Shenandoah Telecommunications : 2026 Shentel Shareholder Meeting Slide Deck

Published: 2026-04-21 12:34:06 ET SHEN

Published on 04/21/2026 at 12:34 pm EDT

SH ENTELO

Always connected to you

April 21, 2026

Board of Directors

Name

Age*

Director

Since

Principal

Occupation

Victor C. Barnes

2022

Executive Coach and Consultant

Thomas A. Beckett

2018

SVP, GC and Secretary of American Public Education, Inc.

Matthew S. DeNichilo

2024

Partner, Energy Capital Partners

James F. DiMola

2024

Managing Director, GCM Grosvenor

Tracy Fitzsimmons

2005

President of Shenandoah University

John W. Flora

2008

Attorney and Shareholder of Flora Pettit PC

Christopher E. French

1996

Executive Chairman

Richard L. Koontz, Jr.

2006

President of Holtzman Oil Corporation

Kenneth L. Quaglio

2017

Partner, Kearney, Inc.

Michael A. Rhymes

2024

CIO of Entergy Corporation

Leigh Ann Schultz

2016

CFO of Big B Corporation (dba Lahzo)

*As of 2/23/2026

13.

Proposals

Election of directors

To elect Matthew S. DeNichilo, Kenneth L. Quaglio, and Michael A. Rhymes for a three-year term that will expire at the annual meeting of shareholders in 2029.

Ratification of auditors

To ratify the Audit Committee's selection of RSM US LLP as the

Company's independent registered public accounting firm for 2026.

Advisory vote to approve executive compensation

To approve, in a non-binding vote, the Company's named executive

officer compensation.

SH ENTELO

Always connected to you

Safe Harbor Statement

13.

This presentation contains forward-looking statements and projections about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "expects," "intends," "may," "will," "plans," "should," "could," or "anticipates" or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management's beliefs, assumptions and current expectations and may include comments as to Shentel's beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel's control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors. A discussion of other factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in Shentel's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, changes in overall economic conditions including rising inflation, changes in tariffs, new or changing regulatory requirements, disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments, changes in technologies, changes in competition, changing demand for our products and services, our ability to execute our business strategies, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.

13.

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 and exclude the effects of certain operating, capital and financing costs and may differ from comparable information provided by other companies, and they should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with U.S. generally accepted accounting principles. Management believes these measures facilitate comparisons of our operating performance from period to period and comparisons of our operating performance to that of our peers and other companies by excluding certain differences. Shentel utilizes these financial performance measures to facilitate internal comparisons of our historical operating performance, which are used by management for business planning purposes, and also to facilitate comparisons of our performance relative to that of our competitors. In addition, we believe these measures are widely used by investors and financial analysts as measures of our financial performance over time, and to compare our financial performance with that of other companies in our industry.

Full Year 2025 Highlights

13.

HIGHLIGHTS GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Glo Fiber Expansion Markets passings

+81K released to sales

Subsidized passings

constructed

31% penetration

Glo Fiber Expansion

Markets Data RGUs

+35% year-over-year

Lower borrowing

rate after 2025 refinancing

13.

Integrated Fiber and Broadband Network

HIGHLIGHTS

Target 2026

Glo Fiber passings

Fiber route

miles

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Broadband Network: Fiber-Dominance Driving Growth

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

763,000+

679,044

585,340

449,635

~510,000

359,529

426,820

237,343

28,652

286,309

75,189

147,479

233,872

208,691

211,120

212,050

215,763

~253,000

2020

2021

2022

2023

2026

Projected

Incumbent Broadband Markets

Glo Fiber Expansion Markets

Broadband Data Homes and Businesses Passed1

+525k

Broadband Passings

(2020-2026E)

346,299

239,041

252,224

2024

2025

+72%

5-Year CAGR Glo Passings

~21%

Incumbent Passings

with FTTH

1. 2024 includes 14,578 Incumbent and 15,550 Glo Fiber passings acquired from Horizon. 2025 includes 1,254 Glo Fiber

passings acquired from Blacksburg Broadband. 9

Glo Fiber Expansion Markets Operating Metrics

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Revenue Generating Units (RGUs) in 000s

Data Video

Voice

104

2023

2024

2025

Broadband Data Penetration

21%

19%

18%

2023

2024

2025

Annual Data

Net Additions

Y/Y incremental penetration

Vintage Glo Fiber Expansion Markets Penetration1

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Expected Average Terminal penetration: 37%

