This report does not constitute a rating action. Margin expansion will likely drive modest EBITDA growth through 2027 despite limited organic revenue growth. S&P Global Ratings expects the shutdown of GCI LLC's low-margin video business in the third quarter of 2025 to support margin expansion through at least 2026. In addition, the acquisition of Quintillion (a fiber connectivity provider in Alaska) will likely result in about $20 million in cost synergies over the next couple of years such that S&P adjusted EBITDA margin improves to about 47% in 2027 from 44.4% in 2025. Still, we believe pro forma EBITDA growth will be 1%-3% through 2027 on limited organic revenue growth as 2%-3% revenue gains in consumer wireless are offset by
