Telephone and Data Systems (TDS) Global Communications Infrastructure Conference summary

Corporate history and asset base

• Originated from UScellular, retaining 4,400 towers, 30% of spectrum, and minority stakes in wireless partnerships after selling wireless operations to T-Mobile in August 2024.

• Partnership investments generate $150–160 million in annual income and distributions.

• Three pillars of value: towers, spectrum, and partnership investments.

Operational strategy and growth

• Focused on operational execution, especially colocation growth, with Q2 2025 revenues up 12% (7% excluding application fees).

• In-house sales team has driven over 100% increase in colocation applications.

• T-Mobile committed to colocate on 2,015 sites, boosting cash revenue by 50% starting August 2024.

• Actively managing ground lease expenses through extensions, purchases, and rent abatement for underutilized towers.

• Plan to reduce 800–1,800 naked towers by increasing colocations or considering sale/decommissioning.

Differentiation and market positioning

• Sufficient scale for success, with a lean structure and shared services from parent TDS.

• Streamlined MLAs with all major carriers and a rural-focused tower footprint, with a third of towers lacking nearby competition.

• Positioned to benefit from rural edgeouts and mid-band expansion by carriers.