Here are 1-3 brief analogies for Liberty Capital (GLIBK):

1. It's like a regional blend of **Comcast and Verizon**, operating exclusively in Alaska.

2. Think of it as **Alaska's primary internet, TV, and mobile provider**, akin to a state-specific AT&T or Spectrum.

Major products and services of Liberty Capital (GLIBK):

• Data Services: Provides internet access and other data transmission solutions to various customers.
• Wireless Services: Offers mobile and other wireless communication capabilities.
• Video Services: Delivers television and other video content to residential and institutional clients.
• Voice Services: Provides landline and mobile telephone calling facilities.
• Managed Services: Offers outsourced IT and network management for businesses, government entities, and institutions.

Liberty Capital (GLIBK) serves a diverse range of customers in Alaska. Based on the company description, it sells primarily to a mix of individuals and various organizational categories. Its major customer categories include:

• Residential customers
• Businesses
• Governmental, educational, and medical institutions

• Ericsson (ERIC)
• Cisco (CSCO)
• Juniper Networks (JNPR)
• CommScope (COMM)
• Harmonic (HLIT)
• Ciena (CIEN)
• The Walt Disney Company (DIS)
• Fox Corporation (FOXA)
• Comcast (CMCSA)
• Warner Bros. Discovery (WBD)
• Paramount Global (PARA)

Ronald A. Duncan, President & CEO

Mr. Duncan co-founded GCI in 1979 with Bob Walp and has served as its CEO since January 1989. Prior to co-founding GCI, he started a cable television company in Fairbanks in 1978. His extensive tenure provides significant telecommunications industry and regional expertise.

Brian J. Wendling, Chief Accounting Officer & Principal Financial Officer

Mr. Wendling serves as Chief Accounting Officer and Principal Financial Officer for Liberty Capital Corporation, Liberty Media Corporation, and Liberty Broadband Corporation. He has held various positions with these companies and their predecessors since 1999. Previously, he worked in the assurance practice of KPMG. Mr. Wendling also served as Principal Financial Officer and Chief Accounting Officer at QVC Group, Inc., Senior Vice President and Chief Financial Officer of Liberty TripAdvisor Holdings, Inc., and Principal Financial Officer and Chief Accounting Officer of Atlanta Braves Holdings, Inc. He is a board member of Comscore, Inc.

Renee L. Wilm, Chief Legal Officer & Chief Administrative Officer

Ms. Wilm holds the roles of Chief Legal Officer and Chief Administrative Officer for Liberty Capital Corporation, Liberty Media Corporation, and Liberty Broadband Corporation. She oversees legal matters, provides strategic support, and supervises day-to-day operations. Before joining these companies, Ms. Wilm was a Senior Partner at Baker Botts L.L.P., where she advised Liberty and its predecessors for over two decades on mergers and acquisitions, complex capital structures, securities offerings, and corporate governance. She also previously served as Chief Legal Officer and Chief Administrative Officer of QVC Group and Chief Executive Officer of Las Vegas Grand Prix, Inc.

Ben Oren, Executive Vice President & Treasurer

Mr. Oren serves as Executive Vice President and Treasurer for Liberty Capital Corporation, Liberty Media Corporation, and Liberty Broadband Corporation. He brings twenty years of investment banking experience, most recently as a Managing Director with Credit Suisse, where he provided capital markets advice to Technology, Media, and Telecom companies. At Credit Suisse, he held positions on the Investment Banking Committee, Corporate Insights Advisory Counsel, Capital Markets Innovation Counsel, and was Americas Head of Liability Management.

Dr. John C. Malone, Chairman of the Board

Dr. Malone serves as Chairman of the Board for Liberty Capital Corporation and Liberty Broadband Corporation, and as Chairman Emeritus of Liberty Media Corporation and Liberty Global plc. He has a long and distinguished career in telecommunications, having served as President and Chief Executive Officer of Tele-Communications, Inc. (TCI) from 1973 to 1996, and then as Chairman and CEO until TCI merged with AT&T Corp. in 1999. His career began at Bell Telephone Laboratories/AT&T in 1963, and he later held leadership roles at General Instrument Corporation and Jerrold Electronics.

Here are the key risks to Liberty Capital (GLIBK), formerly GCI Liberty, Inc.:

1. Reliance on Universal Service Fund (USF) Subsidies and Regulatory Changes: Liberty Capital is heavily reliant on USF subsidies, which constituted 42% of its revenue in 2024. The ongoing challenges to USF funding, potential regulatory changes, and legal challenges could significantly disrupt this crucial funding source, adversely impacting the company's financial performance.
2. Significant Indebtedness: The company carries significant indebtedness, which could negatively affect its business and overall financial condition. Access to sufficient cash is critical for servicing this debt and meeting other financial obligations. Restrictions on obtaining additional financing could further exacerbate this risk.
3. Increasing Competition, Particularly from Non-Geostationary Satellites: Liberty Capital faces growing competition from other service providers, including emerging non-geostationary satellite companies. This competition could lead to a reduction in the company's market share in its core Alaskan operating areas.

The emergence and expansion of Low Earth Orbit (LEO) satellite internet providers, such as Starlink and Eutelsat OneWeb, poses a clear emerging threat. These services can deliver high-speed, low-latency internet connectivity directly to residential, business, governmental, educational, and medical customers across Alaska. This technology bypasses the need for traditional terrestrial and wireless infrastructure, directly competing with GCI Liberty's core data and wireless services, particularly in the remote and geographically challenging regions where GCI Liberty has historically held a strong market position due to the high cost and difficulty of infrastructure deployment.

Liberty Capital (GLIBK), through its subsidiary GCI, operates primarily in Alaska, providing data, wireless, video, voice, and managed services. The addressable markets for their main products and services in Alaska for 2026 are as follows:

• Data Services: The Internet Service Providers industry in Alaska has an estimated market size of $820.7 million in 2026. Additionally, the Data Processing & Hosting Services industry in Alaska is projected to be $429.9 million in 2026.
• Wireless Services: The Wireless Telecommunications Carriers industry in Alaska is expected to reach a market size of $663.8 million in 2026.
• Video Services: The Media Streaming, Social Networks, and Other Content Providers industry in Alaska is estimated to be $46.1 million in 2026. The Wired Telecommunications Carriers industry, which also includes the transmission of video services over the public switched telephone network, has a market size of $441.0 million in 2026.
• Voice Services: The Wired Telecommunications Carriers industry in Alaska, which includes local, long-distance, and international voice communication services, is projected to have a market size of $441.0 million in 2026.
• Managed Services: The Data Processing & Hosting Services industry in Alaska, which includes services such as application hosting, data processing, and database management, is estimated at $429.9 million in 2026.

Liberty Capital (NASDAQ: GLIBK), through its wholly-owned subsidiary GCI, is expected to drive future revenue growth over the next 2-3 years through several key initiatives focused on enhancing its telecommunications services in Alaska.

1. Continued Investment in and Expansion of Network Infrastructure: GCI plans to expand and strengthen its statewide network infrastructure, including fiber and 5G deployment, to enhance connectivity and bridge the digital divide across Alaska. This strategic expansion aims to reach more customers and support higher-tier services by improving speed and reliability.
2. Growth in Core Data and Mobile Services: Leveraging its upgraded and expanded network, GCI is positioned to increase its subscriber base and usage of high-speed internet and mobile services among residential customers, businesses, governmental entities, and educational and medical institutions throughout Alaska.
3. Strategic Acquisitions: Future revenue growth is also expected from strategic acquisitions, such as the previously announced acquisition of Quintillion. Such acquisitions expand GCI's fiber optic network and capacity, enabling new service offerings and extending reach to more customers across the state.
4. Expansion of Managed Services: GCI offers a range of managed services to its business and institutional clients. As the network capabilities advance, the company can offer more sophisticated and higher-value managed services, which can contribute to increased revenue per user and overall growth in these segments.

Share Issuance

• GCI Liberty completed a rights offering on December 23, 2025, which was fully subscribed, issuing 11,059,127 shares of Series C GCI Group Common Stock.
• This offering generated approximately $300 million in proceeds.
• The proceeds are intended for general corporate purposes, including working capital, capital expenditures, debt repayment or refinancing, and potential strategic acquisitions, investments or partnerships.

Outbound Investments

• GCI (a subsidiary of GCI Liberty) announced the acquisition of Quintillion in April 2026 to strengthen Alaska's fiber infrastructure.
• GCI Liberty, Inc. also announced an equity investment in Liberty Latin America.

Capital Expenditures

• For the full year 2025, GCI spent $224 million, net of grant proceeds, on capital expenditures.
• These expenditures were primarily focused on improvements to wireless and data networks in rural Alaska, including fulfilling build-out requirements for the FCC's Alaska Plan.
• Expected capital expenditures for 2026 include continued network expansion in rural Alaska, such as the Bethel and AU-Aleutians fiber projects.