Q4 and Year-end 2025 Earnings Call
March 5, 2026
1
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 cash provided by operating activities, reduced capital intensity while continuing to invest in our networks and grew and improved the quality and durability of our mobility and high-speed subscriber bases across our markets."
Brad Martin, Chief Executive Officer
"Looking ahead, our financial focus remains unchanged: drive operating efficiencies to support margin expansion, continue to allocate capital in a disciplined way, maintain a healthy balance sheet, and expand cash flow. We believe our 2025 results and 2026 outlook show progress toward our long-term objectives and are in-line with maximizing shareholder value."
Carlos Doglioli, Chief Financial Officer
3
Key Performance Indicators (Q4 FY 2025)
Strategy Driving YoY Gains Across Most Key Metrics & Favorable Mix
~524k |
High-Speed Data Broadband Homes Passed |
+27% YOY |
F i b er N etw or k
~12k
Fiber Route Miles
+2% YOY
Hig h - S p eed D a ta
M ob i l e N etw or k
~399k
International Mobile Subscribers
+3% YOY
~145k | ~62k | ~338k |
High-Speed Data | Post-Paid | Pre-Paid |
Customers | Subscribers | Subscribers |
+3% YOY | +4% YOY | +2% YOY |
Notes
4 • Data presented may differ from prior reported quarter to reflect more accurate data and/or changes in calculation methodology and process.
High Speed Data is defined as download speeds ≥ 100 Mbps.
Financial Highlights and Drivers
Q4 Total Revenue and Adjusted EBITDA1
International Telecom
+3% Revenue and +1% Adj. EBITDA1
Revenue growth reflects network investments and focus on service quality, driving gains in mobility and high-speed data subscribers.
Adjusted EBITDA growth reflects the operational leverage achieved through improved efficiency initiatives.
Q4 '25 Revenue Q4 '25 Adj. EBITDA1
53%
$184M47%
$50M40%
60%
US Telecom
+1% Revenue and +11% Adj. EBITDA1
Revenue improvement driven primarily by increased carrier managed services growth.
Adjusted EBITDA improvement demonstrating the success of converting cost containment efforts into structural improvements.
5
See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
International Telecom and US Telecom Segment Financials
Q4 2025 Revenue & Adjusted EBITDA1
International Telecom
Revenue Adjusted EBITDA1
US Telecom
+1%
+1%
Revenue Adjusted EBITDA1
+3%
$95 $97
$32 $33
$86 $87
$22
+11%
$20
Q4 2024 Q4 2025 Q4 2024 Q4 2025
(Figures shown in millions)
Q4 2024 Q4 2025 Q4 2024 Q4 2025
6 1. See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure
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
$90M
FY25 CapEx
$117M
Cash Position
$565M
Debt Position1
$188M
Undrawn Revolver Capacity2
Net Debt Ratio -2.36x
As of December 31, 2025.
7 1. Debt position excludes customer receivable credit facility
Undrawn revolver capacity includes ATN's and Alaska Communications' revolving credit facilities
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
2
Domestic: Focus efforts on growing business and carrier customer revenues, strengthen operational teams, and maximize network value3
Leverage available government-funded capital expenditures: Expand U.S. network reach to underserved businesses and residential subscribers4
Advance cost containment actions into structural changes to drive higher operating margins5 Manage balance sheet to enhance cash flow and financial flexibility
8
Full Year 2026 Outlook
Adjusted EBITDA* |
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| |
Capital Expenditures |
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*For the Company's full year 2026 outlook dated 3/4/2026 for Adjusted EBITDA, the Company is not able to provide without unreasonable effort the most directly comparable
9 GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis.
About ATN International
10
Our Mission
To digitally empower people and communities so that they can connect with the world and prosper
11
ATN At-a-Glance
Leading Provider of Critical Communications Infrastructure & Services in Rural and Remote Markets
$728MFY 25
R ev en u e
$190MF Y 2 5 A djuste d EB I T DA 1
2,100Em p lo y ees
~36%I n side r
O wne r shi p
35+ ye ar s Op er at i n g Ex p er i en ce52% I nternational
Bermuda, Cayman, Guyana & USVI
Consumer & Enterprise Broadband
Mobility Wireline Voice & Video
Mobility$382M
2025 Revenue
Fixed
Carrier Services
Construction
Other
48% D omestic
$346M
2025 Revenue
Alaska & Southwestern US Consumer & Enterprise Broadband Carrier Managed Service Wholesale & FTT Backhaul
12
1. See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
International Telecom Segment At-a-Glance
Serving Bermuda, the Cayman Islands, Guyana and the US Virgin Islands
Revenue TrendsRevenue Trends
$356 $371 $377 $382
2022 2023 2024 2025
Adjusted EBITDA1 Trends
$112
$116
$127 $132
Revenue By Product
$382M
2025 Revenue
Mobility
Fixed
Carrier Services
Other
Revenue By Customer
Offerings
Consumer & Business Broadband
Mobility
Wireline Voice and Video
Strategic Priorities
Increase high speed data penetration
Capture more business customers
Grow post-paid mobile share
Expand margins and cash flows
Growth Drivers
High-speed broadband uptake
Edging-out existing networks
Business growth
2022 2023 2024 2025
29%Business
(including carrier)
70%Consumer
13
