SBA Communications SBAC · USD

‎ 15.SEGMENT DATAThe Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer. The CODM utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region. Revenues, cost of revenues (exclusive of depreciation, accretion, and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

17.COMMITMENTS AND CONTINGENCIESThe Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2025 are as follows: Finance Leases Operating Leases (in thousands)2026 $ 2,869 $ 309,7642027 2,276 306,6542028 1,978 301,8372029 1,077 291,7562030 3 273,512Thereafter — 3,020,519Total minimum lease payments 8,203 4,504,042Less: amount representing interest (1,233) (2,092,150)Present value of future payments 6,970 2,411,892Less: current obligations (2,489) (297,115)Long-term obligations $ 4,481 $ 2,114,777Tenant Leases The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2025 is as follows: (in thousands)2026 $ 2,221,7032027 2,025,9522028 1,801,1332029 1,472,3412030 1,035,148Thereafter 2,993,522Total $ 11,549,799 LitigationThe Company is involved in various claims, lawsuits, and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.Contingent Purchase ObligationsFrom time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one year to three years after they have been acquired. Please refer to Note 2 and Note 7.

11.DEBTThe principal balances, fair values, and carrying values of debt consist of the following: As of As of December 31, 2025 December 31, 2024 Maturity Date Principal ‎Balance Fair Value Carrying ‎Value Principal ‎Balance Fair Value Carrying ‎Value (in thousands)Revolving Credit Facility Jan. 25, 2029 $ 475,000 $ 475,000 $ 475,000 $ — $ — $ —2024 Term Loan Jan. 25, 2031 2,259,750 2,271,049 2,240,373 2,282,750 2,282,750 2,260,217 2019-1C Tower Securities (1) Jan. 12, 2025 — — — 1,165,000 1,128,803 1,164,913 2020-1C Tower Securities (1)(2) Jan. 9, 2026 750,000 722,460 749,945 750,000 726,038 748,425 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 513,798 598,149 600,000 516,342 597,273 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,003,356 1,162,858 1,165,000 1,008,331 1,160,436 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 852,022 892,677 895,000 763,757 890,896 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 675,797 889,178 895,000 679,144 888,260 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 867,034 845,373 850,000 878,475 843,321 2024-1C Tower Securities (1) Oct. 9, 2029 1,450,000 1,446,129 1,440,007 1,450,000 1,453,292 1,437,978 2024-2C Tower Securities (1) Oct. 8, 2027 620,000 625,425 616,636 620,000 618,698 615,017 2020 Senior Notes Feb. 15, 2027 1,500,000 1,488,615 1,496,240 1,500,000 1,440,270 1,493,039 2021 Senior Notes Feb. 1, 2029 1,500,000 1,434,375 1,493,832 1,500,000 1,353,750 1,491,963 Total debt $ 12,959,750 $ 12,375,060 $ 12,900,268 $ 13,672,750 $ 12,849,650 $ 13,591,738 Less: current maturities of long-term debt (1,935,802) (1,187,913)Total long-term debt, net of current maturities $ 10,964,466 $ 12,403,825 (1)The maturity date represents the anticipated repayment date for each issuance.(2)On January 9, 2026, the Company, using borrowings from the Revolving Credit Facility, repaid the aggregate principal amount of the 2020-1C Tower Securities which was included in current maturities of long-term debt as of December 31, 2025.

