Q1 TDS and Array Earnings Conference Call

First Quarter 2026 Results

May 8, 2026

Strengthen TDS' corporate and capital structure

Grow TDS Telecom's fiber business

Opportunistically

monetize remaining spectrum

Support Array's

success as a tower company

Continue to

strengthen TDS' culture

3

Telephone and Data Systems. All Rights Reserved.

2026 Enterprise - Priorities

Fiber Deployment

Continued progress to deliver 2.1 million marketable fiber service addresses; delivering 40,000 in the quarter

Disciplined, Synergistic M&A

Announced agreement to acquire 11,000 fiber addresses in New Hampshire(1) and continue to review funnel of attractive opportunities

Shareholder Return

No repurchases in the quarter; ~$520M remaining under the current authorizations

(1) Subsequent Event: Announced agreement to acquire Granite State Communications in April, expect transaction to close 3Q'26, subject to regulatory approval

Capital Update

Telephone and Data Systems. All Rights Reserved.

Delivered 40,000 new marketable fiber addresses in Q1 2026; up

~180% from Q1 2025

Added 10,900 residential fiber connections in Q1 2026; up over 30% from Q1 2025

Continued operational transformation efforts to drive efficiencies and improvements

Announced Granite State Communications acquisition in April(1)

(1) Subsequent Event: Announced agreement to acquire Granite State Communications in April, expect transaction to close 3Q'26, subject to regulatory approval

Q1 2026 Highlights

We continue to make progress toward our long-term goals

Goal:

2.1 million

marketable

fiber service addresses(1)

Goal:

80%

service addresses

served by fiber

Goal:

95%

service addresses with

multi-gig speeds

Where we are:

1.10 million

Where we are:

58%

Where we are:

79%

(1) Marketable service addresses includes single residence homes, multi-dwelling units, and business locations that are capable of being connected to the TDS network, based on best available information.

Update on Long-Term Goals

New Marketable Fiber Addresses Total Marketable Fiber Service Addresses

81%

~180%

70,000 1,200,000

60,000

1,000,000

50,000

800,000

40,000

600,000

30,000

20,000

10,000

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

400,000

200,000

Q1'23 Q1'24 Q1'25 Q1'26

Fiber drives footprint growth

Residential Fiber Net Additions Residential Fiber Connections

1.9x

32%

16,000 350,000

14,000

300,000

12,000

250,000

10,000

8,000

6,000

200,000

150,000

4,000

100,000

2,000

50,000

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'23 Q1'24 Q1'25 Q1'26

Fiber drives residential connection growth

$67.50

$65.00

Residential Revenue per Connection

$200

1%

$175

$150

$125

$100

Residential Revenue by Technology ($M)

$184

$179

Note:

Divested markets accounted for a

$3M decrease in residential revenue year-over-year

$62.50

$60.00

$66.41

$65.67

Q1'25 Q1'26

$75

$50

$25

Q1'25 Q1'26

1. Fiber includes revenue from customers at fiber-capable addresses in non-cable markets.

2. Cable includes revenue from cable markets served using coaxial cable and fiber technologies.

   Fiber(1) Cable(2) Copper

   Quarterly revenue results

   
   
   

   ($M)	Q1'26	Q1'25	Change

   Total operating revenues (1) $ 250 $ 257 (3)%

   Cash expenses	$ 178	$ 184	(3)%
   Adjusted EBITDA (2) (Non-GAAP)	$ 74	$ 76	(3)%
   Capital expenditures	$ 126	$ 59	N/M

   1. Divestitures in 2025 drove a decrease of $6M year-over-year.

   2. See appendix for explanation and reconciliation to most directly comparable GAAP measure.

TDS Telecom financial performance

Adjusted OIBDA (2) (Non-GAAP) $300-$340 Capital expenditures $550-$600

1. There can be no assurance that final results will not differ materially from such estimated results. See Safe Harbor Statement on Slide 2.

2. See appendix for explanation and reconciliation to most directly comparable GAAP measure.

2026 TDS Telecom guidance(1)

Telephone and Data Systems. All Rights Reserved.

