American Tower Corporation

Reputation and brand · Brand damage and negative publicity

As we provide assurances to our customers that we provide a high level of security, such a compromise could be particularly harmful to our brand and reputation. Any breaches that may occur could expose us to increased risk of lawsuits, regulatory penalties, loss of existing or potential customers, damage relating to loss of proprietary information, harm to our reputation.

Stakeholder relations · Supplier and vendor relationships

We rely on third-party providers for internet, telecommunications and utilities, and any failure by these providers could adversely affect our business, financial condition and results of operations. Additionally, we rely on our landlords for basic maintenance of our leased data centers.

Industry regulation · Safety and environmental regulations

Our operations are subject to various federal, state, local and foreign environmental and occupational safety and health laws and regulations, including those relating to the management, use, storage, disposal, emission and remediation of, and exposure to, hazardous and non-hazardous substances, materials and wastes. We may be liable for substantial costs of investigation, removal or remediation of soil and groundwater contaminated by hazardous materials.

Industry regulation · Licensing and permits

Zoning authorities and community organizations are sometimes opposed to the construction of communications sites in their communities, which can delay, prevent or increase the cost of new tower or data center construction, modifications, additions of new antennas to a site or site upgrades. Construction projects are dependent on permitting from public agencies and utility companies.

Technology infrastructure · Technology systems and infrastructure failure

If our computer systems and our backup systems are compromised, degraded, damaged, breached or otherwise cease to function properly, we could suffer interruptions in our operations, including our ability to correctly record, process and report financial information, our customers' network availability may be impacted.

Technology infrastructure · Cloud services and data center operations

We rely on third parties, governmental entities and suppliers to provide sufficient power for our data centers and to support future expansion. Power constraints, delays, unfavorable contractual terms and increased costs from utility providers could limit our ability to identify suitable sites and expand, particularly as evolving technologies, such as AI, increase power requirements.

Cybersecurity and data protection · Third party data security and vendors

We rely on energy systems, cooling systems, communication networks, information technology and other computing resources, and collect, store, manage and otherwise process third-party data. A party who is able to compromise the security measures on our or our vendors' networks could misappropriate our proprietary information or the personal information of our customers, our vendors, our employees or management.

Economic and market conditions · Economic recession and downturns

A decrease in demand for wireless or colocation services, including due to general economic conditions, changes in global tariff or trade policies or regulations, disruption in the financial and credit markets or global social, political or health crises, inflation, slowing growth, high interest rates or recession could materially and adversely affect our business.

Social and demographic · Public perception and reputation

Negative public perception or regulations regarding perceived health risks from wireless technologies, including 5G, could slow wireless industry growth and adversely affect our business. Any finding or campaign suggesting radio frequency emissions pose health risks could harm customer relationships, reduce market acceptance and materially impact our operations and financial condition.

Economic and market conditions · Consumer spending and confidence

Impacts on the economic environment, such as inflation or rising interest rates, could materially and adversely affect our customers through disruptions of their ability to maintain liquidity and deploy network capital, with potential decreases in consumer spending contributing to liquidity risks.

Market and investment · Interest rate and yield curve risk

The combination of higher interest rates and high inflation could lead to an extended economic downturn, which could reduce our ability to incur debt or access capital and impact our results of operations and financial condition. An increase in rates can have a corresponding impact to our costs of borrowing and may have an adverse impact on our ability to raise funds.

International and currency · International operations and emerging markets

Our international business operations and our potential expansion into additional new markets in the future expose us to potential adverse financial and operational problems not typically experienced in the United States. Our business is subject to risks associated with doing business internationally, including uncertain, inconsistent or changing laws, regulations, rulings or methodologies impacting our existing and anticipated international operations.

Capital structure and performance · Credit rating and cost of capital

An increase in our total leverage could lead to a downgrade of our credit rating below investment grade, which could negatively impact our ability to access credit markets or preclude us from obtaining funds on investment grade terms, rates and conditions or subject us to additional loan covenants.

Credit and liquidity · Credit risk and customer defaults

One or more of our customers, or their parent companies, may experience financial difficulties, file for bankruptcy, reduce or terminate their operations or exit certain markets as a result of a prolonged economic downturn, economic difficulties or otherwise. Such financial difficulties could result in uncollectible accounts receivable and an impairment of our deferred rent asset, tower asset, network location intangible asset, tenant-related intangible asset or goodwill.

International and currency · Foreign exchange and currency exposure

Our revenues earned from our international operations are primarily denominated in their respective local currencies. We have not historically engaged in significant currency hedging activities relating to our non-U.S. Dollar operations, and a weakening of these foreign currencies against the U.S. Dollar would negatively impact our reported revenues, operating profits and income.

Strategic execution · Joint venture and partnership risks

We currently operate parts of our business through joint ventures with third party partners. As we continue to engage in and sustain partnership opportunities, our partners may have business or economic goals that are inconsistent or conflict with ours, be in positions to take action contrary to our interests, policies or objectives, have competing interests in our, or other, markets that could create conflict of interest issues.

Market position and competition · Pricing pressure and margin compression

Some of our data center competitors may have significant advantages over us, including greater name recognition, longer operating histories, lower operating costs, lower levels of leverage, pre-existing relationships with current or potential customers, greater financial, marketing and other resources, access to better networks and access to less expensive power. These advantages could allow our data center competitors to respond more quickly or effectively to strategic opportunities and, as a result, we may lose existing or potential data center customers, incur costs to improve our data centers or be forced to reduce our rental rates.

Core operations · Capacity utilization and efficiency

Our data center segment represented 10% of our total revenues for the year ended December 31, 2025. If customer demand in our markets is insufficient once the data centers are built, we may have difficulty realizing expected or reasonable returns on these investments.

Supply chain and procurement · Supplier operation and dependance

We rely on third parties, governmental entities and suppliers to provide sufficient power for our data centers and to support future expansion. Difficulties in securing contracted energy or obtaining adequate capacity for future data center developments may adversely affect our operations, financial performance and customer relationships.

Supply chain and procurement · Raw material availability and cost volatility

Impacts on the economic environment, such as inflation or rising interest rates, could materially and adversely affect our customers through disruptions of, among other things, their ability to procure their equipment through their supply chains, their ability to procure power and fuel and their ability to maintain liquidity and deploy network capital.