Anterix (ATEX) Investor update summary

Strategic milestones and regulatory developments

• Achieved expansion of spectrum from 6 MHz to 10 MHz, significantly increasing asset value and capacity.

• FCC adopted a Report and Order enabling the 10 MHz broadband configuration, aligning with original proposals.

• The expanded spectrum is positioned as a critical foundation for private wireless broadband, especially for utilities and critical infrastructure.

• Recent contracts with Texas-New Mexico Power and NorthWestern Energy expand reach and signal industry standardization.

• Partnership with Lynk Global to test satellite direct-to-device integration, broadening future connectivity options.

Financial impact and asset valuation

• Over $400 million in contracted spectrum proceeds to date, with significant untapped value remaining.

• Expansion from 6 MHz to 10 MHz increases monetizable spectrum capacity by 67% per eligible county.

• Asset valuation for 10 MHz spectrum now implied at $2.5 billion to over $7 billion, with recent contracts priced within or above this range.

• Pricing strategy is evolving to reflect increased scarcity and demand, supporting strong margins and shareholder returns.

• Clearing costs remain disciplined and market-driven, with flexibility in deployment and contract structure.

Market momentum and customer pipeline

• Customer base now includes 10 clients, covering over 53 million people and 93% of Texas.

• Pipeline activity is at its strongest, with faster deal cycles and more customers moving quickly to secure spectrum.

• New solutions and services are reducing friction and accelerating deployment for customers.

• The Accelerator program is closed to new deals, and pricing is being revisited in light of expanded spectrum and demand.

• Strategic review remains ongoing, with openness to inbound interest and continued focus on both large and smaller deals.