Slides
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October 29, 2025 Q3 2025 Earnings Conference Call
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2 Safe Harbor Statement This presentation contains forward-looking statements and projections about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,” “plans,” “should,” “could,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to Shentel’s beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel’s control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors. A discussion of other factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in Shentel’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, changes in overall economic conditions including rising inflation, changes in tariffs, new or changing regulatory requirements, disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments, changes in technologies, changes in competition, changing demand for our products and services, our ability to execute our business strategies, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.
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3 Ed McKay President and CEO
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4 Q3 2025 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS 400K Glo Fiber Expansion Markets Passings +21K Released to Sales $89.8M Total Revenue +2.5% annual increase +41.1% Annual Glo Fiber Expansion Markets revenue growth +300bps EBITDA margin expansion to 33% 83K Glo Fiber Expansion Markets Data RGUs +39.5% annual growth $29.7M Adjusted EBITDA +11.8% annual increase
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5 Integrated Fiber and Cable Broadband Network HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS 92% Glo Fiber Expansion Markets passings with 1 competitor 70% Incumbent Broadband Markets passings with no competitor
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6 Glo Fiber Expansion Markets Operating Metrics Revenue Generating Units (RGU) +37%Y/Y growth +23K Last Twelve Months ("LTM") Data Net Additions +6K Quarterly Data Net Additions HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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7 Glo Fiber Expansion Markets Operating Metrics Broadband Data Penetration +210bps Y/Y growth Broadband Data Homes and Businesses Passed +2.1% Y/Y incremental penetration +81K LTM passings released to sales HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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8 21 16 17 27 22 22 25 31 20 21 17 16 18 19 18 14 14 12 6 6 9 8 4 2 2025 2024 2023 2022 2021 2020 2019 Vintage Glo Fiber Expansion Markets Penetration1 Passings released to sales (000's) Quarter launched 1 Homes passed and penetration rates as of 6/30/2025, excluding those acquired Expected Average Terminal Penetration: 37% No changes other than update for 3Q 1Homes passed, excluding those acquired, and penetration rates as of 9/30/2025 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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9 Glo Fiber Expansion Markets Operating Metrics Broadband Data Churn Broadband Data Average Revenue per User (ARPU) HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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10 Incumbent Broadband Markets Metrics1 1. Consists of Shentel Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings 1Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Incumbent Broadband Markets Metrics1 Revenue Generating Units (RGU) +580 LTM Data Net Additions Broadband Data Homes and Businesses Passed ~14K LTM additional passings ~20% Passings with FTTH
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11 2025 2024 2023 Incumbent Broadband Markets Subsidy Cohort Penetration Passings released to sales Quarter launched 1 Homes passed and penetration rates as of 6/30/2025, excluding those acquired 17 18 18 14 6 9 4202522 19,624 Total Homes Passed 30% Average Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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12 Incumbent Broadband Markets Metrics1 Broadband Data Churn Broadband Data Average Revenue per User (ARPU) 1. Consists of Shentel Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings 1Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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13 Commercial Fiber Metrics Monthly Compression & Disconnect Churn2Installed MRR & MAR1MRR & MAR Sales Bookings1 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 2. Q2'24 excludes impact of T-Mobile network rationalization. +19%Y/Y growth 1MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 22024 excludes impact of T Mobile network rationalization. HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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14 Jim Volk SVP of Finance and CFO
