Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Q2 2026 Earnings Presentation
24 slides from Shenandoah Telecommunications's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Earnings Conference Call
Q2 2026 Earnings Conference Call July 29, 2026
Slide 2: Safe Harbor Statement
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,” “estim
Slide 3: Ed McKay, President and CEO
| Ed McKay President and CEO AXSHENTEL’
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS +6.2k 100K +21.4% Net adds Glo Fiber Expansion Fiber Revenue1 record quarter Markets Customers annual growth 51% $93.5M $32.0M Fiber Revenue1 % of Total Revenue Adjusted EBITDA To
Slide 5: Scaled Fiber and Cable Broadband Network with ~730,000 passings
Scaled Fiber and Cable Broadband Network with ~ 730,000 passings HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS 476k Glo Fiber passings +27K Released to Sales 253k Incumbent Broadband passings 5
Slide 6: Glo Fiber Expansion Markets Operating Metrics
Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Revenue Generating Units (RGU) +31% +6K Y/Y growth Quarterly Data Net Additions ~24K 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 COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Broadband Data Homes and Businesses Passed Broadband Data Penetration +93bps Y/Y growth +97K LTM passings released to sales +93bps Y/Y incremental penet
Slide 8: Vintage Glo Fiber Expansion Markets Penetration
Vintage Glo Fiber Expansion Markets Penetration1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Medium-term Target Penetration: 37% Passings released to sales (000's) 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 Qua
Slide 9: Glo Fiber Expansion Markets Operating Metrics
Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Broadband Data Broadband Data Churn Average Revenue per User (ARPU) 9
Slide 10: Commercial Fiber Metrics
Commercial Fiber Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Monthly Compression MRR & MAR Sales Bookings1 Installed MRR & MAR1 & Disconnect Churn 1MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 10
Slide 11: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Revenue Generating Units (RGU) Broadband Data Homes and Businesses Passed 1Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings
Slide 12: Incumbent Broadband Markets Subsidy Cohort Penetration
Incumbent Broadband Markets Subsidy Cohort Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS 23K Homes Passed 40% Average Penetration Quarter launched 2026 2025 2024 2023 12
Slide 13: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Broadband Data Broadband Data Churn Average Revenue per User (ARPU) 1Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings 13
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 COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Revenue (in millions) Adjusted EBITDA (in millions) +32.8% Y/Y Glo Fiber +5.5% +12.9% Y/Y growth Expansion Markets Y/Y growth revenue growth 51% +200b
Slide 16: 2026 Financial Outlook
2026 Financial Outlook HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Year Ending Year % Change December 31, 2026 Ended 2025 to December 2026 (dollars in millions) Guidance Range 31, 2025 Midpoint Total Revenue $370 - $377 $358 4.4% Adjusted EBI
Slide 17: Capital Expenditures ($ in millions)
Capital Expenditures ($ in millions) HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS % Construction Capex Spending1 complete: $220 - $250 93% Glo Fiber Expansion $140 - $160 Markets 95% $45 - $50 $35 - $40 Incumbent Gov't 2 Subsidized 1Net of gov
Slide 18: Liquidity & Debt Maturity
Liquidity & Debt Maturity HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS Liquidity (in millions) Debt Maturity / Anticipated Repayment Date (in millions) 18
Slide 19: 2027+ Free Cash Flow Catalysts
2027+ Free Cash Flow Catalysts HIGHLIGHTS GLO FIBER EXPANSION MARKETS COMMERCIAL FIBER INCUMBENT BROADBAND MARKETS FINANCIAL RESULTS • Low double digit Adjusted EBITDA growth rates Positive & Growing • Declining capital intensity Free Cash • Declining cost of capital Flow 19
Slide 20: Q&A
AXSHENTEL’ Q&A 20
Slide 21: Appendix
Appendix AXSHENTEL’
Slide 22: 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 23: Adjusted EBITDA - Quarterly Results
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)
Slide 24: Broadband - Average Revenue per User (ARPU)
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
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