Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 Q4 FY2024 earnings call

• 2024 was significant for the organization, with optimization of portfolio, investments in 5G and fiber, capital expenditures down, free cash flow up, margins expanded. • 2025 priorities: close T Mobile transaction and other Spectrum transactions, ensure remaining United States Cellular Corporation assets are successful, focus telecom business on fiber strategy, use proceeds to optimize capital structure, prioritize company culture. • United States Cellular Corporation in 2024 improved subscriber results, executed strategic review, had Spectrum transactions with proceeds, on track for mid-2025 close of T Mobile transaction. • TDS Telecom in 2024 advanced fiber strategy, grew residential revenues and adjusted EBITDA, planned for enhanced ACAM program. 2025 priorities: continue fiber program, focus on sales execution, fully launch TDS Mobile, execute transformation efforts

TDS Telecom: In 2024, advanced fiber strategy, grew fiber service addresses by 129,000, surpassing goal of 125,000, with over 50% of addresses served by fiber. Residential revenues increased 6%, adjusted EBITDA up 23% year-over-year. For 2025, targeting 150,000 fiber service addresses, capital expenditures in range of $375 to $425 million. United States Cellular Corporation: 2024 saw improved subscriber results, solid financials. Sold wireless business to T Mobile and various Spectrum transactions. Ended 2024 with about 4,400 owned towers, $169 million in cash distributions from unconsolidated entities. 2025 operational priorities include closing pending transactions, investing in customers, rolling out mid-band spectrum. No 2025 financial guidance provided for United States Cellular Corporation

• United States Cellular Corporation: Not issuing financial guidance for 2025 as pending transaction is subject to regulatory approvals. • TDS Telecom: Forecasting total telecom revenues of $1.03 billion to $1.07 billion in 2025, adjusted EBITDA between $320 million and $360 million, planning to deliver 150,000 fiber service addresses, capital expenditures in range of $375 to $425 million

• Pending transactions related to sale of wireless operations and Spectrum are subject to regulatory approvals and other closing conditions. • For United States Cellular Corporation, factors like debt exchange offer, employee liabilities, cash income tax obligations, and decommissioning costs related to naked towers may impact proceeds. • For TDS Telecom, investments in sales and marketing, transformation efforts may put pressure on adjusted EBITDA in near term. • FCC potential changes to spectrum cap could affect monetization of spectrum

Q: Why was now the right time to take on the role and what changes with Walter at the helm?

A: TDS board engaged in succession planning, transformative time with sales, board felt now right. Great continuity, focus on fiber and tower businesses.

Q: On tower reporting and AFFO, etc.?

A: Intention to provide AFFO reporting post T Mobile closed, but organizing as REIT not on road now.

Q: On TDS Telecom service addresses target, definition of long term?

A: Largely completing expansion and EACAM programs, over next five years reasonable, pacing commensurate with financial capacity.

Q: On TDS EBITDA burdened by investments and recovery?

A: 23% adjusted EBITDA growth in 2024, investments in sales, construction, transformation for future growth.

Q: On USM spectrum cap and monetization?

A: Spectrum cap not driving decision making, sold spectrum for good value, opportunistic means waiting for fair offer.

Q: On USM capital allocation priorities?

A: Uncertainty due to T Mobile tower selection impact, tower business generates attractive cash flows, potential to return capital to shareholders.

Q: On TDS fiber sales and marketing conversion?

A: Focus on staffing door to door sales teams to continue momentum.

Q: On TDS fiber build locations, competitors, cost?

A: Building in selected communities, competitive landscape favorable, invest in internal construction crews for cost savings.

Q: On USM wireless partnerships, cleaning up?

A: View partnerships as attractive financial assets, open to transactions but not seeing need to clean up.

Q: On USM not selling partnerships in transactions?

A: Came down to value, received bids ahead of book and market value