Array Digital Infrastructure, Inc. · NYSE:AD
Array Digital Infrastructure — Q4 2025 Earnings Presentation
33 slides from Array Digital Infrastructure's earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results 2025 Accomplishments 2026 Strategic Priorities February 20, 2026
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 All information set forth in this presentation about Telephone and Data Systems, Inc., including its subsidiaries Array and TDS Telecom, except historical and factual information, represents forward-looking statements.
Slide 3: 2025 Accomplishments
2025 Accomplishments Successfully closed the T-Mobile transaction Grew TDS Telecom's fiber business to 1.06M addresses 3 Set-up Array for success as a tower company Appointed new CEOs at TDS, TDS Telecom, and Array Continued to focus on our culture 3 Telephone and Data Systems. All Rights Reserved.
Slide 4: 2026 Enterprise - Priorities
2026 Enterprise - Priorities Strengthen TDS' corporate and capital structure 4 Grow TDS Telecom's Opportunistically fiber business monetize remaining spectrum Support Array's Continue to success as a tower strengthen TDS' company culture 4 Telephone and Data Systems. All Rights Reserved.
Slide 5: Capital Update
Capital Update Capital Allocation Activities Closed Sale of $1.018B Fiber Increased long-term marketable fiber service Array Spectrum1 (3.45GHz and 700MHZ) Deployment address goal to 2.1 million 5 (1) Leverage measured as gross bank leverage (Total Debt / Adjusted EBITDA) TDS Received $726M in Speci
Slide 6: Telephone and Data Systems. All Rights Reserved.
6 Telephone and Data Systems. All Rights Reserved.
Slide 7: 2025 Highlights
2025 Highlights Delivered 58,000 new marketable fiber addresses in Q4; 140,000 for the full year 2025 7 Grew residential fiber connections by 15,100 in Q4; 44,900 for the full year 2025 Exercised disciplined portfolio optimization and investment to support long-term growth priorities 7 Telephone and
Slide 8: Updated Long-Term Goals
Updated Long-Term Goals We are raising our marketable fiber service address goal to 2.1M Goal: Goal: Goal: 2.1 million 80% 95% 8 marketable service addresses service addresses with fiber service served by fiber multi-gig speeds addresses** Where we are: Where we are: Where we are: 1.06 million 57% 7
Slide 9: 2026 TDS Telecom Priorities
2026 TDS Telecom Priorities Deliver on build plan Increase sales to grow fiber net adds 200,000 - 250,000 9 new fiber addresses Create a best-in-class Streamline systems and customer experience processes to support business transformation 9 Telephone and Data Systems. All Rights Reserved.
Slide 10: Fiber drives footprint growth
Fiber drives footprint growth New Marketable Fiber Addresses Total Marketable Fiber Service Addresses 39% 83% 70,000 1,200,000 60,000 1,000,000 10 50,000 800,000 40,000 600,000 30,000 400,000 20,000 200,000 10,000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'22 Q4'23 Q4'24 Q4'25 10 Telephone and Data Systems. A
Slide 11: Fiber drives residential connection growth
Fiber drives residential connection growth Residential Fiber Net Additions Residential Fiber Connections (2022 - 2025) 11% 1.9x 16,000 350,000 14,000 300,000 11 12,000 250,000 10,000 200,000 8,000 150,000 6,000 100,000 4,000 2,000 50,000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'22 Q4'23 Q4'24 Q4'25 11 Telep
Slide 12: Quarterly revenue results
Quarterly revenue results Residential Revenue Operating Revenues per Connection ($M) $300 $67.50 $264 $261 Note: $250 $31 Divested markets $65.95 $42 12 2% accounted for a $3M decrease $65.00 64.72 $200 year-over-year $86 $80 $150 $65 $59 $62.50 $100 $37 $34 $50 $44 $46 $60.00 Q4'24 Q4'25 Q4'24 Q4'2
Slide 13: TDS Telecom operating performance
TDS Telecom operating performance % % ($M) Q4’25 Q4’24 Change 2025 2024 Change Total operating revenues $ 261 $ 264 (1)% $ 1,038 $ 1,061 (2)% 13 (1) Expenses related to the strategic alternatives review were $3.5 M in Q3'25 and $0 in Q3'24. (2) See appendix for explanation. Cash expenses (1) 180 187
Slide 14: 2026 TDS Telecom guidance
2026 TDS Telecom guidance(1) ($M) 2025 2026 As of February 20, 2026 Actual Estimates Total operating revenues $1,038 $1,015-$1,055 14 Adjusted EBITDA (2) (Non-GAAP) $330 $310-$350 Adjusted OIBDA (2) (Non-GAAP) $319 $300-$340 Capital expenditures $406 $550-$600 The 2025 divestitures impact year-over-
Slide 15: Telephone and Data Systems. All Rights Reserved.
15 Telephone and Data Systems. All Rights Reserved.
Slide 16: Array Value Pillars
Array Value Pillars Growing Tower Non-controlling Spectrum Business Investment Interests 16 Continue to Non-controlling 100% U.S. opportunistically investment interests monetize generate meaningful 4,450 Owned towers income and Principally C-Band distributions 16 Telephone and Data Systems. All Righ
Slide 17: 2026 Array Priorities
2026 Array Priorities Support T-Mobile Grow colocation integration revenue 17 Close pending Opportunistically spectrum monetize remaining transactions spectrum Optimize ground Build an outstanding leases associate experience 17 Telephone and Data Systems. All Rights Reserved.
