# EDGAR Filing Document

**Accession Number:** 0000354963
**File Stem:** 0001171843-25-006767
**Filing Date:** 2025-10
**Character Count:** 36239
**Document Hash:** 3a6a9cfe3f4e0cdc070fc6de9ffae160
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-006767.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001171843-25-006767

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHENANDOAH TELECOMMUNICATIONS CO/VA/
- **CENTRAL INDEX KEY:** 0000354963
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 541162807
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-09881
- **FILM NUMBER:** 251429953

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 459
- **STREET 2:** 500 SHENTEL WAY
- **CITY:** EDINBURG
- **STATE:** VA
- **ZIP:** 22824
- **BUSINESS PHONE:** 5409844141

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 459
- **STREET 2:** 500 SHENTEL WAY
- **CITY:** EDINBURG
- **STATE:** VA
- **ZIP:** 22824

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): October 29, 2025
_______________________________

#### Shenandoah Telecommunications Company
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Virginia** | **000-09881** | **54-1162807** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 500 Shentel Way P.O. Box 459

#### Edinburg, Virginia 22824
(Address of Principal Executive Offices) (Zip Code)

(540) 984-4141

(Registrant's telephone number, including area code)

#### Not applicable
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock (No Par Value) | SHEN | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On October 29, 2025, Shenandoah Telecommunications Company (the "Company") issued a press release announcing its financial position as of September 30, 2025, results of operations for the three and nine months ended September 30, 2025, and other related information. The Company also posted supplemental earnings presentation materials on the investor section of the Company's website at www.Shentel.com. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

These materials may contain forward-looking statements about Shenandoah Telecommunications Company regarding, among other things, our business strategy, our prospects and our financial position. These statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "expects," "intends," "may," "will," "should," "could," or "anticipates" or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. Shenandoah Telecommunications Company undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits**

The following exhibit is furnished with this Current Report on Form 8-K.

[99.1\*](exh_991.htm) [Third Quarter 2025 Earnings Press Release](exh_991.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

\* Furnished herewith

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Shenandoah Telecommunications Company** | **Shenandoah Telecommunications Company** |
| Date: October 29, 2025 | By: | <u>/s/ James J. Volk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | James J. Volk |
|  |  | Senior Vice President – Chief Financial Officer<br>*(Principal Financial Officer)* |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Shenandoah Telecommunications Company Reports Third Quarter 2025 Results**

EDINBURG, Va., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company ("Shentel" or the "Company") (Nasdaq: SHEN) announced third quarter 2025 financial and operating results.

**<u>Third Quarter 2025 Highlights</u>**

* Glo Fiber Expansion Markets revenue grew 41.1% compared to the third quarter of 2024 to $21.3 million due to a 41.3% increase in average subscribers.

* Total revenue grew 2.5% compared to the third quarter of 2024 to $89.8 million.

* Net loss from continuing operations was $9.4 million compared to $5.3 million in the third quarter of 2024.

* Adjusted EBITDA<sup>1</sup> grew 11.8% compared to the third quarter of 2024 to $29.7 million.

* Adjusted EBITDA margin expanded from 30% in the third quarter 2024 to 33% in the third quarter 2025.

"We are pleased to see our business scaling with Adjusted EBITDA margin expansion from 27% in the second quarter of 2024, following our Horizon acquisition, to 33% in the third quarter of 2025," said President and CEO, Ed McKay. "We also delivered another strong quarter for Glo Fiber with revenue and subscribers growing 41% over the same period in 2024 and passings increasing 21,000 sequentially from the second quarter of 2025 to over 400,000."

*Shentel's third-quarter earnings conference call will be webcast at 4:30 p.m. ET on Wednesday, October 29, 2025. The webcast and related materials will be available on Shentel's Investor Relations website at <u>https://investor.shentel.com/</u>.* 

**<u>Third Quarter 2025 Results Compared with Third Quarter 2024</u>**

* **Residential & SMB - Glo Fiber Expansion Markets**<sup>**2**</sup> revenue grew $6.2 million, or 41.1%, driven by a 41.3% year-over-year growth in average data revenue generating units ("RGUs"). The Company constructed 20,000 Glo Fiber passings and added approximately 5,800 new Glo Fiber customers in the third quarter. In addition, the Company added approximately 1,500 passings and approximately 600 residential and 100 commercial customers as part of a $5 million acquisition of fiber to the home assets and operations that was completed on July 9, 2025. Total Glo Fiber passings and subscribers were 400,000 and approximately 83,000 as of September 30, 2025.

* **Residential & SMB - Incumbent Broadband Markets**<sup>3</sup> passings grew 4,000 in the third quarter to a total of 248,000. The Company has now constructed over 19,600 new passings, or 89% of the planned passings in previously unserved areas, with funding partially provided by government grants. Broadband data RGUs grew slightly in the third quarter, driven by churn improvement and strong gross adds from the recently constructed new passings. Incumbent Broadband Markets revenue declined $1.6 million, primarily due to a 14.9% decline in video RGUs and to a lesser extent a 1.3% decline in data ARPU.

* **Commercial Fiber** revenue declined $1.1 million, primarily due to $0.9 million in non-cash deferred revenue adjustments for a carrier customer and $0.5 million in early termination fees earned in the prior year. Excluding these variances, Commercial Fiber revenue grew 2.3% over the prior period 2024.

* **RLEC & Other** revenue declined $1.3 million, primarily due to lower governmental support revenue and a 21.1% decline in DSL RGUs as customers migrated to recently constructed Shentel broadband data services.

* **Cost of services** decreased by $2.0 million, or 5.9%, primarily due to decreases in network payroll, rent and line costs as the Company realized synergy savings from the Horizon integration.

* **Selling, general and administrative expense** increased by $1.8 million, or 6.4%, primarily due to increases in advertising, stock-based compensation and property tax costs.

* **Restructuring, integration and acquisition expense** decreased by $1.4 million, or 82.5%. Restructuring, integration and acquisition expense in 2024 related primarily to costs incurred to effect the acquisition and integrate Horizon operations.

* **Depreciation and amortization** increased by $6.8 million, or 24.6%, primarily due to $3.1 million of new depreciation associated with assets placed in service for the Company's Glo Fiber network expansion and a $3.2 million write-off of inventory assets which are no longer expected to be used.

________________________________________

<sub><sup>1</sup> See "Non-GAAP Financial Measures" below for a reconciliation to the most comparable GAAP measure.</sub>

<sub><sup>2</sup> Glo Fiber Expansion Markets consists of fiber to the home ("FTTH") passings in greenfield expansion markets.</sub>

<sub><sup>3</sup> Incumbent Broadband Markets consists of incumbent cable markets and incumbent telephone markets with FTTH passings.

</sub>

**<u>Other Information</u>**

* Capital expenditures were $251.5 million for the nine months ended September 30, 2025 compared with $226.5 million for the nine months ended September 30, 2024. The $25.1 million increase in capital expenditures was primarily driven by government-subsidized network expansion projects in previously unserved areas of Incumbent Broadband Markets.

* The Company received $39.9 million and $11.1 million in government grant cash receipts during the nine months ended September 30, 2025 and 2024, respectively.

* As of September 30, 2025, the Company's total available liquidity was $212.6 million, consisting of (i) cash and cash equivalents totaling $22.6 million; (ii) $117.9 million of availability under the Company's revolving credit facility; and (iii) an aggregate of $72.1 million remaining reimbursements available under government grants, with reimbursements subject to fulfilling the terms of the underlying agreements. During the nine months ended September 30, 2025, the Company borrowed a total of $125.0 million under its term loans and revolver and had total indebtedness of $535.4 million as of September 30, 2025.

**<u>2025 Financial Outlook</u>**

The Company reiterates its 2025 financial guidance.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ending December 31, 2025** | **Year Ending December 31, 2025** | **Year Ended December 31, 2024** | **% Change 2024 to 2025 Midpoint** |
|  | **Guidance Range** | **Guidance Range** | **Year Ended December 31, 2024** | **% Change 2024 to 2025 Midpoint** |
| *(dollars in millions)* | **Low** | **High** | **Year Ended December 31, 2024** | **% Change 2024 to 2025 Midpoint** |
| Total Revenue | $352 | $357 | $328 | 8.1% |
| Adjusted EBITDA<sup>1</sup> | $113 | $118 | $95 | 21.6% |
| Capital Expenditures, net of government grant reimbursements | $260 | $290 | $300 | (8.3)% |

---

<sub><sup>1</sup> Further clarification and explanation of this non-GAAP measure can be found in the "Non-GAAP Financial Measures" section of this release below.</sub>

The 2025 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff environment and disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non-GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort.

**<u>Earnings Call Webcast</u>**

Date: Wednesday, October 29, 2025

Time: 4:30 p.m. ET

Listen via Internet: https://investor.shentel.com/

For Analysts, please register to dial-in at this <u>link</u>.

A replay of the call will be available for a limited time on the Investor Relations page of the Company's website.

**About Shenandoah Telecommunications**

Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. The Company's services include: broadband internet, video, voice, high-speed Ethernet, dedicated internet access, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 18,000 route miles of fiber. For more information, please visit www.shentel.com.

*This release contains forward-looking statements and projections about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "expects," "intends," "may," "will," "plans," "should," "could," or "anticipates" or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management's beliefs, assumptions and current expectations and may include comments as to Shentel's beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel's control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors. A discussion of other factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in Shentel's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, changes in overall economic conditions including rising inflation, changes in tariffs, new or changing regulatory requirements, disruption and uncertainty caused by a U.S. government shutdown, including uncertainty regarding the timing of federal funding and grant payments, changes in technologies, changes in competition, changing demand for our products and services, our ability to execute our business strategies, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.*

CONTACTS:

Shenandoah Telecommunications Company

Lucas Binder

Vice President of Corporate Finance

540-984-4800

Lucas.Binder@emp.shentel.com

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES** | **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES** | **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES** | **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES** | **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES** |
| **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| *(in thousands, except per share amounts)* | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Residential & SMB - Incumbent Broadband Markets<sup>1, 3</sup> | $41935 | $43499 | $128131 | $131546 |
| Residential & SMB - Glo Fiber Expansion Markets<sup>2</sup> | 21305 | 15100 | 59545 | 41311 |
| Commercial Fiber<sup>3</sup> | 19957 | 21071 | 59052 | 51776 |
| RLEC & Other | 6599 | 7929 | 19534 | 18013 |
| Service revenue and other | 89796 | 87599 | 266262 | 242646 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services exclusive of depreciation and amortization | 32384 | 34415 | 98038 | 94941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 29791 | 28006 | 90526 | 86223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, integration and acquisition | 293 | 1673 | 1009 | 13616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34492 | 27681 | 99053 | 70703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 96960 | 91775 | 288626 | 265483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (7164) | (4176) | (22364) | (22837) |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (6789) | (3668) | (17684) | (11740) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1589 | 998 | 5337 | 4642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations before income taxes | (12364) | (6846) | (34711) | (29935) |
| Income tax benefit | (2974) | (1542) | (7141) | (7768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations | (9390) | (5304) | (27570) | (22167) |
| Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;Income from discontinued operations, net of tax |  | 41 |  | 1923 |
| &nbsp;&nbsp;Gain on the sale of discontinued operations, net of tax |  |  |  | 216805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income from discontinued operations, net of tax |  | 41 |  | 218728 |
| &nbsp;&nbsp;Net (loss) income | (9390) | (5263) | (27570) | 196561 |
| &nbsp;&nbsp;Dividends on redeemable noncontrolling interest | 1523 | 1638 | 4492 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to common shareholders | $(10913) | $(6901) | $(32062) | $194923 |
| Net (loss) income per share attributable to common shareholders, basic and diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations | $(0.20) | $(0.13) | $(0.58) | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations, net of tax |  |  |  | 4.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income per share | $(0.20) | $(0.13) | $(0.58) | $3.65 |
| &nbsp;&nbsp;Weighted average shares outstanding | 55150 | 54781 | 55083 | 53370 |

---

_______________________________________________________

---

| |
|:---|
| <sup>1.</sup><sup>Revenue from residential and small and medium business ("SMB") customers in Incumbent Broadband Markets is primarily earned through the Company's provision of data, video and voice services over primarily hybrid fiber coaxial cable and to a lesser extent FTTH networks in incumbent markets.</sup> |
| <sup>2.</sup><sup>Revenue from residential and SMB customers in Glo Fiber Expansion Markets is primarily earned through the Company's provision of data, video and voice services over FTTH networks in new greenfield expansion markets.</sup> |
| <sup>3.</sup><sup>Shentel updated the presentation of certain Residential & SMB - Incumbent Broadband Markets and Commercial Fiber revenues in the prior year to conform with changes in how management currently views these lines of business.</sup> |

---

**SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $22621 | $46272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $1,241 and $1,156, respectively | 25309 | 29722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 3308 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 16754 | 17282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 67992 | 94520 |
| Investments | 16344 | 15709 |
| Property, plant and equipment, net | 1571726 | 1438538 |
| Goodwill and intangible assets, net | 157386 | 157723 |
| Operating lease right-of-use assets | 18948 | 19548 |
| Deferred charges and other assets | 18028 | 14235 |
| Total assets | $1850424 | $1740273 |
| **LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt, net of unamortized loan fees | $10084 | $9204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 76870 | 57820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced billings and customer deposits | 16811 | 16104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 14838 | 16283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 2851 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 13947 | 12100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 135401 | 114571 |
| Long-term debt, less current maturities, net of unamortized loan fees | 524019 | 407675 |
| Other long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 160129 | 167716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plan obligations | 5122 | 4945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 9890 | 10794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 36229 | 33525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other long-term liabilities | 211370 | 216980 |
| Commitments and contingencies |  |  |
| Temporary equity: |  |  |
| &nbsp;&nbsp;Redeemable noncontrolling interest | 86956 | 82464 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value, authorized 96,000; 54,898 and 54,605 issued and outstanding at September 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 155390 | 147733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 736935 | 768997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income, net of taxes | 353 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 892678 | 918583 |
| Total liabilities, temporary equity and shareholders' equity | $1850424 | $1740273 |

---

---

| | | |
|:---|:---|:---|
| **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES** | | |
| **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | | |
| *(in thousands)* | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net (loss) income | $(27570) | $196561 |
| &nbsp;&nbsp;Income from discontinued operations, net of tax |  | 218728 |
| &nbsp;&nbsp;Loss from continuing operations | (27570) | (22167) |
| &nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 97611 | 69632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1442 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense, net of amount capitalized | 7970 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (7103) | (7768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1481 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (97) | 903 |
| &nbsp;&nbsp;Changes in assets and liabilities, net of effects of business acquisition: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 2234 | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income taxes | 187 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | (513) | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (3176) | (3045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1462 | (583) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferrals and accruals | 531 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities - continuing operations | 74459 | 48376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities - discontinued operations | (2251) | (6405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 72208 | 41971 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;Capital expenditures | (251546) | (226452) |
| &nbsp;&nbsp;Government grants received | 39884 | 11094 |
| &nbsp;&nbsp;Proceeds from escrow related to business acquisition | 6471 |  |
| &nbsp;&nbsp;Cash disbursed for acquisitions, net of cash acquired | (5000) | (347411) |
| &nbsp;&nbsp;Proceeds from sale of assets and other | 276 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities - continuing operations | (209915) | (560923) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities - discontinued operations |  | 305827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (209915) | (255096) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from credit facility borrowings | 125000 | 50000 |
| &nbsp;&nbsp;Principal payments on long-term debt | (7607) | (4843) |
| &nbsp;&nbsp;Payments for debt issuance and amendment costs | (951) | (4570) |
| &nbsp;&nbsp;Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid |  | 79380 |
| &nbsp;&nbsp;Taxes paid for equity award issuances | (1035) | (1671) |
| &nbsp;&nbsp;Payments for financing arrangements and other | (1351) | (1327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 114056 | 116969 |
| &nbsp;&nbsp;Net decrease in cash and cash equivalents | (23651) | (96156) |
| &nbsp;&nbsp;Cash and cash equivalents, beginning of period | 46272 | 139255 |
| &nbsp;&nbsp;**Cash and cash equivalents, end of period** | $22621 | $43099 |
| **Supplemental Disclosures of Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid, net of amounts capitalized | $(16272) | $(8935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $1955 | $(6657) |

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 **Non-GAAP Financial Measures**

***Adjusted EBITDA and Adjusted EBITDA Margin***

The Company defines Adjusted EBITDA as (loss) income from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, other income (expense), net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. A reconciliation of Loss from continuing operations, which is the most directly comparable GAAP financial measure, to Adjusted EBITDA is provided below herein.

Adjusted EBITDA margin is the Company's calculation of Adjusted EBITDA, divided by revenue calculated in accordance with GAAP.

