EX-99.2 3 q12025supplement.htm EX-99.2
Exhibit 99.2
Supplemental Information Package
and Non-GAAP Reconciliations
First Quarter • March 31, 2025
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Crown Castle Inc.
First Quarter 2025

TABLE OF CONTENTS
| Page
Company Overview |
Company Profile | 3
Strategy | 3
General Company Information | 4
Tower Asset Portfolio Footprint | 4
Historical Common Stock Data | 4
Executive Management Team | 5
Board of Directors | 5
Research Coverage | 5
Outlook |
Outlook | 6
Outlook for Components of Changes in Site Rental Revenues | 7
Outlook for Components of Interest Expense | 7
Financial Highlights |
Summary Financial Highlights | 8
Components of Changes in Site Rental Revenues | 9
Summary of Capital Expenditures | 10
Portfolio Highlights | 10
Consolidated Return on Invested Capital | 11
Cash Yield on Invested Capital | 11
Tenant Overview | 12
Annualized Rental Cash Payments at Time of Renewal | 12
Projected Revenues from Tenant Contracts Associated with Active Licenses | 12
Projected Expenses from Existing Ground Leases | 13
Summary of Tower Portfolio by Vintage | 13
Ground Interest Overview | 13
Capitalization Overview |
Capitalization Overview | 14
Debt Maturity Overview | 15
Liquidity Overview | 16
Summary of Maintenance and Financial Covenants | 16
Interest Rate Exposure | 17
Components of Interest Expense | 17
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations | 18

1

Crown Castle Inc.
First Quarter 2025
Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our towers, (2) cash flow growth (including from discontinued operations), (3) our Outlook for full year 2025, including Free Cash Flow from Discontinued Operations, (4) our business model, strategy and strategic position, and the value thereof, (5) revenues from tenant contracts, (6) expenses from existing ground leases, (7) the growth of the U.S. market for towers ownership, (8) levels of commitments under our debt instruments and (9) the impact of Sprint Cancellations to our operating and financial results.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.
The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

COMPANY PROFILE

Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 105,000 small cells on air or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. We refer to our towers, small cells and fiber assets collectively as "communications infrastructure," and to our customers on our communications infrastructure as "tenants." We provide access, including space or capacity, to our communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
Our towers have a significant presence in each of the top 100 basic trading areas, and the majority of our small cells and fiber assets are located in major metropolitan areas, including a presence in most U.S. markets. We seek to increase our site rental revenues by adding more tenants to our existing towers, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
On March 13, 2025, management signed a definitive agreement ("Strategic Fiber Agreement") to sell our small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"), with Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business and EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business ("Strategic Fiber Transaction"). Under the Strategic Fiber Agreement, we will receive $8.5 billion in aggregate, subject to certain closing adjustments. Pending the closing of the Strategic Fiber Transaction, we will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement.
The results and net assets of the Fiber Business are presented within the financial statements as discontinued operations, with comparable prior periods recast to reflect this change. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Unless otherwise noted and other than net income (loss) and net income (loss) per share, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.

STRATEGY

As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases, subject to the approval of our board of directors and (3) investing capital efficiently to grow cash flows and stockholder distributions. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
•Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.
•Return cash generated by operating activities to stockholders in the form of dividends and share repurchases. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.
•Invest capital efficiently to grow cash flows and stockholder distributions. In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.
3

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

GENERAL COMPANY INFORMATION
Principal executive offices | 8020 Katy Freeway, Houston, TX 77024
Common shares trading symbol | CCI
Stock exchange listing | New York Stock Exchange
Fiscal year ending date | December 31
Fitch - Long-term Issuer Default Rating | BBB+
Moody’s - Long-term Corporate Family Rating | Baa3
Standard & Poor’s - Long-term Local Issuer Credit Rating | BBB

Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.

TOWER ASSET PORTFOLIO FOOTPRINT

HISTORICAL COMMON STOCK DATA
| Three Months Ended
(in millions, except per share amounts) | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | 3/31/25
High price(a) | $ | 108.50 |  | $ | 99.46 |  | $ | 117.07 |  | $ | 115.85 |  | $ | 107.37 |
Low price(a) | $ | 95.71 |  | $ | 86.84 |  | $ | 90.75 |  | $ | 87.44 |  | $ | 82.81 |
Period end closing price(b) | $ | 99.51 |  | $ | 93.33 |  | $ | 114.83 |  | $ | 89.27 |  | $ | 104.23 |
Dividends paid per common share | $ | 1.57 |  | $ | 1.57 |  | $ | 1.57 |  | $ | 1.57 |  | $ | 1.57 |
Volume weighted average price for the period(a) | $ | 100.94 |  | $ | 92.48 |  | $ | 105.85 |  | $ | 100.03 |  | $ | 94.11 |
Common shares outstanding, at period end | 435 |  | 435 |  | 435 |  | 435 |  | 435 |
Market value of outstanding common shares, at period end(c) | $ | 43,238 |  | $ | 40,556 |  | $ | 49,904 |  | $ | 38,797 |  | $ | 45,385 |

(a)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(b)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(c)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
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Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

EXECUTIVE MANAGEMENT TEAM
| Age | Years with Company | Position
Daniel K. Schlanger | 51 | 9 | Interim President and Chief Executive Officer
Sunit Patel | 63 | <1 | Executive Vice President and Chief Financial Officer
Catherine Piche | 54 | 12(a) | Executive Vice President and Chief Operating Officer - Towers
Christopher D. Levendos | 57 | 6 | Executive Vice President and Chief Operating Officer - Fiber
Edward B. Adams, Jr. | 56 | 8 | Executive Vice President and General Counsel

BOARD OF DIRECTORS
Name | Position | Committees | Age | Years as Director
P. Robert Bartolo | Chair | NESG(b), Fiber Review, Finance, CEO Search | 53 | 11
Cindy Christy | Director | Compensation and Human Capital, NESG(b) | 59 | 17
Ari Q. Fitzgerald | Director | Compensation and Human Capital, NESG(b) | 62 | 22
Jason Genrich | Director | Fiber Review, Finance, CEO Search | 38 | 1
Andrea J. Goldsmith | Director | Compensation and Human Capital | 60 | 7
Tammy K. Jones | Director | Audit, NESG(b), Finance, CEO Search | 59 | 4
Kevin T. Kabat | Director | Compensation and Human Capital, NESG(b), CEO Search | 68 | 1
Anthony J. Melone | Director | Audit, Fiber Review | 64 | 9
Bradley E. Singer | Director | Audit, Finance | 58 | 1
Kevin A. Stephens | Director | Audit, Compensation and Human Capital, Fiber Review | 63 | 4
Matthew Thornton III | Director | Compensation and Human Capital | 66 | 4
Katherine Motlagh | Director | Audit, Finance | 51 | <1

RESEARCH COVERAGE
Equity Research
Bank of America Alexander Waters (646) 855-0684 | Barclays Brendan Lynch (212) 526-9428 | BMO Capital Markets Ari Klein (212) 885-4103
Citigroup Michael Rollins (212) 816-1116 | Deutsche Bank Matthew Niknam (212) 250-4711 | Goldman Sachs Jim Schneider (212) 357-2929
Green Street David Guarino (949) 640-8780 | HSBC Luigi Minerva (207) 991-6928 | Jefferies Jonathan Petersen (212) 284-1705
JMP Securities Greg Miller (212) 699-2917 | JPMorgan Richard Choe (212) 622-6708 | KeyBanc Brandon Nispel (503) 821-3871
LightShed Partners Walter Piecyk (646) 450-9258 | MoffettNathanson Nick Del Deo (212) 519-0025 | Morgan Stanley Benjamin Swinburne (212) 761-7527
New Street Research Jonathan Chaplin (212) 921-9876 | Raymond James Ric Prentiss (727) 567-2567 | RBC Capital Markets Jonathan Atkin (415) 633-8589
Scotiabank Maher Yaghi (437) 995-5548 | TD Cowen Michael Elias (646) 562-1358 | UBS Batya Levi (212) 713-8824
Wells Fargo Eric Luebchow (312) 630-2386 | Wolfe Research Andrew Rosivach (646) 582-9350 |
Rating Agencies
Fitch Salonie Sehgal (312) 368-3137 | Moody’s Ranjini Venkatesan (212) 553-3828 | Standard & Poor’s Ryan Gilmore (212) 438-0602

(a)Includes credit for prior service with the Company prior to Ms. Piche's reappointment as Executive Vice President and Chief Operating Officer - Towers of the Company effective October 28, 2024.
(b)Nominating, Environmental, Social and Governance Committee.
5

