Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Q3 2025 Earnings Presentation
23 slides from Shenandoah Telecommunications's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call October 29, 2025
Slide 2: Safe Harbor Statement
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,” “
Slide 3: Ed McKay, President and CEO
| Ed McKay President and CEO AXSHENTEL’
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS 400K Glo Fiber Expansion 83K Glo Fiber Expansion +41.1% Annual Glo Fiber Markets Passings Markets Data RGUs Expansion +21K Released to Sales +39.5% annual growth Markets revenue g
Slide 5: Integrated Fiber and Cable Broadband Network
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 5
Slide 6: Glo Fiber Expansion Markets Operating Metrics
Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Revenue Generating Units (RGU) +37% +6K Y/Y growth Quarterly Data Net Additions +23K Last Twelve Months ("LTM") Data Net Additions 6
Slide 7: Glo Fiber Expansion Markets Operating Metrics
Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Broadband Data Homes and Businesses Passed Broadband Data Penetration +81K LTM passings released to sales +2.1% Y/Y incremental penetration 7
Slide 8: Vintage Glo Fiber Expansion Markets Penetration
Vintage Glo Fiber Expansion Markets Penetration1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Expected Average Terminal Penetration: 37% Passings released to sales (000's) 21 16 17 27 22 22 25 31 20 21 17 16 18 19 18 14 14 12 6 6 9 8 4 2 Quart
Slide 9: Glo Fiber Expansion Markets Operating Metrics
Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Broadband Data Broadband Data Churn Average Revenue per User (ARPU) 9
Slide 10: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Revenue Generating Units (RGU) Broadband Data Homes and Businesses Passed +580 LTM Data Net Additions ~14 K LTM additional passings ~20% Passings with FTTH 1Cons
Slide 11: Incumbent Broadband Markets Subsidy Cohort Penetration
Incumbent Broadband Markets Subsidy Cohort Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS 22 25 20 17 18 18 14 6 9 4 19,624 Total Homes Passed 30% Average Penetration Passings released to sales Quarter launched 2025 2024 2023 11
Slide 12: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Broadband Data Broadband Data Churn Average Revenue per User (ARPU) 1Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings 12
Slide 13: Commercial Fiber Metrics
Commercial Fiber Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Monthly Compression MRR & MAR Sales Bookings1 Installed MRR & MAR1 & Disconnect Churn2 +19%Y/Y growth 1MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 22024
Slide 14: Jim Volk, SVP of Finance and CFO
Jim Volk SVP of Finance and CFO 14
Slide 15: Consolidated Highlights - Continuing Operations
Consolidated Highlights - Continuing Operations HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Revenue (in millions) Adjusted EBITDA (in millions) +41.1% +11.7% Y/Y Glo Fiber +2.5% Y/Y growth Y/Y growth Expansion Markets revenue growth +300bps Y
Slide 16: Capital Expenditures ($ in millions)
Capital Expenditures ($ in millions) HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Capex Spending1 +1,700 LTM Route $260 - $290 miles of fiber constructed $145 - $160 89 % Construction complete $45 - $50 $70 - $80 for planned Incumbent Gov't Su
Slide 17: 2025 Financial Outlook
2025 Financial Outlook HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Year Ending December 31, 2025 Guidance Range Year Ended % Change December 31, 2024 to 2025 (dollars in millions) Low High 2024 Midpoint Total Revenue $352 $357 $328 8.1% Adjus
Slide 18: Liquidity & Debt Maturity
Liquidity & Debt Maturity HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIAL RESULTS Liquidity (in millions) Debt Maturity (in millions) 18
Slide 19: Q&A
AXSHENTEL’ Q&A 19
Slide 20: Appendix
Appendix AXSHENTEL’
Slide 21: Use of Non-GAAP Financial Measures
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
Slide 22: Adjusted EBITDA - Quarterly Results
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,
Slide 23: Broadband - Average Revenue per User (ARPU)
Broadband - Average Revenue per User (ARPU) 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 Expa
Shenandoah Telecommunications — Q3 2025 Earnings Presentation on 6ix