Earnings release
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ATN international ATN International , Inc. Reports Second Quarter 2026 Results ; Announces Increased Repurchase Authorization ; and Reaffirms 2026 Outlook August 5 , 2026 Delivers year - over - year revenue growth of 2 % and Adjusted EBITDA¹ growth of 9 % Receives $ 268 million in cash at the initial closing of the US Tower Portfolio Sale4 Increases share repurchase authorization to $ 30 million BEVERLY , Mass . , Aug. 05 , 2026 ( GLOBE NEWSWIRE ) -- ATN International , Inc. ( " ATN , " the " Company , " " we , " " us , " and " our " ) ( Nasdaq : ATNI ) , a leading provider of digital infrastructure and communications services , today reported financial results for the second quarter ended June 30 , 2026 . ATN's management will host a conference call and webcast tomorrow , August 6 , 2026 , beginning at 11:00 a.m. Eastern Time to review these results . " Our second quarter results demonstrate the continued strength and resilience of our business . We delivered growth in both total revenue and Adjusted EBITDA , with profitability outpacing sales growth , reflecting improving operating leverage , " said Naji Khoury , ATN's Chief Executive Officer . " In my first several months , I have had the opportunity to visit our markets , meet with team members , customers , stakeholders , and investors , and spend meaningful time understanding the strength of our platform . We have experienced management teams , capable operating organizations , strong infrastructure assets and customer relationships that have been built over many years , which provide a solid foundation to further optimize our operations . " Mr. Khoury added , “ During the quarter , we completed the initial closing of the sale of our US tower portfolio and entered into an agreement to sell certain US spectrum licenses , demonstrating our ability to unlock value from our infrastructure assets as the tower transaction multiple far exceeded our current trading multiple . Additionally , in June our Board increased both the quarterly cash dividend , and the Company's share repurchase authorization , reflecting our confidence in the outlook for the business , the strength of our financial position , and our commitment to disciplined capital allocation to create long - term shareholder value . " Second Quarter 2026 Operating and Financial Highlights ( as compared to the Second Quarter 2025 ) • High - speed broadband homes passed expanded by 21 % to 523,400 , supported by fixed wireless deployments in the second half of 2025 • Total high - speed broadband customers grew 1 % to 140,900 • Revenue increased 2 % to $ 184.5 million , driven by growth in both the International and US Telecom segments • Operating income increased to $ 239.7 million , primarily due to a $ 229.9 million gain from the initial closing of the US Tower Portfolio Sale4 • Net cash provided by operating activities decreased 11 % to $ 53.5 million , reflecting movements in operating cash related to the US Tower Portfolio sale4 • Adjusted EBITDA¹ increased $ 4.0 million , or 9 % , to $ 49.7 million and Adjusted EBITDA Margin¹ improved from 25.3 % to 27.0 % • Net Debt Ratio³ improved to 0.91x from 2.36x on December 31 , 2025 Second Quarter 2026 Financial Results ( as compared to the second quarter 2025 ) Consolidated revenues were $ 184.5 million , up $ 3.2 million , or 2 % versus $ 181.3 million . The increase was primarily driven by carrier services revenues and market demand for fixed and other ancillary services , which offset year - over - year declines in fixed consumer revenues primarily related to the previously disclosed loss of a government subsidy , and lower construction revenues . Operating income was $ 239.7 million versus $ 0.2 million in the year - ago quarter . The increase reflects a $ 229.9 million gain recorded on the initial closing of the US Tower Portfolio Sale 4 , and the above - mentioned revenue growth as well as lower restructuring and reorganization and depreciation and amortization expenses . Net income attributable to ATN stockholders was $ 167.3 million , or $ 10.71 per diluted share , versus a net loss of $ ( 7.0 ) million , or $ ( 0.56 ) per share . Adjusted EBITDA¹ was $ 49.7 million , up $ 4.0 million , or 9 % , from $ 45.8 million in the year - ago quarter and Adjusted EBITDA Margin¹ expanded to 27.0 % from 25.3 % . The increase was primarily driven by higher revenues and cost efficiencies .
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US Tower Portfolio Sale4 On June 2, 2026, the Company completed the initial closing of the sale of its southwestern US tower portfolio (the “US Tower Portfolio Sale”) 4 to an affiliate of Everest Infrastructure Partners, Inc. and received $267.7 million in cash. The Company may receive up to an additional $29.6 million in cash consideration at subsequent closings expected to occur over the next ten months subject to the satisfaction or waiver of specified construction and operational conditions related to tower sites deferred at the initial closing. 2026 Full-Year Outlook: The Company reaffirms its previously updated financial outlook for full-year 2026, reflecting the impact of the initial closing of the US Tower Portfolio Sale4, as follows: Adjusted EBITDA2 is expected to be in the range of $183 million to $193 million Capital expenditures are expected to be in the range of $105 to $115 million (net of reimbursable expenditures) Segment Operating Results (in Thousands) The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other. For Three Months Ended June 30, 2026 and 2025 2026 2025 2026 2025 2026 2025 2026 2025 International International US US Corporate and Corporate and Total Total Telecom Telecom Telecom Telecom Other* Other* ATN ATN Total Revenue: $ 96,196 $ 94,894 $ 88,308 $ 86,406 $ - $ - $ 184,504 $ 181,300 Mobility 27,138 26,323 - 8 - - 27,138 26,331 Fixed 60,519 61,749 52,364 51,359 - - 112,883 113,108 Carrier Services 3,549 3,423 32,793 29,806 - - 36,342 33,229 Construction - - 779 2,216 - - 779 2,216 All other 4,990 3,399 2,372 3,017 - - 7,362 6,416 Operating Income (Loss) $ 21,917 $ 16,221 $ 224,192 $ (5,533) $ (6,378) $ (10,455) $ 239,731 $ 233 EBITDA(1) $ 36,146 $ 31,626 $ 240,289 $ 13,292 $ (6,052) $ (9,596) $ 270,383 $ 35,322 Adjusted EBITDA(1) $ 35,485 $ 33,274 $ 19,088 $ 18,262 $ (4,829) $ (5,744) $ 49,744 $ 45,792 Capital Expenditures** $ 6,142 $ 9,466 $ 11,099 $ 11,718 $ 1 $ - $ 17,242 $ 21,184 For Six Months Ended June 30, 2026 and 2025 2026 2025 2026 2025 2026 2025 2026 2025 International International US US Corporate and Corporate and Total Total Telecom Telecom Telecom Telecom Other* Other* ATN ATN Total Revenue: $ 192,254 $ 189,390 $ 174,468 $ 171,204 $ - $ - $ 366,722 $ 360,594 Mobility 53,497 52,363 - 46 - - 53,497 52,409 Fixed 121,105 123,115 104,445 103,019 - - 225,550 226,134 Carrier Services 7,747 7,326 64,682 59,033 - - 72,429 66,359 Construction - - 779 3,262 - - 779 3,262 All other 9,905 6,586 4,562 5,844 - - 14,467 12,430 Operating Income (Loss) $ 41,139 $ 30,970 $ 225,929 $ (7,948) $ (15,648) $ (20,122) $ 251,420 $ 2,900 EBITDA(1) $ 69,185 $ 62,004 $ 259,139 $ 30,135 $ (14,598) $ (18,397) $ 313,726 $ 73,742 Adjusted EBITDA(1) $ 69,774 $ 65,665 $ 38,578 $ 35,774 $ (9,991) $ (11,308) $ 98,361 $ 90,131 Capital Expenditures** $ 14,404 $ 20,269 $ 23,854 $ 21,745 $ 1 $ 2 $ 38,259 $ 42,016 * Corporate and Other refer to corporate overhead expenses and consolidating adjustments. ** Excludes reimbursable government capital program amounts. Operating Metrics Operating Metrics
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2026 2026 2025 2025 2025 Q2 2026 Q2 Q1 Q4 Q3 Q2 vs. Q2 2025 High-Speed* Broadband Homes Passed 523,400 523,300 522,900 512,300 432,300 21% High-Speed* Broadband Customers 140,900 143,200 142,700 139,300 139,400 1% Fiber Route Miles 12,224 12,218 12,210 12,062 11,957 2% International Mobile Subscribers Pre-Paid 322,700 323,900 331,100 325,800 325,900 -1% Post-Paid 63,900 63,000 62,200 61,900 60,700 5% Total 386,600 386,900 393,300 387,700 386,600 0.0% Mobile Blended Churn 3.48% 3.60% 2.97% 3.19% 3.09% *High-Speed Broadband is defined as download speeds 100 Mbps or greater and High-Speed Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected. Note: Data presented may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process. Balance Sheet and Cash Flow Highlights As of June 30, 2026, cash, cash equivalents, and restricted cash totaled $331.9 million versus $117.2 million as of December 31, 2025. Total debt was $513.3 million on June 30, 2026, compared to $565.2 million on December 31, 2025. The Company’s Net Debt Ratio3 was 0.91x on June 30, 2026. Net cash provided by operating activities was $53.5 million for the six months ended June 30, 2026 , compared to net cash provided by operating activities of $59.8 million in the same period last year. The year-over-year decrease was primarily due to operating cash movements related to the US Tower Portfolio Sale4. Capital expenditures were $38.3 million , net of $27.0 million of reimbursable capital expenditures, for the six months ended June 30, 2026 , as compared to $42.0 million, net of $45.9 million of reimbursable capital expenditures, in the same period last year. Quarterly Dividends and Share Repurchases On July 8, 2026, the Company paid a quarterly dividend of $0.29 per share, on all shares of common stock outstanding to stockholders of record as of June 30, 2026. The cash dividend represented a 5.5% increase from the previous quarterly dividend of $0.275 per share. The Company did not repurchase any outstanding shares under its $25 million share repurchase authorization (the “Repurchase Program”) during the second quarter, and as of June 30, 2026, there was $15 million available for repurchases under the Repurchase Program. On July 31, 2026, the Company’s Board of Directors approved a share repurchase authorization increase of $15 million authorizing the Company to repurchase up to $30 million in shares of its common stock in the aggregate under the Repurchase Program. 2026 Second Quarter Earnings Conference Call The Company will host a conference call at 11:00 a.m. Eastern Time on August 6, 2026 , to discuss financial and operating results for the second quarter ended June 30, 2026 . A live webcast of the conference call will be available via this webcast link: https://edge.media-server.com/mmc/p /dcmui7w9 Investors can listen to a live audio webcast of the conference call by either visiting the “Webcast Link” above or the "Events & Presentations" section of the Company’s Investor Relations website at https://ir.atni.com/events-and-presentations. A conference call replay will be available at the same locations beginning at approximately 1:00 p.m. Eastern Time that same day. The Company also will provide an investor presentation as a supplement to the call on the “Events & Presentations” section of its Investor Relations website. 1 EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” below for full definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin and see Table 5 for reconciliations of Operating Income to EBITDA and Operating Income to Adjusted EBITDA. 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. Please see “Use of Non-GAAP Financial Measures” below for a description of items excluded from the Company’s Adjusted EBITDA guidance. 3 Net Debt and Net Debt Ratio are non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” below for full definitions of Net Debt and Net Debt Ratio and see Table 6 for the reconciliations of Total Debt to Net Debt. 4 As previously disclosed, on February 11, 2026, certain subsidiaries of the Company entered into that certain Purchase and Sale Agreement with EIP Holdings, IV, LLC, an affiliate of Everest Infrastructure Partners, Inc., to sell approximately 214 tower portfolio sites in the southwest US for up to $297 million in cash consideration (the “U.S. Tower Portfolio Sale”). About ATN
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ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a provider of digital infrastructure and communications services operating in the United States and internationally, including the Caribbean region. The Company’s operating subsidiaries focus on rural and remote markets and primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services. For more information, please visit www.atni.com. 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 guidance for the full-year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things, 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. 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; subsequent closings of the US Tower Portfolio Sale and the additional consideration related thereto 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 outstanding conditions to complete subsequent closings with respect to the US Tower Portfolio Sale; (3) the timing, manner and extent to which proceeds from the US Tower Portfolio Sale 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.
