Richard Choe • JPMorgan Chase & Co.

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CEO Daniel Peyovich explained that Q2 revenue timing was influenced by the non-linear ramp-up of large customer fiber programs, but reaffirmed the full-year guidance, indicating strong momentum. He attributed the record margins to operating leverage and durable operational efficiencies, expressing confidence that this level of performance is sustainable with further opportunities for improvement over time.

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President and CEO Dan Peyovich confirmed the Q2 outlook is supported by both the faster-than-expected ramp of fiber-to-the-home programs and the strong performance of the wireless business. On tariffs, he stated that while impacts are real, they are a very small component of total build costs and are considered manageable, with no immediate need to alter their strategic equipment purchasing.

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EVP & CFO Steve Howden clarified that Q2 lease amendment activity was normal, with Q1 having been unusually low, and that strength from Nigeria and Brazil is expected to continue. Regarding capital expenditures, Howden confirmed the guidance is second-half loaded due to the timing of project rollouts, primarily in Brazil and Sub-Saharan Africa, and expressed confidence in the new, lower guidance range.

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CFO Steve Howden explained that capital return plans remain under evaluation, with the immediate priority being the ongoing asset disposal program and using initial proceeds for debt reduction. CEO Sam Darwish added a bullish outlook on Nigeria's economic recovery and stated his belief that new carrier tariffs would likely drive some network spending in 2025 due to service quality obligations.

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CEO Marc Ganzi stated that co-investments are critical for funding large-scale projects and that DigitalBridge has successfully increased the average fee rate on this capital to 60 basis points, up from 45 basis points last year. He anticipates significant co-investment activity in the second half of the year, which will flow directly to FRE. Regarding TechnoC, Ganzi described it as a "fast path lane" for customers, providing powered land for build-to-suit projects. This model allows DigitalBridge to achieve high-teens to low-20s returns without building the data center itself, enabling a faster return of capital.

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CEO Marc Ganzi stated that despite volatility, LPs are still allocating capital to digital infrastructure, with only two out of over 280 investors pausing. He emphasized that institutional investors have long-term commitment schedules. Ganzi noted that while towers are performing well, the data center thesis remains 100% intact. He cited strong customer CapEx guidance from hyperscalers and confirmed that DigitalBridge took in new data center co-investments during the quarter, indicating no material retreat from the asset class.

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CEO Marc Ganzi reported that the global sales team has grown to 35 full-time employees and continues to scale, particularly in the private wealth channel. He noted strong fundraising performance from teams in Asia and the Gulf. On infrastructure demand, Ganzi revealed a record leasing month for U.S. towers in January, attributing it to the need for network densification to support generative AI on mobile devices. He reiterated his belief that a significant small cell investment cycle will occur between 2026 and 2029.

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CEO Marc Ganzi described the current fundraising pace as the "normal cadence" for a multi-strat firm, not a temporary peak, highlighting that all four product pillars are performing well and new strategies are planned for next year. He confirmed the private wealth channel is a key ongoing strategy, with plans to expand into new verticals and geographies, leveraging the new head of global wealth solutions to build multiple products.

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President and CEO Brendan Cavanagh explained that the shift towards more new collocations, versus amendments, slightly delays revenue commencement but is a positive long-term trend. He confirmed the full-year outlook for new lease contributions remains unchanged, implying a second-half acceleration. He attributed the services strength to increased site acquisition and construction work, including on third-party towers, which strengthens carrier relationships.

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President and CEO Brendan Cavanagh explained the services guidance increase was a mix of both a strong Q1 performance and growing backlogs that provide confidence for the rest of the year. He affirmed that SBA has the capacity to handle significantly more volume, referencing a prior year when services revenue was nearly $300 million, well above the current outlook.

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President and CEO Brendan Cavanagh clarified that in the U.S., new colocation revenue contributions are now greater than amendment revenue. Regarding Sprint churn, he explained that accelerating it is unlikely, as most of the 2025 impact is from leases that have already expired or will soon, leaving little time or financial incentive for T-Mobile to negotiate an early payoff.

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President and CEO Brendan Cavanagh explained that the strong services quarter was driven by increased carrier construction activity, which is partly linked to the shift toward new leases that require more comprehensive site work. On M&A, he stated that while the company is always looking, opportunities for small, attractively priced domestic deals are limited due to high valuations and market competition.

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Interim President and CEO Daniel Schlanger stated that it is too early to provide 2026 guidance but highlighted that leasing activity in 2025 is stronger than expected, with more core leasing anticipated in the second half. He characterized the back-billing revenue as episodic and a proof point of ongoing operational improvements rather than a consistent, recurring item.

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CEO Steven Moskowitz stated that share gains are targeted from both large nationwide carriers, by becoming a preferred supplier, and from an increased focus on smaller, regional customers. CFO Dan Schlanger explained that while future CapEx will be $800M lower, a direct comparison to a historical run rate is difficult, but confirmed future spending will be more capital efficient due to the higher mix of colocation nodes.

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CEO Steven Vondran indicated a good services backlog for 2025, driven by both normal deployment and niche construction services, with more visibility in the first half of the year. Regarding Canada, he described it as a small but well-performing business. He stated that any potential expansion would be subject to the same strict M&A criteria as Europe, requiring appropriate pricing and terms, and there is no strategic imperative to build scale for its own sake.

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