ATN International’s Tower Sale Unlocks a New Era of Capital Discipline
New CEO’s first quarter points to asset monetization, leverage reduction, and a leaner fiber-led growth model.
ATNI · Earnings Call · 2026-08-06
A Balance Sheet Pivot
Naji Khoury, who took the helm at ATN International (ATNI) just three months ago, used his first earnings call to frame a decisive shift: the company is no longer just building – it is unlocking value. The quarter’s defining event was the initial closing of the U.S. tower portfolio sale, which brought in $268 million in cash. As Khoury put it, “the initial closing on the U.S. tower portfolio sale, the receipt of $268 million in cash, has significantly increased our liquidity, financial flexibility, and optionality.” “We have experienced management teams, capable operating organizations, strong infrastructure assets, and customer relationships that have been built over many years.” — Naji Khoury, Chief Executive Officer · 2026-08-06 The transaction also paved the way for a second divestiture: an agreement to sell certain spectrum licenses for up to $41 million, expected to close in 2027.
What I have seen gives me a high degree of confidence in ATN’s future.
CFO Carlos Doglioli detailed the balance sheet impact: “Total debt declined to $513 million, and our net leverage ratio improved to 0.91x from 2.36x at the end of 2025.” “Total debt declined to $513 million, and our net leverage ratio improved to 0.91x from 2.36x at the end of 2025.” — Carlos Doglioli, Chief Financial Officer · 2026-08-06 The company used $68 million of the proceeds to pay down its CoBank revolver, ending the quarter with $332 million in cash – up $215 million from year-end. This financial flexibility is being directed toward shareholders: the board increased the quarterly dividend by 5.5% and expanded the share repurchase authorization to $30 million.
The asset sales are a notable departure from the company’s prior narrative of heavy fiber investment. In March, then-CEO Brad Martin said the tower sale would leave the business model “unchanged” and that ATN would simply rely more on third-party towers. “Today, we provide our carrier managed services on third-party towers and owned towers, almost about half and half.” — Brad W. Martin, Chief Executive Officer · 2026-03-05 That pivot is now concrete, moving ATN from an operator that owns infrastructure to one that monetizes it.
Operational Discipline and Growth
Beyond the balance sheet, Khoury emphasized operational improvements. Adjusted EBITDA for the quarter rose nearly 9% to $49.7 million, with margins expanding 170 basis points year-over-year to 27%. In the international segment, revenue grew 1.4% (excluding lost USVI subsidies), and adjusted EBITDA margin expanded 180 basis points to 36.9%. The U.S. segment delivered 2% revenue growth despite the tower sale impact, and 4% growth excluding the sale and construction revenue.
This disciplined execution extends to capital allocation. The company reaffirmed its 2026 adjusted EBITDA guidance of $183–$193 million and held capital expenditures – net of reimbursable spending – in the $105–$115 million range. The pivot from heavy capex to cash generation is evident in the metrics: Total revenue rose 2% year-over-year to $182M in the latest reported quarter, while management reported $184.5M for Q2 2026. That top-line progression, combined with margin expansion, validates the focus on profitable growth over sheer scale.
Forward Fuel: Fiber and BEAD
The cash from asset sales is also earmarked for strategic growth. Khoury highlighted continued fiber expansion in Guyana, the Cayman Islands, and the U.S. Virgin Islands, as well as Alaska. In Bermuda, ATN signed an MOU with Google to access new subsea cables in 2027. But the most compelling growth driver may be the BEAD program, with approximately $150 million in funding available within ATN’s footprint this year and next. As Khoury noted, “we are particularly excited about the opportunities created by government broadband initiatives,” which should help fund fiber expansion to previously uneconomical rural areas. “These funds to help reduce the cost of serving rural America while enabling fiber expansion to communities and businesses that have historically been uneconomical to reach.” — Naji Khoury, Chief Executive Officer · 2026-08-06
This forward-looking perspective is a departure from the company’s earlier commentary, where BEAD was still in flux. In May 2025, Brad Martin said “BEAD is something that we are participating in the Southwest... The dynamics with BEAD are obviously fluid.” “So BEAD is something that we are participating in the Southwest.” — Brad Martin, Chief Executive Officer · 2025-05-02 Now, with money in hand and BEAD awards crystallizing, ATN can pair government support with its own fiber-first strategy.
The portfolio sale has given ATN a clean slate to pursue its most valuable opportunities – whether that’s investing in high-return fiber builds, returning capital, or both. Combined with the tower sale and the renewed focus on fiber expansion, the company is writing a new chapter under new leadership. The market has taken notice: ATNI shares are up 16% over the past 90 days, trading near their 52-week high. Whether the newfound discipline translates into sustained shareholder value will depend on execution, but the initial signals are encouraging.