Slides
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Investor Presentation
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Safe Harbor Statement FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation, other than historical information, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding: (i) our business plans, forecasts and projections; (ii) our ability to enter into lease agreements with our targeted customers on a timely basis and on commercially favorable terms; (iii) the size of our market opportunity and our ability to increase demand for our spectrum assets, and the implementation of private LTE networks, by our targeted customers; (iv) our ability to qualify for and timely secure broadband licenses; (v) our capital requirements and the timing and costs of our spectrum clearing and acquisition activities; and (v) the potential valuation of our spectrum assets. Any such forward-looking statements are based on our management’s current expectations and are subject to a number of risks and uncertainties that could cause our actual future results to differ materially from our management’s current expectations or those implied by the forward- looking statements. These risks and uncertainties include, but are not limited to: (i) we may not be successful in commercializing our spectrum assets to our targeted customers, on a timely basis and on favorable terms, or at all; (ii) we may be unable to secure Broadband licenses from the FCC on a timely and cost-effective basis and in accordance with the terms required by our customer agreements; (iii) we have a limited operating history with our proposed business plan and a history of loses, which makes it difficult to evaluate our prospects and future financial results; (iv) we may not be able to correctly estimate the amount and timing of our operating expenses or future revenues; (v) the ongoing coronavirus outbreak could continue to adversely impact our business; (vi) the value of our spectrum assets may fluctuate significantly based on supply and demand, as well as technical and regulatory changes; (vii) we may not be able to successfully compete with companies that offer spectrum and communication technologies, products and solutions to our targeted customers; and (viii) our initiatives with the federal and state agencies and commissions that regulate electric utilities may not be successful. These and other risk factors that may affect these forward-looking statements and our future results of operations are identified and described in more detail in our most recent filings on Forms 10-K and 10-Q and in other filings that we make with the SEC from time to time. These documents are available on our website at www.anterix.com under the Investor Relations section and on the SEC’s website at www.sec.gov. Accordingly, you should not rely upon these forward-looking statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. Except as required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. INDUSTRY DATA AND TRADEMARKS The industry and market data contained in this presentation are based either on our management's own estimates and as a result constitute forward-looking statement or on independent industry publications, reports by market research firms or other published independent sources. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness, as industry and market data are subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey of market shares. Accordingly, you should be aware that the industry and market data contained in this presentation, and estimates and beliefs based on such data, may not be reliable. Unless otherwise indicated, all information contained in this presentation concerning our industry in general or any segment thereof, including information regarding our general expectations and market opportunity, is based on management's estimates using internal data, data from industry related publications, consumer research and marketing studies and other externally obtained data. This presentation and the information incorporated herein by reference includes trademarks, service marks and trade names owned by us or other companies. All trademarks, service marks and trade names included in this presentation, are the property of their respective owners.
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To empower utilities with the transformative capabilities of 900 MHz private broadband, enabling a cleaner, safer, and more resilient energy future. OUR MISSION:
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Enabling the modern grid requires a solid foundation of strategic technologies, including private wireless broadband communications. The electric utility business today is fundamentally more complex than ever. Meeting Utility Industry Challenges 4 Carbon Neutral Digital Custom Centric Regulatory + Customer Demands Market Forces + Threats New Business Growth Accelerating Demand Extreme Weather Events RegulationsCyber-Attacks Decarbonization Democratization + Decentralization Reliability + Resilience Affordability Security Smart InfrastructureTransactive Energy Smart Cities + Communities
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Distribution Automation • Reclosers ★ • Capacitor Banks ★ • Switches ★ • Intelliruptors ★ • Others Distribution Substations ★ • Remote terminal units Transmission Automation • Tension line monitors ★ • CCTV Cameras ★ Distributed Generation • Renewable Energy Resources ★ • Microgrids ★ • Distributed Storage ★ 5Privileged and Confidential Gas Operations • Pipeline RTUs ★ Poletop Sensors • Sensor Collectors Metering • Advanced Metering Infrastructure Mobile Workforce ★ • Mobile Data Terminals ★ = Mission Critical Digitization = Growth in Devices Needed
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900 MHz PLTE Nationwide grid modernization underway Required flexibility Urgent need for control of communications Growing focus on digital transformation Increased cyber threats Demand for Private LTE is Driving Growth 6Privileged and Confidential
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At Our Core Nationwide 900 MHz Spectrum • Largest holder of licensed 900 MHz spectrum in the U.S. (896-901/935-940 MHz) • FCC rules provide ability to reconfigure spectrum creating significant value • Positioned to enable private LTE solutions that support secure, resilient, and customer-controlled operations 7Privileged and Confidential
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The Anterix Advantage 6 MHz of low- band, licensed spectrum 3GPP global standards- based Private LTE networks that are resilient, reliable, and secure Fewer sites and devices needed for wide area network build Flexible spectrum lease contract offerings Better propagation, further coverage, more reliable signal both indoors & out Greater future- proof systems with existing & growing LTE device ecosystem Enhanced visibility and improved command & control across the electric grid Reduced infrastructure and operating expenses Tailored terms aligned with business needs. Anterix 900 MHz Value Drivers Customer Benefits 8Privileged and Confidential
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Compelling Business Model • Large and growing total addressable market • Investment-grade customers with long-term contracts and strong cash flow • Customer preferred pre-payment generates strong near-term cash flow • Scalable initiatives, TowerX & CatalyX, to accelerate adoption, broaden customer engagement, and lead the transformation of the nation's grid Driving Value 9Privileged and Confidential
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Nationwide 900 MHz Licensing Landscape 10Privileged and Confidential • Approximately 6 MHz of low-band, broadband spectrum • Covering 331 million people • Approximately 2 billion MHz Pops 6MHz 331M 2B MHz POP *Based on calculated MHz-Pops from currently available FCC ULS license data, 2020 US Census data, and Anterix analysis; Anterix ownership varies by market x =
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Investor-Owned Utility Target Customers 11Privileged and Confidential IOUs are an ideal customer fit for our business model. • Cover much of the U.S. population and our spectrum monetization opportunity • Have strong credit • Growing interest in deploying significant capital necessary to build private networks Regulatory Industry Rate of Return IOU Opportunity *Based on calculated MHz-Pops from currently available FCC ULS license data, 2020 US Census data, and Anterix analysis; Anterix ownership varies by market x = Prudent spend for customer benefit Investments in capital improvement Large addressable market
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Utility Industry Capital Expenditures Anterix is well-positioned in a large and growing market opportunity. 12Privileged and Confidential Industry Capital Expenditures (in Billions) $171.9 $207.9 $112.5 $113.1 $119.2 $123.8 $132.7 $134.1 $147.7 $178.2 2025202420232022202120202019201820172016 2026 $220.7 Actuals Projections Source: EEI Finance Department, member company reports, and S&P Global Market Intelligence (updated September 2025).
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Momentum is on our side 13Privileged and Confidential Convert our spectrum from narrowband to broadband Educate and unify the utility sector in line with our vision Monetize our spectrum asset at fair-market value Successfully deliver broadband licenses to utility customers Build demand in the utility sector Unite the technology sector in support of 900 MHz Since receiving FCC ruling in 2020, we have proven our ability to:
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Bringing Broadband to 900 MHz FCC Authorized Rules Granted May 2020 8 Customer Contracts ~$400M In Total Contracted Proceeds Signed Dec. 2020 – Jan. 2026 Anterix Active Ecosystem Program 125+ 900 MHz PLTE Launched May 2021 Members Supporting We’re just getting started Privileged and Confidential 14
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Infrastructure Access at Scale • A turnkey tower access and optimization program designed specifically for utilities • Pre-negotiated leasing terms, standardized pricing, and end-to-end support reduce cost, complexity, and deployment timelines • Provides access to 40,000+ tower sites nationwide, accelerating rollout of 900 MHz private wireless networks Moving Beyond Spectrum Privileged and Confidential 15 Secure Device & Network Enablement • Cloud-based platform that enables utilities to connect, manage, and secure devices across 900 MHz private wireless networks • Simplifies operations, reduces friction, and delivers multi-layer security by design • Centralized dashboard provides visibility and control across the entire device ecosystem
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125+ companies and counting… Building the foundation for a new technology landscape with 900 MHz private LTE networks. 16Privileged and Confidential
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900 MHz PLTE Our Customer Pipeline Large Addressable Market 60+ Potential Customers $3B+ Total Contracted Proceeds Value of Pipeline 17Privileged and Confidential
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18 Demonstrated Intent Public Metrics Utility A Utility B Utility C Utility D Regulatory/Rate Case Filing - Public Statement of Intent - - Utility Strategic Advisory Board Membership - - Active Utility Broadband Alliance Participation - - - Filed for 900 MHz Experimental Licenses - Private Metrics Requested/Received Spectrum Pricing - Issued RFP With 900 MHz as Primary Spectrum Band Entered Into Verbal Agreement - - - Engaged in Contact Negotiations - - Executive Sponsorship - Pursued BIL Funding for Private LTE Project - - COMBINED SCORE X X X X DEMONSTRATED INTENT Y Y - - What is demonstrated intent? • Quantitative metric to measure market development • Assessment combines public information and private data • Tracks individual metrics for every utility customer in pipeline to create Demonstrated Intent score • Sum of analysis measures confidence that a utility has demonstrated an intent to move forward to contract • Demonstrated Intent score falls within different levels of a utility's likelihood to move forward to contract Privileged and Confidential
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Demonstrated Intent for 900MHz A measurable way to see the combined impact and development of our market opportunity PHASE 1 Prospecting & Qualification ~$1B potential proceeds PHASE 2 Pursuit & Proposal ~$1.5B potential proceeds PHASE 3 Negotiation & Commitment ~$500M potential proceeds + ~$1.1B potential proceeds from 18 highest scoring utilities demonstrating intent to pursue 900 MHz + = $3B+ Potential contracted proceeds in phased pipeline In addition to ~$400M contracted proceeds from signed deals *The DI scorecard does not reflect any potential outcomes that may result from the Anterix Accelerator program. Privileged and Confidential 19
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Privileged and Confidential 20 Low Capex Intensive business model Pre-paid lease model With majority of pre-payments received in first 3-5 years ~$275M Federal NOLs a/o 3/31/2025 Active $250M Share repurchase plan Fully funded with ~$29.5M cash a/o 12/31/2025 and contracted proceeds due of ~$123M to be paid through FY2029 Debt-Free Long-Term lease contracts Investment Highlights
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Experienced Leadership Team Scott Lang President & CEO Gena Ashe Chief Legal Officer & Corporate Secretary Chris Guttman- McCabe Chief Regulatory & Comm. Officer Carlos L’Abbate Chief Technology Officer Elena Marquez Chief Financial Officer Heather Martin Chief Marketing Officer & Chief of Staff Ross Spero Chief Product Officer Tom Kuhn Executive Chairman of the Board 21Privileged and Confidential
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Seasoned Board of Directors Scott Lang President & CEO Jeffery Altman Independent Director Leslie Daniels Independent Director Mark Fleischhauer Independent Director William Heard Independent Director Mahvash Yazdi Independent Director Tom Kuhn Executive Chairman of the Board 22Privileged and Confidential
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To empower utilities with the transformative capabilities of 900 MHz private broadband, enabling a cleaner, safer, and more resilient energy future. OUR MISSION: