ATN International (ATNI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 2% year-over-year to $184.2 million; full-year revenue was flat at $728 million, with improved operating income and expanded Adjusted EBITDA.

• 2025 marked a shift from stabilization to progress on strategic priorities, with increased operating cash flow, reduced capital intensity, and a focus on mobility, high-speed data, and differentiated solutions.

• High-speed broadband homes passed expanded by 27% year-over-year, with broadband and international mobile subscribers each up 3%.

• Pending sale of 214 US tower sites for up to $297 million, expected to close in Q2 2026, will provide financial flexibility and sharpen focus on core business areas.

• The business is better aligned with a disciplined approach to capital deployment and leveraging government funding.

Financial highlights

• Q4 2025 revenue was $184.2 million (+2% YoY); full-year revenue was $728 million, flat year-over-year.

• Q4 operating income rose to $15.7 million; full-year operating income was $28.4 million, reversing a prior-year loss.

• Q4 net loss was $3.3 million ($0.32/share); full-year net loss narrowed to $14.9 million ($1.38/share) from $26.4 million ($2.10/share) in 2024.

• Q4 Adjusted EBITDA increased 8% to $50 million; full-year Adjusted EBITDA up 3% to $190 million.

• Cash and equivalents at year-end were $117.2 million; net cash from operations increased 5% to $133.9 million.

Outlook and guidance

• 2026 Adjusted EBITDA expected at $190–$200 million, excluding the impact of the pending US tower sale, which could reduce EBITDA by $6–$8 million.

• Capital expenditures for 2026 projected at $105–$115 million, net of reimbursements.

• Initial closing of the tower sale expected in Q2 2026, with $250–$297 million in gross proceeds.

• $5 million headwind anticipated from the end of high-cost funding in the U.S. Virgin Islands.

• Majority of 2026 results expected in H2 due to seasonality; $3–$4 million in restructuring costs planned for H1.