Adtran Holdings, Inc. · NASDAQ:ADTN
Adtran — Q4 2025 Earnings Presentation
33 slides from Adtran's earnings presentation, Feb 26, 2026
Slide 1: Adtran Holdings Investor presentation
Adtran Holdings (Nasdaq: ADTN) February 26, 2026 Investor presentation
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements This investor presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among other things, statements
Slide 3: Introduction and business model
Introduction and business model 3
Slide 4: Leading the way in the fiber everywhere era
W H O I S AD TR AN ? Leading the way in the fiber everywhere era Core to customer premise fiber networking ~1,000 global technology patents ~3,200 global employees ~40 years of experience Global presence HQ = Huntsville, AL “Our vision is to enable a fully-connected world, where the power and freedo
Slide 5: Market trends, shaping the future of connectivity
I N D U S TR Y U P D ATE Market trends, shaping the future of connectivity Fiber everywhere era AI infrastructure Growing importance of Data & AI transforming continues interconnect ramping secure networks network operations • Mix of public and private • Inter-DC capacity rapidly • New EU legislatio
Slide 6: Adtran is a global vendor with scale and diversity
BUSINESS MODEL Adtran is a global vendor with scale and diversity Portfolio Customer Global Trusted differentiation diversity presence vendor • Optical core to • Balanced mix of national • Geo-diverse supply • Secure networking customer premise SPs, regional SPs, chain specialist • End-to-end automa
Slide 7: Complete portfolio from the core to the customer premise
AD TR AN P O R TF O L I O Complete portfolio from the core to the customer premise Subscriber solutions Access and aggregation Optical networking • Residential/SMB: ONTs, Wi-Fi • Broadband access platforms • Pluggable coherent optics and cloud mgmt. software • IP/Ethernet aggregation • Open line sys
Slide 8: Combining fiber networking with AI-driven intelligence
AD TR AN P O R TF O L I O Combining fiber networking with AI-driven intelligence Data Data-driven collection insights Subscriber experience Access domain Optical domain AI-driven intelligence for operations and support 5G Subscriber solutions Access and aggregation solutions Optical networking solut
Slide 9: Optical networking
PORTFOLIO OVERVIEW Optical networking Optical terminals and pluggable optics Open line systems Infrastructure assurance Solution Solution Solution • 800G pluggable transponders • High-performance, flexible metro • Scalable, cloud-managed OTDR • PQC*-ready, secure transponders OLS solutions with auto
Slide 10: Access and aggregation
PORTFOLIO OVERVIEW Access and aggregation Fiber access platforms IP/Ethernet aggregation Synchronization and timing Solution Solution Solution • Industry-leading density and • Nx100 Gig and 400 Gig • Ultra-precise, resilient PNT power efficiency aggregation platforms • Highest performance optical •
Slide 11: Subscriber solutions
PORTFOLIO OVERVIEW Subscriber solutions Residential / SMB Enterprise IP/Ethernet demarcation Solution Solution Solution • ONTs • Enterprise routing and switching • IP/Ethernet CPE for SLA-based • Indoor and outdoor multi-Gig, • Cloud-managed vRouter and service delivery mesh Wi-Fi 7 platforms uCPE p
Slide 12: Driving growth in edge network convergence
D I F F E R E N TI ATE D P O R TF O L I O Driving growth in edge network convergence / Network focus Converged edge RAN, Core / Metro Core / Metro Fixed line Metro / Access Tier 1, 2, 3 CSPs Tier 1, 2 CSPs Tier 1 CSPs Customer focus Tier 2, 3 CSPs Tier 2, 3 CSPs enterprises ICPs ICPs Customer premis
Slide 13: Factors expected to drive long-term growth
BUSINESS MODEL Factors expected to drive long-term growth Expansion of • Investment in fiber to homes, businesses and critical infrastructure sites ongoing fiber • In-home networks upgrading to multi-Gig Wi-Fi to match access network speeds networks • Adtran has strong presence and broad portfolio t
Slide 14: Business update
Business update 14
Slide 15: Q4 2025 highlights
B U S I N E S S U P D ATE Q4 2025 highlights $291.6M 42.5% 6.4% $0.16 Non-GAAP Increasing non-GAAP Higher Revenue above target gross margin operating margin Non-GAAP EPS • Revenue of $291.6m, up • Higher non-GAAP gross • Non-GAAP operating • Non-GAAP EPS $0.16, +4% q-o-q & +20% y-o-y margin margin o
