Telephone and Data Systems, Inc. Q4 FY2025 earnings call

• Walter Carlson noted 2025 was transformative, completed largest transaction, strengthened balance sheet, and outlined five fundamental objectives for 2026 including strengthening corporate and capital structure, growing TDS Telecom's fiber business, supporting Array's success, and strengthening culture. • Vicki Villacrez shared progress on spectrum transactions, repaid term loan debt, discussed TDS capital allocation plan with elements like investment in fiber, M&A evaluation, and shareholder returns. • Ken Dixon provided update on fiber strategy progress, shared 2025 full year and Q4 performance, and outlined TDS Telecom priorities for 2026 including delivering fiber build plan, driving sales, creating best-in-class customer experience, and executing on business transformation. • Anthony Carlson discussed Array's business portfolio, spectrum monetization progress, T-Mobile MLA impact, financial results, and guidance for 2026.

TDS Telecom: In Q4 2025, added 58,000 new marketable fiber addresses, up sequentially over Q3 and 39% year over year. Full year 2025 delivered 140,000 new marketable fiber addresses. Residential fiber net adds ended Q4 with approximately 15,000, up 11% from 2024, bringing total for the year to approximately 45,000. Total operating revenues decreased 1% for the quarter and 2% for the full year, excluding divestitures, revenues were flat. Adjusted EBITDA improved 6% in Q4 but declined 6% for full year. Array Digital Infrastructure: Owns over 4,400 towers, holds wireless spectrum (principally C-band), and has minority interests in wireless partnerships. Q4 was first full quarter of T-Mobile MLA revenue. Cash site rental revenue increased 64% year over year from all customers in Q4, etc.

• TDS Telecom: Forecasts total telecom revenues of $1,015,000,000 to $1,055,000,000, adjusted EBITDA between $310,000,000 and $350,000,000, and to deliver 200,000 to 250,000 fiber service addresses in 2026 with capital expenditures in range of $550,000,000 to $600,000,000. • Array Digital Infrastructure: Guidance for 2026 includes total operating revenue range $200,000,000 to $215,000,000, adjusted EBITDA range $200,000,000 to $215,000,000, adjusted OIBDA $50 to $65,000,000, and capital expenditures $25,000,000 to $35,000,000.

• For Array, uncertainty with T-Mobile MLA and timing of interim site terminations, potential for incremental committed sites above MLA minimum. Also, DISH Wireless's assertions about its master lease agreement with Array being impacted by unforeseeable FCC actions and DISH generally failing to make contractually required payments. • General risks associated with forward-looking statements and subject to risks and uncertainty as mentioned in the call.

Q: Rick Prentiss asked about DISH in guidance, application pipeline, fiber target definition, EACAM vs expansion, sales focus.

A: Anthony Carlson said DISH out of guidance, optimistic about growth prospects, Chris Bautfeldt and Ken Dixon discussed fiber target definition, Vicki Villacrez and Chris Bautfeldt on EACAM vs expansion, Ken Dixon on sales focus.

Q: Sebastiano Carmine Petti asked about fiber in-year delivery, spectrum monetization, buyback of AD shares.

A: Ken Dixon talked about fiber delivery, Anthony Carlson on spectrum monetization, Walter Carlson and Vicki Villacrez on buyback.

Q: Michael Rollins asked about tower revenue growth rate, same store growth, TDS Telecom video.

A: Anthony Carlson on tower revenue growth, Kenneth Dixon on TDS Telecom video.

Q: David Barden asked about monetizing naked towers, unconsolidated investment interests.

A: Anthony Carlson on naked towers and unconsolidated investment interests.

Q: Sergei asked about TDS Telecom build lessons, Array tenancy ratio initiatives, C-band spectrum monetization.

A: Kenneth Dixon on TDS Telecom build lessons, Anthony Carlson on Array tenancy ratio initiatives and C-band spectrum monetization