Here are 1-3 brief analogies to describe Shenandoah Telecommunications (SHEN):

• A regional Comcast or Charter.
• Like a local AT&T or Verizon for its communities.

• Broadband Internet Services: Provides high-speed internet access to residential and business customers, primarily through fiber optic networks.
• Video Services: Offers cable television programming packages for home entertainment.
• Voice Services: Delivers traditional landline telephone and digital voice services.
• Wireless Services: Provides mobile telecommunications services, leveraging infrastructure and partnerships with national carriers.
• Business Services: Offers a suite of telecommunications and IT solutions tailored for enterprises, including data networking, voice, and managed services.

Shenandoah Telecommunications (SHEN), also known as Shentel, is a regional telecommunications company that provides broadband internet, video, and voice services. They primarily sell these services directly to end-users rather than to other companies for resale.

The company primarily serves individuals and businesses within its operational footprint. Its major customer categories are:

• Residential Customers: Individuals and households subscribing to broadband internet, video, and voice services for personal and home use. These customers typically make up a significant portion of their subscriber base for services like Glo Fiber.
• Business Customers: Small to medium-sized businesses (SMBs) and enterprises within their service areas that require high-speed internet, voice, and data solutions for their operations. This includes various industries such as retail, healthcare, education, and professional services.

• Nokia (NYSE: NOK)
• Ericsson (NASDAQ: ERIC)
• Calix (NYSE: CALX)
• CommScope (NASDAQ: COMM)

Edward H. McKay, President and Chief Executive Officer

Mr. McKay joined Shentel in 2004 and assumed the role of President and Chief Executive Officer on September 1, 2025. Prior to this, he served as Executive Vice President and Chief Operating Officer, and Senior Vice President of Engineering and Operations. He played a crucial role in the expansion of Shentel's fiber-rich network and the growth of its Glo Fiber strategy, and was involved in the sale and transition of the company's wireless affiliate business to T-Mobile. Mr. McKay began his telecommunications career in 1996, holding management positions at UUNET and Verizon. He holds master's and bachelor's degrees in Electrical Engineering from the University of Virginia.

James J. Volk, Senior Vice President and Chief Financial Officer

Mr. Volk joined Shentel in June 2019. He is a veteran of the telecommunications industry with over 20 years of experience, having held a variety of senior financial management roles in both large corporations and high-growth, early-stage telecommunication providers. Before joining Shentel, he served as Vice President, Finance and Investor Relations of Uniti Group Inc. Mr. Volk also held CFO positions at multiple telecommunication companies, including PEG Bandwidth, Hargray Communications, and UbiquiTel Inc. Additionally, he previously held senior finance positions with AT&T and Comcast.

Christopher E. French, Executive Chairman of the Board

Mr. French has served as Executive Chairman of the Board for Shentel since September 1, 2025, and has been a member and Chairman of the Board of Directors since 1996. Before his appointment as Executive Chairman, he was the President and Chief Executive Officer of the company since 1988, succeeding his father who formed Shenandoah Telecommunications Company in 1981. He holds a bachelor's degree in electrical engineering and an MBA, both from the University of Virginia. Mr. French has also held board and officer positions in various state and national telecommunication associations.

Elaine M. Cheng, Senior Vice President and Chief Information Officer

Ms. Cheng serves as the Senior Vice President and Chief Information Officer for Shentel.

Dara Leslie, Senior Vice President of Sales and Marketing

Ms. Leslie joined Shentel in June 2022 and brings over 20 years of experience in the broadband industry. Her previous roles include 10 years with Comcast, where she served as Vice President of Sales and Marketing for the Big South Region and Vice President of Marketing for the Central Division. She also spent seven years with Atlantic Broadband as Vice President/General Manager of the Maryland-Delaware markets and Vice President of Customer Care and Marketing, and six years in various leadership roles at Charter.

Key Risks to Shenandoah Telecommunications (SHEN)

1. Intense Competition and Shifting Consumer Preferences: Shenandoah Telecommunications (Shentel) faces substantial challenges from intense competition within the telecommunications industry, including larger national providers like Comcast, as well as emerging threats from fiber overbuilders and fixed wireless technologies. The company's business is also impacted by evolving consumer preferences, with a significant shift away from traditional services like cable television towards internet-based alternatives, leading to declines in video revenue-generating units.
2. High Capital Requirements and Debt Levels: The telecommunications sector is highly capital-intensive, demanding continuous investment in infrastructure upgrades and maintenance to remain competitive. This ongoing need for capital can strain Shentel's financial resources. The company's balance sheet has been noted to be somewhat strained due to considerable liabilities relative to its market capitalization and a history of negative free cash flow.
3. Regulatory Changes: Shentel operates in a dynamic regulatory environment, and changes in telecommunications regulations and potential policy shifts pose an ongoing risk to its operations and strategic planning.

The increasing market penetration and aggressive pricing of Fixed Wireless Access (FWA) internet services offered by major mobile carriers like T-Mobile and Verizon. These services provide a viable and often more affordable alternative to traditional wired broadband, directly competing with Shenandoah Telecommunications' core internet service offerings.

Shenandoah Telecommunications (SHEN) Addressable Markets:

• Broadband Internet Services (Fiber-to-the-Home, Cable Broadband, Fixed Wireless Broadband): The overall U.S. broadband services market is estimated at USD 555.98 billion in 2025 and is projected to reach approximately USD 1,289.67 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 9.80% from 2025 to 2034.
  • U.S. Fiber Optics Market (for network infrastructure): This market, which supports fiber broadband deployment, reached USD 3.1 billion in 2024 and is expected to reach USD 7.8 billion by 2033, exhibiting a CAGR of 10.8% during 2025-2033.
  • U.S. 5G Fixed Wireless Access (FWA) Market: This market was valued at USD 16.35 billion in 2025 and is projected to reach approximately USD 343.18 billion by 2034, poised to grow at a CAGR of 40.22% from 2025 to 2034.
• Video and Voice Services: These services are typically bundled with broadband internet offerings. Their market sizes are generally encompassed within the broader U.S. broadband services market mentioned above.
• Wholesale/Enterprise Fiber Optic Services (High-speed Ethernet, dark fiber leasing, wavelength services, managed network services): The U.S. Data Center Market, which heavily relies on fiber optic connectivity for enterprise and wholesale services, was valued at USD 138,095.08 million in 2025 and is anticipated to reach USD 381,750.98 million by 2035, at a CAGR of 10.65% during the forecast period.
• Tower Leasing/Colocation: null

Shenandoah Telecommunications (SHEN) is expected to experience future revenue growth over the next two to three years driven by several strategic initiatives:

1. Continued Expansion and Subscriber Growth of the Glo Fiber Network: The company is heavily investing in and expanding its Glo Fiber network, aiming to substantially complete its build-out by the end of 2026. This expansion has been a significant revenue driver, with Glo Fiber expansion markets revenue growing 41.1% in Q3 2025. SHEN is focused on increasing penetration rates in these new markets, with Glo Fiber data revenue-generating units (RGUs) growing 39% year-over-year in Q3 2025. Management anticipates that Glo Fiber residential and commercial fiber revenues combined will surpass incumbent revenues by 2026.
2. Growth in Commercial Fiber Business: Shenandoah Telecommunications is actively focused on accelerating the growth of its commercial fiber business. This segment contributes to overall broadband revenue, with past growth driven by an increase in circuits.
3. Increased Penetration of Higher-Speed Tiers and Average Revenue Per User (ARPU) Growth: The company has seen its broadband average revenue per user increase due to rate adjustments, additional equipment revenue, and customers opting for higher-speed internet tiers. For example, in Q1 2024, 50% of new Glo Fiber customers chose speed tiers of 1 gigabit or higher, contributing to a strong ARPU.
4. Government-Subsidized Broadband Expansion: New government-subsidized passings are contributing to growth, particularly in incumbent broadband markets, with 20% of these now utilizing Fiber-to-the-Home (FTTH) technology. The company expects to complete construction on 89% of the planned 22,000 government-subsidized unserved passings in its incumbent markets by mid-2026, which will drive additional revenue.
5. Realization of Acquisition Synergies: Synergies from acquisitions, such as the Horizon Telecom acquisition completed in April 2024, are contributing to financial performance. While more directly impacting Adjusted EBITDA through cost savings, the expanded network and customer base gained from such acquisitions also provide an enlarged foundation for revenue generation.

Share Repurchases

• Shenandoah Telecommunications has shown a low or negative buyback yield in recent years, with a trailing twelve months (TTM) buyback yield of 0.34% and an average of 0.02% over the past five years as of September 30, 2025.
• Quarterly buyback yields have often been reported as 0% across various periods, including Q3 2025, Q2 2025, Q1 2025, Q4 2024, Q3 2024, Q2 2024, Q1 2024, Q4 2023, Q3 2023, and Q2 2023.

Share Issuance

• In April 2024, Shentel issued approximately 4.1 million shares of common stock to an investment fund managed by affiliates of GCM Grosvenor as part of the acquisition of Horizon Telcom.
• On April 1, 2024, the company issued $81 million of 7% Participating Exchangeable Perpetual Preferred Stock to an affiliate of Energy Capital Partners, an existing shareholder and infrastructure investor, to help finance the Horizon Telcom acquisition and provide growth capital for fiber-to-the-home (FTTH) expansion.
• Pro forma fully diluted common shares were approximately $58.4 million as of April 1, 2024, reflecting adjustments for the common shares issued and the preferred equity.

Outbound Investments

• Shentel completed the acquisition of Horizon Acquisition Parent LLC (Horizon Telcom) for approximately $385 million on April 1, 2024, which included $305 million in cash and 4.1 million shares of Shentel's common stock. This acquisition expanded Shentel's Glo Fiber network into southeastern Ohio.
• In June 2025, Shentel announced plans to acquire Blacksburg Broadband LLC (WideOpen Blacksburg) to further expand Glo Fiber service in Blacksburg, Virginia, with the acquisition anticipated to close by early to mid-July 2025.

Capital Expenditures

• Capital expenditures for the full year 2024 were $319.07 million.
• For the nine months ended September 30, 2025, capital expenditures were $251.5 million, an increase from $226.5 million for the same period in 2024, primarily driven by government-subsidized network expansion projects.
• The expected capital investments for the full year 2025 are projected to be in the range of $260 million to $290 million, net of $55 million to $65 million in government subsidies. This guidance reflects accelerated construction and network upgrades. The primary focus of these capital expenditures is the expansion of the Glo Fiber network and government-subsidized broadband projects.