Hamed Khorsand

Frank Louthan

Robert Palmisano

- Shenandoah Telecommunications Company (SHEN) is transforming into a fiber-to-the-home company, projecting **over $350 million in revenue** this year and aiming for **500,000 to 550,000 total Glo Fiber passings by year-end 2026**.  **[354963_tx_379735_0]**  The strategy focuses on being the **first fiber provider** in markets, targeting a **37% terminal penetration rate** and **15%+ unlevered IRR**.  **[354963_tx_379735_1]** 
- The company acquired **Horizon Telecom in April 2024**, which doubled its commercial fiber business and expanded its regional fiber optic network to **18,000 route-miles**.  **[354963_tx_379735_2]** 
- SHEN plans to refinance its **$675 million credit facility** by accessing the **ABS market** in **late 2025 or early 2026**, expecting to lower its cost of debt by approximately **100 basis points**.  **[354963_tx_379735_2]** **[354963_tx_379735_10]** 
- The company anticipates becoming **free cash flow positive in 2027** after completing its Glo Fiber build-out in 2026, with current net leverage at **3.7 times** and projected to reach **4.5 to 4.75 times by end of 2026**.  **[354963_tx_379735_9]** **[354963_tx_379735_10]** 
- SHEN maintains strong customer satisfaction with a Net Promoter Score of **69** and a low average churn rate of about **1%**.  **[354963_tx_379735_5]**

SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)