Slides
Page 1
Third Quarter 2026 Earnings Call Nasdaq: ATNI November 5, 2026
Page 2
Safe Harbor and Non-GAAP Financial Measures Definition Cautionary Language Concerning Forward-Looking Statements This presentation 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 U.S. 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 U.S. Tower Portfolio Sale; (3) the timing, manner and extent to which proceeds from the U.S. 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 and information systems; (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 U.S. 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 Leverage Ratio in this presentation 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 Leverage 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. Q3 2026 EarningsATN International | © 2026. All rights reserved. 2
Page 3
ATN International – 3Q26 At A Glance Q3 2026 EarningsATN International | © 2026. All rights reserved. 3 Delivered solid quarter, with profitability improvement outpacing sales growth; reflecting improving operating leverage Alaska New Mexico Four Corners Region Cayman Islands U.S. Virgin Islands Bermuda Guyana US Telecom Segment International Telecom Segment Strong growth in high- speed homes passed and US Telecom high-speed broadband subscribers Updating full year 2026 outlook; expect Adjusted EBITDA1 will be at the high end, or modestly above, the guided range Strong balance sheet and liquidity profile; provide flexibility for future opportunities Delivered total revenue growth and profitability, adjusting for the impact of the 2Q26 U.S. tower portfolio sale 1 For the Company’s full year 2026 outlook dated November 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.
Page 4
Q3 2026 EarningsATN International | © 2026. All rights reserved. 4 133k High-Speed Broadband Customers Flat YoY 274k High-Speed Broadband Homes Passed +4% YoY 314k Pre-Paid Subscribers -4% YoY 65k Post-Paid Subscribers +4% YoY International Telecom Key Metrics: 3Q26 69% Consumer Revenue Established incumbency 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.
Page 5
= = Q3 2026 EarningsATN International | © 2026. All rights reserved. 5 US Telecom Key Metrics: 3Q26 6k High-Speed Broadband Subscribers +7% YoY 259k High-Speed Broadband Homes Passed +4% YoY 75% 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 U.S. BEAD funding opportunity more than $100M
Page 6
ATN International – 3Q26 Financial Review Q3 2026 EarningsATN International | © 2026. All rights reserved. 6 Consistency across all operating metrics Alaska New Mexico Four Corners Region US Telecom Segment Total Revenue: $183M Flat YoY Total Adj. EBITDA1 Margin: 27.3% Flat YoY Total Revenue*: $86M -2% YoY Adj. EBITDA1*: $19M -11% YoY Total Revenue: $97M +2% YoY Adj. EBITDA1: $36M +9% YoY Operating Income: $13M +32% YoY 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. Cayman Islands U.S. Virgin Islands Bermuda Guyana International Telecom Segment Total Adj. EBITDA1: $50M +Flat YoY * Excluding the impact of the U.S. Tower Portfolio Sale, communication services revenue would have increased by 1% and Adj. EBITDA by 2%. See Appendix for a full reconciliation. Diluted EPS: $1.09 / per share +500% YoY
Page 7
$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 International Telecom: YoY Revenue + 2% and Adj. EBITDA1 + 9% Q3 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. Revenue growth from mobility, carrier services fixed business, and other ancillary services Offset challenges created by the end of the USVI subsidy program YoY Adj. EBITDA 1 expansion of 240 bps driven by higher revenue and favorable operating expense timing Revenue Adj. EBITDA 1 & Margin Mobility Fixed Other $95.1 $97.3 $96.1 $96.2 $96.9 35.0% 33.6% 35.7% 36.9% 37.4% $33.3 $32.7 $34.3 $35.5 $36.3 $93.8 $97.3 $96.1 $96.2 $96.9
Page 8
$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 (10,000) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3 2026 EarningsATN International | © 2026. All rights reserved. 8 Established carrier, government and business relationships US Telecom: YoY Revenue -2% and Adj. EBITDA1 -11% (Incl. Impact from Tower Sale) Carrier services revenue impacted by the U.S. tower portfolio sale created a more difficult year over year comparison YoY Adj. EBITDA 1 contraction of 230 bps driven by a nearly $3M impact from the tower sale Excluding these impacts, communications services revenues would have increased by 1% and Adj. EBITDA 1 by 2% (Dollars in millions) 1 See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. Revenue Adj. EBITDA1 & Margin Other Tower- related Fixed $88.0 $86.9 $86.2 $88.3 $86.3 24.0% 24.9% 22.6% 21.6% 21.7% $21.2 $21.6 $19.5 $19.1 $18.7 Carrier
Page 9
0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 FYE-23 FYE-24 FYE-25 1Q-26 2Q-26 3Q-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 3Q-26 Q3 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 Leverage Ratio3 $268M in initial cash proceeds from U.S. tower portfolio sale in Q2-26 Capacity on undrawn revolving credit facilities2 is $237M Outstanding debt 1 at quarter end was $538M Approximately 70% of debt is at the subsidiary level and non-recourse to parent Cash flow from operations was $77M versus $98 million last year, primarily due to working capital timing (Dollars in millions) As of September 30, 2026. 1. Debt position excludes customer receivable credit facility. 2. Undrawn revolver capacity includes ATN’s, Alaska Communications’ and One Communication Guyana’s revolving credit facilities. 3. See appendix for reconciliation of Net 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 0.94x $332 0.91x $351
Page 10
$160 $163 $110 $90 $66 $0 $50 $100 $150 $200 $250 FYE-22 FYE-23 FYE-24 FYE-25 FY26 thru 3Q Q3 2026 EarningsATN International | © 2026. All rights reserved. 10 Capital Expenditures Targeted 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 remains unchanged ATN Reimbursable 12% ATN Funded CapEx - % of Total Revenues 21%22% 15% 12% $168 $219 $175 (Dollars in millions) As of September 30, 2026. $101 $196 Continuing to focus on monetizing upgraded network assets
Page 11
0 5,000 10,000 15,000 20,000 25,000 30,000 FYE-22 FYE-23 FYE-24 FYE-25 FY26 thru 3Q Share Buybacks and Cash Dividends Maintaining an uninterrupted quarterly dividend since 1999; Recent dividend increase of 5.5% Q3 2026 EarningsATN International | © 2026. All rights reserved. 11 Capital Returned to Stockholders (2022 – 3Q26) Demonstrating a strong commitment to shareholder returns, by distributing $67M 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 $13 (Dollars in millions) As of September 30, 2026.
Page 12
Updating Our 2026 Outlook Q3 2026 EarningsATN International | © 2026. All rights reserved. 12 As of November 5, 2026 Adj. EBITDA1 at the high end, or modestly above, the previously communicated range of $183M - $193M Capital Expenditure range of $105M - $115M 1 For the Company’s full year 2026 outlook dated November 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. • Adj. EBITDA outlook includes $7M impact related to the initial closing of tower sale • Capital expenditure outlook is net of reimbursable spend
Page 13
ATN International | © 2026. All rights reserved. Q3 2026 Earnings 13 Appendix
Page 14
ATN International, Inc. Q3 2026 EarningsATN International | © 2026. All rights reserved. 14 Reconciliation of Non-GAAP Measures (in thousands) – For the three months ended September 30, 2026, and 2025 International Telecom US Telecom Corporate and Other * Total Operating income (loss) 19,760$ 2,135$ (8,954)$ 12,941$ Depreciation expense 15,827 15,303 224 31,354 Amortization of intangibles from acquisitions 192 254 - 446 EBITDA 35,779$ 17,692$ (8,730)$ 44,741$ Stock-based compensation 122 56 1,574 1,752 Transaction-related charges - 528 - 528 Restructuring and reorganization expenses (35) 438 2,085 2,488 (Gain) loss on dispositions, transfers and contingent consideration 430 34 - 464 ADJUSTED EBITDA 36,296$ 18,748$ (5,071)$ 49,973$ Total revenue 96,939$ 86,298$ -$ 183,237$ ADJUSTED EBITDA MARGIN 37.4% 21.7% NA 27.3% International Telecom US Telecom Corporate and Other * Total Operating income (loss) 18,091$ 382$ (8,643)$ 9,830$ Depreciation expense 14,198 17,886 854 32,938 Amortization of intangibles from acquisitions 238 975 - 1,213 EBITDA 32,527$ 19,243$ (7,789)$ 43,981$ Stock-based compensation 141 28 1,797 1,966 Transaction-related charges - - 444 444 Restructuring and reorganization expenses 577 344 1,069 1,990 Loss on dispositions, transfers and contingent consideration 16 1,540 - 1,556 ADJUSTED EBITDA 33,261$ 21,155$ (4,479)$ 49,937$ Total revenue 95,143$ 88,022$ -$ 183,165$ ADJUSTED EBITDA MARGIN 35.0% 24.0% NA 27.3% For the three months ended September 30, 2026 is as follows: For the three months ended September 30, 2025 is as follows:
Page 15
ATN International, Inc. Q3 2026 EarningsATN International | © 2026. All rights reserved. 15 Reconciliation of Non-GAAP Measures (in thousands) – For the nine months ended September 30, 2026, and 2025 International Telecom US Telecom Corporate and Other * Total Operating income (loss) 60,899$ 228,065$ (24,603)$ 264,361$ Depreciation expense 43,392 48,004 1,274 92,670 Amortization of intangibles from acquisitions 672 763 - 1,435 EBITDA 104,963$ 276,832$ (23,329)$ 358,466$ Stock-based compensation 375 84 4,626 5,085 Transaction-related charges - 8,662 (982) 7,680 Restructuring and reorganization expenses 974 1,209 4,614 6,797 (Gain) loss on dispositions, transfers and contingent consideration (243) (229,460) 8 (229,695) ADJUSTED EBITDA 106,069$ 57,327$ (15,063)$ 148,333$ Total revenue 289,192$ 260,767$ -$ 549,959$ ADJUSTED EBITDA MARGIN 36.7% 22.0% NA 27.0% International Telecom US Telecom Corporate and Other * Total Operating income (loss) 49,061$ (7,566)$ (28,765)$ 12,730 Depreciation expense 44,729 54,020 2,578 101,327 Amortization of intangibles from acquisitions 740 2,924 - 3,664 EBITDA 94,530$ 49,378$ (26,187)$ 117,721$ Stock-based compensation 498 155 5,903 6,556 Transaction-related charges - - 2,072 2,072 Restructuring and reorganization expenses 3,468 2,835 2,424 8,727 Loss on dispositions, transfers and contingent consideration 429 4,562 - 4,991 ADJUSTED EBITDA 98,925$ 56,930$ (15,788)$ 140,067$ Total revenue 284,533$ 259,226$ -$ 543,759$ ADJUSTED EBITDA MARGIN 34.8% 22.0% NA 25.8% For the nine months ended September 30, 2026 is as follows: For the nine months ended September 30, 2025 is as follows:
Page 16
ATN International, Inc. Q3 2026 EarningsATN International | © 2026. All rights reserved. 16 Reconciliation of Impact of the U.S. Tower Portfolio Sale (in thousands) – For the three months ended September 30, 2026, and 2025 Communication Services Revenue International Telecom US Telecom Corporate and Other * Total For the three months ended September 30, 2025: Actual Total Communication Services Revenue 93,765$ 83,987$ -$ 177,752$ Impact of US Tower Portfolio sale - (1,419) - (1,419) Total Communications Services Revenue Excluding the Impact of the US Tower Portfolio sale 93,765$ 82,568$ -$ 176,333$ For the three months ended September 30, 2026: Actual Total Communication Services Revenue 94,878$ 83,580$ -$ 178,458$ Increase (Decrease) for the three months ended September 30, 2026: Actual Total Communications Services Revenue $ 1,113$ (407)$ -$ 706$ Total Communications Services Revenue % 1.2% (0.5%) 0.0% 0.4% Excluding the Impact of the U.S. Tower Portfolio Sale Total Communications Services Revenue $ 1,113$ 1,012$ -$ 2,125$ Total Communications Services Revenue % 1.2% 1.2% 0% 1.2% For the three months ended September 30, 2026 and 2025, respectively, is as follows:
Page 17
ATN International, Inc. Q3 2026 EarningsATN International | © 2026. All rights reserved. 17 Reconciliation of Impact of the U.S. Tower Portfolio Sale (in thousands) – For the three months ended September 30, 2026, and 2025 Adjusted EBITDA and Adjusted EBITDA Margin International Telecom US Telecom Corporate and Other * Total For the three months ended September 30, 2025: Actual Total Adjusted EBITDA 33,261$ 21,155$ (4,479)$ 49,937$ Impact of US Tower Portfolio sale - loss of revenues - (1,419) - (1,419) Impact of US Tower Portfolio sale - increase in cost of services and other - (1,443) - (1,443) Total Adjusted EBITDA Excluding the Impact of the US Tower Portfolio sale 33,261$ 18,293$ (4,479)$ 47,075$ For the three months ended September 30, 2026: Actual Total Adjusted EBITDA 36,296$ 18,748$ (5,071)$ 49,973$ Increase (Decrease) for the three months ended September 30, 2026: Actual Total Adjusted EBITDA $ 3,035$ (2,407)$ -$ 36$ Total Adjusted EBITDA % 9.1% (11.4%) 0.0% 0.1% Excluding the Impact of the US Tower Portfolio Sale Total Adjusted EBITDA $ 3,035$ 455$ (592)$ 2,898$ Total Adjusted EBITDA % 9% 2% 0% 6% Adjusted EBITDA Margin: For the three months ended September 30, 2025: Total Adjusted EBITDA margin 35.0% 24.0% 0.0% 27.3% Impact of US Tower Portfolio sale 0.0% (2.9%) 0.0% (1.8%) Total Adjusted EBITDA Margin Excluding the Impact of the US Tower Portfolio sale 35.0% 21.1% 0.0% 25.5% For the three months ended September 30, 2026: Total Adjusted EBITDA margin 37.4% 21.7% NA 27.3% Increase (Decrease) for the three months ended September 30, 2026: Total Adjusted EBITDA Margin 2.5% (2.3%) 0.0% 0.0% Total Adjusted EBITDA Margin Excluding the Impact of the US Tower Portfolio Sale 2.48% 0.60% 0.00% 1.77%
Page 18
ATN International, Inc. Q3 2026 EarningsATN International | © 2026. All rights reserved. 18 Non-GAAP Measures – Net Leverage Ratio (in thousands) September 30, 2026 2025 2024 2023 C urrent portion of long-term debt* 30,346$ 15,846$ 8,226$ 24,290$ Long-term debt, net of current portion* 507,164 549,321 549,130 492,580 Total Debt 537,510$ 565,167$ 557,356$ 516,870$ Less: C ash, cash equivalents and restricted ca 351,496 117,154 89,244 62,167 Net Debt 186,014$ 448,013$ 468,112$ 454,703$ Adj. EBITDA1 - for the four quarters ended 198,309$ 190,044$ 184,084$ 189,450$ Net Leverage Ratio 0.94 2.36 2.54 2.40 * Excludes customer receivable credit facility December 31,