Optimum Reports Fourth Quarter and Full Year 2025 Results

NEW YORK--( BUSINESS WIRE)--Optimum Communications, Inc. (NYSE: OPTU) today reports results for the fourth quarter and full year ended December 31, 2025.

Dennis Mathew, Optimum Chairman and Chief Executive Officer, said: "In full year 2025, we achieved the goals we shared in the beginning of the year across revenue, Broadband ARPU, direct costs, operating expense, Adjusted EBITDA excluding i24 News, and capital spend, reflecting our disciplined execution at Optimum. During the quarter, we achieved year over year Adjusted EBITDA growth, driven by moderating revenue declines, higher gross margins, and disciplined expense management. We saw continued momentum across key segments, including Residential and Broadband ARPU growth, improved video trends, as well as momentum in Lightpath and Mobile. While broadband subscriber trends remain under pressure in a highly competitive market, we enter 2026 with a simpler, more competitive approach, featuring streamlined pricing and packaging and a convergence-led go-to-market strategy intended to support improvements in the broadband performance. Looking ahead, this focus on simplification extends across our operations and customer experience, positioning us to execute more efficiently, support performance over time, and support long-term shareholder value."

Fourth Quarter and Full Year 2025 Overview

Fourth Quarter 2025 Key Operational Highlights

2026 Priorities Focused on Simplification to Drive Business Acceleration

Balance Sheet Review as of December 31, 2025

Shares Outstanding

Recent Refinancing Activity

Customer Metrics

(in thousands, except per customer amounts)

Q1-24

Q2-24

Q3-24 (10)

Q4-24 (11)

FY-24 (11)

Q1-25

Q2-25

Q3-25

Q4-25

FY-25

Total Passings (12)

9,679.3

9,746.4

9,784.7

9,830.8

9,856.1

9,891.5

9,942.9

10,008.2

Total Passings additions

50.6

67.2

38.3

54.4

210.4

25.2

35.4

51.4

65.2

177.3

Total Customer Relationships (13)(14)

Residential

4,326.8

4,272.3

4,217.5

4,173.7

4,130.5

4,088.0

4,028.6

3,963.8

SMB

379.7

378.4

376.6

375.3

374.3

371.9

369.9

Total Unique Customer Relationships

4,706.5

4,652.0

4,595.9

4,550.3

4,505.9

4,462.2

4,400.5

4,333.6

Residential net additions (losses)

(36.3)

(54.5)

(54.8)

(41.8)

(187.4)

(43.2)

(42.5)

(59.3)

(64.9)

(209.9)

Business Services net additions (losses)

(0.7)

0.0

(1.2)

(1.8)

(3.7)

(1.3)

(1.1)

(2.4)

(2.0)

(6.7)

Total customer net additions (losses)

(37.0)

(54.5)

(56.1)

(43.6)

(191.1)

(44.4)

(43.6)

(61.7)

(66.9)

(216.6)

Residential PSUs

Broadband

4,139.7

4,088.7

4,039.5

3,999.9

3,963.3

3,928.3

3,872.2

3,811.4

Video

2,094.7

2,021.9

1,944.8

1,880.1

1,792.4

1,736.3

1,674.9

1,628.4

Telephony

1,452.1

1,391.1

1,326.0

1,269.2

1,200.0

1,147.8

1,093.1

1,041.6

Broadband net additions (losses)

(29.4)

(51.0)

(49.2)

(37.7)

(167.3)

(36.6)

(35.0)

(56.2)

(60.7)

(188.4)

Video net additions (losses)

(77.7)

(72.8)

(77.0)

(64.3)

(291.8)

(87.7)

(56.1)

(61.4)

(46.5)

(251.7)

Telephony net additions (losses)

(63.1)

(61.1)

(65.1)

(56.7)

(246.0)

(69.2)

(52.2)

(54.7)

(51.5)

(227.7)

Residential ARPU (5) ($)

