T-Mobile US (TMUS) Wells Fargo's 9th Annual TMT Summit summary

CEO transition and strategic priorities

• New CEO Srini Gopalan brings continuity, having served on the board for a decade and aligning with existing strategy.

• Three main priorities: extend network leadership, elevate customer experience through digitalization, and drive broadband success.

• Transition occurs during a period of strong performance and is seen as a proactive move for future growth.

Competitive landscape and market dynamics

• Q4 remains highly competitive with headline offers like four for $100, but most new customers opt for premium plans.

• No significant concerns about competitive behavior from rivals, even with recent CEO changes at competitors.

• Increased switching and upgrade activity is viewed as a normalization, benefiting share takers.

• Post-paid phone churn is at industry lows, supporting continued growth.

Broadband and convergence strategy

• Nearly 9 million broadband customers, aiming for 12 million by end of 2028, with a focus on fixed wireless and selective fiber expansion.

• No evidence that fiber/mobile bundling significantly impacts mobile performance; bundling lowers churn but is not seen as a major threat.

• Fixed wireless growth is robust, with 70% of new customers in urban/suburban areas and most share gains from cable.

• Fiber and fixed wireless serve different customer segments and are viewed as complementary.