Slide 1: LICT Corporation
LICT Corporation Delivering Broadband Communication Services to Rural America Sidoti Fall Conference September 17, 2025
Slide 2: Joe Cecin and Stephen J. Moore
JOE CECIN Chief Operating Officer STEPHEN J. MOORE Vice President-Finance
Slide 3: LICT
LICT www.LICTcorp.com
Slide 4: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement The information contained herein is current only as of the date hereof; however, unless otherwise indicated, financial information contained herein is as of June 30, 2025. The business, prospects, financial condition or performance of LICT Corporation (“LI
Slide 5: LICT Who We Are
• Holding Company consisting of communications carriers in rural markets • Fragmented industry with lower competition than metro areas LICT • Strong state and federal partnerships for Who We Are rural broadband with bipartisan support • Decades of experience and local presence
Slide 6: The Broadband Moment
• Increasing broadband need in rural/suburban markets • Driven by remote work, education, healthcare, agriculture The • Bipartisan support for rural broadband Broadband Ted Cruz (R-TX) and Amy Klobuchar (D-MN) Moment among vocal supporters • Penetration in our markets still lags national averages •
Slide 7: LICT Today
LICT Today Cal-Ore Centracom Central Scott Cuba City Corporate Office JBN Rye, NY Haviland Sound Broadband Western New Mexico 7
Slide 8: Examples of Rural Market Reach
Examples of Rural Market Reach UTAH INCUMBENT: NEW MEXICO INCUMBENT: IOWA/WISCONSIN 34,000+ | SALT LAKE CITY: 12,000+ | LAS CRUCES: INCUMBENT: 11,500+ | 210,000+ 114,000+ DUBUQUE: 55,000+
Slide 9: UTAH - Population
UTAH - Population Salt Lake City – 210,000 + Provo – 110,000 + Incumbent Area – 34,000 + St George – 110,000 + 9
Slide 10: Competitive Advantages
Competitive Advantages • Long standing local presence in underserved markets • Diversified revenue streams Geography, customer and service type • Deep federal/state partnerships (public funding) • Veteran team with operational experience • Strong track record of execution and trust
Slide 11: Technology Roadmap
Technology Roadmap • Fiber-to-the-home (FTTH) upgrades in core markets • Licensed fixed wireless to accelerate coverage • Preparing for multi-gigabit speeds and smart home demand • Scalable rural enterprise and residential services
Slide 12: Public Funding
Public Funding The company benefits from federal and state programs supporting our revenues and capital projects. • E- ACAM (Enhanced Alternative Connect America Model) • Universal Service Funds • Federal/State Loans and Grants • BEAD (Broadband Equity, Access, Deployment) 12
Slide 13: Why LICT?
• The Company and the market are at a transformational inflection point • We have been awarded substantial Why LICT? grants to support our buildout (pre- BEAD) • Current investment cycle (2025–2028) - Upgrades and extends our network - Supports Revenue and EBITDA increases • Experienced and long ten
Slide 14: Network Build (2025-2028): $430M Gross
Network Build (2025– 2028): $430M Gross CapEx- Funded Government Grants: Expansion ($170M) Net CapEx: $260M
Slide 15: A Business Designed to Compound Value
• Deep roots in rural markets • Diversified revenue streams: fiber, A Business wireless, enterprise, residential Designed to Compound • Government-backed revenue visibility (E-ACAM: $37.2M annually through 2038) Value • 37 acquisitions; successful integrations and spin-offs • Long-term value unlocki
Slide 16: Stephen J. Moore
STEPHEN J. MOORE Vice President-Finance
Slide 17: Financial Overview
Financial Overview $ in Millions – Except EPS TTM June TTM June 2025 2024 Revenue $136.0 $125.6 EBITDA from $53.8 $51.2 Operations EPS – excluding on time items $812 $940 Capital Expenditures $55.0 $46.9 Shares Outstanding 15,732 16,674 17
Slide 18: Financial Overview
Financial Overview $ in Millions – Except EPS 2024 2023 Revenue $134.3 $116.5 EBITDA from $55.4 $45.6 Operations EPS - Operations $941 $802 Capital Expenditures $63.3 $37.4 Shares Outstanding 16,173 16,971 18
Slide 19: Revenue Mix
Revenue Mix $ in Millions 2024 2020 $59.1 $75.2 $50.3 $57.9 44% 56% 46% 54% $134.3 $108.2 Regulated Revenue Non-Regulated Revenue 19
Slide 20: Investments
Investments • MachTen • Aureon • KFN • CVIN • Spectrum: • 300+ FCC licenses - $30M historical cost • Utilizing spectrum in fixed wireless deployments 20
Slide 21: Liquidity and Leverage
Liquidity and Leverage $ in Millions June 2025 December 2024 Cash and Deposits $15.4 $11.8 Debt 81.9 66.6 Net Debt $66.5 $54.8 Leverage Ratio 1.4 x EBITDA 1.1 x EBITDA (TTM June) 21
Slide 22: Share Repurchases
Share Repurchases $ in Millions # of Shares Repurchase Year End Year Repurchased Cost $ Shares O/S 2025 1st Half 441 $6.1 15,732 2024 798 11.4 16,173 2023 370 6.7 16,971 2022 530 12.3 17,341 2021 622 15.2 17,871 2020 655 11.0 18,533 2019 743 12.4 19,188 22 Total 4,159 $75.5
Slide 23: LICT - Post Network Expansion
LICT – Post Network Expansion Estimates - 2029 and beyond • EBITDA from Operations: – Increases to ~$80M (from ~$55M) • Capital Expenditures: – Decreases significantly from current levels • Free Cash Flow: – Ramps post-2028 • Leverage ratio: – ~2.0x high water mark, expected to decline post 2028
Slide 24: Closing: Short term investment for durable competitive advantage
Closing: • Operational excellence in rural broadband • Near-term investment/growth with significant grant funding • Long-term positive free cash flow • Proven M&A/spin-off record Short term investment for durable competitive advantage
Slide 25: Q&A / Contact Information
Q&A LICT Corporation Contact Information Administration@lictcorp.com (914) 921-8821 Delivering Broadband Communication Services to Rural America
Slide 26: LICT Corporation
LICT Corporation Delivering Broadband Communication Services to Rural America Sidoti Fall Conference September 17, 2025