25%

23%

28% 28% 27%

26%

22% 22%

33%

30% 30%

36%

40%

37%

32%

44%

14% 13%

11% 12%

18% 19%

15%

18%

Passings released to 5% sales

4 3 2 1

(000s) 26 21 16

17 27

4 3 2 1

22 22 25 31

20 21

4 3 2 1

17 16 18 19

4 3 2 1

18 14

4 3 2 1

14 12 6 6 9

8 4 2

Quarter launched

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2025 2024 2023 2022

Q4 Q3 Q2 Q1 2021

Q4 Q3 Q2 Q1 Q4 2020 19

1. Homes passed and penetration rates as of 12/31/2025, excluding those acquired. 11

Glo Fiber Expansion Markets Operating Metrics

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Data Average Revenue Per User (ARPU)

2025

2024

2023

$72

$77

Data Churn

2025

2024

2023

1.0%

1.1%

Net Promoter Score

Full year 2025 average monthly churn rate

Incumbent Broadband1: Steady Execution

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Revenue Generating Units (RGUs) in 000s

Data

167

Video

Voice

163

159

2023

2024

2025

112

110

111

Homes and Businesses Passed2

LTM Data Net

Additions

LTM additional passings

Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings.

2024 includes 14,578 passings acquired from Horizon. 2025 includes 1,254 Glo Fiber passings acquired from Blacksburg Broadband. 13

Incumbent Broadband1: Key Metrics Trending Well

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Data Churn

2025

2024

2023

1.5%

1.6%

1.7%

Data Average Revenue per User (ARPU)

2025

2024

2023

$83

$82

$84

1. Consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings. 14

Commercial Fiber Metrics

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

MRR & MAR Sales Bookings1

$712,276

$552,093

$349,845

2023

2024

2025

Installed MRR and MAR1

$836,797

$709,604

$353,039

2023

2024

2025

Monthly Compression and Churn2

0.68%

0.62%

0.40%

2023

2024

2025

MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue.

2024 excludes impact of T-Mobile network rationalization. 2025 includes 0.1% compression related to T-Mobile re-rating. 15

SH ENTELO

Always connected to you

2025 Financial Results

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Adjusted EBITDA (in millions)

Adjusted EBITDA

Adjusted EBITDA Margin %

+26.0%

Y/Y growth

$119.1

$94.6

2024

2025

29%

33%

Revenue (in millions)

RLEC & Other Commercial Fiber

Resi & SMB - Glo Fiber Expansion Markets

Resi & SMB - Incumbent Broadband Markets

+9.1%

Y/Y growth

$357.9

$328.1

2024

2025

$169.7

$174.8

$57.9

$82.6

$70.1

$79.3

$25.3

$26.3

Y/Y Glo Fiber Expansion Markets revenue growth

Adjusted EBITDA margin growth

Consolidated Highlights1

13.

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Total Revenue (in millions)

Adjusted EBITDA (in millions)

5-year Total

Revenue CAGR

Tower Broadband

10%

CAGR

$358

$328

$269

$19

$328

$268 $288

$228

$18

$249

$19

$246

Tower

Broadband

Adjusted EBITDA Margin %

16%

CAGR

33%

$119

29%

$91 $95

5-year Adjusted EBITDA CAGR

$221

$66

25%

$11

27%

$56 $11

$76

28%

$12

$204

$17

32%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

1. Consolidated revenue includes elimination of intercompany activity; 2021-2023 include Tower segment results

and exclude Horizon results; 2024 includes 9 months of Horizon results. 18

2026 Financial Outlook

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Year Ending December 31, 2026

% Change

(dollars in millions)

Guidance Range

Year Ended December 31, 2025

2025 to

2026 Midpoint

Total Revenue

$370 - $377

$358

4.4%

Adjusted EBITDA1

$131 - $136

$119

12.1%

Capital Expenditures, net of government grant reimbursements

$220 - $250

$296

(20.7)%

1 Further clarification and explanation of this non-GAAP measure can be found in the "Non-GAAP Financial Measures" section of this release below.

The 2026 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff environment and disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non-GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort.

Capital Expenditures ($ in millions)

1133..

HIGHLIGHTS

GLO FIBER EXPANSION MARKETS

INCUMBENT BROADBAND MARKETS COMMERCIAL FIBER FINANCIALS

Capital Spending (in millions)1

% Construction complete:

Glo Fiber

Expansion Markets

Incumbent Gov't

Subsidized

$296

$174

$50 - $55

$140 - $160

$220 - $250

Glo Fiber Expansion Markets

Commercial Fiber

$75

$48

Incumbent Broadband Markets

$30 - $35

2025 2026 Guidance

1. Net of government grant reimbursements. 20

Disclaimer

Shentel - Shenandoah Telecommunications Co. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 16:33 UTC.