Revenue increased 2% year over year to $184.2 million in 4Q:25 and was just above our $183.6 million forecast. The International segment performed better than projected, led by stronger wireless growth, while U.S. Telecom broadband growth was less than projected. EBITDA also beat our forecast, which, along with lower depreciation expense, led to EPS of $0.35 versus a loss of $0.13 a year earlier and beating our $0.03 EPS forecast. Despite the lower than projected broadband growth, network investments and operational changes have laid a foundation for improved growth in ATN's U.S. operations this year. ATN ended 2025 with net debt of $448 million and net leverage of 2.4x, which we expect to decline to 1.2x by year-end 2026, after the company completes the sale of its U.S. tower assets in 2Q:26. We raise our price target to $69 (from $39) based on 25x (was 14x) our 2027 free cash flow (FCF) per share estimate of $2.76, which we think better reflects the value that will be unlocked from the tower sale. Considering the company's asset base, rising cash flow, and leading market position in international markets, we maintain our Moderate risk rating.