Overview

• Telecom provider's Q4 revenue grew 7.2% yr/yr

• Adjusted EBITDA for Q4 grew 31.3%, margin expanded by 670 basis points

• Company announced 10% workforce reduction to align with Glo Fiber completion

Outlook

• Shentel projects 2026 revenue between $370 mln and $377 mln

• Company expects 2026 adjusted EBITDA between $131 mln and $136 mln

• Capital expenditures for 2026 expected to decrease by 20.7%

Result Drivers

• GLO FIBER GROWTH - Revenue from Glo Fiber Expansion Markets increased 39% due to a 36.9% growth in data RGUs

• COMMERCIAL FIBER - Commercial Fiber revenue rose 10.8%, partly due to a deferred revenue adjustment in Q4 2024

• COST REDUCTIONS - Cost of services decreased 3.3% due to synergy savings from the Horizon acquisition and higher capitalized labor

Company press release: ID:nGNX3V3GnY

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the integrated telecommunications services peer group is "buy"

• Wall Street's median 12-month price target for Shenandoah Telecommunications Co is $26.00, about 91.9% above its February 25 closing price of $13.55

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