Slides
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October 28, 2026 Q3 2026 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 variations 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 statements regarding Shentel’s beliefs and expectations concerning 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 guarantees of future performance or results and should not be relied upon as such, nor are they necessarily 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. Other factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations are discussed 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. These and other factors may include changes in overall economic conditions including ongoing geopolitical conflicts, inflation, changes in tariffs, new or changing regulatory requirements, uncertainty arising from U.S. government budgetary, funding, regulatory, administrative, or policy developments, including any U.S. government shutdown and uncertainty regarding the timing of federal funding and grant payments, our ability to satisfy the conditions of and receive reimbursements under government grant programs, our ability to construct our fiber network on schedule and within budget, the availability and cost of equipment and materials, our ability to achieve targeted penetration rates and manage customer churn, 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, changes in interest rates, our ability to access capital markets and refinance our indebtedness on acceptable terms, natural disasters, outbreaks of contagious diseases and other adverse public health developments, and other conditions. The forward-looking statements included in this presentation are made only as of the date of the presentation. 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 2026 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS 52% Fiber Revenue1 % of Total revenue $93.9M Total Revenue +4.6% annual increase +19.5% Fiber Revenue1 annual growth +8.6K Net adds record quarter $33.2M Adjusted EBITDA +11.8% annual increase 1Fiber Revenue represents Glo Fiber and Commercial Fiber revenue 109K Glo Fiber Expansion Markets Customers +32% annual increase
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5 Integrated Fiber and Cable Broadband Network 501K Glo Fiber passings +25K released to sales 254K Incumbent Broadband passings Fiber Route Miles linked to ER: 20,085 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 +26K LTM Data RGU Net Additions +32% Annual Growth +8,600 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 +108bps Y/Y growth Broadband Data Homes and Businesses Passed +68bps Quarter-over- quarter incremental penetration +100K LTM passings released to sales HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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8 25 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 9/30/2026 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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9 Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS Broadband Data Churn Broadband Data Average Revenue per User (ARPU) 1.10% Last Twelve Months (LTM) Broadband Data Churn 58 Glo Fiber Net Promoter Score
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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. +19%Y/Y growth 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 Penetration1 Quarter launched 1 Homes passed and penetration rates as of 6/30/2025, excluding those acquired 23K Homes Passed 43% Average Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS 1Homes passed, excluding those acquired, and penetration rates as of 9/30/2026
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13 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 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 +32.2% Y/Y Glo Fiber Expansion Markets revenue growth +200bps Y/Y Adjusted EBITDA margin growth Glo revenue growth per ER: • 32.2% HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS Revenue (in millions) Resi & SMB - Glo Fiber Expansion Markets Commercial Fiber RLEC & Other Resi & SMB - Incumbent Broadband Markets +4.6% Y/Y growth $41.9 $41.5 $41.1 $40.3 $39.1 $6.6 $6.8 $5.6 $5.5 $5.5 $20.0 $20.3 $20.5 $21.4 $21.1 $21.3 $23.0 $24.8 $26.3 $28.2 $89.8 Q3’25 $91.6 Q4’25 $92.0 Q1’26 $93.5 Q2’26 $93.9 Q3’26 52% Adjusted EBITDA (in millions) +11.8% Y/Y growth
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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 - revised $255 - $275 $296 (10.6)% 1 Further clarification and explanation of this non-GAAP measure can be found in the“Non-GAAP FinancialMeasures” slides in the appendix of this presentation . The 2026 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff environment and disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non-GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort. HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS
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17 Capital Expenditures ($ in millions) 1Net of government grant reimbursements. HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS Capex Spending1 $165 - $175 $40 - $45 $255 - $275 $50 - $55 97% Glo Fiber Expansion Markets 99% Government Grant Projects % Construction Complete:
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18 Debt Maturity / Anticipated Repayment Date (in millions) Liquidity & Debt Maturity HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETSCOMMERCIAL FIBER FINANCIAL RESULTS Liquidity (in millions)
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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 • Mid 20% capital intensity • 5.9% - 6.0% cost of debt 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) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net loss $ (9,390) $ (5,373) $ (15,751) $ (7,699) $ (9,180) Depreciation and amortization 34,492 32,560 34,971 30,619 33,687 Interest expense 6,789 7,690 9,435 9,696 10,497 Other income, net (1,589) (1,418) (45) (472) (246) Income tax benefit (2,974) (1,772) (4,108) (2,541) (3,048) Stock-based compensation 2,066 1,620 4,798 2,303 1,326 Transaction and other expenses 293 164 2,440 134 152 Adjusted EBITDA $ 29,687 $ 33,471 $ 31,740 $ 32,040 $ 33,188 Adjusted EBITDA margin 33 % 37 % 34 % 34 % 35 %
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24 Broadband - Average Revenue per User (ARPU) For the quarter ended, 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Residential & SMB Revenue (000's) Broadband $ 45,960 $ 47,339 $ 48,515 $ 49,267 $ 50,296 Incumbent Broadband Markets $ 27,635 $ 27,536 $ 27,475 $ 26,954 $ 26,413 Glo Fiber Expansion Markets $ 18,325 $ 19,803 $ 21,040 $ 22,313 $ 23,884 Video $ 13,947 $ 13,677 $ 13,995 $ 13,711 $ 13,387 Voice $ 2,573 $ 2,625 $ 2,604 $ 2,614 $ 2,597 Discounts, Adjustments, and Other $ 760 $ 909 $ 857 $ 979 $ 989 Average Revenue Generating Units Broadband 191,395 197,401 202,409 208,145 215,082 Incumbent Broadband Markets 111,865 111,967 111,671 111,011 110,280 Glo Fiber Expansion Markets 79,530 85,434 90,738 97,134 104,802 Video 37,080 36,208 35,261 34,528 34,631 Voice 26,292 26,588 26,758 26,967 27,162 Average Revenue per User (ARPU)* Broadband $ 80.03 $ 79.93 $ 79.90 $ 78.90 $ 77.95 Incumbent Broadband Markets $ 82.34 $ 81.98 $ 82.01 $ 80.93 $ 79.84 Glo Fiber Expansion Markets $ 76.81 $ 77.27 $ 77.29 $ 76.57 $ 75.96 Video $ 125.38 $ 125.91 $ 132.30 $ 132.36 $ 128.85 Voice $ 32.62 $ 32.91 $ 32.44 $ 32.31 $ 31.87 *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