Earnings release
Page 1
ATN International, Inc. Reports Third Quarter 2026 Results and Updates 2026 Full Year Outlook November 4, 2026 Reports a 32% increase in operating income and consistent year-over-year revenue and Adjusted EBITDA1 BEVERLY, Mass., Nov. 04, 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 third quarter ended September 30, 2026. ATN’s management will host a conference call and webcast tomorrow, November 5, 2026 , beginning at 9:00 a.m. Eastern Time to review these results. “During the third quarter, consolidated revenue and Adjusted EBITDA remained flat year over year, while operating income and earnings per share increased even with the impact of the second-quarter US Tower Portfolio Sale 4,” said Naji Khoury, ATN’s Chief Executive Officer. “Excluding the impact of the sale, communication services revenue would have increased by 1%, and Adjusted EBITDA by 6%. Strong performance in our International segment amid a heightened competitive environment, together with continued improvement in our US segment, particularly Alaska, reflects the benefits of our strategic initiatives, and underscores the resilience of our business. These results demonstrate how targeted capital deployment and operational focus continue to support our performance.” “Looking ahead, we are updating our full-year outlook and now expect Adjusted EBITDA for 2026 to be at the high end of, or modestly above, our previously communicated guidance range. We remain focused on disciplined execution, operational improvement and positioning the business to deliver sustainable, long-term value for our stockholders.” Consolidated Third Quarter 2026 Operating and Financial Highlights (as compared to the Third Quarter 2025) High-speed broadband homes passed increased by 4% as we continued to expand our network footprint High-speed broadband customers were relatively unchanged, reflecting increased competition in certain international markets Revenue was stable at $183.2 million, as growth in the International Telecom segment offset the impact of the US Tower Portfolio Sale4 Operating income increased 32% to $12.9 million, benefiting from lower depreciation and amortization and lower losses on asset dispositions Net income attributable to ATN stockholders increased to $18.6 million, and diluted earnings per share increased to $1.09 from $0.18, primarily reflecting higher operating income, lower interest expense and a greater tax benefit Net cash provided by operating activities decreased to $76.7 million, driven primarily by working capital timing Adjusted EBITDA 1 and Adjusted EBITDA Margin 1 stayed consistent at $50 million and 27.3%, respectively, despite the impact of the U.S. Tower Portfolio Sale4 Net Leverage Ratio 3 improved to 0.94x from 2.36x on December 31, 2025 , highlighting our strong balance sheet and financial flexibility 2026 Full-Year Outlook: The Company is updating its financial outlook for full-year 2026: Adjusted EBITDA 2 is now expected to be at the high end or modestly above its previous range of $183 million to $193 million Capital expenditures continue to be expected in the original range of $105 million to $115 million (net of reimbursable expenditures) Segment Operating Results (in Thousands)
Page 2
The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other. Operating Metrics 2026 2026 2026 2025 2025 Q3 2026 Q3 Q2 Q1 Q4 Q3 vs. Q3 2025 High-Speed* Broadband Homes Passed 533,000 527,400 523,300 522,900 512,300 4% High-Speed* Broadband Customers 139,100 140,900 143,200 142,700 139,300 -0% Fiber Route Miles 12,260 12,224 12,218 12,210 12,062 2% International Mobile Subscribers Pre-Paid 314,000 322,700 323,900 331,100 325,800 -4% Post-Paid 64,600 63,900 63,000 62,200 61,900 4% Total 378,600 386,600 386,900 393,300 387,700 -2.3% Mobile Blended Churn 3.77% 3.48% 3.60% 2.97% 3.19% For Three Months Ended September 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: $ 96,939 $ 95,143 $ 86,298 $ 88,022 $ - $ - $ 183,237 $ 183,165 Mobility 27,482 26,696 - 9 - - 27,482 26,705 Fixed 59,444 61,377 51,997 53,099 - - 111,441 114,476 Carrier Services 3,928 3,334 31,449 30,739 - - 35,377 34,073 Construction - - 435 1,115 - - 435 1,115 All other 6,085 3,736 2,417 3,060 - - 8,502 6,796 Operating Income (Loss) $ 19,760 $ 18,091 $ 2,135 $ 382 $ (8,954) $ (8,643) $ 12,941 $ 9,830 EBITDA (1) $ 35,779 $ 32,527 $ 17,692 $ 19,243 $ (8,730) $ (7,789) $ 44,741 $ 43,981 Adjusted EBITDA (1) $ 36,296 $ 33,261 $ 18,748 $ 21,155 $ (5,071) $ (4,479) $ 49,973 $ 49,937 For Nine Months Ended September 30, 2026 and 2025 Capital Expenditures** $ 30,299 $ 30,241 $ 36,086 $ 30,684 $ - $ - $ 66,385 $ 60,925 * Corporate and Other refer to corporate overhead expenses and consolidating adjustments. ** Excludes reimbursable government capital program amounts. International Telecom revenue increased 2% to $96.9 million, as growth in ancillary services, mobility, and carrier services revenue more than offset the previously disclosed loss of a government subsidy. Operating income and Adjusted EBITDA 1 each increased 9%, driving a 240 basis point expansion in Adjusted EBITDA Margin 1 to 37.4%. These results reflect a continued focus on initiatives to simplify operations and improve operating efficiency. US Telecom revenue decreased 2% to $86.3 million, as growth in business fixed and carrier services revenue was more than offset by the impact of the U.S. Tower Portfolio Sale 4, lower construction revenue, and the timing of certain government subsidies. Excluding the impact of the US Tower Portfolio Sale4, communication services revenue would have increased 1%. Operating income improved to $2.1 million, driven by lower depreciation and amortization expense, which more than offset higher operating costs associated with the US Tower Portfolio Sale 4. Excluding the sale impact, Adjusted EBITDA would have increased 2% and Adjusted EBITDA Margin1 would have expanded 60 basis points. Balance Sheet and Cash Flow Highlights As of September 30, 2026, cash, cash equivalents, and restricted cash totaled $351.5 million compared to $117.2 million as of December 31, 2025. Total debt declined to $537.5 million on September 30, 2026, from $565.2 million on December 31, 2025, resulting in a Net Leverage Ratio3 of 0.94x. Net cash provided by operating activities was $76.7 million for the nine months ended September 30, 2026, compared to $97.7 million in the same
Page 3
period last year. The decrease was primarily driven by working capital timing. Capital expenditures were $66.4 million, net of $34.8 million of reimbursable capital expenditures, for the nine months ended September 30, 2026, as compared to $60.9 million, net of $67.3 million of reimbursable capital expenditures, in the same period last year. Quarterly Dividends and Share Repurchases On October 9, 2026, the Company paid a quarterly dividend of $0.29 per share to stockholders of record as of October 3, 2026. The Company did not repurchase any shares during the third quarter. As of September 30, 2026, the full $30 million authorized under the Company’s repurchase program remained available for future repurchases. 2026 Third Quarter Earnings Conference Call The Company will host a conference call at 9:00 a.m. Eastern Time on November 5, 2026 , to discuss financial and operating results for the third quarter ended September 30, 2026. A live webcast of the conference call will be available via this webcast link: https://edge.media-server.com/mmc/p /yxvfu7re To dial in as a PARTICIPANT for the call, please use this link: https://register-conf.media-server.com/register/BIcdbf83d9e6b44ffc9fa8c6b68a2b86ee 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 Leverage Ratio are non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” below for full definitions of Net Debt and Net Leverage 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”). On June 2, 2026 the Company completed the initial closing of the U.S. Tower Portfolio Sale and received $267.7 million in cash. The Company may receive up to an additional $29.6 million in cash consideration at subsequent closing s that are expected to occ ur in or by June 2027 subject to the satisfaction or waiver of specified construction and operational conditions related to the tower sites deferred at the initial closing. Please see Table 7 for reconciliations of actual results and those excluding the impact of the US Tower Portfolio Sale, including consolidated communication services revenue, consolidated Adjusted EBITDA, US Telecom communication services revenue, US Telecom Adjusted EBITDA, and US Telecom Adjusted EBITDA margin. About ATN 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 Leverage 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 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.
Page 4
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 are 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 US 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 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 US 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. 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) September 30, December 31, 2026 2025 Assets: Cash and cash equivalents $ 339,109 $ 102,491 Restricted cash 12,387 14,663 Customer receivable 9,277 8,783 Assets held-for-sale - 11,200 Other current assets 216,438 190,739 Total current assets 577,211 327,876
Page 5
Property, plant and equipment, net 945,206 991,767 Operating lease right-of-use assets 133,433 98,158 Customer receivable - long term 27,842 35,128 Assets held-for-sale, net of current portion 6,649 - Goodwill and other intangible assets, net 116,582 117,770 Other assets 106,079 102,555 Total assets $ 1,913,002 $ 1,673,254 Liabilities, redeemable non-controlling interests and stockholders’ equity: Current portion of long-term debt $ 30,346 $ 15,846 Current portion of customer receivable credit facility 9,053 8,784 Taxes payable 30,781 7,596 Current portion of lease liabilities 19,825 13,891 Liabilities held-for-sale 139 - Other current liabilities 245,482 216,982 Total current liabilities 335,626 263,099 Long-term debt, net of current portion $ 507,164 $ 549,321 Customer receivable credit facility, net of current portion 24,859 30,834 Lease liabilities 107,489 75,277 Other long-term liabilities 107,747 113,923 Total liabilities 1,082,885 1,032,454 Redeemable non-controlling interests 96,284 86,821 Stockholders' equity: Total ATN International, Inc.’s stockholders’ equity 610,710 444,292 Non-controlling interests 123,123 109,687 Total stockholders' equity 733,833 553,979 Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 1,913,002 $ 1,673,254 Table 2 ATN International, Inc. Unaudited Condensed Consolidated Statements of Operations (in Thousands, Except per Share Data) Three Months Ended, Nine Months Ended, September 30, September 30, 2026 2025 2026 2025 Revenues: Communications services $ 178,458 $ 177,752 $ 537,057 $ 526,657 Construction 435 1,115 1,215 4,377 Other 4,344 4,298 11,688 12,726 Total revenue 183,237 183,165 549,960 543,760 Operating expenses (excluding depreciation and amortization unless otherwise indicated): Cost of services and other 78,963 77,850 234,839 233,239 Cost of construction revenue 433 1,086 1,423 4,770 Selling, general and administrative 53,868 54,293 165,362 165,684 Stock-based compensation 1,752 1,966 5,085 6,556 Transaction-related charges 528 444 7,681 2,072 Restructuring and reorganization expenses 2,488 1,990 6,797 8,727 Depreciation 31,354 32,938 92,669 101,327
Page 6
Amortization of intangibles from acquisitions 446 1,212 1,436 3,664 (Gain) Loss on dispositions, transfers and contingent consideration 464 1,556 (229,694) 4,991 Total operating expenses 170,296 173,335 285,598 531,030 Operating income 12,941 9,830 264,362 12,730 Other expense: Interest expense, net (8,747) (11,471) (29,459) (35,827) Other income (expense) 754 522 (3,225) (2,637) Other expense (7,993) (10,949) (32,684) (38,464) Income (loss) before income taxes 4,948 (1,119) 231,678 (25,734) Income tax expense (benefit) (12,282) (5,052) 31,396 (9,019) Net income (loss) 17,230 3,933 200,282 (16,715) Net (income) loss attributable to non-controlling interests, net 1,411 410 (17,149) 5,104 Net income (loss) attributable to ATN International, Inc. stockholders $ 18,641 $ 4,343 $ 183,133 $ (11,611) Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders: Basic $ 1.10 $ 0.18 $ 11.60 $ (1.06) Diluted $ 1.09 $ 0.18 $ 11.52 $ (1.06) Weighted average common shares outstanding: Basic 15,403 15,257 15,357 15,204 Diluted 15,517 15,267 15,469 15,204 Table 3 ATN International, Inc. Unaudited Condensed Consolidated Cash Flow Statements (in Thousands) Nine Months Ended September 30, 2026 2025 Net income (loss) $ 200,282 $ (16,715) Depreciation 92,669 101,327 Amortization of intangibles from acquisitions 1,436 3,664 Provision for doubtful accounts 7,515 6,495 Amortization of debt discount and debt issuance costs 2,187 2,154 (Gain) loss on dispositions, transfers and contingent consideration (229,694) 4,991 Stock-based compensation 5,085 6,556 Deferred income taxes 1,079 (12,767) (Gain) Loss on equity investments 813 (246) Decrease in customer receivable 6,791 3,146 Change in prepaid and accrued income taxes 20,763 5,326 Change in other operating assets and liabilities (32,208) (6,242) Net cash provided by operating activities 76,718 97,689 Capital expenditures (66,385) (60,925) Government capital programs: Amounts disbursed (34,830) (67,303)
Page 7
Amounts received 27,170 61,145 Proceeds from Tower Portfolio Transaction 267,669 - Proceeds from sale of strategic investments 8,457 - Proceeds from sale of telecommunications licenses 2,200 - Proceeds from sale of assets 1,585 261 Purchases and sales of employee benefit plan investments (44) 686 Net cash provided by (used in) investing activities 205,822 (66,136) Dividends paid on common stock (12,893) (11,475) Distributions to non-controlling interests (1,410) (1,404) Finance lease payments (562) (1,260) Term loan - repayments (9,459) (5,795) Term loan - borrowings 20,000 - Payment of debt issuance costs (655) (285) Revolving credit facilities – borrowings 62,050 83,500 Revolving credit facilities – repayments (101,170) (57,500) Repayment of customer receivable credit facility (5,802) (6,123) Purchases of common stock - stock-based compensation (1,902) (770) Purchases of noncontrolling interests (308) (45) Funds payable and amounts due to customers 3,913 - Net cash used in financing activities (48,198) (1,157) Net change in total cash, cash equivalents and restricted cash 234,342 30,396 Total cash, cash equivalents and restricted cash, beginning of period 117,154 89,244 Total cash, cash equivalents and restricted cash, end of period $ 351,496 $ 119,640 Table 4 ATN International, Inc. Selected Segment Financial Information (In Thousands) For the three months ended September 30, 2026 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 5,437 $ - $ - $ 5,437 Consumer 22,045 - - 22,045 Total $ 27,482 $ - $ - $ 27,482 Fixed Business $ 18,760 $ 30,476 $ - $ 49,236 Consumer 40,684 21,521 - 62,205 Total $ 59,444 $ 51,997 $ - $ 111,441 Carrier Services $ 3,928 $ 31,449 $ - $ 35,377 Other 4,024 134 - 4,158 Total Communications Services $ 94,878 $ 83,580 $ - $ 178,458 Construction $ - $ 435 $ - $ 435
Page 8
Managed services $ 2,061 $ 2,283 $ - $ 4,344 Total Other $ 2,061 $ 2,283 $ - $ 4,344 Total Revenue $ 96,939 $ 86,298 $ - $ 183,237 Depreciation $ 15,827 $ 15,303 $ 224 $ 31,354 Amortization of intangibles from acquisitions $ 192 $ 254 $ - $ 446 Total operating expenses $ 77,179 $ 84,163 $ 8,954 $ 170,296 Operating income (loss) $ 19,760 $ 2,135 $ (8,954) $ 12,941 Net (income) loss attributable to non-controlling interests $ (2,486) $ 3,897 $ - $ 1,411 Non GAAP measures: EBITDA (2) $ 35,779 $ 17,692 $ (8,730) $ 44,741 Adjusted EBITDA (1) $ 36,296 $ 18,748 $ (5,071) $ 49,973 Balance Sheet Data (at September 30, 2026): Cash, cash equivalents and restricted cash $ 137,330 $ 206,994 $ 7,172 $ 351,496 Total current assets 232,008 330,047 15,156 577,211 Fixed assets, net 442,223 501,912 1,071 945,206 Total assets 752,870 1,080,520 79,612 1,913,002 Total current liabilities 117,694 145,489 72,443 335,626 Total debt, including current portion 81,778 342,272 113,460 537,510 * 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 September 30, 2025 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 5,172 $ 9 $ - $ 5,181 Consumer 21,524 - - 21,524 Total $ 26,696 $ 9 $ - $ 26,705 Fixed Business $ 18,663 $ 29,956 $ - $ 48,619 Consumer 42,714 23,143 - 65,857 Total $ 61,377 $ 53,099 $ - $ 114,476 Carrier Services $ 3,334 $ 30,739 $ - $ 34,073 Other 2,358 140 - 2,498 Total Communications Services $ 93,765 $ 83,987 $ - $ 177,752 Construction $ - $ 1,115 $ - $ 1,115 Managed services $ 1,378 $ 2,920 $ - $ 4,298 Total Other $ 1,378 $ 2,920 $ - $ 4,298 Total Revenue $ 95,143 $ 88,022 $ - $ 183,165
Page 9
Depreciation $ 14,198 $ 17,886 $ 854 $ 32,938 Amortization of intangibles from acquisitions $ 238 $ 975 $ - $ 1,213 Total operating expenses $ 77,052 $ 87,640 $ 8,643 $ 173,335 Operating income (loss) $ 18,091 $ 382 $ (8,643) $ 9,830 Net (income) loss attributable to non-controlling interests $ (2,824) $ 3,234 $ - $ 410 Non GAAP measures: EBITDA (2) $ 32,527 $ 19,243 $ (7,789) $ 43,981 Adjusted EBITDA (1) $ 33,261 $ 21,155 $ (4,479) $ 49,937 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 59,952 329,036 176,179 565,167 (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 nine months ended September 30, 2026 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 15,774 $ - $ - $ 15,774 Consumer 65,205 - - 65,205 Total $ 80,979 $ - $ - $ 80,979 Fixed Business $ 56,403 $ 90,613 $ - $ 147,016 Consumer 124,147 65,829 - 189,976 Total $ 180,550 $ 156,442 $ - $ 336,992 Carrier Services $ 11,674 $ 96,131 $ - $ 107,805 Other 10,839 442 - 11,281 Total Communications Services $ 284,042 $ 253,015 $ - $ 537,057 Construction $ - $ 1,215 $ - $ 1,215 Managed services $ 5,150 $ 6,537 $ - $ 11,687 Total Other $ 5,150 $ 6,537 $ - $ 11,687 Total Revenue $ 289,192 $ 260,767 $ - $ 549,959 Depreciation $ 43,392 $ 48,004 $ 1,274 $ 92,670 Amortization of intangibles from acquisitions $ 672 $ 763 $ - $ 1,435 Total operating expenses $ 228,293 $ 32,702 $ 24,603 $ 285,598 Operating income (loss) $ 60,899 $ 228,065 $ (24,603) $ 264,361 Net (income) loss attributable to non-controlling interests $ (8,236) $ (8,913) $ - $ (17,149)
Page 10
Non GAAP measures: EBITDA (2) $ 104,963 $ 276,832 $ (23,329) $ 358,466 Adjusted EBITDA (1) $ 106,069 $ 57,327 $ (15,063) $ 148,333 * 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 nine months ended September 30, 2025 is as follows: International Telecom US Telecom Corporate and Other * Total Statement of Operations Data: Revenue Mobility Business $ 14,879 $ 64 $ - $ 14,943 Consumer 64,181 - - 64,181 Total $ 79,060 $ 64 $ - $ 79,124 Fixed Business $ 55,572 $ 88,054 $ - $ 143,626 Consumer 128,919 68,056 - 196,975 Total $ 184,491 $ 156,110 $ - $ 340,601 Carrier Services $ 10,660 $ 89,771 $ - $ 100,431 Other 6,186 314 - 6,500 Total Communications Services $ 280,397 $ 246,259 $ - $ 526,656 Construction $ - $ 4,377 $ - $ 4,377 Managed services $ 4,136 $ 8,590 $ - $ 12,726 Total Other $ 4,136 $ 8,590 $ - $ 12,726 Total Revenue $ 284,533 $ 259,226 $ - $ 543,759 Depreciation $ 44,729 $ 54,020 $ 2,578 $ 101,327 Amortization of intangibles from acquisitions $ 740 $ 2,924 $ - $ 3,664 Total operating expenses $ 235,472 $ 266,792 $ 28,765 $ 531,029 Operating income (loss) $ 49,061 $ (7,566) $ (28,765) $ 12,730 Net (income) loss attributable to non-controlling interests $ (6,605) $ 11,709 $ - $ 5,104 Non GAAP measures: EBITDA (2) $ 94,530 $ 49,378 $ (26,187) $ 117,721 Adjusted EBITDA (1) $ 98,925 $ 56,930 $ (15,788) $ 140,067 (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
Page 11
ATN International, Inc. Reconciliation of Non-GAAP Measures (In Thousands) For the three months ended September 30, 2026 is as follows: 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% For the three months ended September 30, 2025 is as follows: 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% Table 5 (continued) ATN International, Inc. Reconciliation of Non-GAAP Measures (In Thousands) For the nine months ended September 30, 2026 is as follows: International Telecom US Telecom Corporate and Other * Total
Page 12
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% For the nine months ended September 30, 2025 is as follows: 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% Table 6 ATN International, Inc. Non GAAP Measure - Net Leverage Ratio (in Thousands) September 30, December 31, 2026 2025 Current portion of long-term debt * $ 30,346 $ 15,846 Long-term debt, net of current portion * 507,164 549,321 Total debt $ 537,510 $ 565,167 Less: Cash, cash equivalents and restricted cash 351,496 117,154 Net Debt $ 186,014 $ 448,013
Page 13
Adjusted EBITDA - for the four quarters ended $ 198,309 $ 190,044 Net Leverage Ratio 0.94 2.36 * Excludes Customer receivable credit facility Table 7 ATN International, Inc. Reconciliation of Impact of the U.S. Tower Portfolio Sale (In Thousands) For the three months ended September 30, 2026 and 2025, respectively, is as follows: 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% Table 7 (continued) ATN International, Inc. Reconciliation of Impact of the U.S. Tower Portfolio Sale (In Thousands) 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)
Page 14
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) $ (592) $ 36 Total Adjusted EBITDA % 9% (11%) (13%) 0% Excluding the Impact of the US Tower Portfolio Sale Total Adjusted EBITDA $ $ 3,035 $ 455 $ (592) $ 2,898 Total Adjusted EBITDA % 9% 2% (13%) 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 2.5% 0.60% 0.00% 1.8% Source: ATN International, Inc.