13

Growing Tower Business

Spectrum

Non-controlling Investment Interests

100% U.S.

4,452 Owned towers

Continue to

opportunistically monetize

Principally C-Band

Non-controlling investment interests generate meaningful income and distributions

1. Telephone and Data Systems. All Rights Reserved.
   
   

   Array Value Pillars

   
   
   
   
   

   Cash site rental revenue increased 64% over prior year

   (excludes T-Mobile Interim revenues and DISH revenues)

   
   
   
   
   

   Sequential growth in tower tenancy ratio, excluding DISH Continue to monetize spectrum

   • Closed transaction with AT&T in January 2026 - $1.018 billion; issued $10.25 special dividend

   • Closed on certain 700 MHz spectrum licenses with T-Mobile on May 5 - $74.8 million

   • Expect to close on certain 600 MHz spectrum licenses with T-Mobile May 2026 - $86.4 million

   • Expect to close transaction with Verizon in Q2/Q3 2026 - $1 billion

2. Telephone and Data Systems. All Rights Reserved.
   
   

Q1 2026 Highlights

Q1 2026 Tower Rental Revenue Distribution Tower Metrics(3)

0.96

0.95

0.94

4%

16%

47%

18%

15%

T-Mobile (1) T-Mobile Interim Sites

AT&T Verizon

Other (2)

Q3 25 Q4 25 Q1 26

1. Includes ~600 existing pre-MLA sites and the 2,015 MLA Committed Sites

2. Excludes DISH

3. Excludes DISH across all periods as well as T-Mobile Interim sites; includes T-Mobile Committed sites

Towers - Q1 2026 operating highlights

(Dollars in thousands) Q1'26 Q1'25

Total Cash Site Rental Revenues

Cash site rental revenue

Existing leases (1,2) $24,730 $25,859

$25,859

($ thousands)

$48,151

YOY Change

(excluding DISH)

+ 98% total

+ 64%

excluding Interim Sites

+ 6% excluding Committed and Interim Sites

Site rental revenues $51,024 $26,595

Q1'25 Q1'26

Existing Base

T-Mobile Committed Sites

DISH

T-Mobile Interim Sites (temporary)

1. Existing leases includes the impact of escalators and amendments to existing leases.

2. Includes ~600 T-Mobile pre-MLA existing sites; 2025 incudes ~$1.5M of DISH revenue, DISH has been removed starting Q1 '26.

Site rental revenues

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

Ongoing lease up efforts

Ground rent rationalization

Assess alternatives, including decommissioning

Tower tenancy post T-Mobile integration

Reached agreements to monetize over 70% of Array's total spectrum holdings, measured on a MHz-Pops basis, including the T-Mobile transaction

1. 33 MHz and $20M of 600 MHz Put/Call remains

   Included in sale to Verizon Subsequent T-Mobile transactions (Announced Oct. 18, 2024)

   Gross proceeds: $1 billion Gross proceeds: $103 million Array cash taxes: $210-$260 million Array cash taxes: ~$15 million Expected close: 2Q/3Q 2026 Expected close: 2026

2. Quantification of mmWave MHz-Pops not included in the table

Opportunistically monetizing spectrum

1. Array has investments in three companies in the state of Iowa. On August 1, 2025, in three separate transactions, these entities sold their wireless operations to T-Mobile. Array recognized $33 million of equity income and received $42 million of distributions in the third quarter of 2025 related to these three transactions.

2. Certain Array investments in Verizon wireless operating companies were subject to Verizon's prepaid lease transaction with Vertical Bridge. Array received distributions from these investments in the aggregate amount of $25 million in the first half of 2025 related to this transaction.

3. Prior period adjustments made by the managers of certain investee entities had the impact of reducing distributions from investee operations in 2025.

4. In the first quarter 2026, equity income was elevated due to prior-period adjustments recorded by the managers of certain investee entities. Regarding distributions, certain entities distribute cash only twice per year, resulting in an uneven distribution pattern throughout the year.

Non-controlling investment interests provide significant cash flow