Slides
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Midwest IDEAS Conference Investor Presentation Nasdaq: ATNI August 27, 2026
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ATN International Management Team August 2026ATN International | © 2026. All rights reserved. 2 Experienced telecom operators with proven execution across network growth, operational scale, and financial performance Carlos Doglioli Chief Financial Officer Capital allocation and financial discipline focus 35+ years of global telecom & technology leadership across multiple international markets Proven operator and strategic leader with deep P&L, investor, regulatory, and stakeholder management experience Scaled Liberty Puerto Rico from $100M to $1.5B, leading 4 acquisitions, 3 divestitures, and raising $2B in financing 20+ years of finance leadership across telecom, digital infrastructure, and private equity-backed businesses Former CFO of Centennial Towers and helped scale this leading Latin American wireless tower platform; prior roles included senior finance leadership at MetroRED Mexico and other companies for Devonshire Investors (the private equity group of Fidelity Investments) Naji Khoury Chief Executive Officer Transformation and operational leadership focus
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ATN International At A Glance August 2026ATN International | © 2026. All rights reserved. 3 A telecommunications and digital infrastructure provider serving rural and underserved markets Alaska New Mexico Four Corners Region Cayman Islands U.S. Virgin Islands Bermuda Guyana US. Segment International SegmentEquity Snapshot (as of August 21, 2026) Share Price: $31.00 Shares Outstanding: 15.4M Market Capitalization: $478M Enterprise Value: ~$1B Annual Dividend / Forward Yield: $1.16 (4%) Insider Ownership: ~35% Headquarters: Beverly, MA Founded: 1987 Employees: ~2,100 NASDAQ: ATNI
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$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2021 2022 2023 2024 2025 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2021 2022 2023 2024 2025 Total Revenue by Customer August 2026ATN International | © 2026. All rights reserved. 4 Operating Segments – International and US Telecom Operations across Bermuda, the Cayman Islands, the U.S. Virgin Islands, Guyana, and select rural U.S. markets (primarily Alaska, New Mexico, and the Four Corners region) FY25 Financial Snapshot Revenue: $728M 52% International / 48% U.S. Adjusted EBITDA1: $190M 2026 Outlook Adjusted EBITDA2: $183M – $193M, Includes a $7M impact related to the initial closing of the tower sale (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures. 2 For the Company’s non-GAAP Adjusted EBITDA guidance, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. $726 $762 $729 $728 $603$603 $726 $762 $729 $728 Total Revenue by Segment and Adjusted EBITDA1 Margin 22.5% International US Business & Carrier Consumer 23.8% 24.9% 25.2% 26.1%
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ATN International – 2Q26 At A Glance August 2026ATN International | © 2026. All rights reserved. 5 Delivered growth in revenue, operating income and Adj. EBITDA1, with profitability outpacing sales growth; reflecting improving operating leverage 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. Completed initial closing on US Tower Portfolio sale; received $268M in gross proceeds and signed $41M spectrum sale agreement in June Strong balance sheet and liquidity profile; provides optionality for future opportunities Expanded share repurchase authorization Both segments delivered positive revenue and Adjusted EBITDA1 growth in 2Q26
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International Telecom
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= August 2026ATN International | © 2026. All rights reserved. 7 135k High-Speed Data Customers +1% YoY 273k High-Speed Data Broadband Homes Passed +6% YoY 323k Pre-Paid Subscribers -1% YoY 64k Post-Paid Subscribers +5% YoY International Telecom Key Metrics: 2Q26 70% Consumer Revenue Established incumbency in residential fixed and mobile with opportunity to expand business share Notes: • Data presented may differ from prior reported quarter to reflect more accurate data and/or changes in calculation methodology and process. • High Speed Data is defined as download speeds ≥ 100 Mbps. • Metrics shown above are rounded to the nearest whole number.
