2025 Financial Results March 30, 2026 1 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation by Boston Omaha Corporation contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this presentation and use words like "anticipate," "assume," "believe," "continue," "estima ...

Core Viewpoint - Optimum Communications is transitioning from a stabilization phase to an offensive strategy in 2026, focusing on broadband stability, financial discipline, and long-term growth investments [3][6][17] Investment Strategy - The company anticipates year-over-year capital increases as it invests in its hybrid fiber-coax (HFC) plant, mid-split upgrades, multi-gig speeds, and new build projects [1] - Optimum is committed to maintaining financial discipline while pursuing growth, emphasizing the importance of controlling average revenue per user (ARPU), operating expenses, and capital intensity [2][3] Network Strategy - Optimum has developed a multi-year network plan, continuing to invest in its HFC network while cautiously approaching fiber migrations [10][11] - The company delivered over 175,000 new passings last year, primarily using fiber, and plans to continue fiber-rich new build investments [10] Pricing and Subscriber Trends - New pricing strategies have been launched to simplify operations and improve efficiency, with a focus on subscriber acquisition costs [7] - The competitive environment is described as intense, with early subscriber performance appearing flat compared to previous quarters [8] Video and Mobile Services - Optimum has redesigned its video offerings to align with consumer preferences, introducing new packaging options that have positively impacted video performance [12] - The mobile service opportunity is significant, with only 8% of the customer base currently subscribed; efforts are being made to integrate mobile into pricing and packaging [13] Lightpath Growth - The Lightpath business has achieved over $360 million in hyperscaler wins and 35% year-over-year revenue growth, with a robust pipeline for future growth [5][15] Capital Structure - The company is evaluating capital structure options, including asset-backed securities (ABS) issuance, and aims for meaningful debt reduction [4][16]

Core Insights - Charter Communications aims to return its broadband business to growth by focusing on converged connectivity, improving customer service, and controlling costs [4][6][3] Group 1: Operational Priorities - CFO Jessica Fischer emphasized the importance of efficiency in a competitive broadband environment, highlighting digitization and automation efforts to reduce costs [1] - Charter expects to complete its network expansion initiative by the end of this year, with the network evolution project projected to be about 50% complete by year-end [2] - The company is prioritizing the marketing of its converged connectivity offering to drive broadband growth and improve average revenue per user (ARPU) through higher-tier speeds and bundling [3][6] Group 2: Competitive Positioning - Charter competes effectively against fiber and fixed wireless providers, with expectations of EBITDA growth driven by mobile revenue and cost efficiencies [5] - The company maintains a market share greater than its fiber competitors in mature markets, attributing this to its converged offerings and improved customer service [9] - Fischer noted that there is currently no discernible impact from Starlink on Charter's business trends [10] Group 3: Financial Expectations - Capital expenditures (CapEx) are expected to fall below $8 billion by 2028 as network expansion is nearing completion [7][24] - Charter anticipates growth in broadband ARPU this year, driven by a shift towards higher-tier products and value-added services [14][15] - The company is confident in its long-term EBITDA growth strategy, focusing on maximizing customer value and network capabilities [23] Group 4: Strategic Initiatives - The pending acquisition of Cox is expected to enhance Charter's operational strategy and expand its market presence, pending California approval [25] - Charter is exploring future M&A opportunities that align with its strategy and are accretive to shareholders [26] - The company is also focused on improving customer service through initiatives like insourcing and better tools for frontline teams [13][11]

Core Viewpoint - Liberty Global's CEO Mike Fries has warned that the company may halt broadband investments in the UK if regulators block the £2 billion acquisition of Netomnia, which is seen as crucial for enhancing competition against BT [2][3]. Group 1: Acquisition Details - The acquisition involves Liberty Global and Telefónica partnering with InfraVia to purchase Netomnia through their joint venture Nexfibre [3]. - The deal aims to create a combined full-fibre network that will reach approximately eight million homes, strengthening VMO2's position as a competitor to BT [4]. Group 2: Regulatory Challenges - The acquisition faces significant opposition from CityFibre, which argues that the deal will "significantly reduce competition" in the broadband market [4]. - The Competition and Markets Authority (CMA) is expected to conduct an initial phase-one investigation into the Netomnia deal, with the possibility of a more detailed review [8]. Group 3: Industry Context - The broadband market in the UK has seen a rise in smaller firms, known as "altnets," challenging BT's dominance, but many are struggling due to rising interest rates and lower-than-expected customer uptake [6]. - CityFibre, which has previously sought consolidation in the altnet market, is also exploring potential bids for Netomnia, although it faces financial challenges [7].

