SHENANDOAH TELECOMMUNICATIONS CO

Shenandoah Telecommunications Company, trading as Shentel on the Nasdaq Global Select Market, operates as a regional broadband and telecommunications service provider serving eight contiguous states in the eastern United States. The company maintains its corporate presence at www.shentel.com and operates an extensive fiber-optic network comprising approximately 19,000 route miles of fiber infrastructure.

The company's core business centers on delivering broadband internet, video, and voice services to residential and commercial customers across portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio, and Indiana. Shentel operates through two primary service platforms: its incumbent broadband network passing approximately 252,000 homes and businesses, and its Glo Fiber fiber-to-the-home service passing approximately 427,000 homes and businesses. The company served approximately 262,000 revenue-generating units as of December 31, 2025.

Beyond residential services, Shentel provides high-speed Ethernet, dark fiber leasing, and managed network services to enterprise and wholesale customers throughout its service territory. The company also operates as a Rural Local Exchange Carrier in select Virginia and Ohio markets, offering voice and digital subscriber line services.

As of December 31, 2025, Shentel employed 1,041 people distributed across the Mid-Atlantic and Midwest regions. The company's competitive positioning derives from its extensive owned fiber network infrastructure, which provides advantages in deploying high-speed broadband services and competing against incumbent cable and telephone providers, fixed wireless broadband services, and streaming video alternatives.

During 2025, Shentel executed a significant securitization transaction, establishing bankruptcy-remote subsidiaries and issuing $567.4 million in secured fiber network revenue term notes with a December 2030 anticipated repayment date. The company simultaneously established a $175 million revolving credit facility to support operations and growth initiatives. These financing activities reflect the capital-intensive nature of broadband network deployment and the company's strategy to fund infrastructure expansion and service delivery across its regional footprint.