ATN International (ATNI) investor relations material

Strategic Overview and Market Positioning

• Operations are split between U.S. and international segments, each showing distinct strengths and growth opportunities.

• U.S. segment is enterprise-focused with significant untapped consumer potential, while international operations excel in household penetration and margin expansion.

• Recent tower and spectrum sales have strengthened the balance sheet, providing flexibility for future investments and shareholder returns.

• Management prioritizes disciplined capital allocation, network expansion, and operational transformation.

• Share buyback program was doubled to $30 million, and the dividend increased by 5.5%, reflecting confidence in future prospects.

Financial Performance and Capital Allocation

• FY25 revenue reached $728 million, with a 52%/48% split between international and U.S. segments; Q2 2026 revenue grew 2% YoY to $184.5 million.

• Q2 operating income was $240 million (including $230 million from the tower sale), and adjusted EBITDA was $190 million.

• Ended Q2 with $513 million in debt, a leverage ratio of 0.91x, $332 million in cash, and $240 million in undrawn capacity.

• Capital expenditures for 2026 are projected at $105–$115 million, with increased use of reimbursable government funding.

• Full-year 2026 adjusted EBITDA guidance reaffirmed at $183–$193 million, reflecting a $7 million impact from the tower sale.

Segment and Geographic Highlights

• Caribbean markets benefit from limited competition, strong fiber deployment, and high ARPU in Bermuda.

• Guyana is experiencing rapid GDP growth due to oil and gas, with strong household and network expansion.

• Cayman operations are gaining share from incumbents through superior fiber offerings; Bermuda remains stable and profitable.

• U.S. segment saw a 44% YoY increase in high-speed data homes passed, with 74% of revenue from business and carrier customers.

• $150 million in BEAD awards will support further fiber build-out in Alaska and the Southwest.