Shenandoah Telecommunications Company (SHEN) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Fiber network expansion and market strategy

• On track to complete fiber build-out by end of 2026, targeting 510,000 homes passed.

• Terminal penetration rates expected to reach 37% across markets within 5-7 years of launch.

• Maintains first-mover advantage in most markets, with 88% of passings in duopoly situations against cable.

• Selects markets carefully to avoid direct fiber competition and pivots if another provider arrives first.

• High customer satisfaction and low churn (1% monthly) attributed to local service and technology.

Commercial and wholesale business performance

• Commercial bookings grew nearly 10% in 2025, driven by fiber-to-tower and K-12 school segments.

• Unique fiber routes and strong relationships with wireless carriers provide competitive advantage.

• Recent acquisition expanded network reach, enabling service to more rural towers.

• Commercial churn remains low at 0.6% per month, supported by network uniqueness.

• Exploring opportunities in hyperscale data centers, with potential for significant upside.

Competitive landscape and pricing

• Focuses on technology and local service rather than price competition.

• Minimal impact from fixed wireless and satellite competitors due to challenging geography.

• Maintains pricing power by leveraging superior fiber technology and customer experience.