Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Q4 2025 Earnings Presentation
26 slides from Shenandoah Telecommunications's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call February 26, 2026
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: Full Year 2025 Highlights
Full Year 2025 Highlights HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS ~427K Glo Fiber Expansion 88K Glo Fiber Expansion Markets passings Markets Data RGUs +81K released to sales +35% year-over-year 22K Subsidized passings 170 bps Lower borrowing rat
Slide 5: Integrated Fiber and Cable Broadband Network
Integrated Fiber and Cable Broadband Network HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 510k Target 2026 Glo Fiber passings 19k+ Fiber route miles 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 FINANCIALS Revenue Generating Units (RGUs) +33% +5 Y/Y growth K Quarterly Data Net Additions +23K Annual 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 FINANCIALS Broadband Data Homes and Businesses Passed Broadband Data Penetration +81K LTM passings released to sales +1.8 % 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 FINANCIALS Expected Average Terminal Penetration: 37% Passings released to sales (000's) 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 Quarter l
Slide 9: Glo Fiber Expansion Markets Operating Metrics
Glo Fiber Expansion Markets Operating Metrics HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Broadband Data Broadband Data Churn Average Revenue per User (ARPU) 61 Net Promoter Score 1.07% Full year 2025 average monthly churn rate 9
Slide 10: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Revenue Generating Units (RGU) Broadband Data Homes and Businesses Passed +637 LTM Data Net Additions ~13 K LTM additional passings ~21 % Passings with FTTH 1Consists o
Slide 11: Incumbent Broadband Markets Subsidy Cohort Penetration
Incumbent Broadband Markets Subsidy Cohort Penetration HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS 22 25 20 17 18 18 14 6 9 4 22K Homes Passed 31 % Average Penetration 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 FINANCIALS 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 FINANCIALS Monthly Compression MRR & MAR Sales Bookings1 Installed MRR & MAR1 & Disconnect Churn2 1MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 22024 excludes impact of T
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 FINANCIALS Revenue (in millions) Adjusted EBITDA (in millions) +39% +31.3% Y/Y Glo Fiber +7.2% Y/Y growth Expansion Markets Y/Y growth revenue growth +670bps Adjusted E
Slide 16: Consolidated Highlights - Full Year Results
Consolidated Highlights - Full Year Results HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Revenue (in millions) Adjusted EBITDA (in millions) 16 % 5-year Adjusted +10% CAGR +16% CAGR EBITDA CAGR +450bps 2024-2025 Adjusted EBITDA margin expansion Conso
Slide 17: 2026 Financial Outlook
2026 Financial Outlook HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Year Ending December 31, 2026 Year % change Ended December 2025 to (dollars in millions) Guidance Range 31, 2025 2026 Midpoint Total Revenue $370 - $377 $358 4.4% Adjusted EBITDA1 $1
Slide 18: Capital Expenditures ($ in millions)
Capital Expenditures ($ in millions) HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Capex Spending1 % Construction complete: $220 - $250 84% Glo Fiber Expansion $140 - $160 Markets 94 % Incumbent Gov't $50 - $55 $30 - $35 Subsidized 1Net of government
Slide 19: Liquidity & Debt Maturity
Liquidity & Debt Maturity HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS Liquidity (in millions) Debt Maturity / Anticipated Repayment Date (in millions) $642.4 19
Slide 20: 2027+ Free Cash Flow Catalysts
2027+ Free Cash Flow Catalysts HIGHLIGHTS GLO FIBER EXPANSION MARKETS INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS • Low double-digit Adjusted EBITDA growth rates Positive & Growing • Declining capital intensity Free Cash • Declining cost of capital Flow 20
Slide 21: Q&A
AXSHENTEL Q&A 21
Slide 22: Appendix
Appendix AXSHENTEL
Slide 23: 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 24: Adjusted EBITDA - Quarterly Results
Adjusted EBITDA - Quarterly Results (in thousands) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Loss from continuing operations $ (6,190) $ (9,132) $ (9,048) $ (9,390) $ (5,373) Depreciation and amortization 28,132 29,458 35,103 34,492 32,560 Interest expense 4,157 4,892 6,003 6,789 7,690 Other income, net (1,819)
Slide 25: Adjusted EBITDA by Segment - Full Year Results
Adjusted EBITDA by Segment - Full Year Results Year Ended December 31, (in thousands) 2025 2024 Net income (loss) from continuing operations $ (32,943) $ (28,357) Depreciation and amortization 131,613 98,835 Interest expense 25,374 15,897 Other expense (income), net (6,755) (6,461) Income tax expens
Slide 26: Broadband - Average Revenue per User (ARPU)
Broadband - Average Revenue per User (ARPU) For the fourth quarter ended 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Residential & SMB Revenue (000's) Broadband $ 42,210 $ 43,639 $ 44,770 $ 45,960 $ 47,339 Incumbent Broadband Markets $ 28,077 $ 27,875 $ 27,850 $ 27,635 $ 27,536 Glo Fiber Exp
Shenandoah Telecommunications — Q4 2025 Earnings Presentation on 6ix