Atn International, Inc. · NASDAQ:ATNI
Atn International — Q4 2025 Earnings Presentation
26 slides from Atn International's earnings presentation, Mar 5, 2026
Slide 1: Q4 and Year-end 2025 Earnings Call
Q4 and Year-end 2025 Earnings Call March 5, 2026 1
Slide 2: Safe Harbor and Non-GAAP Financial Measures Definition
Q4 FY 2025 Safe Harbor and Non-GAAP Financial Measures Definition Cautionary Language Concerning Forward-Looking Statements This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results
Slide 3: A Message from ATN's Leadership
Q4 FY 2025 A Message from ATN’s Leadership “While there is still more work ahead to fully optimize the business, I believe we are on the right path. 2025 was a turning point for ATN, as we shifted from stabilizing the business to clearly demonstrating progress against our strategy. We increased net
Slide 4: Strategy Driving YoY Gains Across Most Key Metrics
Key Performance Indicators (Q4 FY 2025) Strategy Driving YoY Gains Across Most Key Metrics & Favorable Mix Fiber Network High-Speed Data Mobile Network ~524k ~399k High-Speed Data International Mobile Broadband Homes Passed Subscribers +27% YOY +3% YOY ~12k ~145k ~62k ~338k Fiber High-Speed Data Pos
Slide 5: Q4 Total Revenue and Adjusted EBITDA
Financial Highlights and Drivers Q4 Total Revenue and Adjusted EBITDA1 International Telecom +3% Revenue and +1% Adj. EBITDA1 Q4 ‘25 Revenue Q4 ‘25 Adj. EBITDA1 Revenue growth reflects network investments and focus on service quality, driving gains in mobility and high-speed data subscribers. 40%
Slide 6: International Telecom and US Telecom Segment Financials
International Telecom and US Telecom Segment Financials Q4 2025 Revenue & Adjusted EBITDA1 International Telecom US Telecom Revenue Adjusted EBITDA1 Revenue Adjusted EBITDA1 +3% +1% +11% +1% $95 $97 $32 $33 $22 $86 $87 $20 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 (Figures show
Slide 7: Strong Balance Sheet Supports Capital Allocation Priorities
Balance Sheet Update Strong Balance Sheet Supports Capital Allocation Priorities We are well-capitalized and committed to reducing Capex, managing debt levels and expanding operating cash flow $117M $188M Undrawn Revolver $90M Cash Position Capacity2 FY25 CapEx $565M Net Debt Ratio – 2.36x Debt Posi
Slide 8: 2026 Strategic Priorities
Key Tenants of ATN’s Plan 2026 Strategic Priorities International: Continue to increase high-value-add and durable subscribers, 1 convert business opportunities leveraging expanded & upgraded network, localized operations & trusted relationships Domestic: Focus efforts on growing business and carrie
Slide 9: Full Year 2026 Outlook
Full Year 2026 Outlook • $190M to $200M, excluding impacts from the Adjusted EBITDA* pending US tower portfolio sale • Initial closing of the US tower portfolio sale is expected to occur in the second quarter 2026 which could reduce the 2026 Adjusted EBITDA outlook by approximately $6M to $8M Capita
Slide 10: About ATN International
About ATN International 10
Slide 11: Our Mission
Our Mission To digitally empower people and communities so that they can connect with the world and prosper 11
Slide 12: ATN At-a-Glance
ATN At-a-Glance Leading Provider of Critical Communications Infrastructure & Services in Rural and Remote Markets $728M $190M 2,100 ~36% 35+ y e a r s FY25 FY25 Adjusted Employees Insider Operating Revenue EBITDA1 Ownership Experience 52% I n t e r n a t i o n a l 48% D o m e s t i c Mobility Bermud
Slide 13: International Telecom Segment At-a-Glance
International Telecom Segment At-a-Glance Serving Bermuda, the Cayman Islands, Guyana and the US Virgin Islands Revenue Trends Revenue Trends Revenue By Product Offerings Consumer & Business Broadband $356 $371 $377 $382 Mobility Mobility Wireline Voice and Video Fixed $382M 2025 Revenue Carri
Slide 14: US Telecom Segment At-a-Glance
