• Delivered accelerating revenue growth and continued strong EBITDA growth
• Added record fiber broadband customers while growing ARPU
• Set new industry standard with Net Promoter Score six times higher than closest cable competitor
• Raised the low end of Adjusted EBITDA guidance following strong first half performance

Dallas, US – Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”) reported second-quarter 2024 results today.

“We continued to see strong demand for our high-speed, reliable fiber internet which drove record fiber broadband net additions in the second quarter. As a result, we delivered our second successive quarter of year-over-year revenue growth and our fourth consecutive quarter of Adjusted EBITDA growth,” said Nick Jeffery, President and Chief Executive Officer of Frontier. “Growth in both customers and ARPU this quarter resulted in a 21% year-over-year increase in fiber broadband revenue and expanding Adjusted EBITDA margins.”

Jeffery continued, “These results demonstrate how momentum in our fast-growing fiber business is building and driving sustainable financial performance. At the same time, we have earned an NPS score that is now six times higher than our closest cable competitor, showing clearly why customers are choosing Frontier over cable. Heading into the second half of the year, our team remains focused on continuing to provide value to our customers and accelerating growth in 2024 and beyond.”

Second-Quarter 2024 Highlights

• Added a record 388,000 fiber passings to reach 7.2 million total locations passed with fiber
• Added a record 92,000 fiber broadband customers, resulting in fiber broadband customer growth of 18.6% year-over-year
• Revenue of $1.48 billion increased 2.1% year-over-year as growth in fiber-based products was partly offset by declines in copper-based products
• Operating income of $91 million and net loss of $123 million
• Adjusted EBITDA of $560 million increased 5.1% year-over-year driven by revenue growth and cost savings ¹
• Cash capital expenditures of $626 million plus $52 million of vendor financing payments, for total cash capital investment of $678 million ²
• Generated net cash from operations of $374 million

Second-Quarter 2024 Consumer Results

• Consumer revenue of $789 million increased 1.8% year-over-year as growth in fiber was partly offset by declines in copper
• Consumer fiber revenue of $523 million increased 13.2% year-over-year as growth in broadband was partly offset by declines in video and voice
• Consumer fiber broadband revenue of $393 million increased 22.8% year-over-year driven by growth in both fiber broadband customers and ARPU
• Consumer fiber broadband customer net additions of 90,000 resulted in consumer fiber broadband customer growth of 19.2% year-over-year
• Consumer fiber broadband customer churn of 1.40% compared to 1.41% in the second quarter of 2023
• Consumer fiber broadband ARPU of $65.32 increased 3.5% year-over-year

Second-Quarter 2024 Business and Wholesale Results

• Business and Wholesale revenue of $677 million increased 3.7% year-over-year as growth in fiber was partly offset by declines in copper
• Business and Wholesale fiber revenue of $317 million increased 11.6% year-over-year driven by growth in data and internet services
• Business and Wholesale fiber broadband customer net additions of 2,000 resulted in Business and Wholesale fiber broadband customer growth of 9.8% year-over-year
• Business and Wholesale fiber broadband customer churn of 1.31% compared to 1.29% in the second quarter of 2023 ³
• Business and Wholesale fiber broadband ARPU of $97.83 decreased 2.5% year-over-year ³

Capital Structure

As of June 30, 2024, Frontier had total liquidity of $2.3 billion, including a cash and short-term investments balance of approximately $1.2 billion, $0.6 billion of available borrowing capacity on its revolving credit facility, and $0.5 billion of available borrowing capacity on its variable funding notes facility, subject to customary drawing conditions. Frontier’s net leverage ratio on June 30, 2024, was approximately 4.6x ⁴ . Frontier has no long-term debt maturities prior to 2027.

2024 Outlook ⁵

Frontier today updated EBITDA, net cash interest expense, and cash taxes guidance, while reaffirming all other operational and financial expectations for 2024.

Changes to Guidance

• Adjusted EBITDA of $2.22 - $2.25 billion, an increase to the low end of the range from prior guidance of $2.20 - $2.25 billion ¹
• Net cash interest payments of approximately $760 million, an increase from prior guidance of $750 million, reflecting the fiber securitization offering and term loan refinancing completed in July 2024
• Cash taxes of approximately $10 million, a decrease from prior guidance of approximately $20 million

Unchanged from Prior Guidance

• Fiber passing additions of 1.3 million
• Cash capital investment of $3.00 - $3.20 billion ²
• Pension and OPEB expense of approximately $40 million (net of capitalization)
• Cash pension and OPEB contributions of approximately $125 million

Conference Call Information

As previously announced, Frontier will host a conference call to discuss second-quarter 2024 results today, August 2, 2024, beginning at 8:30 a.m. Eastern Time.

The conference call webcast and presentation materials are accessible through Frontier’s Investor Relations website and will remain archived at this location.