SBAC

EX-99.1

2 d49075dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

SBA Communications Corporation Reports First Quarter 2026 Results;

Updates Full Year 2026 Outlook; and Declares Quarterly Cash Dividend

Boca Raton, Florida, April 29, 2026 (BUSINESS NEWSWIRE) — SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended March 31, 2026.

Highlights of the first quarter include:

•

Net income attributable to SBA of $184.8 million or $1.74 per share

•

Industry-leading AFFO per share of $3.03

•

Increased full year 2026 outlook across all key metrics

•

Company-wide Tower Cash Flow margin of approximately 80%

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $1.25 per share of the Company’s Class A Common Stock. The distribution is payable June 17, 2026 to the shareholders of record at the close of business on May 22, 2026.

“We had a solid start to 2026, with positive first quarter financial and operating results,” commented Brendan Cavanagh, President and Chief Executive Officer. “Carrier activity remained steady globally, as our customers continued to focus on expanding and densifying their networks, as well as upgrading sites with new spectrum bands and technologies. In addition, our domestic leasing backlogs increased during the quarter. These favorable results and positive movement in foreign exchange rates have allowed us to increase our full year outlook for each of our key financial metrics from the levels we provided in late February. During the quarter, we also continued to invest in expanding our portfolio through new tower builds across our markets, with increasing production particularly under our Central America build to suit agreement with Millicom International. We anticipate seeing this production grow steadily throughout 2026. Our balance sheet also remains strong as we ended the quarter with net debt to Adjusted EBITDA of 6.6x, in the middle of our target range of 6.0x to 7.0x, notwithstanding the full removal of all EchoStar revenue from our reported results as of the beginning of the year. Our solid operating results and strong balance sheet have allowed us to continue growing our dividend at the highest pace in the industry. Our declared second quarter dividend still only represents approximately 41% of AFFO in our 2026 outlook, leaving us with significant capital available for additional investment into the business. Our company continues to perform well, and we are excited about the rest of 2026.”

1

Operating Results

The table below details select financial results for the three months ended March 31, 2026 and comparisons to the prior year period.

Q1 2026

Q1 2025

$ Change

% Change

% Change excluding

FX (1)

Consolidated

($ in millions, except per share amounts)

Site leasing revenue

$ 656.1

$ 616.2

$ 39.9

6.5 %

4.5 %

Site development revenue

47.3

48.0

(0.7 )

(1.6 %)

(1.6 %)

Site leasing segment operating profit (1)

524.2

500.7

23.5

4.7 %

3.1 %

Tower cash flow (2)

519.0

497.8

21.2

4.3 %

2.5 %

Net cash interest expense

123.3

93.4

29.9

32.1 %

32.3 %

Net income (3)

184.9

217.9

(33.0 )

(15.1 %)

(6.7 %)

Earnings per share — diluted

1.74

2.04

(0.30 )

(14.7 %)

(4.7 %)

Adjusted EBITDA (2)

475.4

457.3

18.1

4.0 %

2.3 %

AFFO (2)

321.7

343.9

(22.2 )

(6.5 %)

(8.6 %)

AFFO per share (2)

3.03

3.18

(0.15 )

(4.7 %)

(6.9 %)

(1)

Site leasing contributed 98.5% and 98.1% of the Company’s total operating profit in the first quarter of 2026 and 2025, respectively.

(2)

See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

(3)

Net income includes a $10.1 million gain and $36.0 million gain, net of taxes, on the currency-related remeasurement of intercompany loans with foreign subsidiaries which are denominated in a currency other than the subsidiaries’ functional currencies for the first quarter of 2026 and 2025, respectively.

The table below details select financial results by segment for the three months ended March 31, 2026 and comparisons to the prior year period.

Q1 2026

Q1 2025

$ Change

% Change

% Change excluding FX

($ in millions)

Domestic site leasing revenue

$ 450.3

$ 461.0

$ (10.7 )

(2.3 %)

(2.3 %)

Domestic cash site leasing revenue (1)

448.7

459.9

(11.2 )

(2.4 %)

(2.4 %)

Domestic site leasing segment operating profit

379.7

392.7

(13.0 )

(3.3 %)

(3.3 %)

Domestic site leasing tower cash flow (1)

376.5

389.5

(13.0 )

(3.3 %)

(3.3 %)

Int’l site leasing revenue

205.8

155.2

50.6

32.6 %

24.8 %

Int’l cash site leasing revenue (1)

202.0

155.0

47.0

30.3 %

22.2 %

Int’l site leasing segment operating profit

144.5

108.0

36.5

33.8 %

26.2 %

Int’l site leasing tower cash flow (1)

142.5

108.3

34.2

31.6 %

23.7 %

(1)

See the reconciliations and other disclosures under “Non-GAAP Financial Measures” la

8-K

SBA COMMUNICATIONS CORP false 0001034054 0001034054 2026-02-26 2026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) February 26, 2026

SBA Communications Corporation (Exact Name of Registrant as Specified in its Charter)

Florida

001-16853

65-0716501

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

8051 Congress Avenue Boca Raton, FL

33487

(Address of Principal Executive Offices)

(Zip Code) Registrant’s telephone number, including area code: (561) 995-7670 (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

SBAC

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, SBA Communications Corporation issued a press release announcing its financial and operational results for the fourth quarter and fiscal year ended December 31, 2025, providing its full year 2026 guidance, and announcing its quarterly dividend. A copy of the press release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report.

Exhibit No.

Description

99.1

Press release issued by SBA Communications Corporation on February 26, 2026.

104

Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SBA COMMUNICATIONS CORPORATION

By:

/s/ Marc Montagner

Marc Montagner

Executive Vice President and Chief Financial Officer

Date: February 26, 2026

8-K

SBA COMMUNICATIONS CORP false 0001034054 0001034054 2025-11-03 2025-11-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) November 3, 2025

SBA Communications Corporation (Exact Name of Registrant as Specified in its Charter)

Florida

001-16853

65-0716501

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

8051 Congress Avenue Boca Raton, FL

33487

(Address of Principal Executive Offices)

(Zip Code) Registrant’s telephone number, including area code: (561) 995-7670 (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

SBAC

The NASDAQ Stock Market LLC (NASDAQ Global Select Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 3, 2025, SBA Communications Corporation issued a press release announcing its financial and operational results for the third quarter ended September 30, 2025, updating its full year 2025 guidance, and announcing its quarterly dividend. A copy of the press release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report.

Exhibit No.

Description

99.1

Press release issued by SBA Communications Corporation on November 3, 2025.

104

Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SBA COMMUNICATIONS CORPORATION

By:

/s/ Marc Montagner

Marc Montagner

Executive Vice President and Chief Financial Officer

Date: November 3, 2025