The Company uses Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of performance to evaluate operating effectiveness and assess its ability to increase revenues while controlling expense growth and the scalability of the Company's business growth strategy. Adjusted EBITDA is also a significant performance measure used by the Company in its incentive compensation programs. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA and Adjusted EBITDA margin provides management and investors a useful measure for period-to-period comparisons of the Company's core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company's ongoing operations. Accordingly, the Company believes that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating the Company's operating results. However, use of Adjusted EBITDA and Adjusted EBITDA margin as analytical tools has limitations, and investors and others should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies may calculate Adjusted EBITDA and Adjusted EBITDA margin or similarly titled measures differently, which may reduce their usefulness as comparative measures.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
| *(in thousands)* | **2025** | **2024** | **2025** | **2024** |
| Loss from continuing operations | $(9390) | $(5304) | $(27570) | $(22167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34492 | 27681 | 99053 | 70703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 6789 | 3668 | 17684 | 11740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (1589) | (998) | (5337) | (4642) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (2974) | (1542) | (7141) | (7768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 2066 | 1384 | 7970 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, integration and acquisition | 293 | 1673 | 1009 | 13616 |
| Adjusted EBITDA | $29687 | $26562 | $85668 | $69102 |
| Adjusted EBITDA margin | 33% | 30% | 32% | 28% |

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 **Supplemental Information**

In the below table, Shentel updated the presentation of certain Residential & SMB - Incumbent Broadband Markets and Commercial Fiber revenues in the prior year to conform with changes in how management views these lines of business.

**Operating Statistics**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** |
|  | **2025** | **2024** |
| Homes and businesses passed (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Incumbent Broadband Markets* | *248002* | *234366* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Glo Fiber Expansion Markets* | *400323* | *319511* |
| Total homes and businesses passed | 648325 | 553877 |
| **Residential & Small and Medium Business ("SMB") Revenue Generating Units ("RGUs"):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Incumbent Broadband Markets* | *111900* | *111320* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Glo Fiber Expansion Markets* | *82662* | *59266* |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband Data | 194562 | 170586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Video | 36601 | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voice | 26477 | 25150 |
| **Total Residential & SMB RGUs (excludes RLEC)** | 257640 | 236928 |
| **Residential & SMB Penetration (2)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Incumbent Broadband Markets* | *45.1 %* | *47.5 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Glo Fiber Expansion Markets* | *20.6 %* | *18.5 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband Data | 30.0% | 30.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Video | 5.6% | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Voice | 4.4% | 4.7% |
| Fiber route miles | 18077 | 16357 |
| Total fiber miles (3) | 1957272 | 1825122 |

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______________________________________________________

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| |
|:---|
| <sup>(1</sup><sup>)</sup><sup>Homes and businesses are considered passed ("passings") if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings will vary among video, broadband data and voice services.</sup> |
| <sup>(2</sup><sup>)</sup><sup>Penetration is calculated by dividing the number of users by the number of passings or available homes, as appropriate.</sup> |
| <sup>(3</sup><sup>)</sup><sup>Total fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance. For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.</sup> |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Residential & SMB ARPU** | | | | |
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***<u>Residential & SMB Revenue:</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Incumbent Broadband Markets* | *27635* | *27834* | *83360* | *83276* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Glo Fiber Expansion Markets* | *18325* | *12980* | *51009* | *35014* |
| Broadband Data | $45960 | $40814 | $134369 | $118290 |
| Video | 13947 | 14495 | 42901 | 43768 |
| Voice | 2573 | 2594 | 7689 | 7706 |
| Other | 760 | 696 | 2717 | 3093 |
| ***Total Residential & SMB Revenue*** | $**63240** | $**58599** | $**187676** | $**172857** |
| ***<u>Average RGUs:</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Incumbent Broadband Markets* | *111865* | *111224* | *111724* | *110722* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Glo Fiber Expansion Markets* | *79530* | *56290* | *73637* | *50447* |
| Broadband Data | 191395 | 167514 | 185361 | 161169 |
| Video | 37080 | 41630 | 38137 | 41789 |
| Voice | 26292 | 24985 | 26077 | 24768 |
| ***<u>ARPU: (1)</u>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Incumbent Broadband Markets* | $*82.34* | $*83.42* | $*82.90* | $*83.57* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Glo Fiber Expansion Markets* | $*76.81* | $*76.87* | $*76.97* | $*77.12* |
| Broadband Data | $80.03 | $81.22 | $80.55 | $81.55 |
| Video | $125.38 | $116.07 | $124.99 | $116.37 |
| Voice | $32.62 | $34.61 | $32.76 | $34.57 |

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______________________________________________________

<sup>(1</sup><sup>Total fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance. For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.</sup>

Shentel updated the presentation of certain revenues in the prior year to conform with changes in how management views these lines of business. This reclassification also resulted in updated ARPU values for the prior period.