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International Telecom: Consistent Revenue and Profitability 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Mobility Fixed Carrier Other $95 $95 $97 $96 $96 August 2026ATN International | © 2026. All rights reserved. 8 Opportunity to simplification of operations and expand margins (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures. $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 35.1% 35.0% 33.6% 35.7% 36.9% $33 $33 $33 $35$34 Stable Revenue from fixed business, ancillary services and mobility Offset headwinds created by end of USVI subsidy program in 2025 Adj. EBITDA expansion driven by higher revenue and operating efficiency efforts Revenue Adj. EBITDA 1 & Margin
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$- $50 $100 $150 $200 $250 $300 $350 $400 $450 2021 2022 2023 2024 2025 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 2021 2022 2023 2024 2025 International Telecom Revenue by Service August 2026 9 Revenue by Customer (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures. $343 $356 $371 $377 $382 $343 $356 $371 $377 $382 Business & Carrier Consumer Mobility Fixed Carrier & Other 32.2% 31.4% 31.3% 33.7% 34.5% Revenue by Product and Adjusted EBITDA1 Margin Consistent revenue streams with opportunity for growth ATN International | © 2026. All rights reserved.
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August 2026ATN International | © 2026. All rights reserved. 10 Why Our International Markets Are Attractive Incumbent fiber and mobile provider Strong market structure supports localized duopoly-like economics High infrastructure investment deters competitive duplication Opportunity for margin expansion with operational simplification Integrated operator model often required for viable service delivery Stable cash flows driven by essential connectivity dependence $108 $114 $120 $123 $126 $0 $20 $40 $60 $80 $100 $120 2021 2022 2023 2024 2025 Guyana $36 $38 $41 $43 $45 $0 $20 $40 $60 $80 $100 $120 2021 2022 2023 2024 2025Cayman Island1 $105 $110 $114 $118 $119 $0 $20 $40 $60 $80 $100 $120 2021 2022 2023 2024 2025 Bermuda $94 $93 $95 $92 $90 $0 $20 $40 $60 $80 $100 $120 2021 2022 2023 2024 2025 U.S. Virgin Islands (Dollars in millions) 1 Includes other nonmaterial markets.
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US Telecom
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= = August 2026ATN International | © 2026. All rights reserved. 12 US Telecom Key Metrics: 2Q26 6k High-Speed Data Fixed Subscribers -1% YoY 251k High-Speed Data Homes Passed +44% YoY 74% Business + Carrier Revenue Notes: • Data presented may differ from prior reported quarter to reflect more accurate data and/or changes in calculation methodology and process. • High Speed Data is defined as download speeds ≥ 100 Mbps. • Metrics shown above are rounded to the nearest whole number. Established position with businesses and carriers with opportunity to expand residential share $150 million BEAD funding opportunity in our Alaska and Southwest US markets
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August 2026ATN International | © 2026. All rights reserved. 13 Leveraging government funding to further expand our footprint US Telecom: Established Carrier, Government and Business Relationships (10,000) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 $86 $88 $87 $86 $88 Fixed Carrier Other $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 $18 $21 $22 $19$19 21.1% 24.0% 24.9% 22.6% 21.6% Revenue Adj. EBITDA1 & Margin Revenue growth from carrier and fixed business Offset headwinds created by reduction in construction revenues Adj. EBITDA 1 trends impacted by revenue composition and the tower sale (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures.