1. See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.US Telecom Segment At-a-Glance
Serving Alaska and Southwestern United States
Revenue TrendsRevenue Trends
$352
$346
$370 $391
2022 2023 2024 2025
Adjusted EBITDA1 Trends
Revenue By Product
$346M
2025 Revenue
Mobility
Fixed
Carrier Services
Construction
OtherRevenue By Customer
Offerings
Consumer & Enterprise Broadband
Carrier Managed Service
Wholesale & FTT Backhaul
Strategic Priorities
Improve margins and increase cash flow
Expand carrier services
Capture business customers
Leveraging fiber and fiber-like networks
$85
$80
$79
2022
2023
2024
2025
$100
34%Business
35%Carrier
26%Consumer
Growth Drivers
Business customer growth
Consumer high-speed broadband uptake
Grant funding for network expansion
14 1. See Appendix for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
Strong Core Capabilities
Driving Sustainable Competitive Advantages
Targeting Underbuilt Market Segments
Focus on market segments with high unmet demand for connectivity is our core differentiation
Deeply Localized Operations
Strong local management enhances close relationships with customers and reduces risks
Aligned with Growth Trends
Global digital transformation
Growing need for reliable connectivity
Ongoing government support for infrastructure funding
Resulting in a Resilient Business:
15
Trusted relationships (communities, customers & carriers)
Stable recurring revenues
Durable cash flows
Our Investment Strategy
Using a Combination of Capex and Grants to Support Growth
Strategic Capex$163
$160
3-year investment cycle
$105M
to
$115M*
$110 $90
Our Approach:Normalized investment spending levels (~10% to 15% of revenue)
Leveraging available government funding
Continuing to focus on monetizing upgraded network assets
2022 2023 2024 2025 2026E
Grant Funding:Provision BEAD awards of more than $150M in key markets including New Mexico and Alaska
More than $200M of additional grant funding awarded to us or our partners to be completed in 2026 & 2027
16
* Guidance as of March 4, 2026
Balance Sheet Highlights
Balance Sheet Provides Flexibility to Execute our Strategy
Undrawn revolver capacity
Cash & equivalents
Liquidity$188M
$117M
FY 2025
Net Debt Leverage Ratio2.40x 2.54x 2.36x
2.10x
Year End 2022 Year End 2023 Year End 2024 Year End 2025
Capital Allocation StrategyCapital investments
Debt reduction
Supporting dividend
Share repurchases
17
Capital Allocation
Committed to a Balanced Approach to Capital Allocation
1
Strategic Capex Spending
Focused on investments resulting in recurring cash flows
Invested $524M in company funded Capex since 2022*
An additional $234M of reimbursable Capex since 2022*
2
De-Lever the Balance Sheet
Objective to return to ~2.0x net debt leverage over the medium-term
3
Return Capital To Shareholders
Since the start of 2022,
$54M returned to shareholders through dividends* and $26M in share buybacks*
18 * Through December 31, 2025
Appendix
19
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 Telecom | International Telecom | US Telecom | US Telecom | Corporate and Other* | Corporate and Other* | Total ATN | Total ATN | |
Total Revenue: | $ 97,349 | $ 94,766 | $ 86,867 | $ 85,782 | $ - | $ - | $ 184,216 | $ 180,548 |
Mobility | 28,548 | 27,544 | (9) | 459 | - | - | 28,539 | 28,003 |
Fixed | 61,328 | 60,870 | 51,947 | 50,808 | - | - | 113,275 | 111,678 |
Carrier Services | 3,005 | 3,244 | 31,377 | 30,022 | - | - | 34,382 | 33,266 |
Construction | - | - | 449 | 1,291 | - | - | 449 | 1,291 |
All other | 4,468 | 3,108 | 3,103 | 3,202 | - | - | 7,571 | 6,310 |
Operating Income (Loss) | $ 17,912 | $ 18,830 | $ 5,851 | $ (1,591) | $ (8,060) | $ (8,565) | $ 15,703 | $ 8,674 |
EBITDA (1) | $ 31,472 | $ 31,975 | $ 24,381 | $ 18,091 | $ (7,258) | $ (8,262) | $ 48,595 | $ 41,804 |
Adjusted EBITDA (1) | $ 32,710 | $ 32,343 | $ 21,607 | $ 19,515 | $ (4,341) | $ (5,632) | $ 49,976 | $ 46,226 |
Capital Expenditures** | $ 16,341 | $ 15,418 | $ 12,755 | $ 9,281 | $ - | $ 4 | $ 29,096 | $ 24,703 |
For the Year Ended December 31, 2025 and 2024
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
International Telecom | International Telecom | US Telecom | US Telecom | Corporate and Other* | Corporate and Other* | Total ATN | Total ATN | |
Total Revenue: | $ 381,881 | $ 377,463 | $ 346,094 | $ 351,612 | $ - | $ - | $ 727,975 | $ 729,075 |
Mobility | 107,608 | 107,201 | 28 | 2,771 | - | - | 107,636 | 109,972 |
Fixed | 245,819 | 246,165 | 208,085 | 212,199 | - | - | 453,904 | 458,364 |
Carrier Services | 13,665 | 13,724 | 121,149 | 119,561 | - | - | 134,814 | 133,285 |
Construction | - | - | 4,825 | 3,900 | - | - | 4,825 | 3,900 |
All other | 14,789 | 10,373 | 12,007 | 13,181 | - | - | 26,796 | 23,554 |
Operating Income (Loss) | $ 66,973 | $ 75,773 | $ (1,715) | $ (44,443) | $ (36,824) | $ (32,125) | $ 28,434 | $ (795) |
EBITDA (1) | $ 126,003 | $ 140,487 | $ 73,758 | $ 36,453 | $ (33,443) | $ (31,492) | $ 166,318 | $ 145,448 |
Adjusted EBITDA (1) | $ 131,636 | $ 127,151 | $ 78,536 | $ 79,828 | $ (20,128) | $ (22,895) | $ 190,044 | $ 184,084 |
Capital Expenditures** | $ 46,581 | $ 56,693 | $ 43,439 | $ 53,652 | $ 2 | $ 29 | $ 90,022 | $ 110,374 |
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.
20 **Excludes government capital program amounts disbursed and amounts received.
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