Slides
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July 29, 2026 Q2 2026 Earnings Conference Call
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2 Safe Harbor Statement This release 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 ongoing geopolitical conflicts, rising inflation, changes in tariffs, computer chip shortages for equipment to service our customers, new or changing regulatory requirements, uncertainty arising from U.S. government budgetary, funding, regulatory, administrative, or policy developments, 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, 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 Q2 2026 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS 100K Glo Fiber Expansion Markets Customers $93.5M Total Revenue +5.5% annual increase +21.4% Fiber Revenue1 annual growth +6.2k Net adds record quarter $32.0M Adjusted EBITDA +12.9% annual increase 1Fiber Revenue represents Glo Fiber and Commercial Fiber revenue 51% Fiber Revenue1 % of Total Revenue
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5 Scaled Fiber and Cable Broadband Network with ~ 730,000 passings 476k Glo Fiber passings +27K Released to Sales 253k Incumbent Broadband passings HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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6 Glo Fiber Expansion Markets Operating Metrics Revenue Generating Units (RGU) +31% Y/Y growth ~24K Last Twelve Months ("LTM") Data Net Additions +6K Quarterly Data Net Additions HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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7 Glo Fiber Expansion Markets Operating Metrics Broadband Data Penetration +93bps Y/Y growth Broadband Data Homes and Businesses Passed +93bps Y/Y incremental penetration +97K LTM passings released to sales HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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8 27 22 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 2026 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 Medium-term Target Penetration: 37% No changes other than update for 3Q 1Homes passed, excluding those acquired, and penetration rates as of 6/30/2026 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL 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 MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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10 Commercial Fiber Metrics Monthly Compression & Disconnect ChurnInstalled MRR & MAR1MRR & MAR Sales Bookings1 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 2. Q2'24 excludes impact of T-Mobile network rationalization. 1MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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11 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 Broadband Data Homes and Businesses Passed HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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12 2026 2025 2024 2023 Incumbent Broadband Markets Subsidy Cohort Penetration Quarter launched 23K Homes Passed 40% Average Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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13 Incumbent Broadband Markets Metrics1 Broadband Data Churn Broadband Data Average Revenue per User (ARPU) 1Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL 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) +12.9% Y/Y growth +32.8% Y/Y Glo Fiber Expansion Markets revenue growth +200bps Adjusted EBITDA margin growth HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS Revenue (in millions) +5.5% Y/Y growth 51%
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16 2026 Financial Outlook 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 $296 (20.7)% 1 Further clarification and explanation of this non-GAAP measure can be found in the “Non-GAAP FinancialMeasures” section of this release below. The 2026 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff and computer chip shortage environment and their impacts on equipment to serve our customers. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non- GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort. HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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17 Capital Expenditures ($ in millions) Capex Spending1 $140 - $160 $35 - $40 $220 - $250 1Net of government grant reimbursements. 22026 Guidance not shown to scale $45 - $50 95% Incumbent Gov't Subsidized Glo Fiber Expansion Markets 2 % Construction complete: 93% HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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18 Debt Maturity / Anticipated Repayment Date (in millions) Liquidity & Debt Maturity Liquidity (in millions) HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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19 2024 includes 1,831 acquired Horizon RGUs and 9 months of Horizon Glo revenues • Low double digit Adjusted EBITDA growth rates • Declining capital intensity • Declining cost of capital Positive & Growing Free Cash Flow 2027+ Free Cash Flow Catalysts HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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20 Q&A
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21 Appendix
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22 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 to facilitate 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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23 Adjusted EBITDA - Quarterly Results (in thousands) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net loss $ (9,048) $ (9,390) $ (5,373) $ (15,751) $ (7,699) Depreciation and amortization 35,103 34,492 32,560 34,971 30,619 Interest expense 6,003 6,789 7,690 9,435 9,696 Other income, net (3,015) (1,589) (1,418) (45) (472) Income tax benefit (3,048) (2,974) (1,772) (4,108) (2,541) Stock-based compensation 2,187 2,066 1,620 4,798 2,303 Transaction and other expenses 206 293 164 2,440 134 Adjusted EBITDA $ 28,388 $ 29,687 $ 33,471 $ 31,740 $ 32,040 Adjusted EBITDA margin 32 % 33 % 37 % 34 % 34 %
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24 Broadband - Average Revenue per User (ARPU) For the quarter ended, 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Residential & SMB Revenue (000's) Broadband $ 44,770 $ 45,960 $ 47,339 $ 48,515 $ 49,267 Incumbent Broadband Markets $ 27,850 $ 27,635 $ 27,536 $ 27,475 $ 26,954 Glo Fiber Expansion Markets $ 16,920 $ 18,325 $ 19,803 $ 21,040 $ 22,313 Video $ 14,296 $ 13,947 $ 13,677 $ 13,995 $ 13,711 Voice $ 2,557 $ 2,573 $ 2,625 $ 2,604 $ 2,614 Discounts, Adjustments, and Other $ 1,010 $ 760 $ 909 $ 857 $ 979 Average Revenue Generating Units Broadband 185,293 191,395 197,401 202,409 208,145 Incumbent Broadband Markets 111,779 111,865 111,967 111,671 111,011 Glo Fiber Expansion Markets 73,514 79,530 85,434 90,738 97,134 Video 38,076 37,080 36,208 35,261 34,528 Voice 26,082 26,292 26,588 26,758 26,967 Average Revenue per User (ARPU)* Broadband $ 80.56 $ 80.03 $ 79.93 $ 79.90 $ 78.90 Incumbent Broadband Markets $ 83.05 $ 82.34 $ 81.98 $ 82.01 $ 80.93 Glo Fiber Expansion Markets $ 76.72 $ 76.81 $ 77.27 $ 77.29 $ 76.57 Video $ 125.15 $ 125.38 $ 125.91 $ 132.30 $ 132.36 Voice $ 32.68 $ 32.62 $ 32.91 $ 32.44 $ 32.31 *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