Slide 16: Revenue percentage and growth drivers by category
B U S I N E S S U P D ATE – Q 4 ’ 2 PERCEN A E REVENUE BY CA E ORY Revenue percentage and growth drivers by category Optical Networking Access and Aggregation Subscriber Solutions 27% 27% 27% 37% 37% 37% 36% 36% 36% Growth drivers Growth drivers Growth drivers • Increasing investments by AI • Expans
Slide 17: Revenue by geography and customer type
Q 4 2 0 2 5 B U S I N E S S U P D ATE Revenue by geography and customer type 25% 31% 47% 53% 44% Large SPs Enterprise/ICPs US Non-US Regional SPs Strong growth in the US driven by Enterprise/ICPs Note: Q4’25 Percentage revenue by geography and customer type may have a potential difference from dolla
Slide 18: Financial information
Q 4 2 0 2 5 B U S I N E S S U P D ATE Financial information Q4 25 Revenue ($m) Q4 25 Non-GAAP gross Q4 25 Non-GAAP Q4 25 Non-GAAP Q4 25 24 Non-GAAP margin operating expenses ($m) operating margin diluted EPS ($) 291.6m 42.5% 105.1m 6.4% -0.01 0.16 +4.3% q-o-q +44 bps q-o-q +2.7% q-o-q +103 bps q-o-q
Slide 19: Balance sheet and cash flow highlights
Q 4 2 0 2 5 B U S I N E S S U P D ATE Balance sheet and cash flow highlights ($m) $268 ($m) $101 ($m) $23 $259 $96 DSO DPO $213 $76 72 74 70 70 68 67 66 60 57 59 -$5 -$12 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Non-GAAP free Cash conversi
Slide 20: Business outlook
Business outlook 20
Slide 21: Outlook for Q1 2026
Outlook for Q1 2026 Prior outlook Current outlook (for Q4 2025)* (for Q1 2026) Revenue $275.0m – $285.0m $275.0m – $295.0m Non-GAAP operating margin +3.5% – +7.5% +4.0% – +8.0% *Prior outlook for Q4 2025 provided on November 3, 2025. Preliminary results provided on January 21, 2026. Note: Non-GAAP o
Slide 22: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations 22
Slide 23: Explanation of use of non-GAAP financial measures
Explanation of use of non-GAAP financial measures Set forth in the tables below are reconciliations of gross profit, gross margin, operating expenses, operating income (loss), operating margin, other expense, net loss inclusive of the non- controlling interest, net loss attributable to the Company,
Slide 24: Non-GAAP cost of revenue, gross profit and gross margin reconciliation
Non-GAAP cost of revenue, gross profit and gross margin reconciliation (1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations. We incur charges relating to the
Slide 25: Non-GAAP operating expense reconciliation
Non-GAAP operating expense reconciliation See footnotes on following page 25 © 2026 Adtran
Slide 26: Non-GAAP operating expense reconciliation footnotes
Non-GAAP operating expense reconciliation footnotes (1) We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating our non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude
Slide 27: Non-GAAP operating income and operating margin reconciliation
Non-GAAP operating income and operating margin reconciliation (1) Includes intangible amortization of backlog, inventory fair value adjustments, developed technology, customer relationships, and trade names acquired in connection with business combinations. We incur charges relating to the amortizat
Slide 28: Non-GAAP other expense reconciliation
Non-GAAP other expense reconciliation (1) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees. (2) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign c
Slide 29: Non-GAAP net income (loss) and earnings (loss) per share reconciliation
Non-GAAP net income (loss) and earnings (loss) per share reconciliation (1) Loss per common share attributable to ADTRAN Holdings, Inc. - basic and diluted - reflects a $2.1 million and a $4.1 million effect of redemption of RNCI for the three and twelve months ended December 31, 2025 and a $0 and a
Slide 30: Free cash flow reconciliation
Free cash flow reconciliation (1) Purchases related to capital expenditures and developed technologies. 30 © 2026 Adtran
Slide 31: Appendix
Appendix 31
Slide 32: 2026 Financial calendar
2026 Financial calendar Stifel 2026 One-on-One Conference– New York March 10 32 © 2026 Adtran
Slide 33: Thank you
Thank you A black and white logo A white letter in a black circle A white x in a black circle A logo of a camera A white play button with a black background A white circle with a black background and a white cloud A white logo with a black background A white line on a black background A white rss sy