Communications Infrastructure "US Towers: Solid setup for the next cycle" Levi

Research evidence excerpt

Communications Infrastructure "US Towers: Solid setup for the next cycle" Levi

Global Research

28 May 2026ab

Communications Infrastructure Equities

AmericasUS Towers: Solid setup for the next cycle

Telecommunications

Batya Levi

Steady carrier activity; Catalysts building in the pipeline Analyst

Management commentary across the U.S. Wireless and Tower sectors point to steady batya.levi@ubs.com

carrier activity with the majority of 5G network deployments still centered on +1-212-713 8824

amendments (TMUS ~90% complete, VZ 80%+, AT&T ~60%) while densification Christopher Schoell, CPA

efforts are in early stages. We expect strong growth in wireless data/FWA usage, new Analyst

spectrum deployments and lower normalized churn to support MSD revenue and M- christopher.schoell@ubs.com

HSD AFFO/sh growth in the US for multiple years. We believe network deployments to +1-212-713 4912

support higher uplink capacity needs, AI-RAN/edge compute and preparation for 6G John C. Hodulik, CFA

could provide further upside. With valuations still near historical lows at mid-teens Analyst

forward AFFO/sh, we see a favorable risk-reward for the group ahead. john.hodulik@ubs.com

+1-212-713 4226

Upcoming spectrum availability and deployment PK Keller

A significant amount of new spectrum is set to be auctioned in the next 12 months, Associate Analyst

while there is still spectrum currently held by carriers that should be utilized in the pk.keller@ubs.com

+1-212-713 4320

coming years. Unlike the recent deployment of mid-band spectrum with software

upgrades, we believe these deployments will require new radios and antennas, driving Ryan Gravett, CFA

new activity for the towers. In addition, given the limited propagation of higher Analyst