Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 7, 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: 2026 Enterprise Priorities
2026 Enterprise - Priorities Strengthen TDS' corporate and capital structure 3 Grow TDS Telecom's Opportunistically fiber business monetize remaining spectrum Support Array's Continue to success as a tower strengthen TDS' company culture 3 Telephone and Data Systems. All Rights Reserved.
Slide 4: Capital Update
Capital Update Fiber Continued progress to deliver 2.1 million marketable fiber service addresses; Deployment delivering 66,000 in the quarter, increased fiber service address guidance for 2026 4 (1) Leverage measured as gross bank leverage (Total Debt / Adjusted EBITDA) Disciplined, Announced trans
Slide 5: TDS Telecom
5 Telephone and Data Systems. All Rights Reserved.
Slide 6: Q2 2026 Highlights
Q2 2026 Highlights Delivered approximately 66,000 new marketable fiber addresses in Q2 2026; up ~150% from Q2 2025 Added 15,100 residential fiber connections in Q2 2026; up 47% from Q2 6 2025 Continued operational transformation efforts to drive efficiencies and improvements Record construction crew
Slide 7: Update on Long-Term Goals
Update on Long-Term Goals We continue to make progress toward our long-term goals Goal: Goal: Goal: 2.1 million 80% 95% 7 marketable service addresses service addresses with fiber service served by fiber multi-gig speeds addresses(1) Where we are: Where we are: Where we are: 1.17 million 60% 80% (1)
Slide 8: Fiber drives footprint growth
Fiber drives footprint growth New Marketable Fiber Addresses * Total Marketable Fiber Service >2.5x Addresses * 106k 80% 70,000 100k + 150% 1,400,000 YOY 60,000 1,200,000 8 50,000 1,000,000 + 180% YOY 800,000 40,000 40k 600,000 30,000 400,000 20,000 200,000 10,000 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Slide 9: Fiber drives residential connection growth
Fiber drives residential connection growth Residential Fiber Net Additions * Residential Fiber Connections * 2x + 47% 16,000 YOY 350,000 14,000 300,000 + 31% 12,000 YOY 9 250,000 10,000 200,000 8,000 150,000 6,000 100,000 4,000 2,000 50,000 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'23 Q2'24 Q2'25 Q2'26
Slide 10: Quarterly revenue results
Quarterly revenue results Residential Revenue Residential Revenue per Connection by Technology ($M) $200 $67.50 $183 $178 $66.50 $175 Note: Divested markets $65.85 accounted for a 10 1% $150 $82 $2M decrease in $65.00 $93 residential revenue $125 year-over-year $100 $75 $62 $62.50 Fiber(1) $56 $50 C
Slide 11: TDS Telecom financial performance
TDS Telecom financial performance % ($M) Q2’26 Q2’25 Change Total operating revenues (1) $ 248 $ 265 (6)% 11 (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 $ 180 $ 180 — Adjusted EBITDA (2) (Non-GAAP) $
Slide 12: 2026 TDS Telecom guidance
2026 TDS Telecom guidance(1) ($M) 2026 Previous 2026 Current As of August 7, 2026 Estimates Estimates Total operating revenues $1,015-$1,055 $1,000-$1,025 12 Adjusted EBITDA (2) (Non-GAAP) $310-$350 $310-$330 Adjusted OIBDA (2) (Non-GAAP) $300-$340 $300-$320 Capital expenditures $550-$600 $625-$675
Slide 13: Array
13 Telephone and Data Systems. All Rights Reserved.
Slide 14: Array Value Pillars
Array Value Pillars Growing Tower Non-controlling Spectrum Business Investment Interests 14 Non-controlling 100% U.S. investment interests Principally C-Band generate meaningful Remains 4,456 Owned towers income and distributions 14 Telephone and Data Systems. All Rights Reserved.
Slide 15: Q2 2026 Highlights
Q2 2026 Highlights Cash site rental revenue increased 65% over prior year (excludes T-Mobile Interim revenues and DISH revenues) 15 Sequential growth in tower tenancy ratio, excluding DISH Continue to monetize spectrum • Closed on certain 600 MHz, 700 MHz, and AWS licenses to T-Mobile in May 2026 ~
Slide 16: Towers – Q2 2026 operating highlights
Towers – Q2 2026 operating highlights Q2 2026 Tower Rental Revenue Distribution Tower Metrics(2) 0.98 4% 0.96 17% (1) For the month of September 2025 which is a full period after implementation of the T-Mobile MLA 0.95 16 (2) Includes ~600 existing pre-MLA sites and the 2,015 MLA Committed Sites (3)
Slide 17: Site rental revenues
Site rental revenues Total Cash Site Rental Revenues ($ thousands) YOY Change (Dollars in thousands) Q2'26 Q2'25 $47,739 (excluding DISH) Cash site rental revenue $6,735 + 92% total Existing leases (1,2) $25,435 $26,407 New leases since March 31, 2025 1,419 + 65% $14,150 17 (1) Existing leases inclu
Slide 18: 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 1,000 - 1,700 tenantless (naked) towers Tenantless (naked) towers 18 Assess alternatives, Ongoing lease up efforts Ground rent rationalization incl
Slide 19: 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 3.45 GHz 700 MHz B/C 1,250 331 Band MHz-Pops August 2025 700 MHZ (A Block) 133 FUTURE Cellula
Slide 20: Non-controlling investment interests provide significant cash flow
Non-controlling investment interests provide significant cash flow Six months ended (Dollars in millions) 2023 2024 2025 (1)(2)(3) June 30, 2026(4) Equity in earnings of 20 $158 $161 $174 $75 unconsolidated entities Distributions from $150 $169 $216 $67 unconsolidated entities (1) Array has investme
Slide 21: Capital Expenditures - Towers
Capital Expenditures - Towers (Dollars in thousands) Year-to-date 20% June 30, 2026 Tower builds and augmentation (1) $ 7,380 59% 21 21% Purchase of land interests 2,650 Maintenance and other 2,511 Total $ 12,541 Tower builds and augmentations Purchase of land interests Maintenance and other (1) Thi
Slide 22: Array operating performance
Array operating performance ($ thousands) Q2'26 Q2'25 Change Site rental $ 53,175 $ 27,230 95 % Services 895 1,299 (31)% Total operating revenues 54,070 28,529 90 % Cost of operations 23,497 19,396 21 % 22 Selling, general and administrative 22,906 19,337 18 % Expenses related to strategic alternati
Slide 23: 2026 Array guidance
2026 Array guidance(1) ($M) 2026 Previous 2026 Current As of August 7, 2026 Estimates Estimates Total operating revenues $200-$215 $205-$215 23 Adjusted EBITDA (2) (Non-GAAP) $200-$215 $220-$235 Adjusted OIBDA (2) (Non-GAAP) $50-$65 $60-$75 Capital expenditures $25-$35 $25-$35 (1) There can be no as
Slide 24: Appendix
Appendix
Slide 25: Adjusted OIBDA and Adjusted EBITDA Reconciliation
Adjusted OIBDA and Adjusted EBITDA Reconciliation Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 ($ in thousands) TDS Telecom Array TDS* TDS Telecom Array TDS* Net income (loss) from continuing operations (GAAP) $ (4,993) $ 337,447 $ 341,287 $ 16,084 $ 15,099 $ 14,208 Add back: In
Slide 26: 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 27: 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 28: 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