SBA Communications Corp Goldman Sachs Communacopia + Technology Conference 2026

Yeah. Happy to be here, Mike.

Yeah, sure. First of all, we are fortunate to be in one of the better businesses that was ever created in terms of the stability and the profile of it. Our focus has been on maximizing our core business, trying to strengthen it in the areas where we have had challenges. Some of those challenges have come from consolidation among our customers, both here in the U.S. as well as in our international markets. We made a decision a couple of years ago to focus on trying to focus on the markets where we have a stronger position and either enhance our position in those markets where we are a bit subscale, and be one of the leading tower providers in that market, aligned with the leading carriers, or in some cases, exit those markets.

We've done that in a number of cases in some of our subscale markets. Our focus is really on bolstering and strengthening our core business, making sure we're delivering service to the top customers, carrier customers in those markets, and can be a leader in terms of organic growth opportunities in those markets. That'll be our focus, I think, going forward as well.

Yeah. Activity in the U.S. has been relatively steady. I would say it's not necessarily the same across every customer. They each have their own kind of focus areas in the things that they're doing. Frankly, their cultures and the way that they behave in terms of network deployments have always been a little bit different from carrier to carrier. In this particular environment, we've seen one of our customers who we signed an MLA with last year, be particularly busy over the course of this year in terms of new leasing activity. That's both amendments, upgrading existing installations, as well as infill with a lot of new leasing being done as well. So that's been the biggest part of our organic growth drivers during 2026. Some of the others have been a little bit slower.

I think some prioritization of initiatives around fiber deployments and other initiatives have had it be a little bit slower than it's been in the last couple of years, but that's not that atypical. There's sort of a cyclical nature to some of these things, and I would expect as we move into next year and we start to see new spectrum getting auctioned, and you'll probably ask me about some of the upcoming spectrum auctions, but there'll be a large upper C-band spectrum auction that happens mid-year next year, and I think the outcome of that and who participates in a meaningful way, and I'm sure all the three incumbents will, we will see the next cycle of activity starting to build on that, as well as some of the fallow spectrum they're holding today.

Yeah. It's hard to say exactly how quickly it will be cleared. It has to go through that clearing process after it is auctioned off. First of all, it's a large amount of spectrum. It's the largest amount of spectrum being auctioned at one time in many years. That's a good sign, and the speed at which it was made available to be auctioned was another positive. But on top of that, some of the rules that have been placed around spectrum auctions now by the FCC to help ensure the deployment of that spectrum and that it happens quickly and efficiently, including penalties, including the loss of the spectrum if you don't meet certain coverage objectives, I think will drive that activity maybe faster than it's been driven in the past. That's good from our perspective.

Obviously, the clearing of the spectrum has to take place first. That sometimes can take a couple of years, but it might actually happen faster. In this case, I think there will be agreement around trying to make it happen as fast as possible. I think there's an opportunity to possibly see activity starting maybe even as early as 2028 in terms of initial deployments related to that. That remains to be seen, so we'll see who wins it and how it rolls out. But I think there's an opportunity to see clear amount of increased activity as we get towards the end of this decade.