ATN International : Q4 2025 Earnings Presentation (1)

About this update from Atn International, Inc.

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 EBITDA 1 International Telecom +3% Revenue and +1% Adj. EBITDA 1 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. EBITDA 1 53% $184M 47% $50M 40% 60% US Telecom +1% Revenue and +11% Adj. EBITDA 1 Revenue improvement driven primarily by increased carrier managed services growth. Adjusted EBITDA improvement demonstrating the success of converting cost containment efforts into structural improvements. US Intl US Intl 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 EBITDA 1 International Telecom Revenue Adjusted EBITDA 1 US Telecom +1% +1% Revenue Adjusted EBITDA 1 +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 Position 1 $188M Undrawn Revolver Capacity 2 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 value 3 Leverage available government-funded capital expenditures: Expand U.S. network reach to underserved businesses and residential subscribers 4 Advance cost containment actions into structural changes to drive higher operating margins 5 Manage balance sheet to enhance cash flow and financial flexibility 8 Full Year 2026 Outlook Adjusted EBITDA* $190M to $200M, excluding impacts from the pending US tower portfolio sale Initial closing of the US tower portfolio sale is expected to occur in the second quarter 2026 which could reduce the 2026 Adjusted EBITDA outlook by approximately $6M to $8M Capital Expenditures $105M to $115M (net of reimbursements) *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 $728M FY 25 R ev en u e $190M F Y 2 5 A djuste d EB I T DA 1 2,100 Em 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 ce 52% 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 Trends Revenue Trends $356 $371 $377 $382 2022 2023 2024 2025 Adjusted EBITDA 1 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 Trends Revenue Trends $352 $346 $370 $391 2022 2023 2024 2025 Adjusted EBITDA 1 Trends Revenue By Product $346M 2025 Revenue Mobility Fixed Carrier Services Construction Other Revenue 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 Ratio 2.40x 2.54x 2.36x 2.10x Year End 2022 Year End 2023 Year End 2024 Year End 2025 Capital Allocation Strategy Capital 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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