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$- $50 $100 $150 $200 $250 $300 $350 $400 $450 2021 2022 2023 2024 2025 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $- $50 $100 $150 $200 $250 $300 $350 $400 $450 2021 2022 2023 2024 2025 August 2026ATN International | © 2026. All rights reserved. 14 Why Our U.S. Markets Are Attractive (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures. $259 $370 $391 $352 $346 $259 $370 $391 $352 $346 Established carrier, government, and business relationships Business & Carrier ConsumerMobility Fixed Carrier & Other Revenue by Product and Adjusted EBITDA1 Margin Revenue by Customer 18.6% 23.1% 25.5% 22.7% 22.7% Government broadband subsidies reduce effective capital intensity risk Carrier of Carriers with strong customer relationships Fiber deployment enables structural upgrade in revenue quality over time Essential service demand supports resilient long-term cash flow profile
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Q2-26 Financial Review, Portfolio and Capital
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ATN International – 2Q26 Financial Review Q2 2026 EarningsATN International | © 2026. All rights reserved. 16 Sustained momentum across key financial metrics Alaska New Mexico Four Corners Region US Telecom Segment Snapshot Total Revenue: $184.5M +2.0% YoY Total Adj. EBITDA1: Margin: 27.0% +170 bps YoY Total Revenue: $88.3M +2.2% YoY Adj. EBITDA1: $19.1M +4.5% YoY Total Revenue: $96.2M +1.4% YoY Adj. EBITDA1: $35.5M +6.6% YoY Operating Income: $240M Includes $230M Gain from Initial Tower Sale Close 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures. 2 See appendix for reconciliation of Net Debt Leverage Ratio, a non-GAAP measure. Cayman Islands U.S. Virgin Islands Bermuda Guyana International Total Adj. EBITDA1: $49.7M +8.6% YoY
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0 50000 100000 150000 200000 250000 300000 350000 FYE-23 FYE-24 FYE-25 1Q-26 2Q-26 0.00 0.50 1.00 1.50 2.00 2.50 3.00 FYE-23 FYE-24 FYE-25 1Q-26 2Q-26 Augu st 2026 ATN International | © 2026. All rights reserved. 17 Strong Liquidity Profile Provides Financial Flexibility Well-capitalized and committed to managing debt levels and expanding operating cash flow Net Debt Leverage Ratio $268M in initial cash proceeds from US tower portfolio sale received in early June Outstanding debt at quarter end $513M Capacity on undrawn facilities is $240M Approximately 66% of debt is at the subsidiary level and non-recourse to parent Cash flow from operations in the first six months of 2026 declined by $6M to $54M due to movements related to the US tower portfolio sale (Dollars in millions) As of June 30, 2026. 1. Debt position excludes customer receivable credit facility. 2. Undrawn revolver capacity includes ATN’s and Alaska Communications’ revolving credit facilities. 3. See appendix for reconciliation of Net Debt Leverage Ratio, a non-GAAP measure. Cash & Cash Equivalents Cash, cash equivalents & restricted cash $62 $89 $117 $123 2.40x 2.54x 2.36x 2.30x 0.91x $332 August 2026
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$160 $163 $110 $90 $38 $- $50 $100 $150 $200 $250 FYE-22 FYE-23 FYE-24 FYE-25 1H26 August 2026ATN International | © 2026. All rights reserved. 18 Capital Expenditures Our Approach Return to normalized investment spending levels (~10% to 15% of revenue) Leveraging available government funding to maximize network investments Spend is managed on an annual basis and full year outlook of $105M to $115M is unchanged ATN Reimbursable 10% ATN Funded CapEx - % of Total Revenues 21%22% 15% 12% $168 $219 $175 (Dollars in millions) As of June 30, 2026. $65 $196 Continuing to focus on monetizing upgraded network assets Grant Funding Provisioned BEAD awards of more than $150M in key markets of New Mexico and Alaska More than $200M of grant funding awarded to us or our partners to be completed in 2026 & 2027
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Share Buybacks and Cash Dividends 0 5,000 10,000 15,000 20,000 25,000 30,000 FYE-22 FYE-23 FYE-24 FYE-25 FY26 thru 2Q Maintaining an uninterrupted quarterly dividend since 1999; Recent dividend increase of 5.5% August 2026ATN International | © 2026. All rights reserved. 19 Capital Returned to Stockholders (2022 – 2Q26) Demonstrating a strong commitment to shareholder returns, by distributing $63M in common dividends since 2022, highlighted by a 5.5% increase in June 2026 Expansion of share repurchase program to $30 million authorized in late July 2026 $12 $28 $25 $16 Cash Dividends Share Buybacks $8 (Dollars in millions)
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2026 Outlook and Key Takeaways August 2026ATN International | © 2026. All rights reserved. 20 As of August 5, 2026 $183M - $193M 2026 Adjusted EBITDA1 Outlook $105M - $115M 2026 Capital Expenditures, Net of Reimbursable Expenses International: Continue to increase high-value-add and durable subscribers, convert business opportunities leveraging expanded & upgraded network, localized operations & trusted relationships Domestic: Focus efforts on growing business and carrier customer revenues, strengthening operational teams, and maximizing network value Leverage available government-funded capital expenditures: Expand U.S. network reach to underserved businesses and residential subscribers Advance cost containment actions into structural changes to further simplify operations and drive higher operating margins Manage balance sheet to enhance cash flow and financial flexibility 1 For the Company’s full year 2026 outlook dated August 5, 2026 for Adjusted EBITDA, the Company is not able to provide, without unreasonable effort, the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Includes $7M impact related to the initial closing of the tower sale
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Investment Thesis – “Why ATN, Why Now?” August 2026ATN International | © 2026. All rights reserved. 21 Positioned for Long-Term Value Creation Through Recurring Revenue, Operational Discipline and Improving Free Cash Flow Key Investment Highlights: Defensible Telecom Infrastructure Platform with Improving Cash Flows Embedded Asset Value Validated by Tower Sale and Spectrum Agreement Essential connectivity with structurally growing, mission-critical demand Disciplined Capital Allocation Supporting Shareholder Returns Experienced management team proven in building, scaling, and monetizing telecom networks
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Questions?