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

OUTLOOK |  |  |  |  |  |  |  |
(in millions, except per share amounts) |  |  | Full Year 2025 Outlook(a) |  |  |  |  |  |  |  |
Site rental billings(b) |  |  |  |  | $3,885 | to | $3,915 |  |  |  |  |  |  |  |
Amortization of prepaid rent |  |  |  |  | $80 | to | $110 |  |  |  |  |  |  |  |
Straight-lined revenues |  |  |  |  | ($15) | to | $15 |  |  |  |  |  |  |  |
Other revenues |  |  |  |  | $15 | to | $15 |  |  |  |  |  |  |  |
Site rental revenues |  |  |  |  | $3,987 | to | $4,032 |  |  |  |  |  |  |  |
Site rental costs of operations(d) |  |  |  |  | $987 | to | $1,032 |  |  |  |  |  |  |  |
Services and other gross margin |  |  |  |  | $70 | to | $100 |  |  |  |  |  |  |  |
Net income (loss)(c) |  |  |  |  | $65 | to | $345 |  |  |  |  |  |  |  |
Net income (loss) per share—diluted(c) |  |  |  |  | $0.15 | to | $0.79 |  |  |  |  |  |  |  |
Adjusted EBITDA(b) |  |  |  |  | $2,755 | to | $2,805 |  |  |  |  |  |  |  |
Depreciation, amortization and accretion |  |  |  |  | $678 | to | $773 |  |  |  |  |  |  |  |
Interest expense and amortization of deferred financing costs, net(e) |  |  |  |  | $982 | to | $1,027 |  |  |  |  |  |  |  |
Income (loss) from discontinued operations, net of tax(f) |  |  |  |  | ($830) | to | ($590) |  |  |  |  |  |  |  |
FFO(b) |  |  |  |  | $1,610 | to | $1,640 |  |  |  |  |  |  |  |
AFFO(b) |  |  |  |  | $1,770 | to | $1,820 |  |  |  |  |  |  |  |
AFFO per share(b) |  |  |  |  | $4.06 | to | $4.17 |  |  |  |  |  |  |  |

(a)As issued April 30, 2025 and unchanged from the previous Outlook issued on March 13, 2025. Due to being presented as discontinued operations, contributions from the Fiber Business are included in net income (loss) and net income (loss) per share-diluted but excluded from all other Outlook components unless otherwise noted.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings.
(c)Includes contribution from discontinued operations.
(d)Exclusive of depreciation, amortization and accretion.
(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)Represents expected results from the Fiber Business, including the estimated loss on disposal.
6

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding) |  |  | Full Year 2025 Outlook(a)
Components of changes in site rental revenues: |  |  |
Prior year site rental billings(b)(c) |  |  | $3,931
Core leasing activity(b) |  |  |  |  | $105 | to | $115
Escalators |  |  |  |  | $90 | to | $100
Non-renewals(b) |  |  |  |  | $(35) | to | $(25)
Other billings(b) |  |  |  |  | $0 | to | $0
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b) |  |  |  |  | $160 | to | $190
Non-renewals associated with Sprint Cancellations(b) |  |  |  |  | $(205) | to | $(205)
Organic Contribution to Site Rental Billings(b) |  |  |  |  | $(45) | to | $(15)
Straight-lined revenues |  |  |  |  | $(15) | to | $15
Amortization of prepaid rent |  |  |  |  | $80 | to | $110
Other revenues |  |  |  |  | $15 | to | $15
Acquisitions(d) |  |  | — |  | to | —
Total site rental revenues |  |  |  |  | $3,987 | to | $4,032
Year-over-year changes in revenues:(e) |  |  |
Site rental revenues as a percentage of prior year site rental revenues |  |  | (6.0)%(f)
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(b) |  |  | 4.5%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b) |  |  | (0.8)%

OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions) |  |  | Full Year 2025 Outlook(a)
Interest expense on debt obligations |  |  |  |  | $970 | to | $1,010
Amortization of deferred financing costs and adjustments on long-term debt |  |  |  |  | $20 | to | $30
Capitalized interest |  |  |  |  | $(15) | to | $(5)
Interest expense and amortization of deferred financing costs, net |  |  |  |  | $982 | to | $1,027

(a)As issued April 30, 2025 and unchanged from the previous Outlook issued on March 13, 2025. Represents Outlook for continuing operations only.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in "Non-GAAP Measures and Other Information."
(c)Reflects prior year Towers segment site rental billings as historically reported. The financial impact of prior year Fiber segment site rental billings as historically reported is excluded since such billings are included in discontinued operations for 2025.
(d)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, until the one-year anniversary of such acquisitions.
(e)Calculated based on midpoint of full year 2025 Outlook where applicable.
(f)Percentage is corrected from the Supplemental Information Package issued on March 13, 2025.
7

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

SUMMARY FINANCIAL HIGHLIGHTS(a)
| 2024 |  |  |  |  |  |  |  | 2025 |  |
(in millions, except per share amounts; totals may not sum due to rounding) | Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Site rental |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Site rental billings(b) | $ | 966 |  |  | $ | 967 |  |  | $ | 995 |  |  | $ | 1,006 |  |  |  |  |  |  |  |  | $ | 964 |  |  |  |  |
Amortization of prepaid rent | 41 |  |  | 39 |  |  | 39 |  |  | 40 |  |  |  |  |  |  |  |  | 25 |  |  |  |  |
Straight-lined revenues | 57 |  |  | 54 |  |  | 28 |  |  | 20 |  |  |  |  |  |  |  |  | 19 |  |  |  |  |
Other revenues | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |  |  |  | 4 |  |  |  |  |
Total site rental | 1,068 |  |  | 1,064 |  |  | 1,066 |  |  | 1,070 |  |  |  |  |  |  |  |  | 1,011 |  |  |  |  |
Services and other | 46 |  |  | 43 |  |  | 54 |  |  | 49 |  |  |  |  |  |  |  |  | 50 |  |  |  |  |
Net revenues | $ | 1,114 |  |  | $ | 1,107 |  |  | $ | 1,117 |  |  | $ | 1,119 |  |  |  |  |  |  |  |  | $ | 1,061 |  |  |  |  |
Select operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of operations(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Site rental exclusive of straight-lined expenses | $ | 227 |  |  | $ | 233 |  |  | $ | 229 |  |  | $ | 227 |  |  |  |  |  |  |  |  | $ | 225 |  |  |  |  |
Straight-lined expenses | 16 |  |  | 16 |  |  | 15 |  |  | 15 |  |  |  |  |  |  |  |  | 15 |  |  |  |  |
Total site rental | 243 |  |  | 249 |  |  | 244 |  |  | 242 |  |  |  |  |  |  |  |  | 240 |  |  |  |  |
Services and other | 29 |  |  | 25 |  |  | 27 |  |  | 26 |  |  |  |  |  |  |  |  | 28 |  |  |  |  |
Total costs of operations | 272 |  |  | 274 |  |  | 271 |  |  | 268 |  |  |  |  |  |  |  |  | 268 |  |  |  |  |
Selling, general and administrative | $ | 114 |  |  | $ | 136 |  |  | $ | 93 |  |  | $ | 92 |  |  |  |  |  |  |  |  | $ | 93 |  |  |  |  |
Net income (loss)(d) | $ | 311 |  |  | $ | 251 |  |  | $ | 303 |  |  | $ | (4,768) |  |  |  |  |  |  |  |  | $ | (464) |  |  |  |  |
Adjusted EBITDA(e) | 754 |  |  | 727 |  |  | 777 |  |  | 777 |  |  |  |  |  |  |  |  | 722 |  |  |  |  |
Depreciation, amortization and accretion | 191 |  |  | 180 |  |  | 181 |  |  | 183 |  |  |  |  |  |  |  |  | 177 |  |  |  |  |
Interest expense and amortization of deferred financing costs, net | 226 |  |  | 230 |  |  | 236 |  |  | 240 |  |  |  |  |  |  |  |  | 236 |  |  |  |  |
FFO(e) | 478 |  |  | 436 |  |  | 466 |  |  | 483 |  |  |  |  |  |  |  |  | 451 |  |  |  |  |
AFFO(e) | $ | 484 |  |  | $ | 449 |  |  | $ | 525 |  |  | $ | 523 |  |  |  |  |  |  |  |  | $ | 479 |  |  |  |  |
Weighted-average common shares outstanding— diluted | 435 |  |  | 435 |  |  | 436 |  |  | 435 |  |  |  |  |  |  |  |  | 436 |  |  |  |  |
Net income (loss) per share—diluted(d) | $ | 0.71 |  |  | $ | 0.58 |  |  | $ | 0.70 |  |  | $ | (10.97) |  |  |  |  |  |  |  |  | $ | (1.07) |  |  |  |  |
AFFO per share(e) | $ | 1.11 |  |  | $ | 1.03 |  |  | $ | 1.20 |  |  | $ | 1.20 |  |  |  |  |  |  |  |  | $ | 1.10 |  |  |  |  |