135.67

135.95

135.77

133.95

135.44

133.93

133.68

133.28

134.49

134.18

Broadband ARPU (4) ($)

73.58

74.13

74.92

74.64

74.38

75.31

74.77

74.65

76.71

75.58

SMB PSUs

Broadband

348.5

348.8

347.7

346.1

345.7

345.6

343.6

342.0

Video

87.3

85.4

83.3

81.0

78.7

76.6

74.6

72.6

Telephony

200.7

199.2

196.8

194.5

191.9

188.9

185.6

182.5

Broadband net additions (losses)

(0.4)

0.3

(1.1)

(1.6)

(2.8)

(0.4)

(0.1)

(2.1)

(1.5)

(4.1)

Video net additions (losses)

(2.3)

(1.9)

(2.1)

(2.2)

(8.5)

(2.4)

(2.0)

(8.5)

Telephony net additions (losses)

(2.6)

(1.4)

(2.4)

(2.3)

(8.8)

(2.6)

(3.0)

(3.3)

(3.1)

(12.0)

Total Mobile Lines (15)

Mobile ending lines

351.6

384.5

420.1

459.6

508.6

546.4

584.4

622.5

Mobile line net additions

29.3

33.0

35.5

39.5

137.4

49.0

37.8

38.0

38.1

162.9

Fiber (FTTH) Customer Metrics

(in thousands)

Q1-24

Q2-24

Q3-24

Q4-24

FY-24

Q1-25

Q2-25

Q3-25

Q4-25

FY-25

FTTH Total Passings (16)

2,780.0

2,842.0

2,893.7

2,961.8

2,995.0

3,023.4

3,053.0

3,096.0

FTTH Total Passing additions

44.8

62.0

51.7

68.1

226.6

33.2

28.5

29.6

43.0

134.2

FTTH Residential customer relationships

385.2

422.7

468.5

523.4

590.2

644.6

683.6

694.8

FTTH SMB customer relationships

9.4

11.4

13.1

14.7

16.5

18.5

19.8

21.2

FTTH Total Customer Relationships (17)

394.6

434.1

481.6

538.2

606.7

663.0

703.5

715.9

FTTH Residential net additions

51.4

37.5

45.7

55.0

189.6

66.7

54.4

39.0

11.1

171.3

FTTH SMB net additions

1.9

2.0

1.7

7.2

1.8

1.9

1.4

1.3

6.4

FTTH Total Customer Net Additions

53.2

39.5

47.4

56.6

196.8

68.5

56.3

40.4

12.5

177.8

Optimum Communications Consolidated Operating Results

($ and shares in thousands, except per share data)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Revenue:

Broadband

884,081

900,060

3,542,230

3,645,460

Video

619,475

686,444

2,590,790

2,896,600

Telephony

60,841

65,393

253,677

277,938

Mobile

47,971

34,149

164,568

117,084

Residential revenue

1,612,368

1,686,046

6,551,265

6,937,082

Business services and wholesale

401,842

371,258

1,489,061

1,471,764

News and Advertising

144,756

157,485

471,800

486,172

Other

23,906

20,238

78,341

59,399

Total revenue

2,182,872

2,235,027

8,590,467

8,954,417

Operating expenses:

Programming and other direct costs

664,948

721,893

2,637,181

2,896,570

Other operating expenses

636,233

692,472

2,681,740

2,711,828

Restructuring, impairments and other operating items

30,562

8,171

1,687,130

23,696

Depreciation and amortization

453,484

471,728

1,696,974

1,642,231

Operating income (loss)

397,645

340,763

(112,558

)

1,680,092

Other income (expense):

Interest expense, net

(459,663

)

(434,902

)

(1,791,462

)

(1,763,166

)

Gain on investments and sale of affiliate interests

—

378

670

Gain on interest rate swap contracts, net

755

8,412

613

18,632

Loss on extinguishment of debt and write-off of deferred financing costs

(21,809

)

