Shenandoah Telecom SHEN OHIO — Grants receivable

Prior to the acquisition of Horizon, Horizon entered into agreements with the Department of Development in Ohio under the state’s Ohio Residential Broadband Expansion program. As part of these agreements, Horizon committed to expand its broadband network resulting in total project costs of $57.4 million, with government matching grants totaling $30.1 million. Approximately $18.0 million of the grant was paid to Horizon up-front, while the remainder will be paid upon the achievement of specified milestones. Shentel assumed these agreements as a result of the acquisition of Horizon and is therefore obligated under these programs to continue the build-out of this network. Shentel received an additional $9.0 million payment under this program during the year ended December 31, 2025. If Shentel fails to complete the build-out, Shentel may be required to repay a portion or all of the up-front grant payments. Consequently, the portion of the up-front grant payment associated with unfulfilled obligations is recorded in other liabilities in the Company’s consolidated balance sheets. Consistent with Shentel’s existing policy for accounting for government grants, the Company reclassifies amounts from other liabilities to reduce the related property, plant and equipment as the Company fulfills its obligations under this grant program. The balance related to this activity was $2.6 million and $3.7 million as of December 31, 2025 and 2024, respectively.