CROWN CASTLE INC.

Previous wording

As the Strategic Fiber Transaction represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Related to the classification of the Fiber Business as "held for sale", the Company recognized a loss from disposal of discontinued operations of $252 million and $1.1 billion, inclusive of estimated transaction fees, for the three and six months ended June 30, 2025, respectively. 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.

Current wording

As the Strategic Fiber Transaction represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Related to the classification of the Fiber Business as "held for sale", the Company recognized a loss from disposal of discontinued operations of $231 million and $1.3 billion, inclusive of estimated transaction fees, for the three and nine months ended September 30, 2025, respectively. 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.

Previous wording

Site rental revenues represented 95% of our second quarter 2025 consolidated net revenues. The vast majority of our site rental revenues are of a recurring nature and are derived from long-term tenant contracts.

Current wording

Site rental revenues represented 94% of our third quarter 2025 consolidated net revenues. The vast majority of our site rental revenues are of a recurring nature and are derived from long-term tenant contracts.

Previous wording

◦We had discretionary capital expenditures of $67 million for the six months ended June 30, 2025. The capital expenditures predominately related to improvements to existing towers in order to support additional tenants.

Current wording

◦We had discretionary capital expenditures of $104 million for the nine months ended September 30, 2025. The capital expenditures predominately related to improvements to existing towers in order to support additional tenants and purchases of land underneath our towers.

Previous wording

◦As of June 30, 2025, our weighted-average remaining term was approximately six years, exclusive of renewals exercisable at the tenants' option, currently representing approximately $28.8 billion of expected future cash inflows.

Current wording

◦As of September 30, 2025, our weighted-average remaining term was approximately six years, exclusive of renewals exercisable at the tenants' option, currently representing approximately $28.1 billion of expected future cash inflows.

Previous wording

◦For the six months ended June 30, 2025, approximately 89% of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless.

Current wording

◦For the nine months ended September 30, 2025, approximately 89% of our site rental revenues were derived from T-Mobile, AT&T and Verizon Wireless.

Previous wording

◦For the six months ended June 30, 2025, approximately 90% of our towers site rental gross margin and approximately 80% of our towers site rental gross margin was derived from towers located on land that we own or control for greater than 10 and 20 years, respectively. The aforementioned percentages include towers located on land that is owned, including through fee interests and perpetual easements, which represented approximately 40% of our towers site rental gross margin.

Current wording

◦For the nine months ended September 30, 2025, approximately 90% of our towers site rental gross margin and approximately 80% of our towers site rental gross margin was derived from towers located on land that we own or control for greater than 10 and 20 years, respectively. The aforementioned percentages include towers located on land that is owned, including through fee interests and perpetual easements, which represented approximately 40% of our towers site rental gross margin.

Previous wording

◦For the six months ended June 30, 2025, sustaining capital expenditures represented approximately 1% of net revenues.

Current wording

◦For the nine months ended September 30, 2025, sustaining capital expenditures represented less than 1% of net revenues.

Previous wording

◦As of June 30, 2025, our outstanding debt had a weighted-average interest rate of 3.9% and weighted-average maturity of approximately six years (assuming the anticipated repayment date on the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2").

Current wording

◦As of September 30, 2025, our outstanding debt had a weighted-average interest rate of 4.0% and weighted-average maturity of approximately six years (assuming the anticipated repayment date on the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2").

Previous wording

◦As of June 30, 2025, 86% of our debt had fixed rate coupons.

Current wording

◦As of September 30, 2025, 84% of our debt had fixed rate coupons.

Previous wording

◦Net cash provided by operating activities was $1.5 billion for the six months ended June 30, 2025.

Current wording

◦Net cash provided by operating activities was $2.2 billion for the nine months ended September 30, 2025.

Previous wording

◦During the first and second quarter of 2025, we paid a common stock dividend of $1.565 and $1.063 per share, respectively, totaling approximately $1.2 billion.

Current wording

◦During the first quarter of 2025, we paid a common stock dividend of $1.565 and during the second and third quarters of 2025, we paid common stock dividends of $1.0625 per share, totaling approximately $1.6 billion for the nine months ended September 30, 2025.

Previous wording

◦In June 2024, we initiated a restructuring plan ("2024 Restructuring Plan," and together with 2023 Restructuring Plan, "Restructuring Plans") as part of our efforts to drive operational efficiencies, enhance returns by increasing return thresholds on new growth opportunities and reduce operating costs and capital expenditures, with a primary focus on our small cells and fiber solutions businesses. See note 13 to our condensed consolidated financial statements and"Item 2. MD&A—Results of Operations" for further discussion of the 2024 Restructuring Plan.

Current wording

◦In June 2024, we initiated a restructuring plan ("2024 Restructuring Plan," and together with 2023 Restructuring Plan, "Restructuring Plans") with a primary focus on our small cells and fiber solutions businesses, as part of our efforts to drive operational efficiencies, enhance returns by increasing return thresholds on new growth opportunities and reduce operating costs and capital expenditures. See note 13 to our condensed consolidated financial statements and"Item 2. MD&A—Results of Operations" for further discussion of the 2024 Restructuring Plan.

Previous wording

Site rental revenues decreased $56 million, or 5%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease was predominately comprised of the factors depicted in the chart below:

Current wording

Site rental revenues decreased $54 million, or 5%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This decrease was predominately comprised of the factors depicted in the chart below:

Previous wording

Site rental revenues and Adjusted Site Rental Gross Margin for the second quarter of 2025 were $1.0 billion and $762 million, respectively, compared to $1.1 billion and $819 million, respectively, in the same period in the prior year. The decrease of $56 million and $57 million in site rental revenue and Adjusted Site Rental Gross Margin, respectively, was primarily due to higher towers non-renewals as a result of the Sprint Cancellations, as well as a decrease in prepaid rent amortization, as new leasing activity and contractual cash escalators were substantially offset by a decline in the associated straight-line accounting adjustment.

Current wording

Site rental revenues and Adjusted Site Rental Gross Margin for the third quarter of 2025 were $1.0 billion and $767 million, respectively, compared to $1.1 billion and $823 million, respectively, in the same period in the prior year. The decrease of $54 million and $56 million in site rental revenue and Adjusted Site Rental Gross Margin, respectively, was primarily due to higher towers non-renewals as a result of the Sprint Cancellations, as well as a decrease in prepaid rent amortization, as new leasing activity and contractual cash escalators were substantially offset by a decline in the associated straight-line accounting adjustment.

Previous wording

Adjusted Services and Other Gross Margin was $26 million for the second quarter of 2025 and increased by $6 million from $20 million during the same period in the prior year, which is a reflection of the volume of activity from carriers' network enhancements and the volume and mix of services and other work. Our services and other offerings are of a variable nature as these revenues are not under long-term tenant contracts.

Current wording

Adjusted Services and Other Gross Margin was $31 million for the third quarter of 2025 and increased by $2 million from $29 million during the same period in the prior year, which is a reflection of the volume of activity from carriers' network enhancements and the volume and mix of services and other work. Our services and other offerings are of a variable nature as these revenues are not under long-term tenant contracts.

Previous wording

Depreciation, amortization and accretion was $175 million for second quarter of 2025 and decreased by $5 million, or 3%, from the same period in the prior year. This decrease predominately resulted from certain site rental contracts and tenant relationships intangible assets becoming fully amortized.

Current wording

Depreciation, amortization and accretion was $167 million for third quarter of 2025 and decreased by $14 million, or 8%, from the same period in the prior year. This decrease predominately resulted from certain fixed assets becoming fully depreciated.

Previous wording

There were no restructuring charges recorded in the second quarter of 2025 compared to $19 million recorded during the same period in the prior year relating to the Restructuring Plans. See note 13 to our condensed consolidated financial statements.

Current wording

There were no restructuring charges recorded in the third quarter of 2025 compared to $38 million recorded during the same period in the prior year relating to the Restructuring Plans. See note 13 to our condensed consolidated financial statements.

Previous wording

Interest expense and amortization of deferred financing costs, net were $243 million for the second quarter of 2025 and increased by $13 million, or 6%, from $230 million during the same period in the prior year. The increase predominately resulted from an increase in our outstanding indebtedness due to the financing of our discretionary capital expenditures. See note 5 to our condensed consolidated financial statements for a further discussion of our debt and"Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a further discussion of our interest rate exposure.

Current wording

Interest expense and amortization of deferred financing costs, net were $247 million for the third quarter of 2025 and increased by $11 million, or 5%, from $236 million during the same period in the prior year. The increase predominately resulted from an increase in our outstanding indebtedness due to the financing of our discretionary capital expenditures, including those presented within discontinued operations. See note 5 to our condensed consolidated financial statements for a further discussion of our debt and "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a further discussion of our interest rate exposure.