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15 Consolidated Highlights - Continuing Operations Adjusted EBITDA (in millions)Revenue (in millions) +2.5% Y/Y growth +11.7% Y/Y growth +41.1% Y/Y Glo Fiber Expansion Markets revenue growth +300bps Y/Y Adjusted EBITDA margin growth HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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16 Capital Expenditures ($ in millions) Capex Spending1 $260 - $290 1Net of government grant reimbursements. 89% Construction complete for planned Incumbent Gov't Subsidized Passings +1,700 LTM Route miles of fiber constructed HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS $145 - $160 $70 - $80 $45 - $50
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17 2025 Financial Outlook Year Ending December 31, 2025 Year Ended December 31, 2024 % Change 2024 to 2025 Midpoint Guidance Range (dollars in millions) Low High Total Revenue $352 $357 $328 8.1% Adjusted EBITDA1 $113 $118 $95 21.6% Capital Expenditures, net of government grant reimbursements $260 $290 $300 (8.3)% 1 Further clarification and explanation of this non-GAAP measure can be found in the “Non-GAAP Financial Measures” section of this release below. The 2025 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff environment and disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non-GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort. HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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18 Debt Maturity (in millions) Liquidity & Debt Maturity Liquidity (in millions) HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS
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19 Q&A
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20 Appendix
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21 Use of Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures that are not determined in accordance with U.S. generally accepted accounting principles. These financial performance measures are not indicative of cash provided or used by operating activities and exclude the effects of certain operating, capital and financing costs and may differ from comparable information provided by other companies, and they should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with U.S. generally accepted accounting principles. Management believes these measures facilitate comparisons of our operating performance from period to period and comparisons of our operating performance to that of our peers and other companies by excluding certain differences. Shentel utilizes these financial performance measures to facilitate internal comparisons of our historical operating performance, which are used by management for business planning purposes, and also facilitates comparisons of our performance relative to that of our competitors. In addition, we believe these measures are widely used by investors and financial analysts as measures of our financial performance over time, and to compare our financial performance with that of other companies in our industry.
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22 Adjusted EBITDA - Quarterly Results (in thousands) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Loss from continuing operations $ (5,304) $ (6,190) $ (9,132) $ (9,048) $ (9,390) Depreciation and amortization 27,681 27,750 29,458 35,103 34,492 Impairment expense — 382 — — — Interest expense 3,668 4,157 4,892 6,003 6,789 Other income, net (998) (1,819) (733) (3,015) (1,589) Income tax benefit (1,542) (1,902) (1,119) (3,048) (2,974) Stock-based compensation 1,384 2,217 3,717 2,187 2,066 Transaction and other expenses 1,673 893 510 206 293 Adjusted EBITDA $ 26,562 $ 25,488 $ 27,593 $ 28,388 $ 29,687 Adjusted EBITDA margin 30 % 30 % 31 % 32 % 33 %
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23 Broadband - Average Revenue per User (ARPU) *Average Revenue Per User calculation = (Residential & SMB Revenue * 1,000) / average revenue generating units / 3 months *Average Revenue Per User calculation = (Residential SMB Revenue * 1,000) / average revenue generating units / 3 months For the third quarter ended, 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Residential & SMB Revenue (000's) Broadband $ 40,814 $ 42,195 $ 43,639 $ 44,770 $ 45,960 Incumbent Broadband Markets $ 27,834 $ 28,077 $ 27,875 $ 27,850 $ 27,635 Glo Fiber Expansion Markets $ 12,980 $ 14,118 $ 15,764 $ 16,920 $ 18,325 Video $ 14,495 $ 14,172 $ 14,658 $ 14,296 $ 13,947 Voice $ 2,594 $ 2,549 $ 2,560 $ 2,557 $ 2,573 Discounts, Adjustments, and Other $ 696 $ 894 $ 946 $ 1,010 $ 760 Average Revenue Generating Units Broadband 167,514 173,771 179,396 185,293 191,395 Incumbent Broadband Markets 111,224 111,384 111,528 111,779 111,865 Glo Fiber Expansion Markets 56,290 62,387 67,868 73,514 79,530 Video 41,630 40,596 39,256 38,076 37,080 Voice 24,985 25,498 25,857 26,082 26,292 Average Revenue per User (ARPU)* Broadband $ 81.22 $ 80.94 $ 81.09 $ 80.54 $ 80.03 Incumbent Broadband Markets $ 83.42 $ 84.02 $ 83.31 $ 83.05 $ 82.34 Glo Fiber Expansion Markets $ 76.87 $ 75.43 $ 77.42 $ 76.72 $ 76.81 Video $ 116.07 $ 116.37 $ 124.47 $ 125.15 $ 125.38 Voice $ 34.61 $ 33.32 $ 33.00 $ 32.68 $ 32.62