Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Shareholder Meeting (April 2026)
32 slides from Shenandoah Telecommunications's shareholder meeting presentation, Apr 23, 2026
Slide 1: 2026 Shareholder Meeting April 21, 2026
2026 Shareholder Meeting April 21, 2026
Slide 2: Board of Directors
2 Principal Occupation Director Since Age* Name Executive Coach and Consultant 2022 61 Victor C. Barnes SVP, GC and Secretary of American Public Education, Inc. 2018 58 Thomas A. Beckett Partner, Energy Capital Partners 2024 41 Matthew S. DeNichilo Managing Director, GCM Grosvenor 2024 39 James F. D
Slide 3: Proposals
3 Proposals Election of directors 1. To elect Matthew S. DeNichilo, Kenneth L. Quaglio, and Michael A. Rhymes for a three - year term that will expire at the annual meeting of shareholders in 2029. Ratification of auditors 2. To ratify the Audit Committee’s selection of RSM US LLP as the Company’s i
Slide 4: Ed McKay, President and CEO
AQSHENTEL Always connected to you — ae Ed McKay President and CEO
Slide 5: Forward-looking statements
5 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,” “ex
Slide 6: Use of Non-GAAP Financial Measures
6 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 a
Slide 7: Full Year 2025 Highlights
7 Full Year 2025 Highlights 88 K Glo Fiber Expansion Markets Data RGUs +35% year - over - year 170 bps Lower borrowing rate after 2025 refinancing ~427 K Glo Fiber Expansion Markets passings +81K released to sales 22 K Subsidized passings constructed 31% penetration HIGHLIGHTS INCUMBENT BROADBAND MA
Slide 8: Integrated Fiber and Broadband Network
8 Integrated Fiber and Broadband Network HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS GLO FIBER EXPANSION MARKETS 510 k Target 2026 Glo Fiber passings 19 k+ Fiber route miles
Slide 9: Broadband Network: Fiber-Dominance Driving Growth
9 208,691 211,120 212,050 215,763 239,041 252,224 ~253,000 28,652 75,189 147,479 233,872 346,299 426,820 ~510,000 237,343 286,309 359,529 449,635 585,340 679,044 763,000+ 2020 2026 Projected 2021 2022 2023 Incumbent Broadband Markets 2024 2025 Glo Fiber Expansion Markets Broadband Network: Fiber - D
Slide 10: Glo Fiber Expansion Markets Operating Metrics
10 Glo Fiber Expansion Markets Operating Metrics Revenue Generating Units (RGUs) in 000s HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 23 k Annual Data Net Additions +180 bps Y/Y incremental penetration 42 65 88 5 6 7 5 7 9 51 78 104 2023 2024 2025 Da
Slide 11: Glo Fiber Expansion Markets Penetration by Vintage
11 5% 11% 14% 13% 12% 18% 19% 15% 18% 23% 25% 28% 28% 27% 26% 22% 22% 33% 30% 30% 36% 40% 37% 32% 44% 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 Vintage Glo Fiber Expansion Markets Penetration 1 Quarter launched Expected Average Terminal penetration: 37% Passings released to sales (000s) 2 4
Slide 12: Glo Fiber Expansion Markets ARPU and Churn
12 Glo Fiber Expansion Markets Operating Metrics Data Average Revenue Per User (ARPU) Data Churn HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 61 Net Promoter Score 1.1 % Full year 2025 average monthly churn rate 1.0% 1.0% 1.1% 2023 2024 2025 $72 $77
Slide 13: Incumbent Broadband: Steady Execution
13 Homes and Businesses Passed 2 Revenue Generating Units (RGUs) in 000s HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS +637 LTM Data Net Additions ~13 k LTM additional passings Incumbent Broadband 1 : Steady Execution 1. Consists of Incumbent Cable Ma
Slide 14: Incumbent Broadband: Key Metrics Trending Well
14 Data Average Revenue per User (ARPU) Data Churn HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Incumbent Broadband 1 : Key Metrics Trending Well 1. Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings. 1.7% 1.6% 1.5
Slide 15: Commercial Fiber Metrics
15 Commercial Fiber Metrics 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue. 2. 2024 excludes impact of T - Mobile network rationalization. 2025 includes 0.1% compression related to T - Mobile re - rating. HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS GLO FIB
Slide 16: Jim Volk, SVP of Finance and CFO
Jim Volk SVP of Finance and CFO
Slide 17: 2025 Financial Results
17 2025 Financial Results Adjusted EBITDA (in millions) Revenue (in millions) $174.8 $169.7 $57.9 $82.6 $70.1 $79.3 $25.3 $26.3 $328.1 $357.9 2024 2025 RLEC & Other Commercial Fiber Resi & SMB - Glo Fiber Expansion Markets Resi & SMB - Incumbent Broadband Markets +9.1% Y/Y growth +43% Y/Y Glo Fiber
Slide 18: Consolidated Highlights
18 $11 $11 $12 $12 $56 $66 $76 $91 $95 $119 25% 27% 28% 32% 29% 33% 2020 2021 2022 2023 2024 2025 Tower Broadband Adjusted EBITDA Margin % $204 $228 $249 $269 $328 $358 $17 $18 $19 $19 $221 $246 $268 $288 $328 $358 2020 2021 2022 2023 2024 2025 Tower Broadband Consolidated Highlights 1 1. Consolidat
Slide 19: 2026 Financial Guidance
19 % Change 2025 to 2026 Midpoint Year Ending December 31, 2026 Year Ended December 31, 2025 Guidance Range (dollars in millions) 4.4% $358 $370 - $377 Total Revenue 12.1% $119 $131 - $136 Adjusted EBITDA 1 (20.7)% ection of ing tariff ing of t $296 nancial Measures” s al impacts of the evolv ainty
Slide 20: Capital Expenditures
20 Capital Expenditures ($ in millions) 1. Net of government grant reimbursements. HIGHLIGHTS FINANCIALS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER Capital Spending (in millions) 1 $75 $30 - $35 $48 $50 - $55 $174 $140 - $160 $296 $220 - $250 2025 2026 Guidance Glo Fibe
Slide 21: Liquidity & Debt Maturity
21 Debt Maturity / Anticipated Repayment Date (in millions) Liquidity (in millions) $642.4 Liquidity & Debt Maturity HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS
Slide 22: Free Cash Flow Catalysts
22 • 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 INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS GLO FIBER EXPANSION MARKETS
Slide 23: Regular Dividend History
23 Regular Dividend History (per Share, Split Adjusted) $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS GLO FIBER EXPANSION MARKETS
Slide 24: Leader in Broadband Growth Rates among Public Peers
24 5% 2% 13% 9% (1%) (1%) (4%) (4%) 3% (5%) (5%) (6%) 26% 1% (2%) (0%) (1%) (2%) 4% 3% 2% Shentel Cable One Charter Comcast Optimum AT&T Verizon Broadband Subscribers Revenue Adj. EBITDA 1. Source: Public filings for year - end 2025. Broadband Customers exclude fixed or mobile wireless. Comcast reve
Slide 25: Stock Value Changes Among Public Peers
25 Stock Value Changes Among Public Peers HIGHLIGHTS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS GLO FIBER EXPANSION MARKETS Indexed Stock Trading History Over Last 12 Months (4/17/25 - 4/17/26) +27% +7% (2%) (6%) (27%) (29%) (57%) (80%) (60%) (40%) (20%) 0% 20% 40% Apr - 25 May - 25 Jun
Slide 26: Long-Term Growth in Value
26 Long - Term Growth in Value 1 original share of FMTS stock would have split to 2,880 shares in 2006 and 17,280 shares in 2026. HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS Value of One Original FMTS Share COMMERCIAL FIBER FINANCIALS $119,750 $281,318 $385,862 $667,181 2026 C
Slide 27: Giving Back to the Communities We Serve
27 Giving Back to the Communities We Serve
Slide 28: Questions & Answers
AASHENTEL Questions & Answers 28
Slide 29: 2026 Shareholder Meeting April 21, 2026
2026 Shareholder Meeting April 21, 2026
Slide 30: Appendix
AASHENTEL Appendix 30
Slide 31: Adjusted EBITDA - Full Year Results
31 Year Ended December 31, 2020 2021 2022 2023 2024 2025 (in thousands) $1,576 $ 7,929 $ (8,379) $ 8,038 $ (28,357) $ (32,943) Net income (loss) from continuing operations 48,703 55,206 68,899 65,471 98,453 131,613 Depreciation and amortization - 5,986 5,241 2,552 382 - Impairment expense 162 939 1,
Slide 32: Broadband - Average Revenue per User (ARPU)
32 Broadband - Average Revenue per User (ARPU) Residential and SMB ARPU Year Ended December 31, 2023 2024 2025 Residential and SMB Revenue: $ 136,306 $ 160,499 $ 181,708 Broadband Data 107,644 111,353 110,896 Incumbent Broadband Markets 28,662 49,146 70,812 Glo Fiber Expansion Markets 56,870 57,940
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