[Management View]
Shenandoah Telecommunications announced a CEO transition with Edward H. McKay taking over as President and CEO on September 1, 2025. The company emphasized its fiber-first strategy, highlighting significant growth in Glo Fiber revenues and subscriber base.

[Outlook]
The company provided annual guidance for the first time, projecting revenues of $352 million–$357 million and adjusted EBITDA of $113 million–$118 million for 2025. Capital expenditures are expected to be between $260 million and $290 million, reflecting accelerated network upgrades.

[Financial Performance]
Revenue for Q2 2025 was $88.6 million, a 3.2% increase YoY, driven by a 40.5% rise in Glo Fiber revenues. Adjusted EBITDA rose by 21.9% to $28.4 million, with margins improving from 27% to 32% due to high incremental margins from Glo Fiber.

[Q&A Highlights]
Question 1: Hi. So I just want to start off with your expansion in Glo Fiber. Could you just talk about any competitive pressures at all with the ads that you're seeing? Is it becoming more and more difficult in any way?

Answer: No. As far as competitive pressure, we have seen some of the big cable providers change their rate plans. They're offering five-year guarantees in some cases. I think it's too soon to really know the impact of that. But I will say that their price plans are very consistent with our models of having standard, straightforward pricing. So we believe we have the opportunity to increase speed. We have a lot more speed availability to us than cable contenders. And we think that speed advantage combined with our local customer service and our network reliability really give us an edge. But for the quarter, we were up 20% on net ads over the second quarter last year. So we're pleased with the growth.

Question 2: And then on the CapEx side, you talked about accelerating in 2025. So what drew that decision to do that now versus next year?

Answer: Yeah. It was basically success by our construction team in building the government projects. We were able to construct more mileage faster than we expected. So instead of spending the money in '26, we pulled it into 2025. That's the primary driver.

Question 3: Does that help you with the revenue in any way in '26 because now you've already built it out?

Answer: It helps us. As I mentioned, we're seeing rapid penetration on those government grant projects, 45% after one year. So I think pulling the construction forward, having more passings in these government-subsidized areas will help us from a subscriber standpoint and therefore revenue standpoint.

Question 4: And last quick one. Why the decision to have guidance all of a sudden in the middle of the year?

Answer: Yes, Hamed, we just wanted to provide more visibility and transparency over our business. And we thought providing some annual guidance, not just this year, but in future years as well, would be a good practice to adopt to allow you and other shareholders and potential shareholders more visibility into our business.

[Sentiment Analysis]
The tone of the management was optimistic, focusing on growth and strategic execution. Analysts' questions reflected interest in competitive positioning and financial transparency.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 |
|-----------------------------|---------|---------|
| Revenue | $88.6M | N/A |
| Glo Fiber Revenue Growth | 40.5% | N/A |
| Adjusted EBITDA | $28.4M | N/A |
| Adjusted EBITDA Margin | 32% | 27% |

[Risks and Concerns]
Potential risks include competitive pressures from large cable providers and the execution of accelerated capital projects. The company must manage its debt levels and ensure successful integration of acquisitions.

[Final Takeaway]
Shenandoah Telecommunications is undergoing a leadership transition while maintaining a strong focus on its fiber-first strategy. The company is experiencing robust growth in its Glo Fiber segment, which is expected to surpass legacy operations in revenue contribution by 2026. The introduction of annual guidance aims to enhance transparency and investor confidence. Despite competitive pressures, Shenandoah's strategic execution and network expansion position it well for future growth.