Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Q2 2025 Earnings Presentation
20 slides from Shenandoah Telecommunications's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Earnings Conference Call
Q2 2025 Earnings Conference Call July 31, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our business strategy, our prospects and our financial position. These statements can be
Slide 3: Chris French, President and CEO
Chris French President and CEO 3
Slide 4: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights • Solid growth in Glo Fiber Expansion Markets o 5,700 new Glo Fiber subscribers o >16,000 new Glo Fiber passings o 40.5% growth in Glo Fiber revenue • Another record quarter for Commercial Fiber sales bookings • Glo Fiber and Commercial Fiber revenue expected to exceed
Slide 5: Jim Volk, SVP of Finance and CFO
Jim Volk SVP of Finance and CFO 55
Slide 6: Consolidated Highlights - Continuing Operations
Consolidated Highlights - Continuing Operations Revenue (in millions) Adjusted EBITDA (in millions) 21.9% 3.2% 32.1% margin 27.1% margin 66
Slide 7: 2025 Financial Outlook
2025 Financial Outlook Year Ending December % 31, 2025 Year Change Guidance Range Ended 2024 to December 2025 (dollars in millions) Low High 31, 2024 Midpoint Total Revenue $352 $357 $328 8.1% Adjusted EBITDA1 $113 $118 $95 21.6% Capital Expenditures, net of government grant reimbursements $260 $290
Slide 8: Liquidity & Debt Maturity
Liquidity & Debt Maturity Liquidity (in millions) Debt Maturity (in millions) $356.5 88
Slide 9: Ed McKay, EVP and COO
Ed McKay EVP and COO 99
Slide 10: Integrated Fiber and Cable Broadband Network
Integrated Fiber and Cable Broadband Network 10 10
Slide 11: Glo Fiber Expansion Markets Metrics
Glo Fiber Expansion Markets Metrics Revenue Generating Units (RGU) Broadband Data Average Revenue per User (ARPU) Broadband Data Penetration Broadband Data Churn 11
Slide 12: Vintage Glo Fiber Penetration
Vintage Glo Fiber Penetration Vintage Glo Fiber Penetration1 Expected Average Terminal Penetration: 37% Passings released 16 17 27 22 22 25 31 20 21 17 16 18 19 18 14 14 12 6 6 9 8 4 2 to sales (000's) Quarter Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 launched 2025 2024 20
Slide 13: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 Revenue Generating Units (RGU) Broadband Data Average Revenue per User (ARPU) Broadband Data Penetration Broadband Data Churn 1. Consists of Shentel Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings 13
Slide 14: Commercial Fiber Metrics
Commercial Fiber Metrics MRR & MAR Sales Bookings1 Installed MRR & MAR1 MRR/MAR1 Backlog Monthly Compression and Disconnect Churn2 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 2. Q2'24 excludes impact of T-Mobile network rationalization. 14
Slide 15: Capital Expenditures ($ in millions)
Capital Expenditures ($ in millions) Capex Spending1 $260 - $290 $160 - $175 $40 - $45 $60 - $70 1Net of government grant reimbursements 15 Note: 2025 Guidance not shown to scale.
Slide 16: Q&A
Q&A AXSHENTEL
Slide 17: Appendix
HENTEL Appendix
Slide 18: 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 19: Adjusted EBITDA - Quarterly Results
Adjusted EBITDA - Quarterly Results Three Months Ended June 30, (in thousands) 2025 2024 Loss from continuing operations $ (9,048) $ (12,773) Depreciation and amortization 35,103 25,579 Interest expense 6,003 3,996 Other income, net (3,015) (1,908) Income tax benefit (3,048) (5,200) Stock-based comp
Slide 20: Broadband - Average Revenue per User (ARPU)
Broadband - Average Revenue per User (ARPU) For the second quarter ended, 2024 2025 Residential & SMB Revenue (000's) Broadband $ 39,816 $ 44,770 Incumbent Broadband Markets $ 27,976 $ 27,850 Glo Fiber Expansion Markets $ 11,840 $ 16,920 Video $ 14,893 $ 14,296 Voice $ 2,611 $ 2,557 Discounts, Adjus
Shenandoah Telecommunications — Q2 2025 Earnings Presentation on 6ix