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Company Contact: Michele Satrowsky SVP, Head of IR & Treasury ATN International Inc. ir@atni.com Investor Relations Contact: Joe Noyons or Kelley Buchhorn Three Part Advisors, LLC jnoyons@threepa.com; kbuchhorn@threepa.com Table 1 ATN International, Inc. Unaudited Condensed Consolidated Balance Sheets (in Thousands) June 30, December 31, 2026 2025 Assets: Cash and cash equivalents $ 317,580 $ 102,491 Restricted cash 14,320 14,663 Customer receivable 9,094 8,783 Assets held-for-sale 8,600 11,200 Other current assets 192,693 190,739 Total current assets 542,287 327,876 Property, plant and equipment, net 947,213 991,767 Operating lease right-of-use assets 132,379 98,158 Customer receivable - long term 30,329 35,128 Assets held-for-sale, net of current portion 6,926 - Goodwill and other intangible assets, net 116,948 117,770 Other assets 103,936 102,555 Total assets $ 1,880,018 $ 1,673,254 Liabilities, redeemable non-controlling interests and stockholders’ equity: Current portion of long-term debt $ 23,721 $ 15,846 Current portion of customer receivable credit facility 8,999 8,784 Taxes payable 55,424 7,596 Current portion of lease liabilities 18,999 13,891 Liabilities held-for-sale 139 - Other current liabilities 225,540 216,982 Total current liabilities 332,822 263,099 Long-term debt, net of current portion $ 489,592 $ 549,321 Customer receivable credit facility, net of current portion 26,228 30,834 Lease liabilities 106,530 75,277 Other long-term liabilities 108,153 113,923 Total liabilities 1,063,325 1,032,454 Redeemable non-controlling interests 97,393 86,821 Stockholders' equity: Total ATN International, Inc.’s stockholders’ equity 598,776 444,292 Non-controlling interests 120,524 109,687 Total stockholders' equity 719,300 553,979 Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 1,880,018 $ 1,673,254
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Table 2 ATN International, Inc. Unaudited Condensed Consolidated Statements of Operations (in Thousands, Except per Share Data) Three Months Ended, Six Months Ended, June 30, June 30, 2026 2025 2026 2025 Revenues: Communications services $ 180,141 $ 174,874 $ 358,599 $ 348,905 Construction 779 2,216 779 3,262 Other 3,584 4,210 7,344 8,427 Total revenue 184,504 181,300 366,722 360,594 Operating expenses (excluding depreciation and amortization unless otherwise indicated): Cost of services and other 78,450 77,165 155,876 155,389 Cost of construction revenue 990 2,183 990 3,684 Selling, general and administrative 55,319 56,160 111,494 111,390 Stock-based compensation 1,398 2,685 3,333 4,590 Transaction-related charges 6,319 193 7,152 1,628 Restructuring and reorganization expenses 2,583 4,907 4,309 6,737 Depreciation 30,160 33,863 61,316 68,390 Amortization of intangibles from acquisitions 493 1,226 990 2,452 (Gain) Loss on dispositions, transfers and contingent consideration (230,940) 2,685 (230,158) 3,434 Total operating expenses (55,228) 181,067 115,302 357,694 Operating income 239,732 233 251,420 2,900 Other expense: Interest expense, net (10,368) (12,678) (20,712) (24,356) Other expense (747) (591) (3,979) (3,158) Other expense (11,115) (13,269) (24,691) (27,514) Income (loss) before income taxes 228,617 (13,036) 226,729 (24,614) Income tax expense (benefit) 42,092 (3,776) 43,678 (3,967) Net income (loss) 186,525 (9,260) 183,051 (20,647) Net (income) loss attributable to non-controlling interests, net (19,237) 2,234 (18,560) 4,693 Net income (loss) attributable to ATN International, Inc. stockholders $ 167,288 $ (7,026) $ 164,491 $ (15,954) Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders: Basic $ 10.77 $ (0.56) $ 10.52 $ (1.25) Diluted $ 10.71 $ (0.56) $ 10.44 $ (1.25) Weighted average common shares outstanding: Basic 15,384 15,223 15,334 15,177 Diluted 15,459 15,223 15,444 15,177 Table 3 ATN International, Inc. Unaudited Condensed Consolidated Cash Flow Statements (in Thousands)
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Six Months Ended June 30, 2026 2025 Net income (loss) $ 183,051 $ (20,647) Depreciation 61,316 68,390 Amortization of intangibles from acquisitions 990 2,452 Provision for doubtful accounts 4,245 4,135 Amortization of debt discount and debt issuance costs 1,450 1,435 (Gain) loss on dispositions, transfers and contingent consideration (230,158) 3,434 Stock-based compensation 3,333 4,590 Deferred income taxes 1,079 (5,432) (Gain) Loss on equity investments 2,396 (133) Decrease in customer receivable 4,487 1,780 Change in prepaid and accrued income taxes 42,295 1,666 Change in other operating assets and liabilities (20,943) (1,827) Net cash provided by operating activities 53,541 59,843 Capital expenditures (38,259) (42,016) Government capital programs: Amounts disbursed (27,007) (45,906) Amounts received 22,423 41,364 Proceeds from Tower Portfolio Transaction 267,669 - Proceeds from sale of telecommunications licenses 2,200 - Proceeds from sale of assets 1,585 221 Purchases and sales of employee benefit plan investments (28) 701 Net cash provided by (used in) investing activities 228,583 (45,636) Dividends paid on common stock (8,426) (7,279) Distributions to non-controlling interests (1,410) (1,404) Finance lease payments (376) (974) Term loan - repayments (5,009) (3,314) Term loan - borrowings 5,000 - Payment of debt issuance costs (603) (280) Revolving credit facilities – borrowings 49,050 41,000 Revolving credit facilities – repayments (101,170) (13,000) Repayment of customer receivable credit facility (4,449) (4,071) Purchases of common stock - stock-based compensation (1,902) (770) Purchases of noncontrolling interests (288) (44) Funds payable and amounts due to customers 2,205 - Net cash provided by (used in) financing activities (67,378) 9,864 Net change in total cash, cash equivalents and restricted cash 214,746 24,071 Total cash, cash equivalents and restricted cash, beginning of period 117,154 89,244 Total cash, cash equivalents and restricted cash, end of period $ 331,900 $ 113,315 Table 4 ATN International, Inc. Selected Segment Financial Information (In Thousands) For the three months ended June 30, 2026 is as follows:
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International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 5,161 $ - $ - $ 5,161 Consumer 21,977 - - 21,977 Total $ 27,138 $ - $ - $ 27,138 Fixed Business $ 18,896 $ 30,210 $ - $ 49,106 Consumer 41,623 22,154 - 63,777 Total $ 60,519 $ 52,364 $ - $ 112,883 Carrier Services $ 3,549 $ 32,793 $ - $ 36,342 Other 3,621 157 - 3,778 Total Communications Services $ 94,827 $ 85,314 $ - $ 180,141 Construction $ - $ 779 $ - $ 779 Managed services $ 1,369 $ 2,215 $ - $ 3,584 Total Other $ 1,369 $ 2,215 $ - $ 3,584 Total Revenue $ 96,196 $ 88,308 $ - $ 