14.INCOME TAXESAs discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements.Income (loss) before provision for income taxes by geographic area is as follows: For the year ended December 31, 2025 2024 2023 (in thousands)Domestic $ 703,863 $ 797,774 $ 377,150Foreign 538,175 (25,108) 171,353Total $ 1,242,038 $ 772,666 $ 548,503 The provision for income taxes consists of the following components: For the year ended December 31, 2025 2024 2023 (in thousands)Current provision: State $ 2,052 $ 2,758 $ 8,099Federal 693 — —Foreign 80,386 34,318 38,360Total current 83,131 37,076 46,459 Deferred (benefit) provision for taxes: Federal 10,410 8,021 8,280State 1,814 1,458 1,431Foreign 92,686 (26,540) 52,003Change in valuation allowance (459) 3,974 (57,085)Total deferred 104,451 (13,087) 4,629Total provision for income taxes $ 187,582 $ 23,989 $ 51,088 The tables below provide a reconciliation of the provision for income taxes at the statutory U.S. Federal tax rate (21%) and the effective income tax rate. The 2025 amounts in the reconciliation are presented under the new ASC 740 guidance effective for annual periods beginning after December 15, 2024. The Company has applied the guidance prospectively. For the year ended December 31, 2025 (in thousands) %Statutory federal expense $ 260,829 21.0%State and local tax expense (1) 4,399 0.4%Foreign tax effects: Brazil Statutory tax rate difference between Brazil and United States 27,905 2.2%Other 9,951 0.

13.STOCK-BASED COMPENSATIONOn February 25, 2020, the Company’s 2010 Plan expired by its terms. On May 14, 2020, the Company’s shareholders approved the 2020 Plan which provides for the issuance of up to 3.0 million shares of the Company’s Class A common stock (of which approximately 1.6 million shares remain available for future issuance as of December 31, 2025), plus additional shares of Class A common stock (a) subject to awards granted under the 2010 Plan that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares or (b) which become issuable under the 2020 Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of Class A common stock.Commencing with the 2020 equity award, the Company modified the type of equity granted to certain employees to align long-term compensation with Company performance. Under the new structure, the Company continued to issue RSUs; however, RSUs will now vest ratably over three years rather than four years. The Company further replaced stock options with PSUs which will cliff vest at the end of three years. PSUs have performance metrics for which threshold, target, and maximum parameters are established at the time of the grant. The performance metrics are used to calculate the number of shares that will be issuable when the awards vest, which may range from zero to 200% of the target amounts. At the end of each three year performance period, the number of shares that vest will depend on the results achieved against the pre-established performance metrics. Furthermore, effective with the 2020 grant, RSUs and PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect to shares that actually vest.‎ Restricted Stock Units and Performance-Based Restricted Stock UnitsThe following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 2025: RSUs PSUs (1) Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2024 393 $ 234.50 275 $ 314.52Granted 290 $ 218.98 66 $ 237.91PSU adjustment (2) — $ — 10 $ 386.22Vested (173) $ 246.77 (137) $ 339.

7.ACQUISITIONS AND DISPOSALSThe following table summarizes the Company’s acquisition activity: For the year ended December 31, 2025 2024 2023 Tower acquisitions (number of towers) 7,146 186 91 The following table summarizes the Company’s cash acquisition capital expenditures: For the year ended December 31, 2025 2024 2023 (in thousands)Acquisitions of towers and related assets $ 1,009,935 $ 243,635 $ 86,686Land buyouts and other assets (1) 48,893 56,176 43,275Total cash acquisition capital expenditures $ 1,058,828 $ 299,811 $ 129,961 (1)Excludes $12.2 million, $24.9 million, and $17.6 million spent to extend ground lease terms for the years ended December 31, 2025, 2024, and 2023, respectively. The company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liability, net of acquisitions section of its Consolidated Statements of Cash Flows.During the years ended December 31, 2025, 2024, and 2023, the Company acquired 7,146 (including 7,110 towers related to the transaction with Millicom International Cellular S.A. (“Millicom”)), 186, and 91 towers and related assets and liabilities, respectively. The table below summarizes the Company's acquisition of towers and related assets and liabilities, by asset class: For the year ended December 31, 2025 2024 2023 (in thousands)Property and equipment, net $ 595,519 $ 28,730 $ 18,762Intangible assets, net 602,202 217,388 66,616Operating lease right-of-use assets, net 195,417 28,505 15,863Acquired and other right-of-use assets, net — 68 3,744Acquisition related holdbacks (2,179) (5,231) (2,541)Long-term lease liabilities (165,356) (21,399) (13,458)Other liabilities assumed, net (215,668) (4,426) (2,300)Total acquisitions of towers and related assets and liabilities $ 1,009,935 $ 243,635 $ 86,686 In the year ended December 31, 2025, the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets.Subsequent to year end, the Company closed on an acquisition for the rights to land underneath approximately 3,900 communication sites in Guatemala for $109.0 million. As of the date of this filing, the Company purchased or is under contract to purchase 48 communication sites for an aggregate consideration of $45.0 million in cash. The Company anticipates that these acquisitions will be closed by the end of the second quarter of 2026.

