GCI Liberty (GLIBA) investor relations material

Executive summary

• Completed spin-off from Liberty Broadband in July 2025, marking the first quarterly call as a standalone public company and new Nasdaq listing.

• Q2 2025 revenue grew 6% year-over-year to $261 million, with operating income up 70% to $51 million and net earnings rising to $27 million from $13 million.

• Adjusted OIBDA increased 26% to $108 million, reflecting operational efficiencies and cost management.

• Supreme Court upheld the Universal Service Fund, providing regulatory clarity and removing a major business overhang.

• Focused on infrastructure upgrades, efficiency improvements, and bridging the digital divide in Alaska.

Financial highlights

• Total revenue reached $261 million, up 6% year-over-year in Q2 2025; adjusted OIBDA rose 26% to $108 million.

• Operating income increased to $51 million from $30 million, with margin up to 19.5%.

• Net earnings for Q2 2025 were $27 million, up from $13 million in Q2 2024; free cash flow for trailing twelve months was $153 million.

• Net debt reduced by $86 million in Q2 2025, lowering leverage to 2.3x; $377 million undrawn credit facility at quarter-end.

• Consumer revenue declined 2% to $119 million, while business revenue grew 14% to $142 million, driven by strong data growth.

Outlook and guidance

• Full-year 2025 net capital expenditures expected at $250 million, focused on rural network expansion and FCC compliance.

• Management expects to cover corporate expenses and debt repayments with available liquidity and operating cash flow.

• GCI remains on track to fully exit the video business by year-end 2025, with immaterial impact on revenue and OIBDA.

• FCC Alaska Plan build-out requirements to be completed by end of 2026.

• Expecting a slowdown in adjusted OIBDA growth in the second half of 2025 as upsell cycle in schools laps.