Shenandoah Telecommunications Company (SHEN) investor relations material

Board and governance

• Board includes ten directors with diverse backgrounds in executive leadership, law, finance, and education.

• Three directors—Matthew S. DeNichilo, Kenneth L. Quaglio, and Michael A. Rhymes—are up for election for a three-year term expiring in 2029.

• Shareholders will vote on director elections, auditor ratification, and executive compensation approval.

Strategic and operational highlights

• Glo Fiber Expansion Markets reached approximately 427,000 passings in 2025, with a target of 510,000 by 2026.

• Broadband passings grew 72% CAGR over five years, with Glo Fiber driving most of the expansion.

• Glo Fiber Expansion Markets achieved 31% penetration and 23,000 annual data net additions in 2025.

• Commercial fiber segment reported installed monthly recurring revenue of $836,797 in 2025.

Financial performance and outlook

• 2025 revenue reached $358 million, with adjusted EBITDA of $119 million and a 33% margin.

• Glo Fiber Expansion Markets revenue grew 43% year-over-year in 2025.

• 2026 revenue guidance is $370–$377 million, with adjusted EBITDA of $131–$136 million.

• Capital expenditures are projected to decline from $296 million in 2025 to $220–$250 million in 2026.

• Liquidity at year-end 2025 was $234.9 million, with $642.4 million in ABS notes maturing in 2029.