Risk Management & StrategyA cybersecurity threat is any potential unauthorized occurrence, on or conducted through, our information systems that may result in adverse effects on the confidentiality, integrity or availability of our information systems or any information residing therein. We have a comprehensive, cross-functional approach to cybersecurity risk management, driven by our information security management systems and propelled by industry-leading expertise from both our internal information technology security team and top-tier third-party consultants and firms that we engage. Our cyber risk management process is supported by both management and our Board of Directors.Our cybersecurity risk management strategies represent an integral component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and based on the recognized National Institute of Standards and Technology (NIST) Cybersecurity Framework. We continuously seek to adopt market-leading standards and procedures to protect our tower infrastructure, data, and carrier, vendor, and consumer information. Key elements of our cybersecurity risk management strategy include: (1)System Monitoring and Testing. We work collaboratively with third-party industry experts and consultants to conduct regular vulnerability assessments and penetration testing from both outside and within our system networks. Our information security team utilizes endpoint software together with technology platforms and applications designed to enable it to monitor user and network behavior and origination points in real time both at our corporate headquarters as well as any of our sites globally. In addition, we conduct quarterly phishing campaign simulations which includes remediation training assignment for phish failures and notification to the respective Executive Vice President in the event of a failure by an employee in their department. (2)Threat Identification & Response. Our internal information security team works collaboratively with our external industry consultants to identify threats utilizing analytics and metrics, which are aligned with the MITRE ATT&CK (Adversarial Tactics, Techniques, and Common Knowledge) Framework and aligned to mitigate attacks across various layers of our enterprise systems.

1.GENERAL SBA Communications Corporation (the “Company” or “SBAC”) was incorporated in the State of Florida in March 1997. The Company is a holding company that holds all of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”). Telecommunications is a holding company that holds the outstanding capital stock of SBA Senior Finance, LLC (“SBA Senior Finance”), and other operating subsidiaries which are not a party to any loan agreement. SBA Senior Finance is a holding company that holds, directly or indirectly, the equity interest in certain subsidiaries that issued the Tower Securities (see Note 11) and certain subsidiaries that were not involved in the issuance of the Tower Securities. With respect to the subsidiaries involved in the issuance of the Tower Securities, SBA Senior Finance is the sole member of SBA Holdings, LLC and SBA Depositor, LLC. SBA Holdings, LLC is the sole member of SBA Guarantor, LLC. SBA Guarantor, LLC directly or indirectly holds all of the capital stock of the companies referred to as the “Borrowers” under the Tower Securities. With respect to subsidiaries not involved in the issuance of the Tower Securities, SBA Senior Finance holds all of the membership interests in SBA Senior Finance II, LLC (“SBA Senior Finance II”) and certain non-operating subsidiaries. SBA Senior Finance II holds, directly or indirectly, all the capital stock of certain international subsidiaries and certain other tower companies (known as “Tower Companies”). SBA Senior Finance II also holds, directly or indirectly, all the capital stock and/or membership interests of certain other subsidiaries involved in providing services, including SBA Network Services, LLC (“Network Services”) as well as SBA Network Management, Inc. (“Network Management”) which manages and administers the operations of the Borrowers.As of December 31, 2025, the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru, South Africa, and Tanzania. Space on these towers is leased primarily to wireless service providers. During the year ended December 31, 2025, the Company sold all of its towers and ended operations in both the Philippines and Colombia and sold substantially all of its operations in Canada.