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ATN international Second Quarter 2026 Earnings Call Nasdaq : ATNI August 6 , 2026
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Safe Harbor and Non-GAAP Financial Measures Definition Cautionary Language Concerning Forward-Looking Statements This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA, and capital investments; additional closings of the remaining To werPortfolio and the timing thereof; the Company’s liquidity; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others: (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, the impact of cost savings initiatives, and the retention of and future growth of the Company’s subscriber base and average revenue per user; (2) our ability to satisfy other remaining conditions to achieve subsequent closings with respect to sites in the Tower Portfolio; (3) with respect to the use of proceeds resulting from the To werPortfolio, the timing, manner and extent to which such proceeds are deployed may be affected by future market conditions, potential changes in tax laws and the Company's ability to develop corporate investment and strategic opportunities; (4) government regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (5) the impact (if any) of geopolitical instability and U.S. military presence in the Caribbean; (6) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (7) the Company’s reliance on a limited number of key suppliers and vendors for timely and cost-effective supply of equipment and services relating to the Company’s network infrastructure; (8) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (9) the Company’s ability to realize expansion plans for its fiber markets; (10) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (11) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (12) the Company’s continued access to capital and credit markets on terms it deems favorable; (13) the Company’s ability to successfully replace revenue declines in its US Telecom businesses as a result of the pending US tower portfolio sale through carrier, enterprise broadband, and consumer-based broadband services; (14) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities impacting the Company’s operations, including those resulting from changes and uncertainties related to trade policies and tariff regulations, financial market volatility and disruption, uncertain economic conditions in the U.S. and abroad, inflationary concerns, and other macroeconomic headwinds including increased costs and supply chain disruptions; (15) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (16) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 16, 2026, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by applicable law. Use of Non-GAAP Financial Measures and Definition of Terms In addition to financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt, and Net Debt Ratio in this release and the tables included herein. EBITDA is defined as Operating income (loss) before depreciation and amortization expense. Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring and reorganization expenses, the loss on dispositions, transfers and contingent consideration, and non-cash stock-based compensation. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenue. Net Debt is defined as total debt less cash and cash equivalents and restricted cash. Net Debt Ratio is defined as Net Debt divided by the trailing four quarters ended total Adjusted EBITDA at the measurement date. The Company believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP and should be used supplementally to the Company’s GAAP financial results. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time, the Company urges investors to review the reconciliations of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business. Additionally, these non-GAAP financial measures may not be calculated in the same manner as similar measures presented by other companies. In addition, the forward-looking Adjusted EBITDA for the full year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things such as restructuring and reorganization expenses, transaction-related expenses and gains or losses on dispositions, transfers and contingent consideration. The Company has not attempted to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because of the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without reasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company’s financial performance. Q2 2026 EarningsATN International | © 2026. All rights reserved. 2
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ATN International – 2Q26 At A Glance Q2 2026 EarningsATN International | © 2026. All rights reserved. 3 Delivered growth in revenue, operating income and Adj. EBITDA1, with profitability outpacing sales growth; reflecting improving operating leverage Alaska New Mexico Four Corners Region Cayman Islands U.S. Virgin Islands Bermuda Guyana US Segment International Segment 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. Completed initial closing on US Tower Portfolio sale in June; received $268M in gross proceeds 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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= Q2 2026 EarningsATN International | © 2026. All rights reserved. 4 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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= = Q2 2026 EarningsATN International | © 2026. All rights reserved. 5 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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ATN International – 2Q26 Financial Review Q2 2026 EarningsATN International | © 2026. All rights reserved. 6 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, 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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International Telecom: YoY Revenue + 1.4% and Adj. EBITDA1 + 6.6% 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 Q2 2026 EarningsATN International | © 2026. All rights reserved. 7 Consistent revenue streams with opportunity for growth (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. $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 Revenue growth from fixed business, ancillary services and mobility Offset headwinds created by end of USVI subsidy program YoY Adj. EBITDA1 expansion of 180 bps driven by higher revenue and operating efficiency efforts Revenue Adj. EBITDA 1 & Margin
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Q2 2026 EarningsATN International | © 2026. All rights reserved. 8 Established carrier, government and business relationships US Telecom: YoY Revenue +2.2% and Adj. EBITDA1 +4.5% (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 construction revenues YoY Adj. EBITDA 1 expansion of 50 bps driven by higher revenues and operating efficiency efforts offsetting the impact of the tower sale (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
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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 Q2 2026 Earni ngs ATN International | © 2026. All rights reserved. 9 Strong Liquidity Profile Provides Financial Flexibility We are well-capitalized and committed to managing debt levels and expanding operating cash flow Net Debt Leverage Ratio3 $268M in initial cash proceeds from US tower portfolio sale Undrawn revolver capacity2 is $240M Outstanding debt at quarter end $513M Approximately 66% of debt is at the subsidiary level and non-recourse to parent Cash flow from operations 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 Q2 2026 Earnings $332
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$160 $163 $110 $90 $38 $- $50 $100 $150 $200 $250 FYE-22 FYE-23 FYE-24 FYE-25 1H26 Q2 2026 EarningsATN International | © 2026. All rights reserved. 10 Capital Expenditures 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
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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% Q2 2026 EarningsATN International | © 2026. All rights reserved. 11 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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Reaffirming Our 2026 Outlook Q2 2026 EarningsATN International | © 2026. All rights reserved. 12 As of August 6, 2026 $183M - $193M 2026 Adj. EBITDA1 Outlook $105M - $115M 2026 Capital Expenditures 1 For the Company’s full year 2026 outlook dated August 6, 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. Adj. EBITDA1 outlook includes $7M impact related to the initial closing of tower sale Capital expenditure outlook is net of reimbursable spend
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ATN International | © 2026. All rights reserved. Q2 2026 Earnings 13 Appendix
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= Q2 2026 EarningsATN International | © 2026. All rights reserved. 14 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 $30M Cash Expected at Subsequent Closing 1 For the Company’s full year 2026 outlook dated August 6, 2026 for Adjusted EBITDA, the Company is not able to provide, without unreasonable effort, the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. .
