylevelsof organic leasing activity consistentlythroughoutthe year.In addition to strongexecution, we made tangible progress against oneof the portfolio review goals I set in early 2024:to become a leading tower operator in scale andscope in each of our markets with the majorityofour business generated from the leadingwireless carriers in those markets. With the Millicom Our towersremain thebackbone ofthe network,offering atruly turnkeyoption withground space,power and,most importantly,critical locations.“ transaction, we acquired approximately 7,000 sites across CentralAmerica, significantly enhancing our scale, capabilities, and strategicposition in the region, along with a meaningful new build commitmentthat supports continued inorganic growth in the years ahead. On theother side of the ledger, we also made the strategic decision to exitsubscale markets with limited growth prospects, including Canada,Colombia and the Philippines. Financially,SBA deliveredanothersolid year,withfull-yearAFFO per shareof$12.85.Wefocusedoncapital allocation andshareholderremuneration,growing our dividend by anindustry-leading13%yearover year in addition to theapproximately $500 millionwe spent opportunisticallyrepurchasingand retiringoutstandingshares.In total, we returned roughly $1 billion to shareholders through buybacksand dividends, while allocating another $1 billion toward high-quality,strategically significant, accretive M&A — all while remaining within ournew target leverage range of 6.0x to 7.0x net debt to Adjusted EBITDA. We also achieved a second investment grade rating, setting the stage fora shift in our capital structure that should allow us to reduce borrowingcosts over time. The strength of our balance sheet and capital returnprofile give me great confidence in our ability to continue executing forour shareholders. Looking beyond today and towards 6G, we are excited about thefuture. New spectrum to be auctioned will require new radios and adenser footprint, creating additional growth opportunities for SBA.Beyond spectrum, we see a fundamental shift in network architectureas increasingly AI-driven interactions drive more data upstream. Manyof these use cases are likely to emerge first in the home, eventuallymigrating outdoors for a fully mobile experience reliant on the terrestrialnetwork. Early signs of preparation for 6G are already emerging, and AI isbeginning to move from the core to the RAN. SBA is very well positionedto play a meaningful role in future network deployments, helping ourcustomers meet their evolving network needs. Our towers remain thebackbone of the network, offering a truly turnkey option with groundspace, power and, most importantly, critical locations. I am grateful for our incredible team members, whose commitment,expertise and dedication to our core values make SBA one of the world’sleading infrastructure providers. I want to thank our customers for theirpartnership, our shareholders for their continued support, and all thosewith us on our journey of Building Better Wireless®. As we look to 2026and beyond, I remain focused on advancing our mission to empowerwirelessconnectivity through essential infrastructure—delivering value to our customers, communi