Network investments and operational changes have laid a foundation for a return to growth in ATN U.S. operations, and recent results are showing positive signs of progress with the business' transformation. ATN is also leveraging government grants to expand its network and drive growth. Growth from these government-funded investments will become more meaningful this year as network buildouts are completed. With its major company-funded fiber investments complete, free cash flow (FCF) is showing strong improvement and the balance sheet remains in good shape, with $460 million of net debt and net leverage of 2.5x at the end of 3Q:25. We maintain our $39, based on 14x our 2027 FCF per share estimate of $2.76. Considering the company's asset base, rising cash flow, and leading market position in international markets, we maintain our Moderate risk rating.