Array Digital Infrastructure (AD) Raymond James TMT and Consumer Conference summary

Industry trends and convergence

• Convergence between wireless and cable is seen as real and accelerating, with cable companies gaining wireless market share and consumers attracted to bundled offerings.

• Market penetration for cable wireless is expected to double in the next five years, driven by bundling and price competition.

• Current convergence is more about pricing and bundling than true integration, but Wi-Fi offload and network integration are increasing.

Strategic transactions and spectrum

• Wireless operations and significant spectrum assets are being sold to T-Mobile, Verizon, and AT&T, with remaining C-band and millimeter wave spectrum to be monetized later.

• The T-Mobile transaction is on track for a mid-2025 close, with no expected delays from administrative changes.

• Minority partnerships generate $150 million in annual cash and are held for liquidity, but could be sold if the right offer arises.

Fixed wireless and fiber strategies

• Fixed wireless is growing, especially in rural and suburban areas, expected to surpass $100 million in revenue in 2025.

• Fiber expansion is a priority, aiming for 1.2 million service addresses by 2026 and up to 80% fiber coverage by 2028-2029.

• E-ACAM funding will accelerate fiber buildout, with a long-term goal of a nearly all-fiber network.