Tear Sheet: Cable One Inc.

This report does not constitute a rating action. . As S&P Global Ratings' residential broadband assumptions remain largely intact, we expect competition will stay intense and lead Cable One to lose about 4% of subscribers, or 40,000, in 2025 (up from our previous estimate of 30,000). However, we expect broadband residential revenue decreases will improve to 2% for 2025 (up from 2.5%) from 5.5% in 2024 due to modestly higher average revenue per unit (ARPU) growth of 0.5%-1%. This is supported by a 2.4% year-over-year increase in ARPU in the second quarter of 2025 stemming from one-time benefits of its AutoPayPlus program, which includes a $5 surcharge for non-enrolled customers, as well as segmented pricing, promotional roll-offs, and gains from

...Rating Component Scores Foreign currency issuer credit rating ##-/Negative/-- Local currency issuer credit rating ##-/Negative/-- Business risk Fair Country risk Very Low Industry risk Intermediate Competitive position Fair Financial risk Aggressive Cash flow/leverage Aggressive Anchor ##- Modifiers Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile ##-...

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