184,504 Depreciation $ 13,990 $ 15,843 $ 326 $ 30,159 Amortization of intangibles from acquisitions $ 239 $ 254 $ - $ 493 Total operating expenses $ 74,279 $ (135,884) $ 6,378 $ (55,227) Operating income (loss) $ 21,917 $ 224,192 $ (6,378) $ 239,731 Net (income) loss attributable to non-controlling interests $ (3,144) $ (16,093) $ - $ (19,237) Non GAAP measures: EBITDA (2) $ 36,146 $ 240,289 $ (6,052) $ 270,383 Adjusted EBITDA (1) $ 35,485 $ 19,088 $ (4,829) $ 49,744 Balance Sheet Data (at June 30, 2026): Cash, cash equivalents and restricted cash $ 100,371 $ 222,062 $ 9,467 $ 331,900 Total current assets 191,366 323,747 27,174 542,287 Fixed assets, net 442,009 503,870 1,334 947,213 Total assets 711,981 1,076,105 91,932 1,880,018 Total current liabilities 104,747 139,362 88,713 332,822 Total debt, including current portion 63,909 333,699 115,705 513,313 * Corporate and Other refer to corporate overhead expenses and consolidating adjustments Table 4 (continued) ATN International, Inc. Selected Segment Financial Information (In Thousands) For the three months ended June 30, 2025 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility
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Business $ 4,857 $ 8 $ - $ 4,865 Consumer 21,466 - - 21,466 Total $ 26,323 $ 8 $ - $ 26,331 Fixed Business $ 18,416 $ 28,854 $ - $ 47,270 Consumer 43,333 22,505 - 65,838 Total $ 61,749 $ 51,359 $ - $ 113,108 Carrier Services $ 3,423 $ 29,806 $ - $ 33,229 Other 2,088 118 - 2,206 Total Communications Services $ 93,583 $ 81,291 $ - $ 174,874 Construction $ - $ 2,216 $ - $ 2,216 Managed services $ 1,311 $ 2,899 $ - $ 4,210 Total Other $ 1,311 $ 2,899 $ - $ 4,210 Total Revenue $ 94,894 $ 86,406 $ - $ 181,300 Depreciation $ 15,154 $ 17,850 $ 859 $ 33,863 Amortization of intangibles from acquisitions $ 251 $ 975 $ - $ 1,226 Total operating expenses $ 78,673 $ 91,939 $ 10,455 $ 181,067 Operating income (loss) $ 16,221 $ (5,533) $ (10,455) $ 233 Net (income) loss attributable to non-controlling interests $ (2,307) $ 4,541 $ - $ 2,234 Non GAAP measures: EBITDA (2) $ 31,626 $ 13,292 $ (9,596) $ 35,322 Adjusted EBITDA (1) $ 33,274 $ 18,262 $ (5,744) $ 45,792 Balance Sheet Data (at December 31, 2025): Cash, cash equivalents and restricted cash $ 79,165 $ 35,915 $ 2,074 $ 117,154 Total current assets 165,341 141,592 20,943 327,876 Fixed assets, net 451,303 533,443 7,021 991,767 Total assets 701,579 881,968 89,707 1,673,254 Total current liabilities 97,305 120,535 45,259 263,099 Total debt, including current portion 59,952 329,036 176,180 565,168 (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA (2) See Table 5 for reconciliation of Operating Income to EBITDA * Corporate and Other refer to corporate overhead expenses and consolidating adjustments ATN International, Inc. Selected Segment Financial Information (In Thousands) For the six months ended June 30, 2026 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 10,337 $ - $ - $ 10,337 Consumer 43,160 - - 43,160 Total $ 53,497 $ - $ - $ 53,497