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Thank you ir.atni.com We digitally empower people and communities to connect with the world and prosper.
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ATN International | © 2026. All rights reserved. August 2026 24 Appendix
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= August 2026ATN International | © 2026. All rights reserved. 25 Unlocking Inherent Value in Asset Portfolio: U.S. Tower Portfolio Sale Proceeds from sale enhances liquidity and financial flexibility 214 Towers Under Agreement $298M Negotiated Purchase Price $12M Annualized Adj. EBITDA1 Impact (mid-point of range) 25x Implied Transaction Multiple $268M Gross Cash Proceeds at Initial Close Up to $30M Cash Expected at Subsequent Closing 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 26 Reconciliation of Non-GAAP Measures (in thousands) – For the six months ended June 30, 2026 International Telecom US Telecom Corporate and Other * Total Operating income (loss) 41,139$ 225,929$ (15,648)$ 251,420$ Depreciation expense 27,565 32,701 1,050 61,316 Amortization of intangibles from acquisitions 481 509 - 990 EBITDA 69,185$ 259,139$ (14,598)$ 313,726$ Stock-based compensation 253 28 3,052 3,333 Transaction-related charges - 8,134 (982) 7,152 Restructuring and reorganization expenses 1,009 771 2,529 4,309 (Gain) loss on dispositions, transfers and contingent consideration (673) (229,494) 8 (230,159) ADJUSTED EBITDA 69,774$ 38,578$ (9,991)$ 98,361$ Total revenue 192,254$ 174,468$ -$ 366,722$ ADJUSTED EBITDA MARGIN 36.3% 22.1% NA 26.8% For the six months ended June 30, 2026 is as follows:
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 27 Reconciliation of Non-GAAP Measures (in thousands) – For the year ended December 31, 2025 For the year ended December 31, 2025 is as follows: International Telecom US Telecom Corporate and Other * Total Operating income (loss) $ 66,973 $ (1,715) $ (36,824) $ 28,434 Depreciation expense 58,026 71,569 3,381 132,976 Amortization of intangibles from acquisitions 1,004 3,904 - 4,908 EBITDA $ 126,003 $ 73,758 $ (33,443) $ 166,318 Stock-based compensation 639 183 7,721 8,543 Transaction-related charges - - 3,576 3,576 Restructuring and reorganization expenses 3,805 4,928 1,424 10,157 (Gain) Loss on dispositions, transfers and contingent consideration 1,189 (333) 594 1,450 ADJUSTED EBITDA $ 131,636 $ 78,536 $ (20,128) $ 190,044 Total revenue $ 381,881 $ 346,094 $ - $ 727,975 ADJUSTED EBITDA MARGIN 34.5% 22.7% NA 26.1%
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 28 Reconciliation of Non-GAAP Measures (in thousands) – For the year ended December 31, 2024 For the year ended December 31, 2024 is as follows: International Telecom US Telecom Corporate and Other * Total Operating income (loss) $ 75,773 $ (44,443) $ (32,125) (795) Depreciation expense 63,708 73,995 633 138,336 Amortization of intangibles from acquisitions 1,006 6,901 - 7,907 EBITDA $ 140,487 $ 36,453 $ (31,492) $ 145,448 Stock-based compensation 354 621 7,261 8,236 Transaction-related charges - 3,789 1,058 4,847 Restructuring and reorganization expenses 1,489 1,167 879 3,535 Goodwill impairment - 35,269 - 35,269 (Gain) Loss on dispositions, transfers and contingent consideration (15,179) 2,529 (601) (13,251) ADJUSTED EBITDA $ 127,151 $ 79,828 $ (22,895) $ 184,084 Total revenue $ 377,463 $ 351,612 $ - $ 729,075 ADJUSTED EBITDA MARGIN 33.7% 22.7% NA 25.2%
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 29 Reconciliation of Non-GAAP Measures (in thousands) – For the year ended December 31, 2023 For the year ended December 31, 2023 is as follows: International Telecom US Telecom Corporate and Other * Total Operating income (loss) $ 53,420 $ (5,522) $ (34,723) $ 13,175 Depreciation expense 57,420 81,594 2,613 141,627 Amortization of intangibles from acquisitions 1,253 11,383 - 12,636 EBITDA $ 112,093 $ 87,455 $ (32,110) $ 167,438 Stock-based compensation 431 247 7,857 8,535 Restructuring expenses 3,491 7,737 - 11,228 Transaction-related charges - 171 380 551 (Gain) Loss on disposition of assets (60) 4,323 (2,564) 1,699 ADJUSTED EBITDA $ 115,955 $ 99,933 $ (26,437) $ 189,451 Total revenue $ 370,733 $ 391,483 $ - $ 762,216 ADJUSTED EBITDA MARGIN 31.3% 25.5% NA 24.9%
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 30 For the year ended December 31, 2022 is as follows: International Telecom US Telecom Corporate and Other * Total Operating income (loss) $ 52,012 $ (5,656) $ (38,414) 7,942 Depreciation expense 56,568 75,020 3,549 135,137 Amortization of intangibles from acquisitions 1,572 11,444 - 13,016 EBITDA $ 110,152 $ 80,808 $ (34,865) $ 156,095 Stock-based compensation 240 387 6,779 7,406 Transaction-related charges - 1,669 3,129 4,798 (Gain) Loss on disposition of assets 1,157 2,531 701 4,389 ADJUSTED EBITDA $ 111,549 $ 85,395 $ (24,256) $ 172,688 Total revenue $ 355,581 $ 370,164 $ - $ 725,745 ADJUSTED EBITDA MARGIN 31.4% 23.1% NA 23.8% Reconciliation of Non-GAAP Measures (in thousands) – For the year ended December 31, 2021
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 31 Reconciliation of Non-GAAP Measures (in thousands) – For the year ended December 31, 2021 For the year ended December 31, 2021 is as follows: International Telecom US Telecom Corporate and Other * Total Operating income (loss) $ 33,899 $ (14,016) $ (34,908) $ (15,025) Depreciation expense 53,858 43,604 5,269 102,731 Amortization of intangibles from acquisitions 1,648 6,127 - 7,775 EBITDA $ 89,405 $ 35,715 $ (29,639) $ 95,481 Transaction-related charges - 11,390 (1,169) 10,221 Goodwill impairment 20,586 - - 20,586 Loss on disposition of assets 216 783 1,760 2,759 ADJUSTED EBITDA $ 110,207 $ 47,888 $ (29,048) $ 129,047 Revenue 342,859 259,431 417 602,707 ADJUSTED EBITDA MARGIN 32.1% 18.5% NA 21.4%
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ATN International, Inc. August 2026ATN International | © 2026. All rights reserved. 32 Non-GAAP Measures – Net Debt Ratio (in thousands) June 30, March 31, 2026 2026 2025 2024 2023 2022 Current portion of long-term debt * 23,721$ 21,623$ 15,846$ 8,226$ 24,290$ 6,172$ Long-term debt, net of current portion * 489,592 548,537 549,321 549,130 492,580 415,727 Total debt 513,313$ 570,160$ 565,167$ 557,356$ 516,870$ 421,899$ Less: Cash, cash equivalents and restricted cash 331,900 123,490 117,154 89,244 62,167 59,728 Net Debt 181,413$ 446,670$ 448,013$ 468,112$ 454,703$ 362,171$ Adjusted EBITDA - for the four quarters ended 198,273$ 194,324$ 190,044$ 184,084$ 189,450$ 165,282$ Net Debt Ratio 0.91 2.30 2.36 2.54 2.40 2.19 * Excludes Customer receivable credit facility December 31,