Array Digital Infrastructure
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Array Digital Infrastructure (AD) investor relations material

Array Digital Infrastructure 47th Annual Raymond James Institutional Investor Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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47th Annual Raymond James Institutional Investor Conference summary3 Mar, 2026

Strategic transformation and recent transactions

  • Completed sale of UScellular wireless operations to T-Mobile, with a special dividend of $23/share paid to Array shareholders on August 1, 2025.

  • Sold about 30% of spectrum to T-Mobile, another third to AT&T and Verizon; AT&T deal closed in January with a $10.25/share dividend paid in early February.

  • Verizon spectrum deal, valued at about $1 billion, is expected to close earlier than initially anticipated, possibly in 2Q or 3Q 2026.

  • Remaining C-band spectrum is prioritized for monetization, with timing aligned to upcoming auctions, particularly in Q2 2027.

Tower business outlook and performance

  • Array Digital now operates as a tower company with 4,400 towers, 30% in rural areas with limited competition.

  • Signed a 15-year master lease agreement with T-Mobile, providing long-term revenue stability.

  • Reported 8% same-store growth in Q4, reflecting both escalators and new colocation activity, net of churn.

  • Provided 2026 guidance with expected 6% same-store growth, excluding DISH revenue.

  • Targeting a 3x leverage ratio (net debt to EBITDA including minority interest) for flexibility and growth.

Fiber expansion and competitive positioning

  • TDS Telecom surpassed 1 million fiber passings in 2025, aiming to double to 2.1 million homes in 4–5 years.

  • Fiber buildout includes E-ACAM program for rural areas, with high expected penetration and 10-year regulatory revenue extension.

  • Expansion strategy focuses on being first to fiber in markets with low existing fiber presence, targeting tier 2 and 3 communities.

  • Actively reducing copper exposure to less than 5% of footprint within 4–5 years.

  • Launched fixed-mobile converged bundles across the footprint in mid-2025 to drive acquisition and retention.

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Q1 20261 May, 2026
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Frequently asked questions

United States Cellular Corporation, commonly known as UScellular, provides wireless telecommunications services in the United States. The company offers a range of services, including voice, messaging, and data services, to both individual and business customers. UScellular operates a robust network of retail stores and customer service centers, ensuring widespread accessibility for its customers. Additionally, the company provides various wireless devices such as smartphones, tablets, and accessories, alongside offering plans tailored to different customer needs. The sectors served by UScellular include consumer, business, and government markets. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.

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