(a)With the exception of net income (loss) and net income (loss) per share-diluted, amounts are exclusive of the Fiber Business, which is presented in discontinued operations.
(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
(c)Exclusive of depreciation, amortization and accretion.
(d)Includes contribution from discontinued operations.
(e)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
8

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
| 2024 |  |  |  |  |  |  |  | 2025 |  |
(dollars in millions; totals may not sum due to rounding) | Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Components of changes in site rental revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior year site rental billings(b) | $ | 923 |  | $ | 922 |  | $ | 952 |  | $ | 966 |  |  |  |  |  |  |  | $ | 966 |  |  |  |
Core leasing activity(b) | 28 |  | 28 |  | 27 |  | 28 |  |  |  |  |  |  |  | 28 |  |  |  |
Escalators | 23 |  | 23 |  | 23 |  | 24 |  |  |  |  |  |  |  | 24 |  |  |  |
Non-renewals(b) | (8) |  | (7) |  | (8) |  | (8) |  |  |  |  |  |  |  | (7) |  |  |  |
Other billings(b)(c) | — |  | 2 |  | — |  | (4) |  |  |  |  |  |  |  | 3 |  |  |  |
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(b) | 43 |  | 45 |  | 43 |  | 40 |  |  |  |  |  |  |  | 49 |  |  |  |
Non-renewals associated with Sprint Cancellations(b) | — |  | — |  | — |  | — |  |  |  |  |  |  |  | (51) |  |  |  |
Organic Contribution to Site Rental Billings(b) | 43 |  | 45 |  | 43 |  | 40 |  |  |  |  |  |  |  | (2) |  |  |  |
Straight-lined revenues | 57 |  | 54 |  | 28 |  | 20 |  |  |  |  |  |  |  | 19 |  |  |  |
Amortization of prepaid rent | 41 |  | 39 |  | 39 |  | 40 |  |  |  |  |  |  |  | 25 |  |  |  |
Other revenues | 4 |  | 4 |  | 4 |  | 4 |  |  |  |  |  |  |  | 4 |  |  |  |
Total site rental revenues | $ | 1,068 |  | $ | 1,064 |  | $ | 1,066 |  | $ | 1,070 |  |  |  |  |  |  |  | $ | 1,011 |  |  |  |
Year-over-year changes in revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Site rental revenues as a percentage of prior year site rental revenues | (1.2) | % |  | (1.5) | % |  | (0.8) | % |  | (0.8) | % |  |  |  |  |  |  |  | (5.3) | % |  |  |  |
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations as a percentage of prior year site rental billings(b) | 4.6 | % |  | 4.8 | % |  | 4.5 | % |  | 4.1 | % |  |  |  |  |  |  |  | 5.1 | % |  |  |  |
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b) | 4.6 | % |  | 4.8 | % |  | 4.5 | % |  | 4.1 | % |  |  |  |  |  |  |  | (0.2) | % |  |  |  |

(a)The financial impact of the Fiber Business revenues are excluded as amounts are presented within discontinued operations.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations in "Non-GAAP Measures and Other Information."
(c)Amounts are updated from the Supplemental Information Package issued on March 13, 2025 to reflect intercompany revenue from the Fiber Business which is no longer eliminated following the reclassification of the Fiber Business to discontinued operations.
9

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

SUMMARY OF CAPITAL EXPENDITURES(a)
| 2024 |  |  |  |  |  |  |  | 2025 |  |
(dollars in millions; totals may not sum due to rounding) | Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Discretionary capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Towers improvements and other capital projects | $ | 26 |  | $ | 20 |  | $ | 21 |  | $ | 18 |  |  |  |  |  |  |  | $ | 15 |  |  |  |
Purchases of land interests | 13 |  | 11 |  | 14 |  | 20 |  |  |  |  |  |  |  | 18 |  |  |  |
Total discretionary capital expenditures | 39 |  | 31 |  | 35 |  | 38 |  |  |  |  |  |  |  | 33 |  |  |  |
Sustaining capital expenditures | 8 |  | 9 |  | 6 |  | 12 |  |  |  |  |  |  |  | 7 |  |  |  |
Total capital expenditures | 47 |  | 40 |  | 41 |  | 50 |  |  |  |  |  |  |  | 40 |  |  |  |
Less: Prepaid rent additions(b) | 12 |  | 8 |  | 13 |  | 12 |  |  |  |  |  |  |  | 10 |  |  |  |
Capital expenditures less prepaid rent additions | $ | 35 |  | $ | 32 |  | $ | 28 |  | $ | 38 |  |  |  |  |  |  |  | $ | 30 |  |  |  |

PORTFOLIO HIGHLIGHTS
(as of March 31, 2025) |
Number of towers (in thousands)(c) | 40 |
Average number of tenants per tower | 2.4 |
Remaining contracted tenant receivables (in billions)(d) | $ | 30 |
Weighted average remaining tenant contract term (years)(d)(e) | 6 |
Percent of towers in the Top 50 / 100 Basic Trading Areas | 56% / 71%
Percent of ground leased / owned(f) | 57% / 43%
Weighted average maturity of ground leases (years)(f)(g) | 36 |

(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in "Non-GAAP Measures and Other Information." Excludes amounts related to the Fiber Business, which are presented in discontinued operations.
(b)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(c)Excludes third-party land interests.
(d)Relates to continuing operations only. Excludes renewal terms at tenants' option.
(e)Weighted by site rental revenues.
(f)Weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(g)Includes all renewal terms at the Company's option.
10

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

CONSOLIDATED RETURN ON INVESTED CAPITAL(a)(b)
(as of March 31, 2025; dollars in millions) | Q1 2025 LQA | Q1 2024 LQA
Adjusted EBITDA(c) | $ | 2,888 |  | $ | 3,016 |
Cash taxes (paid) refunded | 2 |  | 1 |
Adjusted EBITDA less cash taxes paid | $ | 2,890 |  | $ | 3,017 |
Historical gross investment in property and equipment(d) | $ | 16,876 |  | $ | 16,723 |
Historical gross investment in site rental contracts and tenant relationships | 4,589 |  | 4,590 |
Historical gross investment in goodwill | 5,127 |  | 5,127 |
Consolidated Invested Capital(a) | $ | 26,592 |  | $ | 26,440 |
Consolidated Return on Invested Capital(a) | 10.9 | % | 11.4 | %

CASH YIELD ON INVESTED CAPITAL(a)b)(e)
(as of March 31, 2025; dollars in millions) | Q1 2025 LQA |  | Q1 2024 LQA
Adjusted Site Rental Gross Margin(c) | $ | 3,104 |  |  | $ | 3,316 |
Less: Amortization of prepaid rent | (100) |  |  | (164) |
Less: Straight-lined revenues | (76) |  |  | (228) |
Add: Straight-lined expenses | 44 |  |  | 48 |
Numerator | $ | 2,972 |  |  | $ | 2,972 |
Net investment in property and equipment(f) | $ | 13,566 |  |  | $ | 13,464 |
Investment in site rental contracts and tenant relationships | 4,589 |  |  | 4,590 |
Investment in goodwill(g) | 5,351 |  |  | 5,351 |
Net Invested Capital(a) | $ | 23,506 |  |  | $ | 23,405 |
Cash Yield on Invested Capital(a) | 12.6 | % |  | 12.7 | %

(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions of, Consolidated Return on Invested Capital, Consolidated Invested Capital, Cash Yield on Invested Capital, and Net Invested Capital.
(b)Amounts are exclusive of the Fiber Business which is presented in discontinued operations.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(d)Historical gross investment in property and equipment excludes the impact of construction in process.
(e)Section is equivalent to the historically reported Tower Segment Cash Yield on Invested Capital.
(f)Net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants.
(g)Investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions.
11

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

TENANT OVERVIEW(a)
(as of March 31, 2025) | Percentage of Q1 2025 LQA Site Rental Revenues | Weighted Average Current Term Remaining(b) | Long-Term Credit Rating (S&P / Moody’s)
T-Mobile | 40% | 7 | BBB / Baa2
AT&T | 27% | 4 | BBB / Baa2
Verizon | 21% | 6 | BBB+ / Baa1
All Others Combined | 12% | 8 | N/A
Total / Weighted Average | 100% | 6 |

ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(a)(c)
| Remaining Nine Months |  | Years Ending December 31,
(as of March 31, 2025; in millions) | 2025 |  | 2026 | 2027 | 2028 | 2029 |
T-Mobile | $ | 4 |  |  | $ | 28 |  | $ | 32 |  | $ | 25 |  | $ | 24 |  |
AT&T | 10 |  |  | 23 |  | 13 |  | 773 |  | 240 |  |
Verizon | 4 |  |  | 5 |  | 7 |  | 31 |  | 48 |  |
All Others Combined | 38 |  |  | 38 |  | 37 |  | 28 |  | 44 |  |
Total | $ | 56 |  |  | $ | 94 |  | $ | 89 |  | $ | 857 |  | $ | 356 |  |