(5,866

)

(23,502

)

(12,901

)

Other expense, net

(663

)

(1,149

)

(3,051

)

(5,675

)

Loss before income taxes

(83,735

)

(92,364

)

(1,929,955

)

(82,348

)

Income tax benefit

31,900

46,116

96,908

4,071

Net loss

(51,835

)

(46,248

)

(1,833,047

)

(78,277

)

Net income attributable to noncontrolling interests

(19,363

)

(7,868

)

(35,977

)

(24,641

)

Net loss attributable to Optimum Communications stockholders

(71,198

)

(54,116

)

(1,869,024

)

(102,918

)

Net loss per share:

Basic and diluted net loss per share attributable to Optimum Communications, Inc. stockholders

(0.15

)

(0.12

)

(4.00

)

(0.22

)

Basic and diluted weighted average common shares (in thousands)

469,785

461,536

467,782

459,888

Optimum Communications, Inc. Consolidated Statements of Cash Flows

($ in thousands)

Twelve Months Ended December 31,

2025

2024

Cash flows from operating activities:

Net loss

(1,833,047

)

(78,277

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

1,696,974

1,642,231

Gain on investments, sale of assets or sale of affiliate interests

(55,119

)

(670

)

Loss on extinguishment of debt and write-off of deferred financing costs

23,502

12,901

Amortization of deferred financing costs and discounts (premiums) on indebtedness

26,479

19,628

Share-based compensation expense

64,088

67,162

Deferred income taxes

(222,887

)

(396,052

)

Decrease in right-of-use assets

44,756

44,632

Allowance for credit losses

67,792

86,561

Indefinite-lived cable franchise rights impairment

1,611,308

—

Other

4,398

6,436

Change in operating assets and liabilities, net of effects of acquisitions and dispositions:

Accounts receivable, trade

(72,322

)

(58,917

)

Prepaid expenses and other assets

(63,901

)

30,205

Amounts due from and due to affiliates

117

(44,486

)

Accounts payable and accrued liabilities

(138,688

)

3,880

Interest payable

7,501

131,701

Deferred revenue

59,972

11,018

Interest rate swap contracts

7,534

104,448

Net cash provided by operating activities

1,228,457

1,582,401

Cash flows from investing activities:

Capital expenditures

(1,347,294

)

(1,433,013

)

Payments for acquisitions, net of cash acquired

(7,616

)

(38,532

)

Proceeds related to sale of equipment, net of costs of disposal

65,513

6,311

Additions to other intangible assets

(4,399

)

(1,362

)

Other, net

—

11,083

Net cash used in investing activities

(1,293,796

)

(1,455,513

)

Cash flows from financing activities:

Proceeds from long-term debt

3,835,000

4,214,750

Repayment of debt

(2,560,602

)

(4,223,233

)

Principal payments on finance lease obligations

(103,241

)

(127,349

)

Payment related to acquisition of a noncontrolling interest

—

(7,261

)

Additions to deferred financing costs

(170,544

)

(19,560

)

Distributions to noncontrolling interests

(26,452

)

—

Other, net

(24,797

)

(9,325

)

Net cash provided (used in) by financing activities

949,364

(171,978

)

Net increase (decrease) in cash and cash equivalents

884,025

(45,090

)

Effect of exchange rate changes on cash and cash equivalents

594

(424

)

Net increase (decrease) in cash, cash equivalents and restricted cash

884,619

(45,514

)

Cash, cash equivalents and restricted cash at beginning of year

256,824

302,338

Cash, cash equivalents and restricted cash at end of year

1,141,443

256,824

Reconciliation of Non-GAAP Financial Measures

We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees). We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue.

Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities.

We believe Adjusted EBITDA is an appropriate measure for evaluating our operating performance. Adjusted EBITDA and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to our ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.

We also use Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as a liquidity measure. We believe this measure is useful to investors in evaluating our ability to service our debt and make continuing investments with internally generated funds, although it may not be directly comparable to similar measures reported by other companies.

Reconciliation of Net Loss to Adjusted EBITDA

($ in thousands)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Net loss

(51,835

)

(46,248

)

(1,833,047

)

(78,277

)

Income tax benefit

(31,900

)

(46,116

)

(96,908

)

(4,071

)

Other expense, net

663

1,149

3,051

5,675

Gain on interest rate swap contracts, net

(755

)

(8,412

)

(613

)

(18,632

)

Gain on investments and sale of affiliate interests

—

(378

)

(670

)

Loss on extinguishment of debt and write-off of deferred financing costs

21,809

5,866

23,502

12,901

Interest expense, net

459,663

434,902

1,791,462

1,763,166

Depreciation and amortization

453,484

471,728

1,696,974

1,642,231

Restructuring, impairments and other operating items

30,562

8,171

1,687,130

23,696

Share-based compensation

20,459

16,811

64,087

67,162

Adjusted EBITDA

902,150

837,473

3,335,633

3,413,181

Adjusted EBITDA margin

41.3

37.5

38.8

38.1

Reconciliation of net cash flow from operating activities to Free Cash Flow (Deficit)

(in thousands)

(unaudited):

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Net cash flows from operating activities

481,561

439,922

1,228,457

1,582,401

Less: Capital expenditures (cash)

282,131

390,038

1,347,294

1,433,013

Free Cash Flow (Deficit)

199,430

49,884

(118,837

)

149,388

Consolidated Net Debt as of December 31, 2025

($ in millions)

CSC Holdings, LLC Restricted Group

Principal

Amount

Coupon /

Margin

Maturity

Drawn RCF

$2,125

SOFR+2.350%

2027

Term Loan B-5

2,828

ABR (18)

2027

Guaranteed Notes

1,310

5.500%

2027

Guaranteed Notes

1,000

5.375%

2028

Guaranteed Notes

1,000

11.250%

2028

Guaranteed Notes

2,050

11.750%

2029

Guaranteed Notes

1,750

6.500%

2029

Guaranteed Notes

1,100

4.125%

2030

Guaranteed Notes

1,000

3.375%

2031

Guaranteed Notes

1,500

4.500%

2031

Senior Notes

1,046

7.500%

2028

Legacy unexchanged Cequel Notes

7.500%

2028

Senior Notes

2,250

5.750%

2030

Senior Notes

2,325

4.625%

2030

Senior Notes

500

5.000%

2031

CSC Holdings, LLC Restricted Group Gross Debt

21,788

CSC Holdings, LLC Restricted Group Cash

(919)

CSC Holdings, LLC Restricted Group Net Debt

$20,869

CSC Holdings, LLC Restricted Group Undrawn RCF

$166.5

Cablevision Lightpath LLC

Principal Amount

Coupon / Margin

Maturity

Drawn RCF (19)

$—

SOFR+3.00%

Term Loan (20)

669

SOFR+3.00%

2027

Senior Secured Notes

450

3.875%

2027

Senior Notes

415

5.625%

2028

Cablevision Lightpath Gross Debt

1,534

Cablevision Lightpath Cash

(61)

Cablevision Lightpath Net Debt...

$1,473

Cablevision Lightpath Undrawn RCF

$76.4

NYC ABS

Principal Amount

Coupon / Margin

Maturity

Receivables Facility Loan and Security Agreement

$980

8.875%

2031

UnSub Group Credit Agreement

Principal Amount

Coupon / Margin

Maturity

Term Loan B-8

$2,000

9.000%

2028

Net Leverage Schedule as of December 31, 2025

($ in millions)

CSC Holdings Restricted Group (21)

Cablevision Lightpath LLC

NYC ABS

UnSub Group

Optimum Communications Consolidated

Gross Debt Consolidated (22)

$21,788

$1,534

$980

$2,000

$26,302

Cash

(919)

(61)

—

(1)

(1,012)

Net Debt Consolidated (7)

$20,869

$1,473

$980

$1,999

$25,290

LTM EBITDA

$997

$290

$408

$1,628

$3,336

L2QA EBITDA

$1,044

$322

$407

$1,682

$3,466

Net Leverage (LTM)

20.9x

5.1x

2.4x

1.2x

7.6x

Net Leverage (L2QA) (8)

20.0x

4.6x

2.4x

1.2x

7.3x

WACD(%) (9)

6.6%

5.3%

8.9%

9.0%

6.8%

Reconciliation to Financial Reported Debt

Optimum Communications Consolidated

Total Debenture and Loans from Financial Institutions (Carrying Amount)

$26,101

Unamortized financing costs and discounts, net of unamortized premiums

201

Gross Debt Consolidated (22)

26,302

Finance leases

106

Total Debt

26,408

Cash

(1,012)

Net Debt Including Finance Leases

$25,396

(1)

See “Reconciliation of Non-GAAP Financial Measures” beginning on page 8 of this earnings release.

(2)

Capital intensity refers to total cash capital expenditures as a percentage of total revenue.

(3)

Beginning Q1 2025, capital intensity calculation excluding FTTH and new build includes capitalized labor related to FTTH.

(4)

Broadband ARPU is calculated by dividing the average monthly residential broadband revenue for the respective period by the average number of total residential broadband customers for the same period.

(5)

Residential ARPU is calculated by dividing the average monthly revenue for the respective period derived from the sale of broadband, video, telephony and mobile services to residential customers by the average number of total residential customers for the same period and excludes mobile-only customer relationships.

(6)

Mobile penetration of broadband base is expressed as the percentage of customers subscribing to both broadband and mobile services divided by the total broadband customer base. Excludes mobile only customers.

(7)

Net debt, defined as the principal amount of debt less cash, and excluding finance leases and other notes.

(8)

L2QA leverage is calculated as quarter end net debt consolidated divided by the last two quarters of Adjusted EBITDA annualized.

(9)

The weighted average cost of debt includes floating to fixed interest rate swaps at Cablevision Lightpath LLC and Optimum Communications Consolidated.

(10)

Customer metrics as of September 30, 2024 reflect adjustments to align to the Company’s bulk residential subscriber count policy, resulting in an increase of 4.7 thousand residential customer relationships, 3.8 thousand broadband customers and 5.2 thousand video customers. The impact of these adjustments to customer relationships, broadband and video customer net additions was not material for any period presented and as such prior period metrics were not restated.

(11)

Subscriber net additions (losses) and passings additions exclude 8.3 thousand passings, 2.1 thousand customer relationships, 1.9 thousand broadband subscribers and 0.5 thousand video subscribers that were transferred in connection with a small system sale in Q4-24.

(12)

Total passings represents the estimated number of single residence homes, apartments and condominium units passed by the HFC and FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our hybrid-fiber-coaxial (HFC) and fiber-to-the-home (FTTH) network. Broadband services were not available to approximately 26 thousand total passings and telephony services were not available to approximately 460 thousand total passings as of December 31, 2025.

(13)

Total Unique Customer Relationships represent the number of households/businesses that receive at least one of our fixed-line services. Customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our HFC and FTTH network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per-view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk residential customers, such as an apartment building, we count each subscribing unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual room units at that hotel.

(14)

Total Customer Relationship metrics do not include mobile-only customers.

(15)

Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The FY 2024, Q1 2025, Q2 2025, Q3 2025, and FY 2025 ending lines include approximately 4.4 thousand, 7.5 thousand, 10.8 thousand, 14.2 thousand, and 17.6 thousand lines related to business customers, respectively. The service revenue related to these business customers is reflected in "Business services and wholesale" in the table above.

(16)

Represents the estimated number of single residence homes, apartments and condominium units passed by the FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our FTTH network.

(17)

Represents number of households/businesses that receive at least one of our fixed-line services on our FTTH network. FTTH customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our FTTH network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk residential customers, such as an apartment building, we count each subscribing unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual room units at that hotel.

(18)

Beginning on March 31, 2025, we are required to pay interest on the Incremental Term Loan B-5 at a rate equal to the alternate base rate (“ABR”), plus the applicable margin, where the ABR is the greater of (x) prime rate or (y) the federal funds effective rate plus 50 basis points, and the applicable margin for any ABR loan is 1.50% per annum. Prior to March 31, 2025, we paid interest at a rate equal to Synthetic USD London Interbank Offered Rate plus 2.50% per annum.

(19)

Under the extension amendment to the Lightpath credit agreement entered into in February 2024, the aggregate principal amount of revolving loan commitments available under the credit agreement increased to $115 million, of which $95 million of revolving credit commitments, if drawn, would be due on the earlier of (i) June 15, 2027 and (ii) the date that is five business days after any Extension Breach Date (as defined in Lightpath's amended credit agreement); and $20 million of revolving credit commitments expired on November 30, 2025.

(20)

In January 2025, Lightpath entered into a refinancing amendment to its credit agreement which reduced the applicable margins on its Term SOFR loans (as defined in Lightpath's amended credit agreement) from 3.25% per annum to 3.00%. Additionally, after giving effect to the refinancing amendment, interest on borrowings made under the Term SOFR loans are calculated without giving effect to the spread adjustments (0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) initially provided for under Lightpath's amended credit agreement.

(21)

CSC Holdings, LLC Restricted Group excludes the unrestricted subsidiaries, primarily Cablevision Lightpath LLC, Cablevision Funding LLC, Cablevision Litchfield, LLC and CSC Optimum Holdings, LLC, and certain subsidiaries of CSC Holdings designated as “unrestricted subsidiaries” for the purposes of the CSC Holdings silo on November 25, 2025.

(22)

Principal amount of debt excluding finance leases and other notes.

Certain numerical information is presented on a rounded basis. Minor differences in totals and percentage calculations may exist due to rounding.

About Optimum Communications

Optimum Communications, Inc. (NYSE: OPTU) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to approximately 4.3 million residential and business customers across 21 states through its Optimum brand. We operate Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. We also operate News 12, which is focused on delivering best-in-class hyperlocal news content.

FORWARD-LOOKING STATEMENTS

Certain statements in this earnings release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this earnings release, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things, our future financial condition, liquidity, capital structure and results of operations; our strategy, objectives, prospects and trends; our 2026 priorities, including, among other things: improving broadband trends (including simplifying packaging and pricing and improving convergence and value-added product sell-in), maintaining financial discipline (including base management, product margin expansion, workforce evolution and our AI and automation capabilities) and investing for long-term value creation (including fiber expansion, network upgrades and investment in technology and tools); our capital structure, refinancing activities and transformation plans (including our ability to realize the anticipated benefits of financing and strategic transactions); our expectations regarding macroeconomic conditions, consumer demand, subscriber and market share trends and competitive dynamics, as well as other future events and developments; our go-to-market strategies; our ability to achieve targets for revenue, broadband ARPU, programming and other direct costs, other operating expense, Adjusted EBITDA, cash capital expenditures and passings additions; network enhancements (including our hyperscaler expansion opportunities); our pricing and rate management strategies and the anticipated benefits thereof; our rebranding and related initiatives and the expected benefits thereof; assumptions regarding impairment assessments and future asset valuations; and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including without limitation the terms “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “opportunity”, “plan”, “project”, “should”, “target”, “outlook”, or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. To the extent that statements in this earnings release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. You are cautioned to not place undue reliance on Optimum Communications’ forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made. Optimum Communications specifically disclaims any obligation to publicly update or revise any forward-looking statement, as of any future date.