LBRDP

• Liberty Broadband had an exceptional year with record revenue over $1 billion and record adjusted EBITDA over $400 million in the fourth quarter. - Continues to deliver connectivity in Alaska, with expanding consumer wireless base and exit of video business. - Completed rights offering with $300 million net proceeds for general corporate purposes and potential acquisitions. - Nimble network continuity efforts: repaired fiber breaks in Dutch Harbor and Dearing, restored service after Typhoon Helong. - Operating highlights: consumer wireless subscribers grew 2% year over year to 199,000, data subscribers declined 3% to 151,200. - 2026 operating priorities: invest in network infrastructure, complete Alaska plan build-out, drive convergence, bridge digital divide. - Network upgrades: offering 2.5 gigabit broadband, upgrading HFC network to DOCSIS 4.0. - Convergence efforts: free promotion for postpaid wireless, bundle sales of wireless and broadband increasing. - Alaska plan progress: completed iHUC one net network, pending Bead fund award of ~$120 million.

• 2026 CapEx expected at ~$290 million, peak year, then trend back to 15-20% of revenue. - 2026 expected to be a stable year, with no ongoing impact from prior year's fiber break or video exit. - CapEx cadence: peaks in second and third quarters, large spend in wireless (rural) and urban wired network for 5G and DOCSIS 4.0 implementation.

Liberty Broadband Corporation had total revenue of $1 billion for the year, a 3% increase. Fourth-quarter revenue was $262 million, flat with the prior year quarter. Adjusted OIBDA for the year was $403 million, a record high, and $90 million in the fourth quarter. Consumer revenue declined 2% for the full year and was flat in the fourth quarter, driven by video business shutdown and data subscriber losses but offset by wireless growth. Consumer wireless revenue increased for both the full year and fourth quarter due to federal wireless subsidies. Business revenue grew 7% for the year and 1% in the fourth quarter. Consumer gross margin was 70.7% for the full year and 69.7% for the fourth quarter. Business gross margin was 80.1% for the full year and 78.3% for the fourth quarter.

• Uncertainty around timing of Bead fund approval by NTIA. - Macro factors like Alaska economy and oil/gas development could impact demand but also create opportunities. - Risks related to network repairs and service restoration timelines, e.g., Dearing fiber break repair timeline.

Q: How should we think about margins this year considering operational savings from undersea fiber offline and no TV programming expenses, and what's the CapEx cadence?

A: Margins are expected to be stable in 2026. No video expense in 2026, and while there were benefits from prior year's fiber break, overall a stable year. CapEx typically peaks in second and third quarters, with largest spend in wireless (rural) and urban wired network for 5G and DOCSIS 4.0 implementation.