Previous wording

The provision for income taxes was $4 million for the second quarter of 2025 and decreased by $1 million, or 20%, from $5 million during the same period in the prior year. For the second quarter 2025 and 2024, the effective tax rate differs from the federal statutory rate predominately due to our REIT status, including the dividends paid deduction. See note 7 to our condensed consolidated financial statements and also note 9 to our consolidated financial statements in the 2024 Form 10-K.

Current wording

The provision for income taxes was $4 million for the third quarter of 2025 and increased by $1 million, or 33%, from $3 million during the same period in the prior year. For the third quarter 2025 and 2024, the effective tax rate differs from the federal statutory rate predominately due to our REIT status, including the dividends paid deduction. See note 7 to our condensed consolidated financial statements and also note 9 to our consolidated financial statements in the 2024 Form 10-K.

Previous wording

Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $278 million for the second quarter of 2025 compared to $(14) million during the second quarter of 2024. The increase was primarily related to a $249 million decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale." In addition, an absence of restructuring charges and an increase in revenue in the second quarter of 2025 further contributed to the increase period over period.

Current wording

Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $277 million for the third quarter of 2025 compared to $9 million during the third quarter of 2024. The increase was primarily related to a $250 million decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale." In addition, an increase in revenue and an absence of restructuring charges in the third quarter of 2025 compared to the same period in 2024 further contributed to the increase period over period.

Previous wording

Gain (loss) from disposal of discontinued operations, was $252 million for the second quarter of 2025. The loss recorded for the second quarter of 2025, which primarily represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell, is predominately attributable to additional investment in the Fiber Business.

Current wording

Gain (loss) from disposal of discontinued operations, was $231 million for the third quarter of 2025. The loss recorded for the third quarter of 2025, which primarily represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell, is predominately attributable to additional investment in the Fiber Business.

Previous wording

Net income (loss) was $291 million for the second quarter of 2025 compared to $251 million during the second quarter of 2024. The increase was primarily due to the income (loss) from discontinued operations, net of tax.

Current wording

Net income (loss) was $323 million for the third quarter of 2025 compared to $303 million during the third quarter of 2024. The increase was primarily due to the income (loss) from discontinued operations, net of tax being partially offset by the income (loss) from continuing operations, both of which are discussed above.

Previous wording

Adjusted EBITDA decreased by $22 million, or 3%, from the second quarter of 2024 to the second quarter of 2025, reflecting the aforementioned decrease in Adjusted Site Rental Gross Margin, partially offset by the aforementioned decrease in selling, general and administrative expenses.

Current wording

Adjusted EBITDA decreased by $59 million, or 8%, from the third quarter of 2024 to the third quarter of 2025, reflecting the aforementioned decrease in Adjusted Site Rental Gross Margin.

Previous wording

Highlights of our results of operations for the six months ended June 30, 2025 and 2024 are depicted below.

Current wording

Highlights of our results of operations for the nine months ended September 30, 2025 and 2024 are depicted below.

Previous wording

Site rental revenues decreased $113 million, or 5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease was predominately comprised of the factors depicted in the chart below:

Current wording

Site rental revenues decreased $167 million, or 5%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This decrease was predominately comprised of the factors depicted in the chart below:

Previous wording

(b)Includes $102 million of towers non-renewals associated with Sprint Cancellations.

Current wording

(b)Includes $153 million of towers non-renewals associated with Sprint Cancellations.

Previous wording

(c)Prepaid rent amortization includes amortization of upfront payments received from long-term tenants and other deferred credits.

Current wording

(d)Prepaid rent amortization includes amortization of upfront payments received from long-term tenants and other deferred credits.

Previous wording

Site rental revenues and Adjusted Site Rental Gross Margin for the first six months of 2025 were $2.0 billion and $1.5 billion, respectively, compared to $2.1 billion and $1.6 billion, respectively, in the same period in the prior year. The decreases of $113 million and $111 million in site rental revenue and Adjusted Site Rental Gross Margin, respectively, were primarily due to higher towers non-renewals as a result of the Sprint Cancellations as well as a decrease in prepaid rent amortization, as new leasing activity and contractual cash escalators were substantially offset by a decline in the associated straight-line accounting adjustment.

Current wording

Site rental revenues and Adjusted Site Rental Gross Margin for the first nine months of 2025 were $3.0 billion and $2.3 billion, respectively, compared to $3.2 billion and $2.5 billion, respectively, in the same period in the prior year. The decreases of $167 million and $169 million in site rental revenue and Adjusted Site Rental Gross Margin, respectively, were primarily due to higher towers non-renewals as a result of the Sprint Cancellations as well as a decrease in prepaid rent amortization, as new leasing activity and contractual cash escalators were partially offset by a decline in the associated straight-line accounting adjustment.