PROJECTED REVENUES FROM TENANT CONTRACTS ASSOCIATED WITH ACTIVE LICENSES(a)(d)
| Remaining Nine Months |  | Years Ending December 31,
(as of March 31, 2025; in millions) | 2025 |  | 2026 | 2027 | 2028 | 2029 |
Components of site rental revenues: |  |  |  |  |  |  |
Site rental billings(e) | $ | 2,927 |  |  | $ | 3,990 |  | $ | 4,099 |  | $ | 4,218 |  | $ | 4,343 |  |
Amortization of prepaid rent | 66 |  |  | 76 |  | 63 |  | 42 |  | 27 |  |
Straight-lined revenues | 23 |  |  | (59) |  | (172) |  | (235) |  | (205) |  |
Site rental revenues | $ | 3,016 |  |  | $ | 4,007 |  | $ | 3,990 |  | $ | 4,025 |  | $ | 4,165 |  |

(a)Amounts are exclusive of the Fiber Business which is presented in discontinued operations.
(b)Weighted by site rental revenues and excludes renewals at the tenants' option.
(c)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts Associated with Active Licenses" below.
(d)Based on tenant licenses in place and active as of March 31, 2025. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.
(e)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
12

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

PROJECTED EXPENSES FROM EXISTING GROUND LEASES(a)(b)
| Remaining Nine Months |  | Years Ending December 31,
(as of March 31, 2025; in millions) | 2025 |  | 2026 | 2027 | 2028 | 2029 |
Components of ground lease expenses: |  |  |  |  |  |  |
Ground lease expenses exclusive of straight-lined expenses | $ | 514 |  |  | $ | 704 |  | $ | 725 |  | $ | 744 |  | $ | 765 |  |
Straight-lined expenses | 39 |  |  | 40 |  | 28 |  | 17 |  | 7 |  |
Ground lease expenses | $ | 553 |  |  | $ | 744 |  | $ | 753 |  | $ | 761 |  | $ | 772 |  |

SUMMARY OF TOWER PORTFOLIO BY VINTAGE(c)
(as of March 31, 2025; dollars in thousands) | Acquired and Built 2006 and Prior | Acquired and Built 2007 to Present
Cash yield(d) | 21 | % | 10 | %
Number of tenants per tower | 2.9 |  | 2.2 |
Last quarter annualized average cash site rental revenue per tower(e) | $ | 138 |  | $ | 79 |
Last quarter annualized average site rental gross cash margin per tower(f) | $ | 120 |  | $ | 56 |
Net invested capital per tower(g) | $ | 564 |  | $ | 589 |
Number of towers | 11,186 |  | 28,817 |

GROUND INTEREST OVERVIEW
(as of March 31, 2025; dollars in millions) | LQA Cash Site Rental Revenues(e) | Percentage of LQA Cash Site Rental Revenues(e) | LQA Site Rental Gross Cash Margin(f) | Percentage of LQA Site Rental Gross Cash Margin(f) | Number of Towers(h) | Percentage of Towers | Weighted Average Term Remaining (by years)(i)
Less than 10 years | $ | 413 |  | 11 | % | $ | 223 |  | 7 | % | 5,418 |  | 14 | % |
10 to 20 years | 554 |  | 14 | % | 352 |  | 12 | % | 6,087 |  | 15 | % |
Greater than 20 years | 1,520 |  | 40 | % | 1,112 |  | 38 | % | 16,538 |  | 41 | % |
Total leased | $ | 2,487 |  | 65 | % | $ | 1,686 |  | 57 | % | 28,043 |  | 70 | % | 36 |
Owned | $ | 1,334 |  | 35 | % | $ | 1,264 |  | 43 | % | 11,960 |  | 30 | % |
Total / Average | $ | 3,821 |  | 100 | % | $ | 2,950 |  | 100 | % | 40,003 |  | 100 | % |

(a)Based on existing ground leases as of March 31, 2025. CPI-linked contracts are assumed to escalate at 3% per annum.
(b)Amounts are exclusive of the Fiber Business which is presented in discontinued operations.
(c)All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities.
(d)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(e)Exclusive of straight-lined revenues and amortization of prepaid rent.
(f)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(g)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
(h)Excludes third-party land interests.
(i)Includes all renewal terms at the Company's option and weighted by towers site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
13

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

CAPITALIZATION OVERVIEW
(as of March 31, 2025; dollars in millions) | Face Value(a) | Fixed vs. Variable | Interest Rate(b) |  |  | Maturity
Cash and cash equivalents and restricted cash and cash equivalents(c) | $ | 239 |  |  |  |  |  |
Senior Secured Notes, Series 2009-1, Class A-2(d) | 31 |  | Fixed | 9.0% |  |  | 2029
Senior Secured Tower Revenue Notes, Series 2015-2(e) | 700 |  | Fixed | 3.7% |  |  | 2045
Senior Secured Tower Revenue Notes, Series 2018-2(e) | 750 |  | Fixed | 4.2% |  |  | 2048
Installment purchase liabilities and finance leases(f) | 268 |  | Fixed | Various |  |  | Various
Total secured debt | $ | 1,749 |  |  | 4.1% |  |  |
2016 Revolver(g) | — |  | Variable |  |  |  | 2027
2016 Term Loan A(h) | 1,101 |  | Variable | 5.5% |  |  | 2027
Commercial Paper Notes(i) | 1,677 |  | Variable | 4.9% |  |  | Various
1.350% Senior Notes | 500 |  | Fixed | 1.4% |  |  | 2025
4.450% Senior Notes | 900 |  | Fixed | 4.5% |  |  | 2026
3.700% Senior Notes | 750 |  | Fixed | 3.7% |  |  | 2026
1.050% Senior Notes | 1,000 |  | Fixed | 1.1% |  |  | 2026
2.900% Senior Notes | 750 |  | Fixed | 2.9% |  |  | 2027
4.000% Senior Notes | 500 |  | Fixed | 4.0% |  |  | 2027
3.650% Senior Notes | 1,000 |  | Fixed | 3.7% |  |  | 2027
5.000% Senior Notes | 1,000 |  | Fixed | 5.0% |  |  | 2028
3.800% Senior Notes | 1,000 |  | Fixed | 3.8% |  |  | 2028
4.800% Senior Notes | 600 |  | Fixed | 4.8% |  |  | 2028
4.300% Senior Notes | 600 |  | Fixed | 4.3% |  |  | 2029
5.600% Senior Notes | 750 |  | Fixed | 5.6% |  |  | 2029
4.900% Senior Notes | 550 |  | Fixed | 4.9% |  |  | 2029
3.100% Senior Notes | 550 |  | Fixed | 3.1% |  |  | 2029
3.300% Senior Notes | 750 |  | Fixed | 3.3% |  |  | 2030
2.250% Senior Notes | 1,100 |  | Fixed | 2.3% |  |  | 2031
2.100% Senior Notes | 1,000 |  | Fixed | 2.1% |  |  | 2031
2.500% Senior Notes | 750 |  | Fixed | 2.5% |  |  | 2031
5.100% Senior Notes | 750 |  | Fixed | 5.1% |  |  | 2033
5.800% Senior Notes | 750 |  | Fixed | 5.8% |  |  | 2034
5.200% Senior Notes | 700 |  | Fixed | 5.2% |  |  | 2034
2.900% Senior Notes | 1,250 |  | Fixed | 2.9% |  |  | 2041
4.750% Senior Notes | 350 |  | Fixed | 4.8% |  |  | 2047
5.200% Senior Notes | 400 |  | Fixed | 5.2% |  |  | 2049
4.000% Senior Notes | 350 |  | Fixed | 4.0% |  |  | 2049
4.150% Senior Notes | 500 |  | Fixed | 4.2% |  |  | 2050
3.250% Senior Notes | 900 |  | Fixed | 3.3% |  |  | 2051
Total unsecured debt | $ | 22,778 |  |  | 3.9% |  |  |
Net Debt(j) | $ | 24,288 |  |  | 3.9% |  |  |
Market Capitalization(k) | 45,385 |  |  |  |  |  |
Firm Value(l) | $ | 69,673 |  |  |  |  |  |

