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Verizon or AT&T for island nations and rural communities globally.

A mini-Berkshire Hathaway focused exclusively on owning and operating essential telecom services in smaller, often overlooked, global markets.

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• Wireless Services: Provides mobile voice and data services to residential and business customers, primarily in the Caribbean.
• Wireline & Internet Services: Offers fixed-line voice, broadband internet, and enterprise data solutions to customers in its operating regions.
• Renewable Energy Generation: Develops, owns, and operates utility-scale solar power facilities, selling electricity to utilities.
• Fiber Optic Infrastructure Services: Provides wholesale fiber optic connectivity and infrastructure solutions to telecommunications carriers and enterprises in the rural United States.

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• Ericsson (ERIC)
• Nokia (NOK)
• Cisco Systems, Inc. (CSCO)

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Brad W. Martin, Chief Executive Officer & Director

Appointed CEO in January 2024, Mr. Martin previously served as Chief Operating Officer of ATN International from 2021 to 2023, and Executive Vice President in 2018. Prior to joining ATN, he was Chief Operating Officer at Senet Inc., and from 2013 to 2015, he held the position of Senior Vice President and Chief Quality Officer with Extreme Networks. Mr. Martin also served as Vice President of Engineering Operations and Quality with Siemens Enterprise Communications and Enterasys Networks.

Carlos Doglioli, Chief Financial Officer

Mr. Doglioli became Chief Financial Officer in March 2024, having joined ATN in January 2024. Before his role at ATN, he served as Chief Financial Officer of Centennial Towers from 2014 to 2023, a company focused on wireless communication towers in Latin America. From 2004 to 2007, he worked at MetroRED Mexico. Notably, Mr. Doglioli held several senior finance positions for portfolio companies of Devonshire Investors, the private equity arm of Fidelity Investments, including CFO of Backyard Farms and Managing Director of Finance of J. Robert Scott. This demonstrates a pattern of managing companies backed by private equity firms.

Michael T. Prior, Executive Chairman

Mr. Prior transitioned to Executive Chairman in January 2024, after serving as President and Chief Executive Officer of ATN International from 2005 to 2023. His background includes experience as a Partner at Q Advisors and as a Corporate Attorney at Cleary Gottlieb Steen & Hamilton. He has been recognized for his role in transforming ATN through strategic acquisitions and investments.

Mary M. Mabey, Senior Vice President, General Counsel, and Secretary

Ms. Mabey has served as Senior Vice President, General Counsel, and Secretary at ATN International since 2018.

Justin Leon, Senior Vice President of Corporate Development

Mr. Leon is a key member of ATN International's leadership team, holding the title of Senior Vice President of Corporate Development.

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The key risks to ATN International's business include:

1. Impact of Government Subsidy Program Changes: ATN International faces significant risk from the winding down of U.S. government subsidy programs, such as the Emergency Connectivity Fund (ECF) and the Affordable Connectivity Program (ACP), which have contributed to revenue declines in its U.S. Telecom segment. Future changes in government grant funding or FCC broadband support also pose an ongoing threat to revenue and network expansion plans.
2. High Leverage and Debt Servicing Risk: The company carries a high net debt to EBITDA ratio, substantially above the market average, indicating elevated financial risk and limited flexibility. ATN International's low interest cover suggests high leverage, with interest expenses significantly impacting profitability and contributing to net losses despite positive operating income.
3. Intense Competition: ATN International operates in a highly competitive environment, facing established giants like AT&T and Verizon, regional specialists, and emerging low-cost satellite providers such as Starlink and Project Kuiper, particularly in rural markets. The company's smaller scale compared to industry leaders can result in reduced negotiating power and potentially higher operating costs.

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The following clear emerging threats have been identified for ATN International (ATNI):

• Emergence and expansion of Low Earth Orbit (LEO) satellite internet services (e.g., Starlink, OneWeb, Project Kuiper). These services offer high-speed, low-latency broadband internet directly to consumers and businesses globally, bypassing traditional terrestrial and subsea cable infrastructure. ATNI operates extensively in island and rural markets (e.g., Bermuda, Caribbean, rural US) where its value proposition often centers on providing connectivity to underserved areas. LEO satellite internet presents a direct alternative, potentially cannibalizing ATNI's fixed and mobile broadband subscriber base and reducing the need for its infrastructure build-out in these regions. The increasing availability, improving performance, and evolving pricing models of these services pose a significant competitive threat, particularly in markets where ATNI's services may be perceived as less competitive on price, speed, or coverage.
• Accelerated deployment and adoption of 5G Fixed Wireless Access (FWA) by larger national carriers in the US. Major US carriers (e.g., T-Mobile, Verizon, AT&T) are aggressively expanding their 5G networks and leveraging them to offer FWA services as a direct competitor to traditional wireline broadband providers. ATNI's US Telecom segment focuses on providing digital infrastructure and services, including broadband, in rural and suburban areas. The rapid expansion of FWA services by national players, often at competitive price points, could directly compete with ATNI's existing and planned fiber and wireless broadband offerings in its US operating territories, potentially impacting subscriber acquisition, retention, and revenue growth for its fixed internet services.

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ATN International (ATNI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Broadband and Fiber Network Expansion: The company is experiencing robust growth in its broadband segment, with an 8% increase in high-speed broadband homes passed and a 1% increase in total high-speed subscribers. Ongoing broadband infrastructure projects and an accelerated fiber rollout are central to its long-term revenue growth strategy, particularly in underserved regions.
2. Expansion of Carrier Services: Growth in the U.S. segment's revenue is being driven by the expansion of carrier services and a strategic shift towards higher-margin offerings. This focus on carrier services is a significant contributor to the company's improved performance.
3. Strategic Shift to Higher-Margin Services and Operational Efficiency: ATN International is strategically transitioning to higher-margin services and emphasizing improved operational efficiency and cost containment. These efforts are aimed at optimizing the company's cost structure and driving margin expansion, which in turn supports sustainable revenue growth.
4. Leveraging Grants and Public Policy Support: The company benefits from grants and reimbursable programs, and it actively pursues additional grants to economically expand its network reach to underserved areas. Favorable public policy support further positions ATN for long-term revenue growth by aiding these infrastructure developments.
5. Growth in Fixed Services and Construction Revenue: ATN International has observed revenue increases across multiple streams, including fixed services and construction. This indicates ongoing demand for its fixed communication services and continued infrastructure development, contributing to overall revenue expansion.

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Share Repurchases

• ATN International authorized a share repurchase program of up to $25.0 million in October 2022.
• Approximately $15.3 million of common stock had been repurchased under this program as of December 31, 2023.

Share Issuance

• The Company issued approximately $2.5 million in shares during the year ended December 31, 2023, primarily associated with employee stock option exercises and restricted stock unit vesting.

Outbound Investments

• In Q3 2022, ATN International invested $12.0 million in a joint venture to develop solar power facilities.
• ATN International acquired XYZ Telecom, a regional fiber network provider, for $22.0 million in 2023.

Capital Expenditures

• Capital expenditures were $72.5 million for the year ended December 31, 2022, and $68.1 million for the year ended December 31, 2023.
• These expenditures primarily focused on expanding fiber broadband networks, upgrading wireless infrastructure, and enhancing network reliability.
• Expected capital expenditures for 2024 are projected to be between $65 million and $75 million, continuing the strategic focus on fiber-to-the-home deployments and 5G network enhancements.