Previous wording

Adjusted Services and Other Gross Margin was $50 million for the first six months of 2025 and increased by $12 million from $38 million during the same period in the prior year, which is a reflection of the volume of activity from carriers' network enhancements and the volume and mix of services and other work. Our services and other offerings are of a variable nature as these revenues are not under long-term tenant contracts.

Current wording

Adjusted Services and Other Gross Margin was $82 million for the first nine months of 2025 and increased by $15 million from $67 million during the same period in the prior year, which is a reflection of the volume of activity from carriers' network enhancements and the volume and mix of services and other work. Our services and other offerings are of a variable nature as these revenues are not under long-term tenant contracts.

Previous wording

Selling, general and administrative expenses for the first six months of 2025 were $192 million and decreased by $58 million, or 23%, from $250 million during the same period in the prior year. This decrease was primarily related to the absence of advisory fees related to the proxy contest that occurred during 2024 and a decrease in employee- and facility-related costs as a result of our aforementioned restructuring activities.

Current wording

Selling, general and administrative expenses for the first nine months of 2025 were $289 million and decreased by $54 million, or 16%, from $343 million during the same period in the prior year. This decrease was primarily related to the absence of advisory fees related to the proxy contest that occurred during 2024 and a decrease in employee- and facility-related costs as a result of our aforementioned restructuring activities.

Previous wording

Depreciation, amortization and accretion was $352 million for the first six months of 2025 and decreased by $19 million, or 5%, from the same period in the prior year. This decrease predominately resulted from certain site rental contracts and tenant relationships intangible assets becoming fully amortized.

Current wording

Depreciation, amortization and accretion was $520 million for the first nine months of 2025 and decreased by $32 million, or 6%, from the same period in the prior year. This decrease predominately resulted from (1) certain site rental contracts and tenant relationships intangible assets becoming fully amortized and (2) certain fixed assets becoming fully depreciated.

Previous wording

There were no restructuring charges recorded in the first six months of 2025 compared to $30 million recorded during the same period in the prior year relating to the Restructuring Plans. See note 13 to our condensed consolidated financial statements.

Current wording

There were no restructuring charges recorded in the first nine months of 2025 compared to $67 million recorded during the same period in the prior year relating to the Restructuring Plans. See note 13 to our condensed consolidated financial statements.

Previous wording

Interest expense and amortization of deferred financing costs, net were $479 million for the first six months of 2025 and increased by $24 million, or 5%, from $455 million during the same period in the prior year. The increase predominately resulted from an increase in our outstanding indebtedness due to the financing of our discretionary capital expenditures. See note 5 to our condensed consolidated financial statements for a further discussion of our debt and"Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a further discussion of our interest rate exposure.

Current wording

Interest expense and amortization of deferred financing costs, net were $726 million for the first nine months of 2025 and increased by $34 million, or 5%, from $692 million during the same period in the prior year. The increase predominately resulted from an increase in our outstanding indebtedness due to the financing of our discretionary capital expenditures, including those presented within discontinued operations. See note 5 to our condensed consolidated financial statements for a further discussion of our debt and "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for a further discussion of our interest rate exposure.

Previous wording

The provision for income taxes was $9 million for the first six months of 2025 and decreased by $2 million or 18%, from $11 million during the same period in the prior year For both periods, the effective tax rate differs from the federal statutory rate predominately due to our REIT status, including the dividends paid deduction. See note 7 to our condensed consolidated financial statements and also note 9 to our consolidated financial statements in the 2024 Form 10-K.

Current wording

The provision for income taxes was $13 million for the first nine months of 2025 and decreased by $1 million or 7%, from $14 million during the same period in the prior year For both periods, the effective tax rate differs from the federal statutory rate predominately due to our REIT status, including the dividends paid deduction. See note 7 to our condensed consolidated financial statements and also note 9 to our consolidated financial statements in the 2024 Form 10-K.

Previous wording

Income (loss) from continuing operations was $549 million for the first six months of 2025 compared to $559 million during the same period in the prior year. The decrease was primarily related to the aforementioned decrease in Adjusted Site Rental Gross Margin which was partially offset by decreases in (1) selling, general and administrative expenses, (2) restructuring charges and (3) depreciation, amortization and accretion.

Current wording

Income (loss) from continuing operations was $826 million for the first nine months of 2025 compared to $853 million during the same period in the prior year. The decrease was primarily related to the aforementioned decrease in Adjusted Site Rental Gross Margin and increase in interest expense and amortization of deferred financing costs, net, which was partially offset by the absence of restructuring charges during the first nine months of 2025, aforementioned decreases in selling, general and administrative expenses and depreciation, amortization and accretion, as well as an increase in Adjusted Services and Other Gross Margin.

Previous wording

Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $360 million for the first six months of 2025 compared to $3 million during the same period in the prior year. The increase was primarily related to a $292 million decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale." In addition, an increase in revenue and the absence of restructuring charges in the first six months of 2025 further contributed to the increase period over period. See note 13 to our condensed consolidated financial statements.

Current wording

Income (loss) from discontinued operations before gain (loss) from disposal, net of tax, was $637 million for the first nine months of 2025 compared to $12 million during the same period in the prior year. The increase was primarily related to a $541 million decrease in depreciation, amortization and accretion related to the ceasing of depreciation and amortization of the Fiber Business long-lived assets classified as "held for sale." In addition, an increase in revenue and the absence of restructuring charges in the first nine months of 2025 further contributed to the increase period over period. See note 13 to our condensed consolidated financial statements.

Previous wording

Gain (loss) from disposal of discontinued operations was $(1.1) billion for the first six months of 2025. The loss was primarily related to the classification during the first quarter of 2025 of the Fiber Business as "held for sale" and the additional investment in the Fiber Business during the second quarter of 2025. The loss represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell.

Current wording

Gain (loss) from disposal of discontinued operations was $(1.3) billion for the first nine months of 2025. The loss was primarily related to the classification during the first quarter of 2025 of the Fiber Business as "held for sale" and the additional investment in the Fiber Business during the second and third quarter of 2025. The loss represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell.

Previous wording

Net income (loss) was $(173) million for the first six months of 2025 compared to $562 million during the first six months of 2024. The decrease was primarily due to the income (loss) from discontinued operations, net of tax.

Current wording

Net income (loss) was $150 million for the first nine months of 2025 compared to $865 million during the first nine months of 2024. The decrease was primarily due to the change in income (loss) from discontinued operations, net of tax.

Previous wording

Adjusted EBITDA decreased by $53 million, or 4%, from the first six months of 2024 to the first six months of 2025, reflecting the aforementioned decrease in Adjusted Site Rental Gross Margin, partially offset by the aforementioned decrease in selling, general and administrative expenses.

Current wording

Adjusted EBITDA decreased by $113 million, or 5%, from the first nine months of 2024 to the first nine months of 2025, reflecting the aforementioned decrease in Adjusted Site Rental Gross Margin, partially offset by the aforementioned decrease in selling, general and administrative expenses.

Previous wording

We seek to maintain a capital structure that we believe drives long-term stockholder value and optimizes our weighted-average cost of capital, and we expect to maintain an investment grade credit profile. As of June 30, 2025, our contractual debt maturities over the next 12 months, consist of (1) short-term, unsecured commercial paper notes ("Commercial Paper Notes"), of which we had $1.8 billion outstanding as of August 4, 2025, (2) the 1.350% senior unsecured notes due July 2025 ("1.350% Senior Notes"), (3) the 4.450% senior unsecured notes due February 2026 ("4.450% Senior Notes"), (4) the 3.700% senior unsecured notes due June 2026 ("3.700% Senior Notes") and (5) principal payments on certain outstanding debt. Amounts available under our CP Program may be repaid and re-issued from time to time and we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding.

Current wording

We seek to maintain a capital structure that we believe drives long-term stockholder value and optimizes our weighted-average cost of capital, and we expect to maintain an investment grade credit profile. As of September 30, 2025, our contractual debt maturities over the next 12 months, consist of (1) short-term, unsecured commercial paper notes ("Commercial Paper Notes"), of which we had $1.9 billion outstanding as of November 4, 2025, (2) the 4.450% senior unsecured notes due February 2026 ("4.450% Senior Notes"), (3) the 3.700% senior unsecured notes due June 2026 ("3.700% Senior Notes"), (4) the 1.050% senior unsecured notes due July 2026 ("1.050% Senior Notes") and (5) principal payments on certain outstanding debt. Amounts available under our CP Program may be repaid and re-issued from time to time and we intend to maintain available commitments under our 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding.