ATN International, Inc.

Q2 revenue was $184.5 million, up 2% year over year; excluding reduced construction revenues and the expected loss of the U.S. Virgin Islands subsidy, revenue was up 3%. Adjusted EBITDA was $49.7 million, up nearly 9% year over year, and adjusted EBITDA margin expanded to 27%. International revenue increased 1.4% to $96 million and adjusted EBITDA rose 6.6% to $35.5 million, while U.S. revenue was $88 million, up a little over 2%, and adjusted EBITDA increased 4.5% to $19 million. Reported net income attributable to ATN stockholders was approximately $167 million, or $10.71 per diluted share, versus a loss of $7 million, or $0.56 per share, last year, largely due to the $230 million gain from the initial tower sale closing. For 2026, the company reaffirmed adjusted EBITDA guidance of $183 million to $193 million and capital expenditures, net of reimbursable spending, of $105 million to $115 million.

Naji Khoury said his first three months gave him high confidence in ATN’s future, citing experienced management, capable operating teams, strong infrastructure assets, and long-standing customer relationships. He emphasized that the quarter showed progress in operating discipline and profitable growth, with margin improvement in both the first and second quarters. Strategically, he highlighted fiber expansion, fixed wireless deployment, and government broadband programs as key growth levers, especially in Guyana, Alaska, New Mexico, and the Four Corners region.

Carlos Doglioli emphasized that the quarter’s financial performance reflected both revenue growth and lower expenses, including restructuring and reorganization costs plus depreciation and amortization. He highlighted the $230 million tower-sale gain, the associated $6.3 million transaction charges, and the resulting cash inflow of $268 million, of which $68 million was used to pay off the CoBank revolver. ATN ended the quarter with $332 million in cash, cash equivalents, and restricted cash, total debt of $513 million, and net leverage of 0.91x; he also noted that about two-thirds of outstanding debt is non-recourse at the subsidiary level.

There were no analyst questions on the call, and the operator noted no questions at this time. Management therefore did not address any live investor concerns, but it did reiterate that the tower-sale-related impact on adjusted EBITDA will recur for the remaining months of 2026 and is already included in guidance. The company also said subsequent tower-sale closings are expected over the next 10 months, with up to an additional $30 million in proceeds possible from deferred sites.