US Telecom Segment At-a-Glance Serving Alaska and Southwestern United States Revenue Trends Revenue Trends Revenue By Product Offerings $391 Consumer & Enterprise Broadband $370 $352 $346 Mobility Carrier Managed Service Fixed Wholesale & FTT Backhaul $346M Carrier Services 2025 Revenue Constr
Slide 15: Driving Sustainable Competitive Advantages
Strong Core Capabilities Driving Sustainable Competitive Advantages Targeting Underbuilt Deeply Localized Aligned with Market Segments Operations Growth Trends Focus on market segments Strong local management • Global digital transformation with high unmet demand enhances close relationships • Growi
Slide 16: Our Investment Strategy
Our Investment Strategy Using a Combination of Capex and Grants to Support Growth Strategic Capex Our Approach: 3-year investment cycle Normalized investment spending levels $160 $163 (~10% to 15% of revenue) $110 Leveraging available government funding $90 l $105M Continuing to focus on monet
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Provides Flexibility to Execute our Strategy Liquidity Net Debt Leverage Ratio Capital Allocation Strategy • Capital investments • Debt reduction Undrawn • Supporting dividend revolver $188M capacity 2.54x • Share repurchases 2.40x 2.36x 2.10x Cash & $117M equi
Slide 18: Capital Allocation
Capital Allocation Committed to a Balanced Approach to Capital Allocation 1 2 3 Strategic De-Lever the Return Capital Capex Spending Balance Sheet To Shareholders • Focused on investments • Objective to return to ~2.0x • Since the start of 2022, resulting in recurring cash flows net debt leverage ov
Slide 19: Appendix
ATN international Appendix
Slide 20: Q4 & FY 2025 Operating Results
Q4 & FY 2025 Operating Results (in Thousands) For Three Months Ended December 31, 2025 and 2024 2025 2024 2025 2024 2025 2024 2025 2024 International International US US Corporate and Corporate and Total Total Telecom Telecom Telecom Telecom Other* Other* ATN ATN Total Revenue: $ 97,349 $ 94,766 $ 8
Slide 21: Q4 2025 Operating Metrics
Q4 2025 Operating Metrics Operating Metrics 2025 2025 2025 2025 2024 Q4 2025 Q4 Q3 Q2 Q1 Q4 vs. Q4 2024 High-Speed Data* Broadband Homes Passed 523,500 512,900 432,900 424,300 412,600 27% High-Speed Data* Broadband Customers 145,000 141,400 140,900 140,200 140,800 3% Broadband Homes Passed 813,900 8
Slide 22: Q4 2025 Financial Tables
Q4 2025 Financial Tables Table 1 Table 2 ATN International, Inc. ATN International, Inc. Unaudited Condensed Consolidated Balance Sheets Unaudited Condensed Consolidated Statem ents of Operations (in Thousands) (in Thousands, Except per Share Data) December 31, December 31, Three Months Ended, Year
Slide 23: Q4 2025 Financial Tables (Cont.)
Q4 2025 Financial Tables (Cont.) Table 4 Table 3 ATN International, Inc. ATN International, Inc. Unaudited Condensed Consolidated Cash Flow Statements Selected Segment Financial Information (in Thousands) (In Thousands) For the three months ended Decemb er 31, 2025 is as follows: Year Ended December
Slide 24: Q4 2025 Financial Tables (Cont.)
Q4 2025 Financial Tables (Cont.) Table 4 (continued) ATN International, Inc. ATN International, Inc. Selected Segment Financial Information Selected Segment Financial Information (In Thousands) (In Thousands) For the three months ended Decemb er 31, 2024 is as follows: For the year ended Decemb er 3
Slide 25: Q4 2025 Financial Tables (Cont.)
Q4 2025 Financial Tables (Cont.) Table 5 ATN International, Inc. Table 4 (continued) Reconciliation of Non-GAAP Measures (In Thousands) ATN International, Inc. For the three months ended Decemb er 31, 2025 is as follows: Selected Segment Financial Information International Corporate and (In Thousand
Slide 26: Q4 2025 Financial Tables (Cont.)
Q4 2025 Financial Tables (Cont.) Table 6 ATN International, Inc. Non GAAP Measure - Net Debt Ratio (in Thousands) December 31, December 31, 2025 2024 Current portion of long-term debt * $ 13,596 $ 8,226 Long-term debt, net of current portion * 551,571 549,130 Total debt $ 565,167 $ 557,356 Less: Cas