GLIBK

• GCI Liberty, Inc. had an exceptional year with record fourth quarter results. - Continues to execute on delivering best-in-class connectivity in Alaska. - Consumer wireless base is expanding, realizing benefits of last year's strong sales cycle. - Completed a rights offering resulting in approximately $300 million in net proceeds. - Fixed network: repaired fiber breaks, restored service after Typhoon Helong. - 2026 operating priorities: invest in network infrastructure, complete build-out commitments under the Alaska plan, drive value and convergence for customers, bridge digital divide. - Announced completion of iHUC one network build-out. - Provisionally awarded approximately $120 million in Bead fund, subject to NTIA approval. - Alaska's economy could see growth due to Arctic National Wildlife Range drilling plans.

• 2026 CapEx is expected to be approximately $290 million, which is the peak year of CapEx spend. - Historical CapEx has been 15% to 20% of revenue, and long-term CapEx is expected to trend back to these levels after completing the Alaska plan build-out. - 2025 generated $146 million in free cash flow, up over 70% from 2024, but 2026 free cash flow is expected to be proportionately lower due to CapEx increase and working capital swings.

GCI Liberty, Inc. had a record year. In the fourth quarter, it achieved record revenue of over $1 billion and record adjusted EBITDA of more than $400 million. For the full year, total revenue was $1 billion, a 3% increase. Adjusted OIBDA was $403 million, a record high, up 12% due to higher revenue and lower operating expenses. In the fourth quarter, total revenue was $262 million, flat with the prior year quarter, and adjusted OIBDA increased 7% to $90 million. Consumer revenue declined 2% for the full year and in the fourth quarter, mainly due to the shutdown of the video business and data subscriber losses, partially offset by wireless growth. Consumer wireless revenue increased for both the full year and the fourth quarter driven by federal wireless subsidies. Business revenue grew 7% for the year and 1% during the fourth quarter, driven by a strong upgrade cycle, but partially offset by lower wireless roaming revenue.

• Uncertainty about the timing of final Bead fund awards as the state is in active negotiations with the NTIA. - Substantial uncertainty regarding the economic growth in Alaska and the timing of Arctic development initiatives.

Q: How should we think about margins this year since comping against operational savings while the undersea fiber was offline in the first part of last year and then no TV programming expenses? And what sort of cadence of CapEx spending should we expect this year and where would be spending which products?

A: On margins, 2026 is expected to be a stable year. There are benefits from no video expense but also revenue offsets. On CapEx cadence, typically peaks in the second and third quarters. Largest single element of CapEx this year is in wireless, particularly rural wireless as we finish first phase commitments under the Alaska plan, and also substantial CapEx to expand the urban wired network for 5G and full DOCSIS 4.0 implementation