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Fixed Business $ 37,642 $ 60,137 $ - $ 97,779 Consumer 83,463 44,308 - 127,771 Total $ 121,105 $ 104,445 $ - $ 225,550 Carrier Services $ 7,747 $ 64,682 $ - $ 72,429 Other 6,815 308 - 7,123 Total Communications Services $ 189,164 $ 169,435 $ - $ 358,599 Construction $ - $ 779 $ - $ 779 Managed services $ 3,090 $ 4,254 $ - $ 7,344 Total Other $ 3,090 $ 4,254 $ - $ 7,344 Total Revenue $ 192,254 $ 174,468 $ - $ 366,722 Depreciation $ 27,565 $ 32,701 $ 1,050 $ 61,316 Amortization of intangibles from acquisitions $ 481 $ 509 $ - $ 990 Total operating expenses $ 151,115 $ (51,461) $ 15,648 $ 115,302 Operating income (loss) $ 41,139 $ 225,929 $ (15,648) $ 251,420 Net (income) loss attributable to non-controlling interests $ (5,750) $ (12,810) $ - $ (18,560) Non GAAP measures: EBITDA (2) $ 69,185 $ 259,139 $ (14,598) $ 313,726 Adjusted EBITDA (1) $ 69,774 $ 38,578 $ (9,991) $ 98,361 * Corporate and Other refer to corporate overhead expenses and consolidating adjustments Table 4 (continued) ATN International, Inc. Selected Segment Financial Information (In Thousands) For the six months ended June 30, 2025 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 9,706 $ 46 $ - $ 9,752 Consumer 42,657 - - 42,657 Total $ 52,363 $ 46 $ - $ 52,409 Fixed Business $ 36,909 $ 58,099 $ - $ 95,008 Consumer 86,206 44,920 - 131,126 Total $ 123,115 $ 103,019 $ - $ 226,134 Carrier Services $ 7,326 $ 59,033 $ - $ 66,359 Other 3,829 174 - 4,003 Total Communications Services $ 186,633 $ 162,272 $ - $ 348,905 Construction $ - $ 3,262 $ - $ 3,262 Managed services $ 2,757 $ 5,670 $ - $ 8,427
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Total Other $ 2,757 $ 5,670 $ - $ 8,427 Total Revenue $ 189,390 $ 171,204 $ - $ 360,594 Depreciation $ 30,531 $ 36,134 $ 1,725 $ 68,390 Amortization of intangibles from acquisitions $ 503 $ 1,949 $ - $ 2,452 Total operating expenses $ 158,420 $ 179,152 $ 20,122 $ 357,694 Operating income (loss) $ 30,970 $ (7,948) $ (20,122) $ 2,900 Net (income) loss attributable to non-controlling interests $ (3,781) $ 8,474 $ - $ 4,693 Non GAAP measures: EBITDA (2) $ 62,004 $ 30,135 $ (18,397) $ 73,742 Adjusted EBITDA (1) $ 65,665 $ 35,774 $ (11,308) $ 90,131 (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA (2) See Table 5 for reconciliation of Operating Income to EBITDA * Corporate and Other refer to corporate overhead expenses and consolidating adjustments Table 5 ATN International, Inc. Reconciliation of Non-GAAP Measures (In Thousands) For the three months ended June 30, 2026 is as follows: 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 $ 88,308 $ - $ 184,504 ADJUSTED EBITDA MARGIN 36.9% 21.6% NA 27.0% For the three months ended June 30, 2025 is as follows: 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
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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% Table 5 (continued) ATN International, Inc. Reconciliation of Non-GAAP Measures (In Thousands) For the six months ended June 30, 2026 is as follows: 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, 2025 is as follows: 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%
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Table 6 ATN International, Inc. Non GAAP Measure - Net Debt Ratio (in Thousands) June 30, December 31, 2026 2025 Current portion of long-term debt * $ 23,721 $ 15,846 Long-term debt, net of current portion * 489,592 549,321 Total debt $ 513,313 $ 565,167 Less: Cash, cash equivalents and restricted cash 331,900 117,154 Net Debt $ 181,413 $ 448,013 Adjusted EBITDA - for the four quarters ended $ 198,273 $ 190,044 Net Debt Ratio 0.91 2.36 * Excludes Customer receivable credit facility Source: ATN International, Inc.