Telephone and Data Systems (TDS) 47th Annual Raymond James Institutional Investor Conference summary

Strategic transformation and recent transactions

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

• Sold approximately 30% of spectrum to T-Mobile, another third to AT&T (closed January, $10.25/share dividend paid in early February), and a pending $1B spectrum deal with Verizon expected to close in 2Q or 3Q 2026.

• Remaining C-band spectrum is prioritized for monetization, with timing aligned to upcoming industry auctions, targeting optimal value.

• Company rebranded as Array Digital, focusing on tower operations and long-term value creation.

Tower business outlook and performance

• Operates 4,400 towers, with 30% in rural areas lacking nearby competition, and a 15-year master lease agreement with T-Mobile.

• Reported 8% same-store growth in Q4, reflecting both co-location and escalator revenue, net of churn.

• 2026 guidance projects 6% same-store growth excluding DISH, with ongoing transition and wind-down costs expected to decline in late 2026.

• Targeting a 3x net debt to EBITDA leverage ratio, including minority interest, to maintain flexibility for growth.

• Does not view satellite as a near- or medium-term threat to tower or fiber businesses due to strong carrier relationships and technology advantages.

Fiber expansion and TDS Telecom strategy

• Surpassed 1 million fiber passings in 2025, aiming to double to 2.1 million homes over the next 4-5 years.

• Fiber buildout driven by two programs: E-ACAM (300,000 rural addresses, high penetration, regulatory revenue extension) and expansion into hand-selected markets with favorable competitive dynamics.

• Focused on being first to fiber in expansion markets, targeting areas with low incumbent fiber presence and strong returns.

• Actively reducing copper exposure to below 5% of footprint within 4-5 years, emphasizing buried fiber for operational efficiency.

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