Anterix (ATEX) Investor presentation summary

Mission and utility needs

• Mission centers on enabling a cleaner, safer and more resilient energy future through 900 MHz private broadband.

• Utility challenges include extreme weather, cyberattacks, regulatory and customer demands, decarbonization, and growing reliability and resilience needs.

• Private wireless broadband is presented as a strategic technology foundation for modernizing increasingly complex electric grids.

• Grid digitization adds devices across transmission, distribution, substations, distributed generation, gas operations and mobile workforces.

• Private LTE demand is supported by grid modernization, cyber threats, digital transformation and utilities’ need for communications control and flexibility.

Spectrum and customer value

• Largest U.S. holder of licensed 900 MHz spectrum, in the 896–901/935–940 MHz bands; FCC rules allow reconfiguration of the spectrum.

• The low-band portfolio comprises 10 MHz of licensed spectrum and is positioned to support secure, resilient, customer-controlled private LTE.

• Licensing landscape represents coverage of 331 million people and ~3B MHz-Pops; spectrum ownership varies by market.

• 900 MHz propagation is positioned to extend coverage indoors and outdoors, with fewer sites and devices needed for wide-area networks.

• Private LTE benefits cited include greater grid visibility and control, a growing LTE device ecosystem, and reduced infrastructure and operating expenses.

Market and commercial model

• Investor-owned utilities are targeted for their broad population coverage, strong credit and growing interest in investing in private networks.

• The model targets investment-grade customers, long-term contracts and strong cash flow; customer-preferred prepayments support near-term cash generation.

• Prepaid lease contracts receive most prepayments in the first 3–5 years; the business model is described as low-capex-intensive.

• Utility industry capital expenditure projections shown in the presentation reach $220.7B in 2026.