Market Overview - All major U.S. indices increased by over 1% due to optimism from progress in U.S.-Iran talks, easing tensions in the Middle East, which also led to a decline in oil prices [1][10] - The U.S. economy remains resilient with cooling inflation, strong corporate earnings, and expectations of rate cuts in the coming year [2] Investment Strategy - As geopolitical concerns diminish, stock selection becomes crucial, with value investing presenting opportunities to acquire solid businesses at attractive prices [3] - Earnings yield is a key metric for value investors, indicating potential undervaluation of stocks [4][10] Stock Picks - **Adecoagro S.A. (AGRO)**: Agricultural company with a projected 872% year-over-year earnings growth for 2026 and a Zacks Rank 1 [11] - **Cable One (CABO)**: Broadband provider with a projected 161% year-over-year earnings growth for 2026 and a Zacks Rank 1 [12] - **Dana Incorporated (DAN)**: Supplier of energy-management technologies with a projected 1,358% year-over-year earnings growth for 2026 and a Zacks Rank 1 [13] - **Centerra Gold (CGAU)**: Mid-tier gold and copper producer with a projected 56% year-over-year earnings growth for 2026 and a Zacks Rank 1 [14] - **National Energy Services Reunited Corp. (NESR)**: Oilfield solutions provider with a projected 94% year-over-year earnings growth for 2026 and a Zacks Rank 1 [15]

Core Insights - Comcast Corporation (NASDAQ:CMCSA) is currently recognized as one of the most active stocks to buy, with a focus on growth amidst rising competition in broadband and wireless sectors [1] Financial Performance - Comcast's financial momentum is strong, with Peacock's performance improving by $700 million year-over-year and the Comcast Business segment generating $15 billion [3] - Over the past five years, Comcast has returned $70 billion to shareholders, which includes $50 billion in share buybacks [3] Strategic Initiatives - The company is streamlining pricing and enhancing customer experience to mitigate broadband cancellations while expanding its wireless business, which now serves 9 million lines [4] - Comcast's Parks division continues to perform well, contributing positively to overall development [4] Business Segments - Comcast operates through various segments, including Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks [5]

Market Overview - U.S. equity markets have been negatively impacted by the ongoing war between Iran and Israel, leading to increased crude oil and natural gas prices due to disruptions in the Strait of Hormuz, which is crucial for global oil trade, accounting for about 20% of it [1] - The technology sector has faced challenges due to high valuations of AI stocks and uncertainty regarding the sustainability of large-scale AI investments, compounded by a crisis in the cryptocurrency market, particularly Bitcoin [2] Investment Opportunities - Despite market turbulence, investment in stocks remains advisable, with broker-favored stocks such as Cable One (CABO), Cooper-Standard (CPS), Phillips 66 (PSX), AMN Healthcare Services (AMN), and ArcBest Corporation (ARCB) being highlighted as potential opportunities [3] Stock Screening Methodology - A screening process has been established to identify stocks based on improving broker recommendations and upward revisions in earnings estimates over the past four weeks, incorporating the price/sales ratio as a complementary valuation metric [4] - The screening criteria include: - Top 75 companies with net upgrades in ratings over the last four weeks [5] - Top 10 stocks with significant earnings estimate revisions for the upcoming quarter [5] - Companies in the bottom 10% of price-to-sales ratio [5] - Stocks priced above $5 and with an average daily volume exceeding 100,000 shares [6] Company Highlights - **Cable One (CABO)**: Expected to achieve significant growth in 2026 through the acquisition of Mega Broadband Investments, adding approximately $310 million in annual revenues and expanding its rural broadband presence [6][7] - **Cooper-Standard (CPS)**: Anticipated earnings growth of 289% this year, driven by demand for electric vehicles and effective cost management strategies [7][10] - **Phillips 66 (PSX)**: Focused on streamlining operations and reallocating capital to enhance returns and reduce debt, with a strong performance across refining, chemicals, and midstream sectors [10][11] - **AMN Healthcare Services (AMN)**: Evolving into a total talent solutions partner, benefiting from changes in healthcare demand, particularly in acute care settings [12][13] - **ArcBest (ARCB)**: Projected earnings per share growth of 28.9% year-over-year for 2026, supported by cost control and productivity improvements [14]