(a)Net of required principal amortizations.
(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)As of March 31, 2025, excludes $39 million associated with discontinued operations relating to the Fiber Business.
(d)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(e)If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. The Senior Secured Tower Revenue Notes, 2015-2 and 2018-2 have anticipated repayment dates in 2025 and 2028, respectively. Notes are prepayable at par if voluntarily repaid within eighteen months of maturity; earlier prepayment may require additional consideration.
(f)As of March 31, 2025, reflects $7 million in finance lease obligations (primarily related to vehicles), which excludes $30 million associated with discontinued operations.
(g)As of March 31, 2025, the undrawn availability under the $7.0 billion 2016 Revolver was $7.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of March 31, 2025 ranged from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum.
(h)The 2016 Term Loan A principal amortizes over a period ending in July 2027.
(i)As of March 31, 2025, the Company had $0.3 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(j)See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.
(k)Market capitalization calculated based on $104.23 closing price and 435 million shares outstanding as of March 31, 2025.
(l)Represents the sum of Net Debt and market capitalization. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt.
14

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

DEBT MATURITY OVERVIEW(a)(b)

(as of March 31, 2025; in millions)
(a)Where applicable, maturities reflect the respective anticipated repayment dates of the Tower Revenue Notes; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.
(b)The $1.7 billion outstanding in CP Notes have been excluded from this overview. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
15

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

LIQUIDITY OVERVIEW(a)
(in millions) | March 31, 2025
Cash and cash equivalents, and restricted cash and cash equivalents(b)(c) | $ | 239 |
Undrawn 2016 Revolver availability(d) | 6,961 |
Total debt and other obligations (current and non-current)(c)(e) | 24,377 |
Total equity | (1,253) |

SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt | Borrower / Issuer | Covenant(f) | Covenant Level Requirement | As of March 31, 2025
Maintenance Financial Covenants(g)
2016 Credit Facility | CCI | Total Net Leverage Ratio | ≤ 6.50x |  | 5.9x
2016 Credit Facility | CCI | Total Senior Secured Leverage Ratio | ≤ 3.50x |  | 0.4x
2016 Credit Facility | CCI | Consolidated Interest Coverage Ratio(h) | N/A |  | N/A
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (i) | 17.6x
2018 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (i) | 17.6x
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.30x | (i) | 34.9x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
2015 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (j) | 17.6x
2018 Tower Revenue Notes | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (j) | 17.6x
2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.34x | (j) | 34.9x

(a)In addition, we have the following sources of liquidity:
i.In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.
ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of March 31, 2025, there were $1.7 billion CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)Excludes amounts presented in discontinued operations relating to the Fiber Business.
(d)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2016 Revolver.
(e)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.
(f)As defined in the respective debt agreement. In the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.
(g)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2016 Credit Facility.
(h)Applicable solely to the extent that the senior unsecured debt rating by any two of S&P, Moody's and Fitch is lower than BBB-, Baa3 or BBB-, respectively. If applicable, the consolidated interest coverage ratio must be greater than or equal to 2.50.
(i)The 2015 Tower Revenue Notes, 2018 Tower Revenue Notes and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x, 1.45x or 1.15x, in each case as described under the indentures for the 2015 Tower Revenue Notes, 2018 Tower Revenue Notes or 2009 Securitized Notes, respectively.
(j)Rating Agency Confirmation (as defined in the respective debt agreement) is required.
16

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

INTEREST RATE EXPOSURE(a)
(as of March 31, 2025; dollars in millions)
Fixed Rate Debt |  | Floating Rate Debt
Face value of principal outstanding(b) | $21,481 |  | Face value of principal outstanding(b) | $2,778
% of total debt | 89% |  | % of total debt | 11%
Weighted average interest rate | 3.7% |  | Weighted average interest rate(c) | 5.2%
Upcoming maturities: | 2025(d) | 2026 |  | Interest rate sensitivity of 25 bps increase in interest rates:
Face value of principal outstanding(b) | $1,200 | $2,650 |  | Full year effect(e) | $6.9
Weighted average interest rate | 2.7% | 3.0% |  |  |

COMPONENTS OF INTEREST EXPENSE
| 2024 |  |  |  |  |  |  |  | 2025 |  |
(in millions) | Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Interest expense on debt obligations | $ | 223 |  |  | $ | 227 |  |  | $ | 234 |  |  | $ | 236 |  |  |  |  |  |  |  |  | $ | 233 |  |  |  |  |
Amortization of deferred financing costs and adjustments on long-term debt | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  |  |  |  |  |  |  | 8 |  |  |  |  |
Capitalized interest | (5) |  |  | (5) |  |  | (6) |  |  | (4) |  |  |  |  |  |  |  |  | (5) |  |  |  |  |
Interest expense and amortization of deferred financing costs, net | $ | 226 |  |  | $ | 230 |  |  | $ | 236 |  |  | $ | 240 |  |  |  |  |  |  |  |  | $ | 236 |  |  |  |  |

(a)Excludes finance leases and other obligations; assumes no default.
(b)Net of required principal amortization.
(c)In June 2021, the Company entered into an amendment to the credit agreement governing our 2016 Credit Facility that provided for, among other things, a reduction to the interest rate spread ("Spread") of up to 0.05% if the Company meets specified annual sustainability targets ("Targets") and an increase to the Spread of up to 0.05% if the Company fails to meet specified annual sustainability thresholds ("Thresholds"). In January 2025, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of December 31, 2024, and, as such, the Spread reduction is maintained for 2025. The weighted average interest rate reflects the reduced Spread.
(d)Maturities include the Senior Secured Tower Revenue Notes 2015-2, which has an anticipated repayment date in 2025.
(e)Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of March 31, 2025; assumes no debt maturities.
17

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values) | March 31, 2025 |  | December 31, 2024
ASSETS
Current assets: |  |  |
Cash and cash equivalents | $ | 60 |  |  | $ | 100 |
Restricted cash and cash equivalents | 174 |  |  | 170 |
Receivables, net | 123 |  |  | 129 |
Prepaid expenses | 76 |  |  | 74 |
Current portion of deferred site rental receivables | 185 |  |  | 164 |
Other current assets | 25 |  |  | 24 |
Current assets of discontinued operations | 442 |  |  | 429 |
Total current assets | 1,085 |  |  | 1,090 |
Deferred site rental receivables | 2,277 |  |  | 2,279 |
Property and equipment, net | 6,492 |  |  | 6,577 |
Operating lease right-of-use assets | 5,566 |  |  | 5,600 |
Goodwill | 5,127 |  |  | 5,127 |
Other intangible assets, net | 993 |  |  | 1,037 |
Other assets, net | 57 |  |  | 58 |
Non-current assets of discontinued operations | 10,163 |  |  | 10,968 |
Total assets | $ | 31,760 |  |  | $ | 32,736 |
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities: |  |  |
Accounts payable | $ | 42 |  |  | $ | 48 |
Accrued interest | 162 |  |  | 244 |
Deferred revenues | 145 |  |  | 141 |
Other accrued liabilities | 141 |  |  | 167 |
Current maturities of debt and other obligations | 1,503 |  |  | 603 |
Current portion of operating lease liabilities | 268 |  |  | 264 |
Current liabilities of discontinued operations | 689 |  |  | 710 |
Total current liabilities | 2,950 |  |  | 2,177 |
Debt and other long-term obligations | 22,874 |  |  | 23,451 |
Operating lease liabilities | 5,030 |  |  | 5,062 |
Other long-term liabilities | 641 |  |  | 645 |
Non-current liabilities of discontinued operations | 1,518 |  |  | 1,534 |
Total liabilities | 33,013 |  |  | 32,869 |
Commitments and contingencies |  |  |
Stockholders' equity (deficit): |  |  |
Common stock, 0.01 par value; 1,200 shares authorized; shares issued and outstanding: March 31, 2025—435 and December 31, 2024—435 | 4 |  |  | 4 |
Additional paid-in capital | 18,423 |  |  | 18,393 |
Accumulated other comprehensive income (loss) | (5) |  |  | (5) |
Dividends/distributions in excess of earnings | (19,675) |  |  | (18,525) |
Total equity (deficit) | (1,253) |  |  | (133) |
Total liabilities and equity (deficit) | $ | 31,760 |  |  | $ | 32,736 |

18

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
| Three Months Ended March 31, |  |
(in millions, except per share amounts) | 2025 |  | 2024 |  |  |  |
Net revenues: |  |  |  |  |  |  |
Site rental | $ | 1,011 |  |  | $ | 1,068 |  |  |  |  |
Services and other | 50 |  |  | 46 |  |  |  |  |
Net revenues | 1,061 |  |  | 1,114 |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |
Costs of operations:(a) |  |  |  |  |  |  |
Site rental | 240 |  |  | 243 |  |  |  |  |
Services and other | 28 |  |  | 29 |  |  |  |  |
Selling, general and administrative | 93 |  |  | 114 |  |  |  |  |
Asset write-down charges | 2 |  |  | 6 |  |  |  |  |
Depreciation, amortization and accretion | 177 |  |  | 191 |  |  |  |  |
Restructuring charges | — |  |  | 11 |  |  |  |  |
Total operating expenses | 540 |  |  | 594 |  |  |  |  |
Operating income (loss) | 521 |  |  | 520 |  |  |  |  |
Interest expense and amortization of deferred financing costs, net | (236) |  |  | (226) |  |  |  |  |
Interest income | 3 |  |  | 4 |  |  |  |  |
Other income (expense) | 1 |  |  | 2 |  |  |  |  |
Income (loss) from continuing operations before income taxes | 289 |  |  | 300 |  |  |  |  |
Benefit (provision) for income taxes | (5) |  |  | (6) |  |  |  |  |
Income (loss) from continuing operations | $ | 284 |  |  | $ | 294 |  |  |  |  |
Discontinued operations: |  |  |  |  |  |  |
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax | 82 |  |  | 17 |  |  |  |  |
Gain (loss) from disposal of discontinued operations, net of tax | (830) |  |  | — |  |  |  |  |
Income (loss) from discontinued operations, net of tax | $ | (748) |  |  | $ | 17 |  |  |  |  |
Net income (loss) | $ | (464) |  |  | $ | 311 |  |  |  |  |
Net income (loss), per common share: |  |  |  |  |  |  |
Income (loss) from continuing operations, basic | $ | 0.65 |  |  | $ | 0.68 |  |  |  |  |
Income (loss) from discontinued operations, basic | $ | (1.72) |  |  | $ | 0.04 |  |  |  |  |
Net income (loss)—basic | $ | (1.07) |  |  | $ | 0.72 |  |  |  |  |
Income (loss) from continuing operations, diluted | $ | 0.65 |  |  | $ | 0.67 |  |  |  |  |
Income (loss) from discontinued operations, diluted | $ | (1.72) |  |  | $ | 0.04 |  |  |  |  |
Net income (loss)—diluted | $ | (1.07) |  |  | $ | 0.71 |  |  |  |  |
Weighted-average common shares outstanding: |  |  |  |  |  |  |
Basic | 435 |  |  | 434 |  |  |  |  |
Diluted | 436 |  |  | 435 |  |  |  |  |

(a)Exclusive of depreciation, amortization and accretion shown separately.
19

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
| Three Months Ended March 31,
(in millions) | 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income (loss) | $ | (464) |  |  | $ | 311 |
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax | (82) |  |  | (17) |
(Gain) loss from disposal of discontinued operations, net of tax | 830 |  |  | — |
Income (loss) from continuing operations | 284 |  | 294
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities: |  |  |
Depreciation, amortization and accretion | 177 |  |  | 191 |
Amortization of deferred financing costs and other non-cash interest | 8 |  |  | 8 |
Stock-based compensation expense, net | 18 |  |  | 24 |
Asset write-down charges | 2 |  |  | 6 |
Deferred income tax (benefit) provision | 1 |  |  | 4 |
Other non-cash adjustments, net | (1) |  |  | 4 |
Net cash provided by (used for) operating activities from discontinued operations | 270 |  |  | 274
Changes in assets and liabilities, excluding the effects of acquisitions: |  |  |
Increase (decrease) in liabilities | (109) |  |  | (190) |
Decrease (increase) in assets | (9) |  |  | (16) |
Net cash provided by (used for) operating activities | 641 |  |  | 599 |
Cash flows from investing activities: |  |  |
Capital expenditures | (40) |  |  | (47) |
Payments for acquisitions, net of cash acquired | — |  |  | (1) |
Other investing activities, net | 2 |  |  | 1 |
Net cash provided by (used for) investing activities from discontinued operations | (217) |  |  | (273) |
Net cash provided by (used for) investing activities | (255) |  |  | (320) |
Cash flows from financing activities: |  |  |
Principal payments on debt and other long-term obligations | (28) |  |  | (14) |
Payments under revolving credit facility | — |  |  | (670) |
Net borrowings (repayments) under commercial paper program | 336 |  |  | 1,138 |
Purchases of common stock | (21) |  |  | (27) |
Dividends/distributions paid on common stock | (690) |  |  | (688) |
Net cash provided by (used for) financing activities | (403) |  |  | (261) |
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | (17) |  |  | 18 |
Effect of exchange rate changes on cash | — |  |  | (1) |
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(a) | 295 |  |  | 281 |
Cash and cash equivalents and restricted cash and cash equivalents at end of period(a) | $ | 278 |  |  | $ | 298 |
Supplemental disclosure of cash flow information: |  |  |
Interest paid | 315 |  |  | 282 |
Income taxes paid (refunded) | — |  |  | — |

(a)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
20

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

NON-GAAP MEASURES AND OTHER INFORMATION

This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations, Adjusted Site Rental Gross Margin, Adjusted Services and Other Gross Margin, Net Debt, Consolidated Return on Invested Capital, Cash Yield on Invested Capital, and Free Cash Flow from Discontinued Operations, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other REITs.
In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
•Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
•AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
•FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
•Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
•Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.
21

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

•Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
•Consolidated Return on Invested Capital and Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.
•Free Cash Flow from Discontinued Operations is useful to investors or other interested parties in understanding the net cash flows generated from discontinued operations for a particular period, after taking into consideration capital expenditures for that same period. Such net cash flows are available for reinvestment within discontinued operations or for other use by the Company. Management believes that Free Cash Flow from Discontinued Operations helps investors and other interested parties meaningfully evaluate the liquidity associated with discontinued operations from period to period. Free Cash Flow from Discontinued Operations does not reflect the impact of our capital structure (primarily interest charges on our outstanding debt) and should be considered only as a supplement to: a) Income (loss) from Discontinued Operations, net of tax, computed in accordance with GAAP as a measure of the performance of discontinued operations; and b) the condensed consolidated statement of cash flows prepared in accordance with GAAP as a measure of the cash flows of the Company.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, less non-renewals of tenant contracts and non-renewals associated with Sprint Cancellations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Consolidated Invested Capital. We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental contracts and tenant relationships and (3) goodwill (excluding impairment charges).
Consolidated Return on Invested Capital. We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.
Net Invested Capital. We define Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants, (2) site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions and impairment charges.
Cash Yield on Invested Capital. We define Cash Yield on Invested Capital as Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, and (3) straight-lined expenses divided by Net Invested Capital.
22

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Adjusted Site Rental Gross Margin. We define Adjusted Site Rental Gross Margin as site rental revenues less site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments. This measure is exclusive of depreciation, amortization and accretion, which are shown separately.
Adjusted Services and Other Gross Margin. We define Adjusted Services and Other Gross Margin as services and other revenues less services and other costs of operations, excluding stock-based compensation expense, net.
Free Cash Flow from Discontinued Operations. We define Free Cash Flow from Discontinued Operations as net cash provided by (used for) operating activities from discontinued operations plus net cash provided by (used for) investing activities from discontinued operations. Net cash used for investing activities from discontinued operations primarily comprises capital expenditures associated with discontinued operations.
Other Information
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions and (4) other revenues, such as tenant cancellation fees, finance charges and other items.
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP and (2) other revenues.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management has signed the Strategic Fiber Agreement to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business for $8.5 billion in aggregate, subject to certain closing adjustments. The Strategic Fiber Transaction is expected to close in the first half of 2026 subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, we will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement.
23

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Reconciliation of Historical Adjusted EBITDA:

| 2024 |  |  |  |  |  |  |  | 2025 |  |
(in millions; totals may not sum due to rounding) | Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Net income (loss)(a) | $ | 311 |  |  | $ | 251 |  |  | $ | 303 |  |  | $ | (4,768) |  |  |  |  |  |  |  |  | $ | (464) |  |  |  |  |
Adjustments to increase (decrease) net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset write-down charges | 6 |  |  | 3 |  |  | 2 |  |  | 1 |  |  |  |  |  |  |  |  | 2 |  |  |  |  |
Acquisition and integration costs | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |
Depreciation, amortization and accretion | 191 |  |  | 180 |  |  | 181 |  |  | 183 |  |  |  |  |  |  |  |  | 177 |  |  |  |  |
Restructuring charges(b) | 11 |  |  | 19 |  |  | 38 |  |  | 3 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Amortization of prepaid lease purchase price adjustments | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |  |  |  | 4 |  |  |  |  |
Interest expense and amortization of deferred financing costs, net(c) | 226 |  |  | 230 |  |  | 236 |  |  | 240 |  |  |  |  |  |  |  |  | 236 |  |  |  |  |
Interest income | (4) |  |  | (4) |  |  | (6) |  |  | (5) |  |  |  |  |  |  |  |  | (3) |  |  |  |  |
Other (income) expense | (2) |  |  | (1) |  |  | 5 |  |  | 23 |  |  |  |  |  |  |  |  | (1) |  |  |  |  |
(Benefit) provision for income taxes | 6 |  |  | 5 |  |  | 3 |  |  | 4 |  |  |  |  |  |  |  |  | 5 |  |  |  |  |
Stock-based compensation expense, net | 24 |  |  | 26 |  |  | 19 |  |  | 15 |  |  |  |  |  |  |  |  | 18 |  |  |  |  |
(Income) loss from discontinued operations, net of tax(d) | (17) |  |  | 14 |  |  | (9) |  |  | 5,077 |  |  |  |  |  |  |  |  | 748 |  |  |  |  |
Adjusted EBITDA(e)(f) | $ | 754 |  |  | $ | 727 |  |  | $ | 777 |  |  | $ | 777 |  |  |  |  |  |  |  |  | $ | 722 |  |  |  |  |

