Financial Analysis

Acquisitions Virginia Fiber Acquisition On July 9, 2025, Shentel completed an acquisition of the fiber to the home (FTTH) assets and operations of a fiber business based in Virginia to expand its footprint. Shentel concluded that the set of acquired assets and operations meets the definition of a business, and therefore, applied the acquisition method of accounting, in accordance with the FASBs ASC 805, Business Combinations. The total purchase price used to apply the acquisition method was $5.0 million. Shentel recorded $3.9 million in property, plant and equipment assets, $0.6 million in definite-lived intangible assets and $0.5 million in goodwill. Horizon Acquisition On April 1, 2024, Shentel completed the acquisition of Horizon Acquisition Parent LLC, a Delaware limited liability company (Horizon), pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024). The total purchase price used to apply the acquisition method was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentels common stock issued to a selling shareholder of Horizon. The fair value of Shentels common stock issued was determined on the basis of the opening market price o …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Shentel is committed to make payments to satisfy its lease liabilities. The scheduled payments under those obligations are summarized in Note 9, Leases . Shentel also has outstanding unconditional purchase commitments to procure programming, marketing services and IT software licenses through 2029. For the years ended December 31, 2025, 2024 and 2023 we paid $7.5 million, $6.1 million and $4.6 million, respectively, for the programming, marketing and IT software license purchase commitments. The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2025: (in thousands) Purchase Commitments 2026 $ 5,885 2027 3,018 2028 657 2029 397 Total $ 9,957 From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Shentels outstanding long-term debt obligations as of December 31, 2025 and 2024 are as follows: (in thousands) Interest Rates December 31, 2025 December 31, 2024 Shentel Issuer Class A-2 Notes 5.64% $ 489,142 $ Shentel Issuer Class B Notes 6.03% 78,263 Shentel Broadband RCF Floating (1) 75,000 Shentel Broadband Term loan A-1 Floating (1) 144,451 Shentel Broadband Term loan A-2 Floating (1) 148,506 Shentel Broadband Term loan A-3 Floating (1) 125,000 Total debt 642,405 417,957 Less: unamortized loan fees (14,168) (1,078) Total debt, net of unamortized loan fees $ 628,237 $ 416,879 (1) The RCF bears interest at one-month term SOFR plus a margin. The margin is variable and determined by the Companys net leverage ratio. This interest rate was 6.19% at December 31, 2025. The term loans outstanding in the prior year bore interest at one-month term SOFR plus a margin. The margin was variable and determined by the Companys net leverage ratio. The weighted-average interest rate was 6.42% as of December 31, 2024 Refinancing activities Shentel Broadband, an indirect wholly owned subsidiary of Shentel, had a credit agreement which contained (i) a $150 million revolving credit facility (the Revolver) and $525 million in delayed draw amortizing term loans (the Term Loans and collectively with Revolver, the Previous Credit Agreement). On December 5, 2025, Shentel completed a refinancing of the Previous Credit Agreement which resulted in the issuance of the ABS Notes and the RCF loans …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Companys revenues by activity type were as follows: (in thousands) 2025 2024 2023 Residential & SMB - Incumbent Broadband Markets 1 $ 169,668 $ 174,795 $ 174,710 Residential & SMB - Glo Fiber Expansion Markets 2 82,558 57,872 35,103 Commercial Fiber 79,315 70,057 44,301 RLEC & Other 26,313 25,334 15,017 Service revenue and other $ 357,854 $ 328,058 $ 269,131 _______________________________________________________ 1. Incumbent Broadband Markets consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings. 2. Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets. (in thousands) 2025 2024 2023 Revenue from contracts with customers (ASC 606) $ 351,069 $ 322,220 $ 266,490 Income from leasing arrangements (ASC 842) 6,785 5,838 2,641 Service revenue and other $ 357,854 $ 328,058 $ 269,131 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock Compensation and Earnings per Share The Companys 2024 Equity Incentive Plan (the Plan) allows for the grant of equity based incentive compensation to all employees. The Plan authorizes grants of up to an additional 3,000,000 shares over a ten-year period. Under the Plan, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights and other forms of equity based compensation. As of December 31, 2025, the only forms of stock awards