On this page of StockholderLetter.com we present the latest annual shareholder letter from Cable One, Inc. — ticker symbol CABO. Reading current and past CABO letters to shareholders can bring important insights into the investment thesis.

Letter from the CEO A Year of Execution, Discipline and Positioning for Long-Term Growth Dear Valued Cable One Shareholders, Operating With Purpose in a Changing Industry Earlier this year, I was honored to step into the role of Chief Executive Officer at Cable One. While I am new to the company, I bring more than three decades of experience in the broadband and cable industry, and I have long respected Cable One s role in delivering reliable connectivity to the communities it serves. The broadband industry continues to experience sustained pressure and change, driven by intensifying competition, evolving customer expectations and higher costs associated with network investment, technology modernization and customer acquisition. Operators across the industry are navigating a more complex environment as a result. Over my first two months, my focus has been on listening, learning and spending time with the associates who bring this work to life every day. A Business With Impact More than one million customers rely on Cable One for the connectivity that supports how they work, learn, access healthcare, stay entertained and remain connected to the people and communities that matter most. Providing that connectivity carries real responsibility, and it shapes how the company shows up for customers, communities and one another. That same sense of responsibility extends to shareholders. Cable One takes a thoughtful, long-term view of value creation one grounded in maintaining a healthy, resilient company that takes care of its associates, earns customer trust and remains invested in the communities it serves. The company s values Do Right by Those We Serve, Drive Progress and Lend a Hand continue to guide how these commitments are balanced and have provided clarity and continuity through a period of meaningful transformation. Against that backdrop, Cable One made deliberate choices to simplify operations, prioritize investment and sharpen its go-tomarket approach. The company invested in its people, upgraded critical platforms and strengthened its operations supporting a clear, disciplined focus on execution. A major milestone was the completion of a multi-year billing platform transformation, consolidating acquired brands onto a single platform and enabling a more consistent customer experience. In parallel, teams leaned into practical applications of artificial intelligence to support customer care, field operations, retention and decision-making. Together, these efforts are improving how the company operates and reducing complexity across the business. Our Values Do Right by Those We Serve Drive Progress Lend a Hand
Competing With Focus and Discipline Financial Stewardship Cable One has been deliberate in refining how it competes reshaping pricing, packaging and its product portfolio to better align with evolving customer needs. Targeted offerings such as Lift Internet and FlexConnect expand access for value-conscious households while providing choice in an increasingly competitive landscape. Financial discipline remains a cornerstone of Cable One s strategy. We continue to prioritize balance sheet strength, debt reduction and financial flexibility, supported by a business model that continues to generate durable free cash flow. This position allows the company to invest thoughtfully, strengthen the balance sheet and navigate competitive cycles while maintaining discipline. Demand for high-capacity broadband continues to grow, with more residential customers choosing Gig and Multi-Gig speeds as connectivity plays a central role in daily life. Ongoing investment in network capacity and reliability support a high-quality experience today, with headroom to accommodate continued growth in usage over time. Intelligent Wi-Fi, powered by eero, further enhances the in-home experience with improved coverage, performance and reliability. Beyond core broadband, the company is deepening customer relationships and increasing lifetime value through services such as TechAssist and Sparklight Mobile. These offerings are designed to support retention, wallet share and long-term customer relationships, rather than growth at any cost. Across all segments, customer retention remains a core priority. Improved platforms, targeted outreach and data-driven insights reinforce reliability and a neighborly customer experience as key points of differentiation. OUR 2025 RESULTS 1.5B Total Revenue 802M Adjusted EBITDA1 80% Residential High Speed Data and Business Services as a Percent of Revenue 1M Residential & Business High Speed Data PSUs 1 Adjusted EBITDA is a non-GAAP financial measure which is defined and reconciled to the most comparable GAAP financial measure on pages 49- 50 of the attached 2025 Annual Report on Form 10-K Sparklight Business also plays an important role in how the company competes and grows, serving small and mid-sized businesses, enterprise and carrier customers that rely on high-capacity connectivity. Disciplined growth in this division is supported by the company s fiber footprint and differentiated dark fiber and dedicated internet access offerings. At the center of this work are the associates who bring the strategy to life each day. From field technicians to customer care and support teams, Sparklight associates demonstrate care, pride and a strong sense of responsibility in how they serve customers and compete. In early 2026, we announced an agreement to acquire full ownership of Mega Broadband Investments Holdings, the parent company of Vyve Broadband. This transaction builds on a long-standing strategic partnership and reflects our confidence in the business and its alignment with our operating model. Full ownership is expected to expand our scale and geographic reach while creating opportunities for operational efficiencies over time. We are excited to join forces with the Vyve team in the fourth quarter of 2026. By combining Sparklight s strengths with Vyve s capabilities, we believe we are building something stronger together. This combination will allow us to connect more homes and businesses, support the everyday moments that rely on connectivity and continue to make a meaningful difference in the communities we call home. Looking Ahead As I take the helm, I want to acknowledge the good work already accomplished by the leadership team that guided Cable One through a period of meaningful transformation. My role is to take care of customers and associates while leading the changes required to win over the long term in an increasingly competitive landscape. It is to do so in a fiscally responsible manner that affords us the opportunities to continue to invest in our networks, systems and people to create lasting value for our shareholders. Thank you for your continued confidence in Cable One. We appreciate your trust and look forward to this next chapter together. Sincerely, Jim Holanda Chief Executive Officer
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CABO Shareholder/Stockholder Letter Transcript:


Letter from the CEO
A Year of Execution, Discipline
and Positioning for Long-Term Growth
Dear Valued Cable One Shareholders,
Operating With Purpose in a Changing Industry
Earlier this year, I was honored to step into the role of Chief
Executive Officer at Cable One. While I am new to the company,
I bring more than three decades of experience in the broadband
and cable industry, and I have long respected Cable One   s role
in delivering reliable connectivity to the communities it serves.
The broadband industry continues to experience sustained
pressure and change, driven by intensifying competition, evolving
customer expectations and higher costs associated with network
investment, technology modernization and customer acquisition.
Operators across the industry are navigating a more complex
environment as a result.
Over my first two months, my focus has been on listening, learning
and spending time with the associates who bring this work to life
every day.
A Business With Impact
More than one million customers rely on Cable One for the
connectivity that supports how they work, learn, access
healthcare, stay entertained and remain connected to the people
and communities that matter most.
Providing that connectivity carries real responsibility,
and it shapes how the company shows up for customers,
communities and one another.
That same sense of responsibility extends to shareholders. Cable
One takes a thoughtful, long-term view of value creation     one
grounded in maintaining a healthy, resilient company that takes
care of its associates, earns customer trust and remains invested
in the communities it serves. The company   s values     Do Right
by Those We Serve, Drive Progress and Lend a Hand     continue
to guide how these commitments are balanced and have
provided clarity and continuity through a period of meaningful
transformation.
Against that backdrop, Cable One made deliberate choices to
simplify operations, prioritize investment and sharpen its go-tomarket approach. The company invested in its people, upgraded
critical platforms and strengthened its operations     supporting
a clear, disciplined focus on execution.
A major milestone was the completion of a multi-year billing
platform transformation, consolidating acquired brands onto
a single platform and enabling a more consistent customer
experience. In parallel, teams leaned into practical applications
of artificial intelligence to support customer care, field operations,
retention and decision-making.
Together, these efforts are improving how the company operates
and reducing complexity across the business.
Our Values
Do Right by Those We Serve
Drive Progress
Lend a Hand

Competing With Focus and Discipline
Financial Stewardship
Cable One has been deliberate in refining how it competes    
reshaping pricing, packaging and its product portfolio to better
align with evolving customer needs. Targeted offerings such as
Lift Internet and FlexConnect expand access for value-conscious
households while providing choice in an increasingly competitive
landscape.
Financial discipline remains a cornerstone of Cable One   s strategy.
We continue to prioritize balance sheet strength, debt reduction
and financial flexibility, supported by a business model that
continues to generate durable free cash flow. This position allows
the company to invest thoughtfully, strengthen the balance sheet
and navigate competitive cycles while maintaining discipline.
Demand for high-capacity broadband
continues to grow, with more residential
customers choosing Gig and Multi-Gig speeds
as connectivity plays a central role in daily life.
Ongoing investment in network capacity and
reliability support a high-quality experience
today, with headroom to accommodate
continued growth in usage over time. Intelligent
Wi-Fi, powered by eero, further enhances
the in-home experience with improved coverage,
performance and reliability.
Beyond core broadband, the company is
deepening customer relationships and
increasing lifetime value through services such
as TechAssist and Sparklight Mobile. These
offerings are designed to support retention,
wallet share and long-term customer
relationships, rather than growth at any cost.
Across all segments, customer retention
remains a core priority. Improved platforms,
targeted outreach and data-driven insights
reinforce reliability and a neighborly customer
experience as key points of differentiation.
OUR 2025 RESULTS
1.5B

Total Revenue
802M

Adjusted EBITDA1
80%
Residential High Speed Data
and Business Services
as a Percent of Revenue
1M
Residential & Business
High Speed Data PSUs
1 Adjusted EBITDA is a non-GAAP financial measure
which is defined and reconciled to the most comparable
GAAP financial measure on pages 49- 50
of the attached 2025 Annual Report on Form 10-K
Sparklight Business also plays an important role in how
the company competes and grows, serving small
and mid-sized businesses, enterprise and carrier customers
that rely on high-capacity connectivity. Disciplined growth
in this division is supported by the company   s fiber footprint
and differentiated dark fiber and dedicated internet
access offerings.
At the center of this work are the associates who bring
the strategy to life each day. From field technicians to customer
care and support teams, Sparklight associates demonstrate
care, pride and a strong sense of responsibility in how they serve
customers and compete.
In early 2026, we announced an agreement
to acquire full ownership of Mega Broadband
Investments Holdings, the parent company of
Vyve Broadband. This transaction builds
on a long-standing strategic partnership and
reflects our confidence in the business
and its alignment with our operating model.
Full ownership is expected to expand our
scale and geographic reach while creating
opportunities for operational efficiencies
over time.
We are excited to join forces with
the Vyve team in the fourth quarter of 2026.
By combining Sparklight   s strengths
with Vyve   s capabilities, we believe we are
building something stronger together.
This combination will allow us to connect more
homes and businesses, support the everyday
moments that rely on connectivity
and continue to make a meaningful difference
in the communities we call home.
Looking Ahead
As I take the helm, I want to acknowledge the good work already
accomplished by the leadership team that guided Cable One
through a period of meaningful transformation. My role is to take
care of customers and associates while leading the changes
required to win over the long term in an increasingly competitive
landscape. It is to do so in a fiscally responsible manner that
affords us the opportunities to continue to invest in our networks,
systems and people to create lasting value for our shareholders.
Thank you for your continued confidence in Cable One.
We appreciate your trust and look forward to this next chapter
together.
Sincerely,
Jim Holanda
Chief Executive Officer

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