Reconciliation of Outlook for Adjusted EBITDA:

(in millions; totals may not sum due to rounding) |  |  | Full Year 2025 Outlook(h)
Net income (loss)(a) |  |  |  |  | $65 | to | $345
Adjustments to increase (decrease) net income (loss): |  |  |  |  |  |  |
Asset write-down charges |  |  |  |  | $5 | to | $15
Acquisition and integration costs |  |  |  |  | $0 | to | $6
Depreciation, amortization and accretion |  |  |  |  | $678 | to | $773
Amortization of prepaid lease purchase price adjustments |  |  |  |  | $14 | to | $16
Interest expense and amortization of deferred financing costs, net(g) |  |  |  |  | $982 | to | $1,027
(Gains) losses on retirement of long-term obligations |  |  |  |  | — |  | to | —
Interest income |  |  |  |  | $(15) | to | $(15)
Other (income) expense |  |  |  |  | $6 | to | $15
(Benefit) provision for income taxes |  |  |  |  | $11 | to | $19
Stock-based compensation expense, net |  |  |  |  | $93 | to | $97
(Income) loss from discontinued operations, net of tax(i) |  |  |  |  | $590 | to | $830
Adjusted EBITDA(e)(f) |  |  |  |  | $2,755 | to | $2,805

(a)Includes contribution from discontinued operations.
(b)Represents restructuring charges recorded for the periods presented related to (1) the Company's restructuring plan announced in July 2023, as further discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Restructuring Plan"), and (2) the Company's restructuring plan announced in June 2024, as further discussed in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 ("2024 Restructuring Plan"), as applicable for the respective period. For the three-month period ended March 31, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.
(c)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)Represents results from the Fiber Business, including a loss on disposal of $830 million recorded in the first quarter 2025.
(e)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(h)As issued April 30, 2025 and unchanged from the previous Outlook issued on March 13, 2025.
(i)Represents expected results from the Fiber Business, including the estimated loss on disposal.
24

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Reconciliation of Historical FFO and AFFO:

(in millions; totals may not sum due to rounding) | 2024 |  |  |  |  |  |  |  | 2025 |  |
Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Net income (loss)(a) | $ | 311 |  |  | $ | 251 |  |  | $ | 303 |  |  | $ | (4,768) |  |  |  |  |  |  |  |  | $ | (464) |  |  |  |  |
Real estate related depreciation, amortization and accretion | 179 |  |  | 168 |  |  | 170 |  |  | 173 |  |  |  |  |  |  |  |  | 164 |  |  |  |  |
Asset write-down charges | 6 |  |  | 3 |  |  | 2 |  |  | 1 |  |  |  |  |  |  |  |  | 2 |  |  |  |  |
(Income) loss from discontinued operations, net of tax(b) | (17) |  |  | 14 |  | — |  | (9) |  |  | 5,077 |  |  |  |  |  |  |  |  | 748 |  |  |  |  |
FFO(c)(d) | $ | 478 |  |  | $ | 436 |  |  | $ | 466 |  |  | $ | 483 |  |  |  |  |  |  |  |  | $ | 451 |  |  |  |  |
Weighted-average common shares outstanding—diluted | 435 |  |  | 435 |  |  | 436 |  |  | 435 |  |  |  |  |  |  |  |  | 436 |  |  |  |  |
FFO (from above) | $ | 478 |  |  | $ | 436 |  |  | $ | 466 |  |  | $ | 483 |  |  |  |  |  |  |  |  | $ | 451 |  |  |  |  |
Adjustments to increase (decrease) FFO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-lined revenues | (57) |  |  | (54) |  |  | (28) |  |  | (20) |  |  |  |  |  |  |  |  | (19) |  |  |  |  |
Straight-lined expenses | 17 |  |  | 17 |  |  | 16 |  |  | 15 |  |  |  |  |  |  |  |  | 15 |  |  |  |  |
Stock-based compensation expense, net | 24 |  |  | 26 |  |  | 19 |  |  | 15 |  |  |  |  |  |  |  |  | 18 |  |  |  |  |
Non-cash portion of tax provision | 6 |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  | 5 |  |  |  |  |
Non-real estate related depreciation, amortization and accretion | 12 |  |  | 12 |  |  | 11 |  |  | 11 |  |  |  |  |  |  |  |  | 13 |  |  |  |  |
Amortization of non-cash interest expense | 3 |  |  | 3 |  |  | 2 |  |  | 3 |  |  |  |  |  |  |  |  | 3 |  |  |  |  |
Other (income) expense | (2) |  |  | (1) |  |  | 5 |  |  | 23 |  |  |  |  |  |  |  |  | (1) |  |  |  |  |
Acquisition and integration costs | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |
Restructuring charges(e) | 11 |  |  | 19 |  |  | 38 |  |  | 3 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Sustaining capital expenditures | (8) |  |  | (9) |  |  | (6) |  |  | (12) |  |  |  |  |  |  |  |  | (7) |  |  |  |  |
AFFO(c)(d) | $ | 484 |  |  | $ | 449 |  |  | $ | 525 |  |  | $ | 523 |  |  |  |  |  |  |  |  | $ | 479 |  |  |  |  |
Weighted-average common shares outstanding—diluted | 435 |  |  | 435 |  |  | 436 |  |  | 435 |  |  |  |  |  |  |  |  | 436 |  |  |  |  |

(a)Includes contribution from discontinued operations.
(b)Represents results from the Fiber Business, including a loss on disposal of $830 million recorded in the first quarter 2025.
(c)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended March 31, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.
25

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Reconciliation of Historical FFO and AFFO per share:

(in millions, except per share amounts; totals may not sum due to rounding) | 2024 |  |  |  |  |  |  |  | 2025 |  |
Q1 |  | Q2 |  | Q3 |  | Q4 |  |  |  |  |  |  |  | Q1 |  |  |  |
Net income (loss)(a) | $ | 0.72 |  |  | $ | 0.58 |  |  | $ | 0.70 |  |  | $ | (10.97) |  |  |  |  |  |  |  |  | $ | (1.06) |  |  |  |  |
Real estate related depreciation, amortization and accretion | 0.41 |  |  | 0.39 |  |  | 0.39 |  |  | 0.40 |  |  |  |  |  |  |  |  | 0.38 |  |  |  |  |
Asset write-down charges | 0.01 |  |  | 0.01 |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |
(Income) loss from discontinued operations, net of tax(b) | (0.04) |  |  | 0.04 |  |  | (0.02) |  |  | 11.67 |  |  |  |  |  |  |  |  | 1.72 |  |  |  |  |
FFO(c)(d) | $ | 1.10 |  |  | $ | 1.00 |  |  | $ | 1.07 |  |  | $ | 1.11 |  |  |  |  |  |  |  |  | $ | 1.03 |  |  |  |  |
Weighted-average common shares outstanding—diluted | 435 |  |  | 435 |  |  | 436 |  |  | 435 |  |  |  |  |  |  |  |  | 436 |  |  |  |  |
FFO (from above) | $ | 1.10 |  |  | $ | 1.00 |  |  | $ | 1.07 |  |  | $ | 1.11 |  |  |  |  |  |  |  |  | $ | 1.03 |  |  |  |  |
Adjustments to increase (decrease) FFO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-lined revenues | (0.13) |  |  | (0.12) |  |  | (0.06) |  |  | (0.05) |  |  |  |  |  |  |  |  | (0.04) |  |  |  |  |
Straight-lined expenses | 0.04 |  |  | 0.04 |  |  | 0.04 |  |  | 0.03 |  |  |  |  |  |  |  |  | 0.03 |  |  |  |  |
Stock-based compensation expense, net | 0.06 |  |  | 0.06 |  |  | 0.04 |  |  | 0.03 |  |  |  |  |  |  |  |  | 0.04 |  |  |  |  |
Non-cash portion of tax provision | 0.01 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 0.01 |  |  |  |  |
Non-real estate related depreciation, amortization and accretion | 0.03 |  |  | 0.03 |  |  | 0.03 |  |  | 0.03 |  |  |  |  |  |  |  |  | 0.03 |  |  |  |  |
Amortization of non-cash interest expense | 0.01 |  |  | 0.01 |  |  | — |  |  | 0.01 |  |  |  |  |  |  |  |  | 0.01 |  |  |  |  |
Other (income) expense | — |  |  | — |  |  | 0.01 |  |  | 0.05 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Acquisition and integration costs | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |
Restructuring charges(e) | 0.03 |  |  | 0.04 |  |  | 0.09 |  |  | 0.01 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Sustaining capital expenditures | (0.02) |  |  | (0.02) |  |  | (0.01) |  |  | (0.03) |  |  |  |  |  |  |  |  | (0.02) |  |  |  |  |
AFFO(c)(d) | $ | 1.11 |  |  | $ | 1.03 |  |  | $ | 1.20 |  |  | $ | 1.20 |  |  |  |  |  |  |  |  | $ | 1.10 |  |  |  |  |
Weighted-average common shares outstanding—diluted | 435 |  |  | 435 |  |  | 436 |  |  | 435 |  |  |  |  |  |  |  |  | 436 |  |  |  |  |