outstanding are restricted stock units (RSUs) and Relative Total Shareholder Return RSUs (RTSRs) and there were 2,019,617 shares available for future issuance under the Plan. The Companys RSUs generally have service conditions only or performance and service conditions with vesting periods ranging from one year for directors to five years for employees. RSUs that have both performance and service conditions are referred to as performance stock units (PSUs). The actual number of shares to be issued upon PSU performance measurement can range from 0% to 100% of the awards granted. RTSRs vest approximately three years from the grant date. The performance condition applied to the RTSR awards is based upon the Companys stock performance compared to a group of peer companies. The actual number of shares to be issued upon RTSRs performance measurement can range from 0% to 150% of the awards granted. Activity related to the Companys equity compensation, which includes the Companys RSUs and PSUs, was as follows …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill and intangible assets consisted of the following: December 31, 2025 December 31, 2024 (in thousands) Gross Carrying Amount Accumulated Amortization and Other Net Gross Carrying Amount Accumulated Amortization and Other Net Goodwill $ 67,538 $ $ 67,538 $ 67,055 $ $ 67,055 Indefinite-lived intangibles: Cable franchise rights $ 64,334 $ $ 64,334 $ 64,334 $ $ 64,334 FCC spectrum licenses 12,122 12,122 12,122 12,122 Railroad crossing rights and other 557 557 526 526 Total indefinite-lived intangibles 77,013 77,013 76,982 76,982 Finite-lived intangibles: Subscriber relationships 43,012 (30,792) 12,220 42,447 (28,882) 13,565 Other intangibles 537 (417) 120 510 (389) 121 Total finite-lived intangibles 43,549 (31,209) 12,340 42,957 (29,271) 13,686 Total goodwill and intangible assets $ 188,100 $ (31,209) $ 156,891 $ 186,994 $ (29,271) $ 157,723 Amortization expense was $1.9 million, $1.5 million and $0.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Our finite-lived intangible assets are amortized over the following estimated useful lives: Estimated Useful Life Subscriber relationships 3 - 10 years Other intangibles 15 - 20 years The following table summarizes expected amortization of intangible assets at December 31, 2025: (in thousands) Amortization of Intangible Assets 2026 $ 1,604 2027 1,566 2028 1,518 2029 1,517 2030 1,508 2031 and thereafter 4,627 Total $ 12,340 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Company files a consolidated U.S. federal income tax return and various state income tax returns. The provision for the federal and state income taxes attributable to (loss) income from continuing operations consisted of the following components: Years Ended December 31, (in thousands) 2025 2024 2023 Current expense (benefit) Federal taxes $ (110) $ $ (2,707) State taxes 660 89 (680) Total current provision 550 89 (3,387) Deferred (benefit) expense Federal taxes (7,032) (5,238) 4,564 State taxes (2,431) (4,521) (676) Total deferred (benefit) expense (9,463) (9,759) 3,888 Income tax (benefit) expense $ (8,913) $ (9,670) $ 501 Effective tax rate 21.3 % 25.4 % 33.0 % As further described in Note 2, Summary of Significant Accounting Policies , the Company has elected to prospectively adopt the guidance in ASU No. 2023-09. The following table is a reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes for the year ended December 31, 2025: (in thousands) Amount Percent Expected tax (benefit) expense at federal statutory $ (8,790) 21.0 % State income tax (benefit) expense, net of federal tax effect 1 (1,399) 3.3 % Nontaxable and nondeductible items: Excess tax deficiency from share-based compensation 1,142 (2.7) % Other 134 (0.3) % Income tax (benefit) expense $ (8,913) 21.3 % _______________________________________________________ 1. For the year ended Dec …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business. The components of lease costs were as follows: Classification Years Ended December 31, (in thousands) 2025 2024 2023 Finance lease cost Amortization of leased assets Depreciation $ 726 $ 665 $ 477 Interest on lease liabilities Interest expense 103 95 78 Operating lease cost Operating expense 1 4,382 4,316 3,054 Lease cost $ 5,211 $ 5,076 $ 3,609 _________________________________________ (1) Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities at December 31, 2025: (in thousands) Operating Leases Finance Leases Total 2026 $ 3,616 $ 443 $ 4,059 2027 2,569 246 2,815 2028 2,140 202 2,342 2029 1,751 206 1,957 2030 1,502 206 1,708 2031 and thereafter 6,544 3,272 9,816 Total lease payments 18,122 4,575 22,697 Less: interest (4,671) (2,336) (7,007) Present value of lease liabilities $ 13,451 $ 2,239 $ 15,690 December 31, 2025 December 31, 2024 Operating leases Weighted average remaining lease term (years) 8.4 8.5 Weighted average discount rate 6.3 % 6.1 % Finance leases Weighted average remaining lease term (years) 17.3 9.0 Weighted average discount rate 6.5 % 5.3 % Years Ended December 31, (in thousands) 2025 2024 2023 Cash paid for operating lease liabilities $ 4 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

In December 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740), Improvements to Income Tax Disclosures (ASU 2023-09). This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company has adopted this ASU and has included the required disclosures within these consolidated financial statements. See Note 12, Income Taxes for additional information. In November 2024, FASB issued ASU 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03). This accounting update requires disclosure of disaggregated expense in prescribed categories underlying any relevant income statement expense caption. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures. The Company expects the adoption of the standard to result in additional disaggregation of expense captions within its note disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (ASU 2025-10). This ac …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The Companys revenues by activity type were as follows: (in thousands) 2025 2024 2023 Residential & SMB - Incumbent Broadband Markets 1 $ 169,668 $ 174,795 $ 174,710 Residential & SMB - Glo Fiber Expansion Markets 2 82,558 57,872 35,103 Commercial Fiber 79,315 70,057 44,301 RLEC & Other 26,313 25,334 15,017 Service revenue and other $ 357,854 $ 328,058 $ 269,131 _______________________________________________________ 1. Incumbent Broadband Markets consists of Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings. 2. Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets. Shentel updated the presentation of certain Residential & SMB - Incumbent Broadband Markets, Residential & SMB - Glo Fiber Expansion Markets, Commercial Fiber and RLEC & Other revenues for the prior years to conform with changes in how management currently views these lines of business. Shentels revenue recognized under ASC 606 vs. ASC 842 is summarized in the following table: (in thousands) 2025 2024 2023 Revenue from contracts with customers (ASC 606) $ 351,069 $ 322,220 $ 266,490 Income from leasing arrangements (ASC 842) 6,785 5,838 2,641 Service revenue and other $ 357,854 $ 328,058 $ 269,131 Income from leasing arrangements primarily relates to Shentels commercial fiber business. Refer to Note 9, Leases for more information. Shentel had $19.5 million and $27.4 million of gross trade receivab …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company operates as one segment. The accounting policies of the Companys segment are the same as those described in the summary of significant accounting policies. During the third quarter of 2025, in conjunction with the change in Shentels CEO, the Company evaluated and concluded that the Chief Executive Officer role continues to represent the Companys Chief Operating Decision Maker (CODM). The Companys CODM assesses company performance at a consolidated level and decides how to allocate resources based on Earnings before Interest, Taxes, Depreciation and Amortization, as adjusted for certain non-recurring items, (Adjusted EBITDA) from continuing operations of the Broadband business. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses (loss) income from continuing operations and Adjusted EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the operations of the Company or for other purposes, such as for acquisitions or to pay dividends. Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA to analyze the Companys growth by monitoring current results versus prior year results. The analyses are used in assessing performance of the Company and in establishing managements compensation. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as (loss) income from …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On February 23, 2026, the Company announced a reduction in force of approximately 10% of its employees to align the business with the end of the Glo Fiber construction phase that is expected to be substantially complete by end of 2026. Employee departure dates will be staggered with the largest impact in the fourth quarter of 2026. The Company expects to save approximately $12.3 million annually beginning in 2027 with approximately half of the savings impacting operating expenses and half impacting capitalized labor that is included in capital expenditures. The Company expects to incur approximately $3.1 million in restructuring costs to achieve these savings.

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Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases . We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2031. From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Companys business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Companys management does not believe that the final outcome of any matters that we are currently involved in are reasona …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Shentels outstanding long-term debt obligations as of June 30, 2026 and December 31, 2025 are as follows: (in thousands) Interest Rates June 30, 2026 December 31, 2025 Shentel Issuer Class A-2 Notes 5.64% $ 489,142 $ 489,142 Shentel Issuer Class B Notes 6.03% 78,263 78,263 Shentel Issuer Variable Funding Note (""VFN"") Floating (1) 68,000 Shentel Broadband Revolving Credit Facility (""RCF"") Floating (2) 93,000 75,000 Total debt 728,405 642,405 Less: unamortized loan fees (13,378) (14,168) Long-term debt, net of unamortized loan fees $ 715,027 $ 628,237 (1) The VFN bears interest at one-month term SOFR plus a fixed margin. This interest rate was 5.40% at June 30, 2026. (2) The RCF bears interest at one-month term SOFR plus a margin. The margin is variable and determined by the Companys net leverage ratio. This interest rate was 6.15% at June 30, 2026 and 6.19% at December 31, 2025. Refinancing Activities Shentel Broadband, an indirect wholly owned subsidiary of Shentel, previously had a credit agreement which contained (i) a $150 million revolving credit facility (the Revolver) and $525 million in delayed draw amortizing term loans (the Term Loans and collectively with Revolver, the Previous Credit Agreement). On December 5, 2025, Shentel, through formation of Shentel Guarantor LLC, Shentel Issuer LLC (Shentel Issuer), Shentel Asset Entity I LLC and Shentel Asset Entity II LLC (collectively, the ABS Entities""), completed a refinancing of the Previous Credit Agreement w …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Companys revenues by activity type were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Residential & SMB - Incumbent Broadband Markets 1 $ 40,282 $ 42,837 $ 81,425 $ 86,196 Residential & SMB - Glo Fiber Expansion Markets 2 26,289 19,796 51,117 38,240 Commercial Fiber 21,386 19,483 41,928 39,095 RLEC & Other 5,505 6,452 11,145 12,935 Service revenue and other $ 93,462 $ 88,568 $ 185,615 $ 176,466 _______________________________________________________ 1. Revenue from residential and small and medium business (SMB) customers in Incumbent Broadband Markets is primarily earned through the Companys provision of data, video and voice services over primarily HFC cable and to a lesser extent fiber to the home (FTTH) networks in incumbent markets. 2. Revenue from residential and SMB customers in Glo Fiber Expansion Markets is primarily earned through the Companys provision of data, video and voice services over FTTH networks in new greenfield expansion markets. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock Compensation and Earnings (Loss) per Share Activity related to the Companys equity compensation, which includes the Companys restricted stock units (RSUs) and performance stock units (PSUs), was as follows: (in thousands, except weighted average grant price) Number of Shares Weighted Average Grant Price Outstanding awards, December 31, 2025 1,187 $ 15.39 Granted 732 13.44 Vested (503) 15.82 Forfeited (22) 14.61 Outstanding awards, June 30, 2026 1,394 $ 14.22 The total fair value of RSUs vested was $6.8 million during the six months ended June 30, 2026. Activity related to the Companys Relative Total Shareholder Return RSUs (RTSRs) was as follows: (in thousands, except weighted average grant price) Number of Shares Weighted Average Grant Price Outstanding awards, December 31, 2025 360 $ 15.77 Granted 118 13.42 Vested Forfeited Outstanding awards, June 30, 2026 478 $ 15.19 Stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Stock compensation expense $ 2,595 $ 2,493 $ 7,566 $ 6,390 Capitalized stock compensation (292) (306) (465) (486) Stock compensation expense, net $ 2,303 $ 2,187 $ 7,101 $ 5,904 As of June 30, 2026, there was $10.3 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.5 years. The following table indicates the computation of basic and diluted earnings (loss) per share: …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill and intangible assets consisted of the following: June 30, 2026 December 31, 2025 (in thousands) Gross Carrying Amount Accumulated Amortization and Other Net Gross Carrying Amount Accumulated Amortization and Other Net Goodwill $ 67,538 $ $ 67,538 $ 67,538 $ $ 67,538 Indefinite-lived intangibles: Cable franchise rights 64,334 64,334 64,334 64,334 FCC Spectrum licenses 12,122 12,122 12,122 12,122 Railroad crossing rights and other 591 591 557 557 Total indefinite-lived intangibles 77,047 77,047 77,013 77,013 Finite-lived intangibles: Subscriber relationships 43,012 (31,600) 11,412 43,012 (30,792) 12,220 Other intangibles 537 (430) 107 537 (417) 120 Total finite-lived intangibles 43,549 (32,030) 11,519 43,549 (31,209) 12,340 Total intangible assets $ 120,596 $ (32,030) $ 88,566 $ 120,562 $ (31,209) $ 89,353 Amortization expense was $0.4 million and $0.5 million during the three months ended June 30, 2026 and 2025, respectively, and $0.8 million and $0.9 million during the six months ended June 30, 2026 and 2025, respectively. As of October 1, 2025, management concluded that the estimated fair value of the broadband reporting unit exceeded the carrying value by 8%. During the three and six months ended June 30, 2026, the Company performed goodwill impairment monitoring procedures and identified no indicators of impairment or triggering events. The Company will continue to monitor its reporting unit for any triggers that could impact recove …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Company files U.S. federal income tax returns and various state income tax returns. The Company is currently involved in one state and no federal income tax audits as of June 30, 2026. The Companys income tax returns are generally open to examination from 2022 forward. The net operating losses acquired from Horizon are open to examination from 2013 forward. The effective tax rates for the three and six months ended June 30, 2026 and 2025, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Expected tax benefit at federal statutory rate $ (2,151) $ (2,540) $ (6,321) $ (4,693) State income tax benefit, net of federal tax effect (546) (653) (1,605) (1,206) Excess tax deficiency from share-based compensation and other expense, net 156 145 1,277 1,732 Income tax benefit $ (2,541) $ (3,048) $ (6,649) $ (4,167) The Company made $0.9 million in payments and received no refunds for income taxes during the six months ended June 30, 2026. The Company made $2.3 million in payments and received $0.2 million in refunds for income taxes for the six months ended June 30, 2025. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business. The components of lease costs were as follows: Classification Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Finance lease cost Amortization of leased assets Depreciation and amortization $ 197 $ 180 $ 386 $ 368 Interest on lease liabilities Interest expense 58 22 95 46 Operating lease cost Operating expense 1 1,017 1,241 2,032 2,405 Lease cost $ 1,271 $ 1,443 $ 2,512 $ 2,819 _________________________________________ (1) Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of June 30, 2026: (in thousands) Operating Leases Finance Leases Total 2026 (remainder of the year) $ 1,867 $ 2,431 $ 4,298 2027 2,985 409 3,394 2028 2,328 413 2,741 2029 1,803 417 2,219 2030 1,550 417 1,967 2031 and thereafter 7,097 4,929 12,026 Total lease payments 17,630 9,016 26,646 Less: Interest (4,725) (3,427) (8,152) Present value of lease liabilities $ 12,905 $ 5,589 $ 18,494 Other information related to operating and finance leases was as follows: June 30, 2026 December 31, 2025 Finance leases Weighted average remaining lease term (years) 16.9 17.3 Weighted average discount rate 6.9 % 6.5 % Operating leases Weighted average remaining …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Standards In October 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commissions (SEC) Disclosure Update and Simplification Initiative, (ASU 2023-06), which aligns the disclosure and presentation requirements of a variety of the FASBs Accounting Standards Codification (ASC) Topics with the requirements described in the SECs Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SECs corresponding disclosure rule changes; however, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. ASU 2023-06 is not expected to have a material effect on the Company's current financial position, results of operations or financial statement disclosures. In November 2024, FASB issued ASU 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03). This accounting update requires disclosure of disaggregated expense in prescribed categories underlying any relevant income statement expense caption. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2026, and interim rep …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The Companys revenues by activity type were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Residential & SMB - Incumbent Broadband Markets 1 $ 40,282 $ 42,837 $ 81,425 $ 86,196 Residential & SMB - Glo Fiber Expansion Markets 2 26,289 19,796 51,117 38,240 Commercial Fiber 21,386 19,483 41,928 39,095 RLEC & Other 5,505 6,452 11,145 12,935 Service revenue and other $ 93,462 $ 88,568 $ 185,615 $ 176,466 _______________________________________________________ 1. Revenue from residential and small and medium business (SMB) customers in Incumbent Broadband Markets is primarily earned through the Companys provision of data, video and voice services over primarily HFC cable and to a lesser extent fiber to the home (FTTH) networks in incumbent markets. 2. Revenue from residential and SMB customers in Glo Fiber Expansion Markets is primarily earned through the Companys provision of data, video and voice services over FTTH networks in new greenfield expansion markets. Shentel had $20.7 million and $19.5 million of gross trade receivables from customers as of June 30, 2026 and December 31, 2025, respectively. Contract Assets and Liabilities The following table presents the Companys contract asset and contract liability balances and their respective locations in the unaudited condensed consolidated balance sheets: (in thousands) June 30, 2026 December 31, 2025 Contract assets Prepaid exp …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company operates as one segment. The accounting policies of the Companys segment are the same as those described in the summary of significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2025. The Companys Chief Operating Decision Maker (CODM) assesses company performance at a consolidated level and decides how to allocate resources based on Earnings before Interest, Taxes, Depreciation and Amortization, as adjusted for certain non-recurring items, (Adjusted EBITDA) from operations of the Broadband business. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses (loss) income from operations and Adjusted EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the operations of the Company or for other purposes, such as for acquisitions or to pay dividends. Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA to analyze the Companys growth by monitoring current results versus prior year results. The analyses are used in assessing performance of the Company and in establishing managements compensation. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as income or loss from operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, other inc …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing