American Tower CEO Steve Vondran targets $1.7 billion Africa-Asia revenue as US and Canada business shrinks

American Tower Corporation expects its combined Africa and Asia-Pacific business to generate as much as $1.66 billion in 2026, making it the US telecommunications infrastructure company’s fastest-growing geographical division.

• American Tower expects its Africa and Asia-Pacific division to generate as much as $1.66 billion in 2026.
• Revenue from the division is forecast to grow by 16.2%, compared with a 3% decline in the US and Canada.
• The division generated $428 million in third-quarter revenue and a gross margin of $276.2 million.
• American Tower separately authorised an additional $2 billion for share repurchases.

The Boston-based company forecasts property revenue of between $1.644 billion and $1.664 billion from the division, representing growth of 16.2% from the previous year.

That performance contrasts with American Tower’s home region. Its US and Canadian property revenue is expected to fall by 3% to between $5.085 billion and $5.095 billion.

Africa and Asia-Pacific generated $428 million in property revenue during the third quarter and delivered a segment gross margin of $276.2 million. The margin increased from $256.7 million in the corresponding period of 2025.

According to American Tower’s third-quarter financial results⁠, the company expects total tenant billings from the Africa and Asia-Pacific division to grow by approximately 12% in 2026.

Growth from existing tenants is forecast at about 8.5%, while newly constructed and acquired tower sites are expected to contribute another 3.5%.

American Tower did not separate Africa’s financial contribution from the Asia-Pacific component of the division. The entire $428 million quarterly revenue and $1.66 billion annual forecast must therefore not be attributed to Africa alone.

However, its financial disclosure identifies substantial operations in Ghana, Kenya, Nigeria, South Africa and Uganda, alongside markets using the West African CFA franc.

African and Asian markets outpace American Tower’s home business

Chief Executive Steve Vondran said demand for digital infrastructure was increasing as wireless connectivity, cloud computing and artificial intelligence became more important to the global economy.

“Our results reflect the strength of our business and a portfolio that has become increasingly focused on high-quality assets and attractive growth opportunities,” Mr Vondran said.

American Tower leases space on telecommunications towers to mobile operators and other communications companies. Its African infrastructure allows operators to expand their networks without bearing the full cost of constructing and maintaining individual tower sites.

The company expects to build between 1,300 and 1,900 new communications sites globally in 2026, although it did not disclose how many would be located in Africa.

Across the group, third-quarter revenue increased by 2.5% to $2.785 billion, while property revenue rose by 4.5% to $2.734 billion.

Net income fell by 14.4% to $781 million. Adjusted earnings before interest, taxes, depreciation and amortisation increased by 0.9% to $1.832 billion.

American Tower spent $315 million repurchasing its shares during the quarter. Its board subsequently authorised an additional $2 billion for future share buybacks.

The company ended September with $35.71 billion in net debt and a net leverage ratio of 4.9 times annualised adjusted earnings.

American Tower raised the midpoint of its full-year property-revenue forecast by $55 million, although that increase was attributed to stronger performance from its data-centre business rather than the Africa and Asia-Pacific division.

It now expects total property revenue of between $10.785 billion and $10.865 billion in 2026.

The company’s Africa and Asia-Pacific division is forecast to grow faster than Latin America at 11%, Europe at 10.4% and its US and Canadian business, which is expected to contract by 3%.

The growth reflects the continuing need for telecommunications infrastructure in African markets, where operators are expanding 4G and 5G coverage while attempting to bring millions of people without mobile internet access online.

Mobile operators are expected to invest more than $76 billion in African network infrastructure between 2025 and 2030. Tower companies such as American Tower are positioned to capture part of that spending through long-term leases with mobile network operators.