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SBA Communications Corporation (SBAC) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

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SBA Communications’ CFO highlighted tower industry growth driven by U.S. co-location demand for network densification and equipment upgrades, emphasizing revenue expansion through infrastructure amendments. The 30-year industry trend centers on spectrum acquisition and next-gen tech rollouts, delivering 10x capacity gains and exponential cost-per-bit reductions, optimizing wireless efficiency. Marc Montagner noted carriers’ focus on maximizing bits-per-hertz, a key metric for profitability, sustaining long-term EBITDA margin growth in telecom infrastructure. The 2026 Morgan Stanley conference discussion underscored 5G and future 6G deployments as primary catalysts, with spectrum efficiency driving carrier investments in tower infrastructure. Analysts probed growth drivers, confirming tower companies benefit from cyclical tech upgrades, ensuring steady demand despite market fluctuations.
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SBA Communications Corporation (SBAC) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

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SA Transcripts158.87K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call SBA Communications Corporation (SBAC) Morgan Stanley Technology, Media & Telecom Conference 2026 March 3, 2026 2:30 PM EST Company Participants Marc Montagner - Executive VP & CFO Conference Call Participants Cameron McVeigh - Morgan Stanley, Research Division Presentation Cameron McVeighMorgan Stanley, Research Division Okay. So let's get started. Cameron McVeigh, the communications infrastructure analyst here at Morgan Stanley; Ben Swinburne, the communications infrastructure, media, telecom, cable analyst; and Marc Montagner, the CFO of SBA Communications. Welcome, Marc. Marc MontagnerExecutive VP & CFO Thank you. Question-and-Answer Session Cameron McVeighMorgan Stanley, Research Division Before we get started, let me read this. For important disclosures, please see the Morgan Stanley Research Disclosure website. If you have any questions, please reach out to your Morgan Stanley sales representative. With that, we will get started. Marc, just to start, I want to get your thoughts on the growth outlook for the broader tower industry and what you consider the main growth drivers for the industry today. Marc MontagnerExecutive VP & CFO I think if you really look at our business, specifically in the U.S., you have a co-location for densification or extra coverage and amendment for the existing equipment. So that's really driving the growth in terms of revenue growth. Let's just step back a little bit, right? The catalyst in this industry, I've been in this industry for 30 years, key areas, buy spectrum, and they roll out next-generation technology. They get about a 10x increase on the capacity versus the prior generation and an exponential cut in terms of the cost per bit, in terms of delivering a cost over the airway. If you just cram more bits per hertz. That's really been the driver for the industry for the past 30 years. I mean, 30 years ago, EBITDA margins for

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Source: Seeking Alpha