Telecommunications towers continue to stand out as a defensive growth sector amid broader macroeconomic and geopolitical uncertainty. With no direct exposure to tariffs and minimal sensitivity to economic cycles, tower companies offer a rare combination of predictability and growth. Thanks to the use of long-term service agreements, 4 percent to 6 percent top line revenue growth is underpinned with both volume commitments and clear inflation adjustments for the coming years, with scope for upside optionality if activity levels accelerate. As interest rates stabilize and eventually decline, the sector also could benefit disproportionately, given its historically strong inverse correlation with yields and its appeal to investors seeking stable, inflation-resilient returns.
Signs of reaccelerating 5G investment
After a temporary breather in carrier capital expenditures, signs of renewed activity are emerging in the 5G rollout. Historically, wireless build