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ATN International, Inc. Q2 2026 EarningsATN International | © 2026. All rights reserved. 15 Reconciliation of Non-GAAP Measures (in thousands) – For the three and six months ended June 30, 2026 International Telecom US Telecom Corporate and Other * Total Operating income (loss) 21,917$ 224,192$ (6,378)$ 239,731$ Depreciation expense 13,990 15,843 326 30,159 Amortization of intangibles from acquisitions 239 254 - 493 EBITDA 36,146$ 240,289$ (6,052)$ 270,383$ Stock-based compensation 126 - 1,272 1,398 Transaction-related charges - 8,116 (1,797) 6,319 Restructuring and reorganization expenses 264 580 1,740 2,584 (Gain) loss on dispositions, transfers and contingent consideration (1,051) (229,897) 8 (230,940) ADJUSTED EBITDA 35,485$ 19,088$ (4,829)$ 49,744$ Total revenue 96,196$ 88,307$ -$ 184,503$ ADJUSTED EBITDA MARGIN 36.9% 21.6% NA 27.0% 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 three months ended June 30, 2026 is as follows: For the six months ended June 30, 2026 is as follows:
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ATN International, Inc. Q2 2026 EarningsATN International | © 2026. All rights reserved. 16 International Telecom US Telecom Corporate and Other * Total Operating income (loss) 16,221$ (5,533)$ (10,455)$ 233$ Depreciation expense 15,154 17,850 859 33,863 Amortization of intangibles from acquisitions 251 975 - 1,226 EBITDA 31,626$ 13,292$ (9,596)$ 35,322$ Stock-based compensation 141 50 2,494 2,685 Transaction-related charges - - 193 193 Restructuring and reorganization expenses 1,385 2,357 1,165 4,907 Loss on dispositions, transfers and contingent consideration 122 2,563 - 2,685 ADJUSTED EBITDA 33,274$ 18,262$ (5,744)$ 45,792$ Total revenue 94,894$ 86,406$ -$ 181,300$ ADJUSTED EBITDA MARGIN 35.1% 21.1% NA 25.3% International Telecom US Telecom Corporate and Other * Total Operating income (loss) 30,970$ (7,948)$ (20,122)$ 2,900 Depreciation expense 30,531 36,134 1,725 68,390 Amortization of intangibles from acquisitions 503 1,949 - 2,452 EBITDA 62,004$ 30,135$ (18,397)$ 73,742$ Stock-based compensation 357 127 4,106 4,590 Transaction-related charges - - 1,628 1,628 Restructuring and reorganization expenses 2,891 2,491 1,355 6,737 Loss on dispositions, transfers and contingent consideration 413 3,021 - 3,434 ADJUSTED EBITDA 65,665$ 35,774$ (11,308)$ 90,131$ Total revenue 189,390$ 171,204$ -$ 360,594$ ADJUSTED EBITDA MARGIN 34.7% 20.9% NA 25.0% For the three months ended June 30, 2025 is as follows: For the six months ended June 30, 2025 is as follows: Reconciliation of Non-GAAP Measures (in thousands) – For the three and six months ended June 30, 2025
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ATN International, Inc. Q2 2026 EarningsATN International | © 2026. All rights reserved. 17 Non-GAAP Measures – Net Debt Ratio (in thousands) June 30, March 31, 2026 2026 2025 2024 2023 Current portion of long-term debt * 23,721$ 21,623$ 15,846$ 8,226$ 24,290$ Long-term debt, net of current portion * 489,592 548,537 549,321 549,130 492,580 Total debt 513,313$ 570,160$ 565,167$ 557,356$ 516,870$ Less: Cash, cash equivalents and restricted cash 331,900 123,490 117,154 89,244 62,167 Net Debt 181,413$ 446,670$ 448,013$ 468,112$ 454,703$ Adjusted EBITDA - for the four quarters ended 198,273$ 194,324$ 190,044$ 184,084$ 189,450$ Net Debt Ratio 0.91 2.30 2.36 2.54 2.40 * Excludes Customer receivable credit facility December 31,