SBA COMMUNICATIONS CORP

2025 Annual Meeting of Shareholders

Voting Matters

Shareholders will be asked to vote on the following matters at the Annual Meeting:

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Building Better Wireless®

Site Leasing We lease antenna space on our multi-tenant towers and other structures to a variety of wireless service providers under long-term lease contracts. Site Development We assist wireless service providers and operators in developing their own networks through site acquisition, zoning, construction and equipment installation. Global Operations Our principal operations and offices are in the United States and we also have operations in Brazil, Canada, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama, Peru, South Africa and Tanzania.

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2024 FINANCIAL AND OPERATIONAL HIGHLIGHTS

In 2024, SBA continued to deliver strong financial and operational results. We deployed over $1.2 billion of capital through (i) portfolio expansion, (ii) meaningful dividend growth and (iii) opportunistic share repurchases. Despite elevated customer consolidation related churn and foreign currency headwinds, we continued to grow our Adjusted EBITDA, delivering $1,894.3 million in Adjusted EBITDA for the year. Highlights for the year include:

For more information relating to SBA’s financial performance, please review our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2025.

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BOARD OF DIRECTORS

We believe all of our directors bring to our Board of Directors, or the Board, a wealth of experiences derived from their service in executive and managerial roles, as well as extensive board experience. Our Board has the right mix of experiences and skills, balancing the needs of our current business, global operations and long-term strategy. Background information about our directors can be found beginning on page 11 of this proxy statement.

• NCG – Nominating and Corporate Governance Committee

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Board Composition

Below sets forth the diverse skills, experience and perspective that our directors bring to the Board. Additional information, including why our Nominating and Corporate Governance Committee, or NCG Committee, believes that these specific skills, experiences or perspectives are important to an effective SBA Board, can be found beginning on page 21.

Board Refreshment

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Governance Highlights

Our Board oversees the development and execution of our strategy. We have robust governance practices and procedures that support our strategy. To maintain and enhance independent oversight, our Board is focused on its composition and effectiveness and has implemented a number of measures for continuous improvement.

The measures outlined below align our corporate governance structure with our strategic objectives and enable the Board to effectively communicate and execute our culture of compliance and rigorous risk management.

COMPREHENSIVE, INTEGRATED CORPORATE GOVERNANCE

> Balanced Board with diversity of skills and experience. > Board refreshment has resulted in three new independent directors since 2022 including two new independent directors in 2023. > Board risk oversight and assessment. > Board conducts annual self-evaluation of the Board, its Committees and each director to determine effective functioning. > Succession planning process for Board members and executives. > All directors, other than our CEO and former-CEO, are independent. > Lead Independent Director ensures independent oversight. > Independent directors regularly meet in executive session with the Lead Independent Director presiding. > Independent Board committees. > Directors and officers are strictly prohibited from hedging any shares beneficially owned. > Directors and officers are subject to robust stock ownership guidelines. > Majority voting standard and director resignation policy in uncontested elections. > Directors and executive officers are prohibited from pledging shares that are subject to the stock ownership requirements. > Policies regarding political contributions and lobbying. > Meaningful proxy access right for shareholders. > Proactive shareholder engagement program. > Strong commitment to corporate responsibility and sustainable business practices. > Executive Compensation Clawback policies.

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EXECUTIVE COMPENSATION PRACTICES

We pay for performance. The core of our executive compensation philosophy is that our executives’ pay should be linked to the performance of SBA. Accordingly, our executives’ compensation is heavily weighted toward compensation that is performance-based or equity-based.

Our long-term incentive award program is responsive to our shareholders. Our long-term incentive awards for our senior executives, which we structured following extensive engagement with our shareholders regarding our executive compensation plan design, are performance-based, and we do not award stock options as part of our executive compensation program. Our long-term equity incentive awards for 2024 for our CEO were (1) 60% in the form of three-year performance-based restricted stock units and (2) 40% in the form of time-based restricted stock units. Our long-term equity incentive awards for 2024 for our other executive officers were (1) 50% in the form of three-year performance-based restricted stock units and (2) 50% in the form of time-based restricted stock units.

SHAREHOLDER ENGAGEMENT

We believe that shareholder engagement remains a key driver of our continued success.

Engage — Our active engagement program is led by representatives of management and our Board. We solicit shareholder views on matters including business strategy, corporate governance, executive compensation, sustainability initiatives and other important topics. We have established a variety of communication channels to best accommodate our shareholders, facilitating effective discussions and feedback. During 2024, we reached out to our top 20 shareholders, representing approximately 58% of the common stock outstanding at the time of such request, and held engagement calls with shareholders representing 19% of our outstanding common stock. The primary focus of investors during the 2024 engagement process was board skill set and experience and corporate governance. Respond — Our Board responds, as appropriate, through continued discussion with shareholders and enhances our policies, practices and disclosures, based on those discussions. Evaluate — Our Lead Independent Director and/or our Chair of the NCG Committee participated in substantially all of these meetings. We use this feedback to assist SBA and the Board with matters requiring a broader shareholder perspective. We also listen to the feedback our shareholders provide through the annual say-on-pay advisory votes on our executive compensation.

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