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| Table 4 | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended June 30, 2026 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 5,161 | $ | – | $ | – | $ | 5,161 | ||||
| Consumer | 21,977 | – | – | 21,977 | ||||||||
| Total | $ | 27,138 | $ | – | $ | – | $ | 27,138 | ||||
| Fixed | ||||||||||||
| Business | $ | 18,896 | $ | 30,210 | $ | – | $ | 49,106 | ||||
| Consumer | 41,623 | 22,154 | – | 63,777 | ||||||||
| Total | $ | 60,519 | $ | 52,364 | $ | – | $ | 112,883 | ||||
| Carrier Services | $ | 3,549 | $ | 32,793 | $ | – | $ | 36,342 | ||||
| Other | 3,621 | 157 | – | 3,778 | ||||||||
| Total Communications Services | $ | 94,827 | $ | 85,314 | $ | – | $ | 180,141 | ||||
| Construction | $ | – | $ | 779 | $ | – | $ | 779 | ||||
| Managed services | $ | 1,369 | $ | 2,215 | $ | – | $ | 3,584 | ||||
| Total Other | $ | 1,369 | $ | 2,215 | $ | – | $ | 3,584 | ||||
| Total Revenue | $ | 96,196 | $ | 88,308 | $ | – | $ | 184,504 | ||||
| Depreciation | $ | 13,990 | $ | 15,843 | $ | 326 | $ | 30,159 | ||||
| Amortization of intangibles from acquisitions | $ | 239 | $ | 254 | $ | – | $ | 493 | ||||
| Total operating expenses | $ | 74,279 | $ | (135,884 | ) | $ | 6,378 | $ | (55,227 | ) | ||
| Operating income (loss) | $ | 21,917 | $ | 224,192 | $ | (6,378 | ) | $ | 239,731 | |||
| Net (income) loss attributable to non-controlling interests | $ | (3,144 | ) | $ | (16,093 | ) | $ | – | $ | (19,237 | ) | |
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 36,146 | $ | 240,289 | $ | (6,052 | ) | $ | 270,383 | |||
| Adjusted EBITDA (1) | $ | 35,485 | $ | 19,088 | $ | (4,829 | ) | $ | 49,744 | |||
| Balance Sheet Data (at June 30, 2026): | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 100,371 | $ | 222,062 | $ | 9,467 | $ | 331,900 | ||||
| Total current assets | 191,366 | 323,747 | 27,174 | 542,287 | ||||||||
| Fixed assets, net | 442,009 | 503,870 | 1,334 | 947,213 | ||||||||
| Total assets | 711,981 | 1,076,105 | 91,932 | 1,880,018 | ||||||||
| Total current liabilities | 104,747 | 139,362 | 88,713 | 332,822 | ||||||||
| Total debt, including current portion | 63,909 | 333,699 | 115,705 | 513,313 | ||||||||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
| Table 4 (continued) | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended June 30, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 4,857 | $ | 8 | $ | – | $ | 4,865 | ||||
| Consumer | 21,466 | – | – | 21,466 | ||||||||
| Total | $ | 26,323 | $ | 8 | $ | – | $ | 26,331 | ||||
| Fixed | ||||||||||||
| Business | $ | 18,416 | $ | 28,854 | $ | – | $ | 47,270 | ||||
| Consumer | 43,333 | 22,505 | – | 65,838 | ||||||||
| Total | $ | 61,749 | $ | 51,359 | $ | – | $ | 113,108 | ||||
| Carrier Services | $ | 3,423 | $ | 29,806 | $ | – | $ | 33,229 | ||||
| Other | 2,088 | 118 | – | 2,206 | ||||||||
| Total Communications Services | $ | 93,583 | $ | 81,291 | $ | – | $ | 174,874 | ||||
| Construction | $ | – | $ | 2,216 | $ | – | $ | 2,216 | ||||
| Managed services | $ | 1,311 | $ | 2,899 | $ | – | $ | 4,210 | ||||
| Total Other | $ | 1,311 | $ | 2,899 | $ | – | $ | 4,210 | ||||
| Total Revenue | $ | 94,894 | $ | 86,406 | $ | – | $ | 181,300 | ||||
| Depreciation | $ | 15,154 | $ | 17,850 | $ | 859 | $ | 33,863 | ||||
| Amortization of intangibles from acquisitions | $ | 251 | $ | 975 | $ | – | $ | 1,226 | ||||
| Total operating expenses | $ | 78,673 | $ | 91,939 | $ | 10,455 | $ | 181,067 | ||||
| Operating income (loss) | $ | 16,221 | $ | (5,533 | ) | $ | (10,455 | ) | $ | 233 | ||
| Net (income) loss attributable to non-controlling interests | $ | (2,307 | ) | $ | 4,541 | $ | – | $ | 2,234 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 31,626 | $ | 13,292 | $ | (9,596 | ) | $ | 35,322 | |||
| Adjusted EBITDA (1) | $ | 33,274 | $ | 18,262 | $ | (5,744 | ) | $ | 45,792 | |||
| Balance Sheet Data (at December 31, 2025): | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 79,165 | $ | 35,915 | $ | 2,074 | $ | 117,154 | ||||
| Total current assets | 165,341 | 141,592 | 20,943 | 327,876 | ||||||||
| Fixed assets, net | 451,303 | 533,443 | 7,021 | 991,767 | ||||||||
| Total assets | 701,579 | 881,968 | 89,707 | 1,673,254 | ||||||||
| Total current liabilities | 97,305 | 120,535 | 45,259 | 263,099 | ||||||||
| Total debt, including current portion | 59,952 | 329,036 | 176,180 | 565,168 | ||||||||
| (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||
| (2) See Table 5 for reconciliation of Operating Income to EBITDA | ||||||||||||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the six months ended June 30, 2026 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 10,337 | $ | – | $ | – | $ | 10,337 | ||||
| Consumer | 43,160 | – | – | 43,160 | ||||||||
| Total | $ | 53,497 | $ | – | $ | – | $ | 53,497 | ||||
| Fixed | ||||||||||||
| Business | $ | 37,642 | $ | 60,137 | $ | – | $ | 97,779 | ||||
| Consumer | 83,463 | 44,308 | – | 127,771 | ||||||||
| Total | $ | 121,105 | $ | 104,445 | $ | – | $ | 225,550 | ||||
| Carrier Services | $ | 7,747 | $ | 64,682 | $ | – | $ | 72,429 | ||||
| Other | 6,815 | 308 | – | 7,123 | ||||||||
| Total Communications Services | $ | 189,164 | $ | 169,435 | $ | – | $ | 358,599 | ||||
| Construction | $ | – | $ | 779 | $ | – | $ | 779 | ||||
| Managed services | $ | 3,090 | $ | 4,254 | $ | – | $ | 7,344 | ||||
| Total Other | $ | 3,090 | $ | 4,254 | $ | – | $ | 7,344 | ||||
| Total Revenue | $ | 192,254 | $ | 174,468 | $ | – | $ | 366,722 | ||||
| Depreciation | $ | 27,565 | $ | 32,701 | $ | 1,050 | $ | 61,316 | ||||
| Amortization of intangibles from acquisitions | $ | 481 | $ | 509 | $ | – | $ | 990 | ||||
| Total operating expenses | $ | 151,115 | $ | (51,461 | ) | $ | 15,648 | $ | 115,302 | |||
| Operating income (loss) | $ | 41,139 | $ | 225,929 | $ | (15,648 | ) | $ | 251,420 | |||
| Net (income) loss attributable to non-controlling interests | $ | (5,750 | ) | $ | (12,810 | ) | $ | – | $ | (18,560 | ) | |
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 69,185 | $ | 259,139 | $ | (14,598 | ) | $ | 313,726 | |||
| Adjusted EBITDA (1) | $ | 69,774 | $ | 38,578 | $ | (9,991 | ) | $ | 98,361 | |||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
| Table 4 (continued) | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the six months ended June 30, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 9,706 | $ | 46 | $ | – | $ | 9,752 | ||||
| Consumer | 42,657 | – | – | 42,657 | ||||||||
| Total | $ | 52,363 | $ | 46 | $ | – | $ | 52,409 | ||||
| Fixed | ||||||||||||
| Business | $ | 36,909 | $ | 58,099 | $ | – | $ | 95,008 | ||||
| Consumer | 86,206 | 44,920 | – | 131,126 | ||||||||
| Total | $ | 123,115 | $ | 103,019 | $ | – | $ | 226,134 | ||||
| Carrier Services | $ | 7,326 | $ | 59,033 | $ | – | $ | 66,359 | ||||
| Other | 3,829 | 174 | – | 4,003 | ||||||||
| Total Communications Services | $ | 186,633 | $ | 162,272 | $ | – | $ | 348,905 | ||||
| Construction | $ | – | $ | 3,262 | $ | – | $ | 3,262 | ||||
| Managed services | $ | 2,757 | $ | 5,670 | $ | – | $ | 8,427 | ||||
| Total Other | $ | 2,757 | $ | 5,670 | $ | – | $ | 8,427 | ||||
| Total Revenue | $ | 189,390 | $ | 171,204 | $ | – | $ | 360,594 | ||||
| Depreciation | $ | 30,531 | $ | 36,134 | $ | 1,725 | $ | 68,390 | ||||
| Amortization of intangibles from acquisitions | $ | 503 | $ | 1,949 | $ | – | $ | 2,452 | ||||
| Total operating expenses | $ | 158,420 | $ | 179,152 | $ | 20,122 | $ | 357,694 | ||||
| Operating income (loss) | $ | 30,970 | $ | (7,948 | ) | $ | (20,122 | ) | $ | 2,900 | ||
| Net (income) loss attributable to non-controlling interests | $ | (3,781 | ) | $ | 8,474 | $ | – | $ | 4,693 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 62,004 | $ | 30,135 | $ | (18,397 | ) | $ | 73,742 | |||
| Adjusted EBITDA (1) | $ | 65,665 | $ | 35,774 | $ | (11,308 | ) | $ | 90,131 | |||
| (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||
| (2) See Table 5 for reconciliation of Operating Income to EBITDA | ||||||||||||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
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| Table 5 | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Reconciliation of Non-GAAP Measures | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended June 30, 2026 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 21,917 | $ | 224,192 | $ | (6,378 | ) | $ | 239,731 | |||
| Depreciation expense | 13,990 | 15,843 | 326 | 30,159 | ||||||||
| Amortization of intangibles from acquisitions | 239 | 254 | – | 493 | ||||||||
| EBITDA | $ | 36,146 | $ | 240,289 | $ | (6,052 | ) | $ | 270,383 | |||
| Stock-based compensation | 126 | – | 1,272 | 1,398 | ||||||||
| Transaction-related charges | – | 8,116 | (1,797 | ) | 6,319 | |||||||
| Restructuring and reorganization expenses | 264 | 580 | 1,740 | 2,584 | ||||||||
| (Gain) loss on dispositions, transfers and contingent consideration | (1,051 | ) | (229,897 | ) | 8 | (230,940 | ) | |||||
| ADJUSTED EBITDA | $ | 35,485 | $ | 19,088 | $ | (4,829 | ) | $ | 49,744 | |||
| Total revenue | $ | 96,196 | $ | 88,308 | $ | – | $ | 184,504 | ||||
| ADJUSTED EBITDA MARGIN | 36.9 | % | 21.6 | % | NA | 27.0 | % | |||||
| For the three months ended June 30, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 16,221 | $ | (5,533 | ) | $ | (10,455 | ) | $ | 233 | ||
| Depreciation expense | 15,154 | 17,850 | 859 | 33,863 | ||||||||
| Amortization of intangibles from acquisitions | 251 | 975 | – | 1,226 | ||||||||
| EBITDA | $ | 31,626 | $ | 13,292 | $ | (9,596 | ) | $ | 35,322 | |||
| Stock-based compensation | 141 | 50 | 2,494 | 2,685 | ||||||||
| Transaction-related charges | – | – | 193 | 193 | ||||||||
| Restructuring and reorganization expenses | 1,385 | 2,357 | 1,165 | 4,907 | ||||||||
| Loss on dispositions, transfers and contingent consideration | 122 | 2,563 | – | 2,685 | ||||||||
| ADJUSTED EBITDA | $ | 33,274 | $ | 18,262 | $ | (5,744 | ) | $ | 45,792 | |||
| Total revenue | $ | 94,894 | $ | 86,406 | $ | – | $ | 181,300 | ||||
| ADJUSTED EBITDA MARGIN | 35.1 | % | 21.1 | % | NA | 25.3 | % | |||||
| Table 5 (continued) | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Reconciliation of Non-GAAP Measures | ||||||||||||
| (In Thousands) | ||||||||||||
| For the six months ended June 30, 2026 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 41,139 | $ | 225,929 | $ | (15,648 | ) | $ | 251,420 | |||
| Depreciation expense | 27,565 | 32,701 | 1,050 | 61,316 | ||||||||
| Amortization of intangibles from acquisitions | 481 | 509 | – | 990 | ||||||||
| EBITDA | $ | 69,185 | $ | 259,139 | $ | (14,598 | ) | $ | 313,726 | |||
| Stock-based compensation | 253 | 28 | 3,052 | 3,333 | ||||||||
| Transaction-related charges | – | 8,134 | (982 | ) | 7,152 | |||||||
| Restructuring and reorganization expenses | 1,009 | 771 | 2,529 | 4,309 | ||||||||
| (Gain) loss on dispositions, transfers and contingent consideration | (673 | ) | (229,494 | ) | 8 | (230,159 | ) | |||||
| ADJUSTED EBITDA | $ | 69,774 | $ | 38,578 | $ | (9,991 | ) | $ | 98,361 | |||
| Total revenue | $ | 192,254 | $ | 174,468 | $ | – | $ | 366,722 | ||||
| ADJUSTED EBITDA MARGIN | 36.3 | % | 22.1 | % | NA | 26.8 | % | |||||
| For the six months ended June 30, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 30,970 | $ | (7,948 | ) | $ | (20,122 | ) | 2,900 | |||
| Depreciation expense | 30,531 | 36,134 | 1,725 | 68,390 | ||||||||
| Amortization of intangibles from acquisitions | 503 | 1,949 | – | 2,452 | ||||||||
| EBITDA | $ | 62,004 | $ | 30,135 | $ | (18,397 | ) | $ | 73,742 | |||
| Stock-based compensation | 357 | 127 | 4,106 | 4,590 | ||||||||
| Transaction-related charges | – | – | 1,628 | 1,628 | ||||||||
| Restructuring and reorganization expenses | 2,891 | 2,491 | 1,355 | 6,737 | ||||||||
| Loss on dispositions, transfers and contingent consideration | 413 | 3,021 | – | 3,434 | ||||||||
| ADJUSTED EBITDA | $ | 65,665 | $ | 35,774 | $ | (11,308 | ) | $ | 90,131 | |||
| Total revenue | $ | 189,390 | $ | 171,204 | $ | – | $ | 360,594 | ||||
| ADJUSTED EBITDA MARGIN | 34.7 | % | 20.9 | % | NA | 25.0 | % | |||||
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| Table 6 | |||||||||
| ATN International, Inc. | |||||||||
| Non GAAP Measure – Net Debt Ratio | |||||||||
| (in Thousands) | |||||||||
| June 30, | December 31, | ||||||||
| 2026 | 2025 | ||||||||
| Current portion of long-term debt * | $ | 23,721 | $ | 15,846 | |||||
| Long-term debt, net of current portion * | 489,592 | 549,321 | |||||||
| Total debt | $ | 513,313 | $ | 565,167 | |||||
| Less: Cash, cash equivalents and restricted cash | 331,900 | 117,154 | |||||||
| Net Debt | $ | 181,413 | $ | 448,013 | |||||
| Adjusted EBITDA – for the four quarters ended | $ | 198,273 | $ | 190,044 | |||||
| Net Debt Ratio | 0.91 | 2.36 | |||||||
| * Excludes Customer receivable credit facility | |||||||||
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