Core Insights - Home Telecom has completed a modernization project for its cable access network in collaboration with Teleste and Mega Hertz, enhancing service reliability and operational efficiency while preparing for future demands [2][3][4]. Group 1: Project Overview - The modernization project utilizes Teleste's ICON Series Intelligent Amplifiers and Argus Network Management System (NMS), enabling seamless network evolution and supporting 1.8 GHz capabilities [4][6]. - The initiative reflects a broader trend among North American regional broadband operators to modernize HFC networks for improved reliability and subscriber experience [3][9]. Group 2: Technological Enhancements - The deployment includes features such as swappable diplex filters and automated alignment workflows, which simplify installations and future network adjustments [5][6]. - Remote telemetry and real-time monitoring capabilities are integrated to enhance operational visibility and proactive maintenance [6][7]. Group 3: Strategic Partnerships - Mega Hertz plays a crucial role as a value-added reseller and integrator, assisting Home Telecom with solution design, integration, and operational readiness [8][9]. - Teleste's Argus NMS is designed to unify network visibility and control, reducing operational complexity while ensuring high service reliability [7][10]. Group 4: Industry Context - The modernization is seen as a cost-effective interim solution for operators looking to deliver gigabit symmetrical services before transitioning to full fiber builds [9][10]. - Home Telecom's commitment to network reliability and operational efficiency is emphasized as essential for maintaining customer satisfaction and competitive advantage [9][10].

Group 1: Alphabet Inc. and GFiber Merger - Alphabet Inc.'s fiber internet unit GFiber is merging with Astound Broadband, creating one of the largest independent broadband providers in the U.S. [1][2] - Stonepeak will hold the majority stake in the new company, while Alphabet retains a significant minority share [2]. - The merger aims to combine GFiber's fast-growing fiber networks with Astound's established broadband systems to serve millions of customers [2]. Group 2: Strategic Collaboration with Waystar - Waystar is expanding its collaboration with Alphabet to integrate its AI-powered platform with Google Cloud's Gemini models [3][4]. - The goal of this integration is to enable hyperscale deployments across complex revenue cycle workflows, enhancing automation towards a self-learning revenue cycle [4]. - Since the collaboration began in 2024, they have developed industry-first generative AI capabilities for denial prevention and recovery [5]. Group 3: AI Model Development - The collaboration has led to the introduction of Gemini 3.1 Flash Lite, an AI model that offers significant improvements in cost and speed [6]. - This model is designed for enterprises and developers, providing robust reasoning and multimodal abilities [6]. Group 4: Alphabet Inc.'s Business Overview - Alphabet Inc. is a multinational holding company with dominance in internet search, advertising, cloud computing, software, and hardware [6]. - The company is also investing in AI, autonomous driving (Waymo), and biotechnology [7].

Oil Market - The International Energy Agency (IEA) agreed to release 400 million barrels of oil from its reserves, marking the largest release from the agency's emergency stockpile ever [1] - Despite the release, crude prices rose about 5%, with Brent crude briefly hitting $100 per barrel [1][6] - The U.S. plans to release 172 million barrels from its Strategic Petroleum Reserve, with delivery expected to take about 120 days [6] Inflation and Consumer Prices - Consumer prices rose 0.3% month over month and 2.4% year over year, aligning with economists' expectations [2] - The headline and core annual inflation rates remained unchanged, indicating that inflation is not worsening but remains above the Federal Reserve's target [2][3] Trade Investigations - The Trump administration is launching new trade investigations under Section 301 of the Trade Act of 1974 against several trading partners, including Mexico, China, the EU, Japan, India, and Vietnam [4][5] Airline Industry - Global airlines are raising fares to cover increasing fuel costs due to rising oil prices, with United Airlines indicating it will likely follow suit [9][10] - Strong travel demand is providing airlines with more pricing power [10] Technology Sector - Google is selling a partial stake in its fiber unit, GFiber, which will merge with Astound Broadband to become an independent provider [7][8] - The spinout is expected to be completed in the fourth quarter and comes amid increasing demand for high-capacity networks driven by AI services [8]