ATN International Reports Q4 and Full Year 2025 Financial Results and Provides 2026 Outlook

Key Financial Highlights

• Q4 2025 Revenue: \$184.2 million, up 2% year-over-year.
• Full-Year 2025 Revenue: \$728.0 million, essentially flat compared to 2024.
• Q4 Operating Income: \$15.7 million, a significant increase from \$8.7 million in Q4 2024.
• Full-Year Operating Income: \$28.4 million, a notable improvement from a loss of \$(0.8) million in 2024, which included a \$35.3 million goodwill impairment.
• Q4 Adjusted EBITDA: \$50.0 million, up 8% year-over-year.
• Full-Year Adjusted EBITDA: \$190.0 million, up 3% from 2024.
• Net Loss (Q4): \$(3.3) million, or \$(0.32) per share, driven in part by a \$5.3 million equity investment write-down.
• Net Loss (FY 2025): \$(14.9) million, or \$(1.38) per share, improved from \$(26.4) million or \$(2.10) per share in 2024.
• Net Cash from Operating Activities (FY): \$133.9 million, up 5% from prior year.
• Capital Expenditures (FY): \$90.0 million (excluding \$84.6 million in reimbursable expenditures).
• Net Debt Ratio (Year-End): 2.36x, down from 2.54x in 2024.
• Total Cash, Cash Equivalents, and Restricted Cash: \$117.2 million, up from \$89.2 million at the end of 2024.
• Total Debt: \$565.2 million, up slightly from \$557.4 million at the end of 2024.

Operational Highlights

• High-Speed Broadband Homes Passed (Q4): 523,500, up 27% year-over-year.
• High-Speed Broadband Subscribers (Q4): 145,000, up 3% year-over-year.
• Total Broadband Homes Passed (Q4): 813,900, up 2% year-over-year.
• Total Broadband Customers (Q4): 194,900, down 4% year-over-year.
• International Mobile Subscribers (Q4): 399,200, up 3% year-over-year, with 337,500 pre-paid and 61,700 post-paid.
• Fiber Route Miles (Q4): 12,210, up 2% year-over-year.

Strategic Actions and Outlook for 2026

• Pending US Tower Portfolio Sale: The company entered into a Purchase and Sale Agreement to sell approximately 214 tower sites in the Southwest US to EIP Holdings IV, LLC (an affiliate of Everest Infrastructure Partners, Inc.) for up to \$297 million in cash. The initial closing is expected in Q2 2026. This transaction is expected to reduce 2026 Adjusted EBITDA by \$6 million to \$8 million but will be a key driver in strengthening the balance sheet and reducing debt.
• 2026 Adjusted EBITDA Guidance: Expected in the range of \$190 million to \$200 million, excluding the impact of the tower sale. The guidance will be updated after the transaction closes.
• 2026 Capital Expenditures: Expected between \$105 million and \$115 million (net of reimbursable expenditures), reflecting disciplined capital allocation and a focus on leveraging government funding for network expansion.
• Dividend: Quarterly dividend of \$0.275 per share paid in January 2026. No share repurchases occurred in Q4 2025.

CEO Commentary and Strategic Positioning

Brad Martin, Chief Executive Officer, highlighted ATN’s operational progress and financial improvements in 2025. He cited strong execution in expanding high-speed broadband in Alaska, cost containment measures resulting in improved operating efficiency, and enhanced alignment with the company’s strategic focus on mobile, high-speed data, and differentiated carrier solutions.

Martin stressed the importance of converting recent investments into sustained cash generation and margin expansion for 2026, supported by a more efficient operating model, disciplined capital allocation, and positive business momentum. He also emphasized the strategic rationale behind the US tower portfolio sale and spectrum asset dispositions, which are expected to unlock asset value, strengthen the balance sheet, and provide flexibility for future growth opportunities.

Key Segment Performance (Q4 2025 vs. Q4 2024)

• International Telecom: Revenue of \$97.3 million (+2.7%), operating income of \$17.9 million, Adjusted EBITDA of \$32.7 million.
• US Telecom: Revenue of \$86.9 million (+1.2%), operating income of \$5.9 million, Adjusted EBITDA of \$21.6 million.
• Corporate and Other: Operating loss of \$(8.1) million, Adjusted EBITDA loss of \$(4.3) million, reflecting corporate overhead and consolidating adjustments.

Risks and Considerations for Investors

• Pending US Tower Portfolio Sale: The completion and timing of the sale are subject to regulatory approvals and closing conditions. Proceeds are expected to reduce debt and enhance financial flexibility, but the transaction will reduce Adjusted EBITDA by \$6-\$8 million in 2026 until offset by other growth initiatives.
• Revenue Headwinds: Full-year communication service revenues declined 1% due to declines in mobility and fixed revenues, offsetting growth in carrier services. The company must successfully grow carrier, enterprise, and consumer broadband services to replace lost US tower revenues.
• Net Losses: While net loss narrowed year-over-year, the company remains unprofitable on a GAAP basis, which may be a concern for some investors.
• Capital Allocation: Capex is being moderated after a period of peak investment, but ongoing government funding and careful allocation will be critical for continued network growth and returns.

Upcoming Events

• Earnings Conference Call: March 5, 2026, at 10:00 a.m. ET. Investors can access the webcast via the ATN investor relations website.

Conclusion

ATN International delivered a year of operational and financial improvement, with notable gains in operating income, cash flow, and high-speed broadband expansion. The pending US tower portfolio sale stands out as a major strategic move: while it will temporarily reduce EBITDA, it is expected to strengthen the balance sheet and enhance the company’s capacity for future growth. Investors should monitor the closing and subsequent deployment of sale proceeds, as well as the company’s ability to drive margin expansion and replace lost EBITDA through its core broadband, mobility, and carrier businesses in 2026 and beyond.

Disclaimer: This article is based on ATN International’s official fourth quarter and full year 2025 earnings press release and related financial disclosures. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Investors are advised to review the company’s filings with the SEC and consult with their financial advisors before making investment decisions.

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