From the Ground Up: Comm Infra Weekly

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From the Ground Up: Comm Infra Weekly

Equity Research

Industry Update — June 28, 2026

Communications Infrastructure & Telecom Services

Our Call Eric Luebchow, CFA

What's on the Agenda? We'll be taking some time off this week before the holiday Equity Analyst | Wells Fargo Securities, LLC Eric.Luebchow@wellsfargo.com | 312-630-2386

and then get back in the saddle in time for earnings previews, along with some client

Caleb Steinmarketing visits in advance of Q3 earnings season. Happy early 4th of July to all!

Equity Analyst | Wells Fargo Securities, LLC

Caleb.Stein@wellsfargo.com | 704-410-1823

Recent Investor Commentary: Tidbits from Telcos, Towers + Data Centers. We had a

lot of inbounds on towers this past week, mostly just investors trying to figure out why

they were selling off. While they rallied back on Friday, AMT and CCI are still down -6%

and -9%, respectively, over the past month. We frankly don't have a great explanation for

the moves other than market rotation away from defensive names and perhaps some

covering of long tower / short telco pair trades.

The near-term for the towers is fairly status quo - carrier leasing remains relatively muted,

and the next major catalyst will be amendments from AT&T on 600MHz (likely 1H'27)

and potentially satellite-related spending into 2028+. The satellite debate is the biggest

wild card for the towers - it seems that virtually every possible scenario for satellite cos

entering the mobile space would be a net positive for towers (whether it's a terrestrial

build, or MVNO with spectrum sharing attached).

DLR also had a flurry of announcements last week, including (a) incremental acquisition

of equity in its African Teraco platform; (b) acquisition of Columbia Capital; and (c) a land