Slides
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February 26, 2026 Q4 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, 2025 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 Full Year 2025 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 88K Glo Fiber Expansion Markets Data RGUs +35% year-over-year 170 bps Lower borrowing rate after 2025 refinancing ~427K Glo Fiber Expansion Markets passings +81K released to sales 22K Subsidized passings constructed 31% penetration
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5 Integrated Fiber and Cable Broadband Network 510k Target 2026 Glo Fiber passings HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 19k+ Fiber route miles
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6 Glo Fiber Expansion Markets Operating Metrics Revenue Generating Units (RGUs) +33% Y/Y growth +23K Annual Data Net Additions +5K Quarterly Data Net Additions HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS
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7 Glo Fiber Expansion Markets Operating Metrics Broadband Data Penetration Broadband Data Homes and Businesses Passed +1.8% Y/Y incremental penetration +81K LTM passings released to sales HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS
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8 26 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 19 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% 1Homes passed, excluding those acquired, and penetration rates as of 12/31/2025 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS
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9 Glo Fiber Expansion Markets Operating Metrics Broadband Data Churn Broadband Data Average Revenue per User (ARPU) HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 1.07% Full year 2025 average monthly churn rate 61 Net Promoter Score GLO FIBER EXPANSION MARKETS
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10 Incumbent Broadband Markets Metrics1 Revenue Generating Units (RGU) 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 +637 LTM Data Net Additions Broadband Data Homes and Businesses Passed ~13K LTM additional passings ~21% Passings with FTTH HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS
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11 2025 2024 2023 Incumbent Broadband Markets Subsidy Cohort Penetration Quarter launched 1 Homes passed and penetration rates as of 6/30/2025, excluding those acquired 17 18 18 14 6 9 4202522 22K Homes Passed 31% Average Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS
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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 INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALSGLO FIBER EXPANSION MARKETS
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13 Commercial Fiber Metrics Monthly Compression & Disconnect Churn2Installed MRR & MAR1MRR & MAR Sales Bookings1 1MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 22024 excludes impact of T Mobile network rationalization. HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALSGLO FIBER EXPANSION MARKETS
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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) +7.2% Y/Y growth +31.3% Y/Y growth +39% Y/Y Glo Fiber Expansion Markets revenue growth +670bps Adjusted EBITDA margin growth HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALSGLO FIBER EXPANSION MARKETS
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16 Consolidated Highlights - Full Year Results Adjusted EBITDA (in millions)Revenue (in millions) +10% CAGR +16% CAGR 16% 5-year Adjusted EBITDA CAGR +450bps 2024-2025 Adjusted EBITDA margin expansion HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Consolidated revenue includes elimination of intercompany activity. 2020 - 2023 include Tower segment results and exclude Horizon results 2024 includes 9 months of Horizon results GLO FIBER EXPANSION MARKETS
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17 Year Ending December 31, 2026 Year Ended December 31, 2025 % change 2025 to 2026 Midpoint(dollars in millions) Guidance Range Total Revenue $370 - $377 $358 4.4% Adjusted EBITDA1 $131 - $136 $119 12.1% Capital Expenditures, net of government grant reimbursements $220 - $250 $296 (20.7)% 2026 Financial Outlook 1 Further clarification and explanation of this non-GAAP measure can be found in the “Non-GAAP Financial Measures” section of this release below. The 2026 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff environment and disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non-GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort. HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALSGLO FIBER EXPANSION MARKETS
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18 Capital Expenditures ($ in millions) 1Net of government grant reimbursements. 94% Incumbent Gov't Subsidized 84% Glo Fiber Expansion Markets HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Capex Spending1 % Construction complete: GLO FIBER EXPANSION MARKETS $140 - $160 $30 - $35 $220 - $250 $50 - $55 Capex Spending1
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19 Debt Maturity / Anticipated Repayment Date (in millions) Liquidity & Debt Maturity Liquidity (in millions) $642.4 HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALSGLO FIBER EXPANSION MARKETS
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20 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS • Low double-digit Adjusted EBITDA growth rates • Declining capital intensity • Declining cost of capital Positive & Growing Free Cash Flow 2027+ Free Cash Flow Catalysts
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21 Q&A
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22 Appendix
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23 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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24 Adjusted EBITDA - Quarterly Results (in thousands) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Loss from continuing operations $ (6,190) $ (9,132) $ (9,048) $ (9,390) $ (5,373) Depreciation and amortization 28,132 29,458 35,103 34,492 32,560 Interest expense 4,157 4,892 6,003 6,789 7,690 Other income, net (1,819) (733) (3,015) (1,589) (1,418) Income tax benefit (1,902) (1,119) (3,048) (2,974) (1,772) Stock-based compensation 2,217 3,717 2,187 2,066 1,620 Transaction and other expenses 893 510 206 293 164 Adjusted EBITDA $ 25,488 $ 27,593 $ 28,388 $ 29,687 $ 33,471 Adjusted EBITDA margin 30 % 31 % 32 % 33 % 37 %
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25 Adjusted EBITDA by Segment - Full Year Results Year Ended December 31, (in thousands) 2025 2024 Net income (loss) from continuing operations $ (32,943) $ (28,357) Depreciation and amortization 131,613 98,835 Interest expense 25,374 15,897 Other expense (income), net (6,755) (6,461) Income tax expense (benefit) (8,913) (9,670) Stock-based compensation 9,590 9,837 Restructuring charges and other 1,173 14,509 Adjusted EBITDA $ 119,139 $ 94,590
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26 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 fourth quarter ended 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Residential & SMB Revenue (000's) Broadband $ 42,210 $ 43,639 $ 44,770 $ 45,960 $ 47,339 Incumbent Broadband Markets $ 28,077 $ 27,875 $ 27,850 $ 27,635 $ 27,536 Glo Fiber Expansion Markets $ 14,133 $ 15,764 $ 16,920 $ 18,325 $ 19,803 Video $ 14,172 $ 14,658 $ 14,296 $ 13,947 $ 13,677 Voice $ 2,549 $ 2,560 $ 2,557 $ 2,573 $ 2,625 Discounts, Adjustments, and Other $ 879 $ 946 $ 1,010 $ 760 $ 909 Average Revenue Generating Units Broadband 173,771 179,396 185,293 191,395 197,401 Incumbent Broadband Markets 111,384 111,528 111,779 111,865 111,967 Glo Fiber Expansion Markets 62,387 67,868 73,514 79,530 85,434 Video 40,596 39,256 38,076 37,080 36,208 Voice 25,498 25,857 26,082 26,292 26,588 Average Revenue per User (ARPU)* Broadband $ 80.97 $ 81.09 $ 80.54 $ 80.03 $ 79.93 Incumbent Broadband Markets $ 84.02 $ 83.31 $ 83.05 $ 82.34 $ 81.98 Glo Fiber Expansion Markets $ 75.51 $ 77.42 $ 76.72 $ 76.81 $ 77.27 Video $ 116.37 $ 124.47 $ 125.15 $ 125.38 $ 125.91 Voice $ 33.32 $ 33.00 $ 32.68 $ 32.62 $ 32.91