(a)Includes contribution from discontinued operations.
(b)Represents results from the Fiber Business, including a loss on disposal of $830 million recorded in the first quarter 2025.
(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded for the periods presented related to the 2023 Restructuring Plan and the 2024 Restructuring Plan, as applicable, for the respective period. For the three-month period ended March 31, 2025, there were no charges related to the July 2023 Restructuring Plan or the June 2024 Restructuring Plan. For the full year ended December 31, 2024, there were $9 million and $61 million of restructuring charges related to the July 2023 Restructuring Plan and the June 2024 Restructuring Plan, respectively, relating to continuing operations.
26

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Reconciliation of Outlook for FFO and AFFO:

(in millions, except per share amounts; totals may not sum due to rounding) |  |  | Full Year 2025 Outlook(a) |  | Full Year 2025 Outlook Per Share(a)
Net income (loss)(b) |  |  |  |  | $65 | to | $345 |  | $0.15 | to | $0.79
Real estate related depreciation, amortization and accretion |  |  |  |  | $660 | to | $740 |  | $1.51 | to | $1.70
Asset write-down charges |  |  |  |  | $5 | to | $15 |  | $0.01 | to | $0.03
(Income) loss from discontinued operations, net of tax(c) |  |  |  |  | $590 | to | $830 |  | $1.35 | to | $1.90
FFO(d)(e) |  |  |  |  | $1,610 | to | $1,640 |  | $3.69 | to | $3.76
Weighted-average common shares outstanding—diluted |  |  | 436 |  | 436
FFO (from above) |  |  |  |  | $1,610 | to | $1,640 |  | $3.69 | to | $3.76
Adjustments to increase (decrease) FFO: |  |  |  |  |  |  |  |  |  |  |
Straight-lined revenues |  |  |  |  | $(15) | to | $15 |  | $(0.03) | to | $0.03
Straight-lined expenses |  |  |  |  | $55 | to | $75 |  | $0.13 | to | $0.17
Stock-based compensation expense, net |  |  |  |  | $93 | to | $97 |  | $0.21 | to | $0.22
Non-cash portion of tax provision |  |  |  |  | $(8) | to | $8 |  | $(0.02) | to | $0.02
Non-real estate related depreciation, amortization and accretion |  |  |  |  | $20 | to | $35 |  | $0.05 | to | $0.08
Amortization of non-cash interest expense |  |  |  |  | $7 | to | $17 |  | $0.02 | to | $0.04
Other (income) expense |  |  |  |  | $6 | to | $15 |  | $0.01 | to | $0.03
(Gains) losses on retirement of long-term obligations |  |  |  |  | — |  | to | — |  | — |  | to | —
Acquisition and integration costs |  |  |  |  | $0 | to | $6 |  | $0.00 | to | $0.01
Sustaining capital expenditures |  |  |  |  | $(55) | to | $(35) |  | $(0.13) | to | $(0.08)
AFFO(d)(e) |  |  |  |  | $1,770 | to | $1,820 |  | $4.06 | to | $4.17
Weighted-average common shares outstanding—diluted |  |  | 436 |  | 436

Reconciliation of Net Debt:

(as of March 31, 2025; dollars in millions) | March 31, 2025
Total debt and other obligations (current and non-current)(f) | $ | 24,377 |
Unamortized adjustments, net | 150 |
Total face value of debt | 24,527 |
Less: Ending cash and cash equivalents and restricted cash and cash equivalents(g) | 239 |
Net Debt(d) | $ | 24,288 |

(a)As issued April 30, 2025 and unchanged from the previous Outlook issued on March 13, 2025.
(b)Includes contribution from discontinued operations.
(c)Represents expected results from the Fiber Business, including the estimated loss on disposal.
(d)See discussion and our definitions of FFO, AFFO, including per share amounts, and Net Debt in this "Non-GAAP Measures and Other Information."
(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
(f)As of March 31, 2025, excludes $30 million presented in discontinued operations relating to the Fiber Business.
(g)As of March 31, 2025, excludes $39 million presented in discontinued operations relating to the Fiber Business.
27

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Reconciliation of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:

| Three Months Ended March 31,
(In millions of dollars; totals may not sum due to rounding) | 2024 |  | 2025
Net income (loss)(a) | 311 |  |  | (464) |
Adjustments to increase (decrease) income (loss) from continuing operations: |  |  |
Services and other revenues | (46) |  |  | (50) |
Services and other costs of operations | 29 |  |  | 28 |
Selling, general and administrative expenses | 114 |  |  | 93 |
Asset write-down charges | 6 |  |  | 2 |
Depreciation, amortization and accretion | 191 |  |  | 177 |
Restructuring charges | 11 |  |  | — |
Amortization of prepaid lease purchase price adjustments | 4 |  |  | 4 |
Interest expense and amortization of deferred financing costs, net | 226 |  |  | 236 |
Interest income | (4) |  |  | (3) |
Other (income) expense | (2) |  |  | (1) |
(Benefit) provision for income taxes | 6 |  |  | 5 |
Stock-based compensation expense, net recorded in site rental costs of operations | — |  |  | 1 |
(Income) loss from discontinued operations, net of tax | (17) |  |  | 748 |
Adjusted Site Rental Gross Margin(c)(d) | $ | 829 |  |  | $ | 776 |

| Three Months Ended March 31,
(In millions of dollars; totals may not sum due to rounding) | 2024 |  | 2025
Net income (loss)(a) | $ | 311 |  |  | $ | (464) |
Adjustments to increase (decrease) income (loss) from continuing operations: |  |  |
Site rental revenues | (1,068) |  |  | (1,011) |
Site rental costs of operations(b) | 243 |  |  | 240 |
Selling, general and administrative expenses | 114 |  |  | 93 |
Asset write-down charges | 6 |  |  | 2 |
Depreciation, amortization and accretion | 191 |  |  | 177 |
Restructuring charges | 11 |  |  | — |
Interest expense and amortization of deferred financing costs, net | 226 |  |  | 236 |
Interest income | (4) |  |  | (3) |
Other (income) expense | (2) |  |  | (1) |
(Benefit) provision for income taxes | 6 |  |  | 5 |
Stock-based compensation expense, net recorded in services and other costs of operations | 1 |  |  | — |
(Income) loss from discontinued operations, net of tax | (17) |  |  | 748 |
Adjusted Services and Other Gross Margin(c)(d) | $ | 18 |  |  | $ | 22 |

(a)Includes contribution from discontinued operations.
(b)Exclusive of depreciation, amortization and accretion shown separately.
(c)See discussion and our definition of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
28

Crown Castle Inc.
First Quarter 2025

COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX

Reconciliation of Historical Free Cash Flow from Discontinued Operations:

| Three Months Ended March 31,
(in millions of dollars; totals may not sum due to rounding) | 2024 |  | 2025
Net cash provided by (used for) operating activities from discontinued operations | $ | 274 |  |  | $ | 270 |
Net cash provided by (used for) investing activities from discontinued operations | (273) |  |  | (217) |
Free Cash Flow from Discontinued Operations(a) | $ | 1 |  |  | $ | 53 |

Reconciliation of Outlook for Free Cash Flow from Discontinued Operations:

(in millions of dollars; totals may not sum due to rounding) | Full Year 2025 Outlook
Net cash provided by (used for) operating activities from discontinued operations | $1,220 | to | $1,320
Net cash provided by (used for) investing activities from discontinued operations | $(1,070) | to | $(970)
Free Cash Flow from Discontinued Operations(a) | $150 | to | $350

(a)See discussion and our definition of Free Cash Flow from Discontinued Operations in this "Non-GAAP Measures and Other Information."
29