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SHEN is like a regional blend of Comcast (for broadband, video, and voice services) and American Tower (for cell tower leasing).

Think of SHEN as a localized telecom provider akin to a small-scale Verizon Fios or Spectrum, but with an additional business of owning and leasing cell towers, similar to Crown Castle.

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• Broadband, Video, and Voice Services: Provides internet, television, and telephone services to residential and commercial customers through cable (Shentel), fiber (Glo Fiber), and fixed wireless (Beam) networks.
• Fiber Optic Services: Offers fiber leasing, Ethernet, and wavelength fiber optic services, catering to businesses and carriers.
• Digital Subscriber Line (DSL) Telephone Services: Delivers traditional voice and internet services utilizing existing copper telephone lines.
• Cell Tower Colocation Space: Leases space on its owned cell towers to other telecommunications providers for the placement of their equipment.

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Shenandoah Telecommunications (SHEN) serves a diverse customer base, including individuals, businesses, and other communication companies. Given the mix, and the explicit mention of "residential and commercial customers" for its core broadband services, the company's major customers can be best described by the following categories:

• Residential Subscribers: Individuals and households in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky who subscribe to broadband, video, and voice services offered under brands like Shentel, Glo Fiber, and Beam.
• Commercial and Enterprise Customers: Businesses, ranging from small enterprises to larger organizations, which utilize SHEN's broadband, video, voice, Ethernet, and wavelength fiber optic services.
• Wireless Carriers and Communication Companies: These are the customers for SHEN's Tower segment, which leases colocation space on its 220 cell towers for antennae and other network equipment.

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• Nokia Corporation (NOK)
• Ericsson (ERIC)
• Verizon Communications Inc. (VZ)

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Edward H. McKay, President and Chief Executive Officer

Edward H. McKay assumed the role of President and Chief Executive Officer of Shentel on September 1, 2025. He joined the company in 2004 and has held various leadership positions, including Executive Vice President and Chief Operating Officer since July 2021. With 29 years of experience in the telecommunications industry, Mr. McKay previously held management positions at UUNET and Verizon. He was instrumental in the growth of Shentel's former wireless business and the expansion of its fiber network, including the Glo Fiber strategy. Mr. McKay was also involved in the sale and transition of Shentel's wireless affiliate business to T-Mobile. He holds a Bachelor of Science and a Master of Engineering in Electrical Engineering from the University of Virginia.

Christopher E. French, Executive Chairman of the Board

Christopher E. French transitioned to the role of Executive Chairman of the Board for Shentel on September 1, 2025. He served as President and Chief Executive Officer from 1988 until September 2025, and has been a member and Chairman of the Board of Directors since 1996. Mr. French joined Shentel in 1981, following his father, Warren French, who also held the position of President. During his tenure, he led Shentel through significant industry changes, including expansion into cable television, managing the mobile phone business which was sold to T-Mobile in 2021, and developing the Glo Fiber broadband network. He holds a bachelor's degree in electrical engineering and an MBA from the University of Virginia, and has served on the boards of state and national telecommunication associations.

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

James J. Volk joined Shentel in June 2019 as Senior Vice President and Chief Financial Officer. He is a veteran of the telecommunications industry with over 20 years of experience, having held senior financial management roles in large corporations and high-growth, early-stage telecommunication providers. Prior to Shentel, Mr. Volk was Vice President, Finance and Investor Relations of Uniti Group Inc. He previously served as CFO for multiple public and private telecommunication companies, including PEG Bandwidth, Hargray Communications, and UbiquiTel Inc. Additionally, he held senior finance positions at AT&T and Comcast, and began his career as a Senior Accountant with Deloitte. Mr. Volk holds a Bachelor of Science in Accounting from the University of Delaware and a Master of Business Administration from Villanova University.

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

Elaine M. Cheng is the Senior Vice President and Chief Information Officer for Shentel, having joined the company in March 2019. She is responsible for leading the Information Technology organization, the Enterprise Project Management Office (EPMO), and the Enterprise Risk Management program, as well as overseeing Customer Care and Tech Support functions. Ms. Cheng has over 20 years of experience in various aspects of Information Technology across diverse business environments.

Glenn Lytle, Senior Vice President Commercial Sales

Glenn Lytle joined Shentel in March 2024 as Senior Vice President Commercial Sales. He is responsible for leading all Enterprise and small business sales and sales operations activities. Mr. Lytle brings over 25 years of telecommunications experience, having most recently served as Chief Revenue Officer at Horizon. His previous roles include Vice President of Sales at Segra, where he focused on developing and growing the enterprise space, and a senior leadership position at Comcast. Mr. Lytle holds a Bachelor's degree from Baldwin Wallace University.

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The key risks to Shenandoah Telecommunications (SHEN) primarily revolve around intense market competition, the substantial capital requirements and associated debt for its fiber expansion, and the decline of its legacy services.

1. Intense Competition and Pricing Pressure: Shenandoah Telecommunications operates in a highly competitive broadband market, facing challenges from existing wireline broadband competitors in approximately 30% of its incumbent broadband service areas. The company acknowledges the impact of aggressive competitive pricing, including the introduction of five-year price guarantee plans, which are expected to negatively affect short-term Average Revenue Per User (ARPU) levels. Shentel competes with incumbent local telephone companies, other fiber providers, cable companies, and fixed wireless services. The video services market is also highly competitive, experiencing subscriber losses due to 'cord cutting'.
2. High Capital Expenditure and Associated Debt for Fiber Expansion: The company's strategic focus on expanding its fiber network, particularly under the Glo Fiber brand, is capital-intensive and has contributed to net losses. Significant capital investment is required to upgrade its hybrid fiber coaxial (HFC) cable network to compete with fiber-to-the-home (FTTH) offerings. Capital expenditures have historically exceeded cash flow from operations, with expectations for this trend to continue through 2026. This extensive investment exposes Shentel to market risks related to its substantial level of indebtedness, which stood at $642 million as of December 31, 2025, and could impact its financial health and competitive standing. Rising costs, such as aerial make-ready expenses, have already led the company to withdraw from certain planned Ohio markets due to unfavorable returns on investment.
3. Declining Legacy Services and Technology Obsolescence: Shentel faces the ongoing challenge of declining revenue from its incumbent broadband markets, particularly due to a significant drop in video revenue-generating units (RGUs) as customers shift to streaming services. The intensely competitive video services market, with alternatives like direct broadcast satellite and online video, exacerbates this decline. Furthermore, the broader trend toward convergence of wireless and fiber broadband services could intensify competition through mergers and strategic alliances, pressuring Shentel's existing infrastructure and requiring continuous upgrades to remain competitive.

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• Aggressive expansion of 5G Fixed Wireless Access (FWA) services by national mobile carriers (e.g., T-Mobile, Verizon) directly competing with Shenandoah Telecommunications' traditional wireline and fixed wireless broadband offerings.
• Increased fiber optic network overbuilds by larger, better-funded national and regional competitors in Shenandoah Telecommunications' operating areas, intensifying competition for high-speed internet subscribers.
• The accelerating shift of consumers from traditional linear video packages to Over-the-Top (OTT) streaming services, leading to continued cord-cutting and erosion of Shenandoah Telecommunications' video subscriber base and revenue.

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Shenandoah Telecommunications (SHEN) operates in the Mid-Atlantic portion of the United States, specifically in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky. The addressable markets for its main products and services are outlined below, with market sizes provided for the relevant regions, primarily the U.S. where specific multi-state regional data is not available.

Broadband Communication Services (Broadband, Video, and Voice)

This segment encompasses hybrid fiber coaxial cable (Shentel brand), fiber optic services (Glo Fiber brand), and fixed wireless network services (Beam brand).

• Overall U.S. Broadband Services Market: The U.S. broadband services market generated a revenue of approximately USD 74,031.4 million in 2024 and is projected to reach USD 113,827.7 million by 2030, demonstrating a compound annual growth rate (CAGR) of 7.5% from 2025 to 2030.
• Virginia Internet Service Providers Market: The market size for Internet Service Providers in Virginia is estimated to be USD 4.7 billion in 2026.
• West Virginia Internet Connectivity: As of late 2024, 89.4% of households in West Virginia were connected to the internet. The number of locations with fiber in West Virginia increased from 200,000 in 2019 to 693,000 in 2024, a 245% increase in five years.
• Fiber Optic Availability by State: In 2025, fiber availability stood at 66.7% in Maryland, 64.6% in Virginia, 57.8% in Pennsylvania, and 69.5% in Kentucky.
• U.S. Fixed Wireless Access Market: The U.S. fixed wireless access market generated a revenue of USD 19,002.3 million in 2023 and is expected to reach USD 52,979.5 million by 2030, with a CAGR of 15.8% from 2024 to 2030.

Fiber Optic Services (Fiber Leasing, Ethernet, and Wavelength Services)

These services are part of the broader fiber optics and telecommunications infrastructure markets.

• U.S. Fiber Optics Cable Market: The U.S. fiber-optic cable market was valued at USD 2.9 billion in 2024 and is projected to grow to USD 5.3 billion in 2032, at a CAGR of 8.3% from 2025–2032. The FTTX (Fiber-to-the-X) application category generated approximately USD 0.9 billion in revenue in 2024 within this market.
• North American Fiber Optic Connectivity Market: North America accounts for a significant 40% share of the global fiber optic connectivity market, which was valued at USD 3.78 billion in 2025 and is projected to reach USD 15.09 billion by 2034 globally.

Voice and Digital Subscriber Line (DSL) Telephone Services

These services fall under the broader U.S. telecom services market, with voice services representing a significant portion.

• U.S. Telecom Services Market: The U.S. telecom services market size was estimated at USD 468.08 billion in 2023 and is expected to grow to USD 601.2 billion by 2030. Voice services retained a 25% revenue share within this market in 2024.

Cell Tower Colocation Space

The market for cell tower colocation is represented by the broader telecom tower and data center colocation markets.

• U.S. Telecom Tower Market: The United States telecom tower market is expected to increase from USD 7.34 billion in 2025 to USD 9.01 billion by 2031, growing at a CAGR of 3.38% over 2026-2031. This growth is driven by 5G rollouts and the shift towards tower colocation.
• U.S. Data Center Colocation Market: The U.S. data center colocation market generated USD 24,551.0 million in 2024 and is expected to reach USD 55,291.9 million by 2030, with a CAGR of 14.9% from 2025 to 2030. Northern Virginia is noted as a top market for colocation, with significant capacity.

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Expected Drivers of Future Revenue Growth for Shenandoah Telecommunications (SHEN)

Shenandoah Telecommunications (SHEN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives primarily focused on its Broadband segment:

• Aggressive Glo Fiber Expansion: The company is actively expanding its Glo Fiber network to new homes and businesses across its service areas in Virginia, West Virginia, Maryland, Pennsylvania, and Ohio. Shentel plans to achieve approximately 510,000 fiber-to-the-home passings by the end of 2026. This expansion includes entering new geographical areas and leveraging strategic acquisitions to accelerate its market presence.
• Growth in Glo Fiber Customer Subscriptions and Penetration: As the Glo Fiber network expands, a significant driver of revenue growth will be the acquisition of new residential and commercial subscribers. The company is focused on increasing its penetration rates in both new and existing fiber markets, aiming for terminal penetration rates in the high 30s within 5 to 7 years of market launch.
• Expansion of Commercial Fiber Services: Shenandoah Telecommunications anticipates revenue growth from its Commercial Fiber segment. This includes increasing services to businesses, fiber-to-tower connectivity, and growth within segments such as K-12 schools. Commercial bookings showed significant growth in 2025, supported by the company's unique fiber routes.
• Increased Average Revenue Per User (ARPU) for Glo Fiber: SHEN aims to enhance revenue by encouraging Glo Fiber customers to adopt higher-speed internet tiers. This strategy has been noted in recent earnings, contributing to a rise in broadband data ARPU.
• Strategic Acquisitions: The company's strategy includes strategic acquisitions to expand its fiber footprint and customer base. Recent examples, such as the acquisition of WideOpen Blacksburg in 2025, and Horizon Telcom in 2024, demonstrate this approach to accelerating growth and market entry in new areas.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Information regarding significant share repurchases within the last 3-5 years is not available.

Share Issuance

• The number of shares outstanding for Shenandoah Telecommunications Company increased by 2.57% in one year, indicating share issuance.

Outbound Investments

• In June 2025, Shenandoah Telecommunications Company announced the acquisition of Blacksburg Broadband LLC (WideOpen Blacksburg) to expand its Glo Fiber service in Blacksburg, Virginia.
• The company acquired Horizon Telecom, announced in October 2023, which has since been integrated into the Glo Fiber brand as of May 2024, doubling its commercial fiber resources.

Capital Expenditures

• Capital expenditures were $359 million in 2025, with $63 million collected in government grants, resulting in net capital expenditures of $296 million.
• Capital expenditures for 2024 were $319.1 million.
• The company projects 2026 capital expenditures (net of grant reimbursements) to be between $220 million and $250 million, a 21% decline at the midpoint, reflecting the nearing completion of its fiber network expansion phase.
• The primary focus of capital expenditures has been the expansion of its Glo Fiber network, including government-subsidized projects in unserved areas, aiming to complete its fiber build-out to 510,000 homes by 2026.