Slide 18: Opportunistically monetizing spectrum
Opportunistically monetizing spectrum Reached agreements to monetize over 70% of Array's total spectrum holdings, measured on a MHz-Pops basis, including the T-Mobile transaction Band MHz-Pops Band MHz-Pops Band Cellular MHz-Pops 663 3.45 GHz 700 MHz B/C 1,250 331 August 2025 700 MHZ (A Block) 133 F
Slide 19: Tower Locations
Tower Locations 19 19 Telephone and Data Systems. All Rights Reserved.
Slide 20: Towers – Q4 2025 operating highlights
Towers – Q4 2025 operating highlights Q4 2025 Tower Rental Revenue Distribution Tower Metrics 7% 12/31/2024 (1) For the month of September 2025 which is a full period after implementation of the T-Mobile MLA 12/31/2025 (proforma) (3) 20 15% (2) Includes ~600 existing pre-MLA sites and the 2,015 MLA
Slide 21: Site rental revenues
Site rental revenues Total Cash Site Rental Revenues ($ thousands) (Dollars in thousands) Q4'25 Q4'24 $49,800 + 96% total Cash site rental revenue Existing leases (1) $26,375 $25,375 + 64% 21 New leases since January 1, 2025 (1) Existing leases includes the impact of escalators and amendments to exi
Slide 22: Array operating performance
Array operating performance ($ thousands) Q4'25 Q4'24 Change 2025 2024 Change Site rental $ 54,990 $ 26,019 N/M $ 154,654 $ 102,610 51 % Services 5,338 70 N/M 8,307 323 N/M Total operating revenues 60,328 26,089 N/M 162,961 102,933 58 % Cost of operations 22,823 20,174 13 % 79,485 72,997 9% Selling,
Slide 23: Capital Expenditures - Towers
Capital Expenditures - Towers Full year ended December 31, 2025 28% Tower builds and augmentation (1) $ 17,954 60% 23 12% Purchase of land interests 3,624 Maintenance and other 8,333 Total $ 29,911 Tower builds and augmentations Purchase of land interests Maintenance and other (1) Primarily includes
Slide 24: Tower tenancy post T-Mobile integration
Tower tenancy post T-Mobile integration T-Mobile has until January 2028 to finalize Committed Site selection, after which Array estimates owning between 800 - 1,800 tenantless (naked) towers Tenantless (naked) towers 24 Assess long-term Ongoing lease up efforts Ground rent rationalization alternativ
Slide 25: Noncontrolling investment interests provide significant cash flow
Noncontrolling investment interests provide significant cash flow Four entities historically contribute >80% of equity income and distributions (2022 - 2024) (Dollars in millions) 2022 2023 2024 2025 (1)(2)(3) Equity in earnings of unconsolidated $158 $158 $161 $174 25 entities Distributions from un
Slide 26: 2026 Array guidance
2026 Array guidance(1) ($M) 2025 2026 As of February 20, 2026 Actual Estimates 26 Total operating revenues $163 $200-$215 Adjusted EBITDA (2) (Non- $194 $200-$215 GAAP) Adjusted OIBDA (2) $1 $50-$65 (Non-GAAP) Capital expenditures $30 $25-$35 (1) There can be no assurance that final results will not
Slide 27: Appendix
Appendix
Slide 28: Adjusted OIBDA and Adjusted EBITDA Reconciliation
Adjusted OIBDA and Adjusted EBITDA Reconciliation Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 ($ in thousands) Array TDS Telecom TDS* Array TDS Telecom TDS* Net income from continuing operations (GAAP) $ 41,764 $ 8,187 $ 62,364 $ 11,832 $ 34,008 $ 20,474 Add back: Incom
Slide 29: Adjusted OIBDA and Adjusted EBITDA Reconciliation
Adjusted OIBDA and Adjusted EBITDA Reconciliation Year Ended December 31, 2025 Year Ended December 31, 2024 ($ in thousands) Array TDS Telecom TDS* Array TDS Telecom TDS* Net income (loss) from continuing operations (GAAP) $ 172,267 $ 27,516 $ 151,146 $ (80,464) $ 84,901 $ (81,321) Add back: Income
Slide 30: Adjusted OIBDA and Adjusted EBITDA Reconciliation – 2026 Estimated Results and 2025 Actual Results
Adjusted OIBDA and Adjusted EBITDA Reconciliation – 2026 Estimated Results and 2025 Actual Results In providing 2026 estimated results, TDS has not completed the below reconciliation to net income because it does not provide guidance for income taxes. TDS believes that the impact of income taxes can
Slide 31: Adjusted OIBDA and Adjusted EBITDA Reconciliation – 2026 Estimated Results and 2025 Actual Results
Adjusted OIBDA and Adjusted EBITDA Reconciliation – 2026 Estimated Results and 2025 Actual Results In providing 2026 estimated results, Array has not completed the below reconciliation to net income because it does not provide guidance for income taxes. Array believes that the impact of income taxes
Slide 32: Adjusted Free Cash Flow
Adjusted Free Cash Flow (Dollars in thousands) Q4'25 Net income from continuing operations - Array (GAAP) $ 41,764 Add back or deduct: Income tax expense 23,332 Cash paid for income taxes (191) 32 (1) See final slide for explanation. Stock-based compensation expense 259 Short-term imputed spectrum l
Slide 33: Cash Expenses
Cash Expenses Total cash expenses represent total operating expenses as shown in the Consolidated Statement of Operations Highlights in the TDS and Array SEC Forms 8-K, less depreciation, amortization and accretion and gain/losses. EBITDA, Adjusted EBITDA and Adjusted OIBDA EBITDA, Adjusted EBITDA a
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