Slides
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Fourth Quarter 2025 Results 2025 Accomplishments 2026 Strategic Priorities February 20, 2026
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Telephone and Data Systems. All Rights Reserved. 2 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. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sale to Verizon are consummated; whether Array can monetize its remaining spectrum assets; intense competition; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenue; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; inability to protect TDS' real estate rights with respect to land leases; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances or changes in technology; impacts of costs, integration issues or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS’ businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities that Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K as updated by any TDS Form 10-Q filed subsequent to such Form 10-K. 2 This presentation contains certain non-GAAP financial measures. Information about these non-GAAP financial measures and reconciliations between each non-GAAP financial measure and the most directly comparable GAAP measure are contained in the appendix to this presentation.
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Telephone and Data Systems. All Rights Reserved. 3 3 2025 Accomplishments Successfully closed the T-Mobile transaction Grew TDS Telecom's fiber business to 1.06M addresses Set-up Array for success as a tower company Appointed new CEOs at TDS, TDS Telecom, and Array Continued to focus on our culture
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Telephone and Data Systems. All Rights Reserved. 4 4 2026 Enterprise - Priorities Grow TDS Telecom's fiber business Strengthen TDS' corporate and capital structure Support Array's success as a tower company Continue to strengthen TDS' culture Opportunistically monetize remaining spectrum
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Telephone and Data Systems. All Rights Reserved. 5 5 Capital Update (1) Leverage measured as gross bank leverage (Total Debt / Adjusted EBITDA) Closed Sale of $1.018B Array Spectrum1 (3.45GHz and 700MHZ) Capital Allocation Activities TDS Received $726M in Special Dividend1 Increased long-term marketable fiber service address goal to 2.1 million Repaid $150M of TDS Bank Debt1 Continue to opportunistically identify and evaluate potential targets Repurchased 1.8M TDS shares in the quarter 1 Subsequent events: Array spectrum sale to AT&T and TDS Debt repayment occurred January 2026; Special dividend received February 2026 Fiber Deployment Disciplined, Synergistic M&A Shareholder Return
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6 Telephone and Data Systems. All Rights Reserved.
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Telephone and Data Systems. All Rights Reserved. 7 2025 Highlights 7 Delivered 58,000 new marketable fiber addresses in Q4; 140,000 for the full year 2025 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
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Telephone and Data Systems. All Rights Reserved. 8 We are raising our marketable fiber service address goal to 2.1M **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. Updated Long-Term Goals 8 Goal: 2.1 million marketable fiber service addresses** Where we are: 1.06 million Where we are: 57% Goal: 80% service addresses served by fiber Goal: 95% service addresses with multi-gig speeds Where we are: 78%
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Telephone and Data Systems. All Rights Reserved. 9 2026 TDS Telecom Priorities 9 Deliver on build plan 200,000 - 250,000 new fiber addresses Increase sales to grow fiber net adds Create a best-in-class customer experience Streamline systems and processes to support business transformation
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Telephone and Data Systems. All Rights Reserved. 10 Fiber drives footprint growth 10 Q4'22 Q4'23 Q4'24 Q4'25 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Total Marketable Fiber Service Addresses New Marketable Fiber Addresses 83%39%
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Telephone and Data Systems. All Rights Reserved. 11 Fiber drives residential connection growth 11 Q4'22 Q4'23 Q4'24 Q4'25 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Residential Fiber Connections (2022 - 2025) Residential Fiber Net Additions 11% 1.9x
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Telephone and Data Systems. All Rights Reserved. 12 12 $264 $261 $44 $46 $37 $34 $65 $59 $86 $80 $31 $42 Q4'24 Q4'25 $50 $100 $150 $200 $250 $300 64.72 $65.95 Q4'24 Q4'25$60.00 $62.50 $65.00 $67.50 Quarterly revenue results Note: Divested markets accounted for a $3M decrease year-over-year 2% Residential Revenue per Connection Operating Revenues ($M)
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Telephone and Data Systems. All Rights Reserved. 13 TDS Telecom operating performance ($M) Q4’25 Q4’24 % Change 2025 2024 % Change Total operating revenues $ 261 $ 264 (1) % $ 1,038 $ 1,061 (2) % Cash expenses (1) 180 187 (4) % 726 721 1 % Adjusted EBITDA (2) (Non-GAAP) $ 85 $ 80 6 % $ 330 $ 350 (6) % Capital expenditures $ 155 $ 82 89 % $ 406 $ 324 26 % 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. (1) Includes expenses related to the strategic alternative review of $2.7 million in Q4'25 and $0 in Q4'24; $6.2 million for the full year 2025 and $0 in 2024; these are excluded from Adjusted EBITDA (2) See appendix for explanation
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Telephone and Data Systems. All Rights Reserved. 14 2026 TDS Telecom guidance(1) ($M) As of February 20, 2026 2025 Actual 2026 Estimates Total operating revenues $1,038 $1,015-$1,055 Adjusted EBITDA (2) (Non-GAAP) $330 $310-$350 Adjusted OIBDA (2) (Non-GAAP) $319 $300-$340 Capital expenditures $406 $550-$600 14 The 2025 divestitures impact year-over-year comparisons. The divested markets contributed $19M in annual revenues. (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.
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15 Telephone and Data Systems. All Rights Reserved.
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Telephone and Data Systems. All Rights Reserved. 16 SpectrumGrowing Tower Business Non-controlling Investment Interests Continue to opportunistically monetize Principally C-Band 100% U.S. 4,450 Owned towers Non-controlling investment interests generate meaningful income and distributions Array Value Pillars 16
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Telephone and Data Systems. All Rights Reserved. 17 2026 Array Priorities 17 Support T-Mobile integration Close pending spectrum transactions Optimize ground leases Grow colocation revenue Opportunistically monetize remaining spectrum Build an outstanding associate experience
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Telephone and Data Systems. All Rights Reserved. 18 (1) 33 MHz and $20M of 600 MHz Put/Call remains (2) Quantification of mmWave MHz-Pops not included in the table 18 Reached agreements to monetize over 70% of Array's total spectrum holdings, measured on a MHz-Pops basis, including the T-Mobile transaction Opportunistically monetizing spectrum Band MHz-Pops Cellular 663 AWS 11 PCS 19 Band MHz-Pops 3.45 GHz 1,250 700 MHz B/C 331 Band MHz-Pops August 2025 700 MHZ (A Block) 133 September 2025 600 MHz (1) 200 October 2025 AWS 13 CLOSED PENDING FUTURE OPPORTUNITIES T-Mobile AT&T Verizon T-Mobile August 2025 January 2026 October 2024 August 2025 600 MHz (1) 361 3.45 GHz 1,250 Cellular 663 700 MHz (A Block) 133 CBRS 75 700 MHz (A Block) 319 700 MHz B/C 331 AWS 11 C-Band (3.7 GHz) 1,640 AWS 563 PCS 19 October 2025 28 GHz (2) PCS 443 600 MHz (1) 195 37/39 GHz (2) 2.5 GHz 50 AWS 13 24 GHz (2) Other September 2025 700 MHz 2 CBRS 3 C-Band 7 Included in sale to Verizon Subsequent T-Mobile transactions (Announced Oct. 18, 2024) Gross proceeds: $1 billion Gross proceeds: $178 million Array cash taxes: $210-$260 million Array cash taxes: ~$30 million Expected close: 2Q or 3Q 2026 Expected close: 2026
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Telephone and Data Systems. All Rights Reserved. 19 Tower Locations 19
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Telephone and Data Systems. All Rights Reserved. 20 Towers – Q4 2025 operating highlights Q4 2025 Tower Rental Revenue Distribution 20 12/31/2025 12/31/2024 (proforma) (3) Owned Towers 4,450 4,409 Tower Tenancy Rate (2) 1.03 0.55 Number of Colocations (2) 4,572 2,444 Tower Metrics (1) For the month of September 2025 which is a full period after implementation of the T-Mobile MLA (2) Includes ~600 existing pre-MLA sites and the 2,015 MLA Committed Sites (3) Excludes T-Mobile Interim Sites 46% 15% 17% 15% 7% (1) Includes ~600 existing pre-MLA sites and the 2,015 MLA Committed Sites (2) Excludes T-Mobile Interim Sites, includes 2,015 T-Mobile Committed Sites (3) Eliminating UScellular as a tenant T-Mobile (1) T-Mobile Interim Sites AT&T Verizon Other
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Telephone and Data Systems. All Rights Reserved. 21 (1) Existing leases includes the impact of escalators and amendments to existing leases. (2) Includes ~600 T-Mobile pre-MLA existing sites. Site rental revenues 21 Total Cash Site Rental Revenues ($ thousands) Site rental revenue (2) T-Mobile Committed Sites T-Mobile Interim Sites (temporary) Q4'24 Q4'25 (Dollars in thousands) Q4'25 Q4'24 Cash site rental revenue Existing leases (1) $26,375 $ 25,375 New leases since January 1, 2025 1,074 T-Mobile MLA - Committed Sites 14,193 T-Mobile MLA - Interim Sites 8,158 Total cash site rental revenue $49,800 $ 25,375 Non-cash revenue Straight line revenue adjustment 4,799 257 Amortization of prepaid rent 391 387 Total non-cash site revenue $5,190 $644 Site rental revenues $54,990 $ 26,019 + 96% total + 64% excluding Interim Sites + 8% excluding Committed and Interim Sites $25,375 $49,800 (1) Existing leases includes the impact of escalators and amendments to existing leases. (2) Includes ~600 T-Mobile pre-MLA existing sites.
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Telephone and Data Systems. All Rights Reserved. 22 ($ 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, general and administrative 15,381 23,559 (35) % 84,444 102,556 (18) % Expenses related to strategic alternatives review (95) (1,607) 94 % (2,444) (21,521) 89 % Total cash expenses (1) 38,109 42,126 (10) % 161,485 154,032 5 % Adjusted OIBDA (1) (Non-GAAP) 22,219 (16,037) N/M 1,476 (51,099) N/M Equity in earnings of unconsolidated entities 26,301 37,919 (31) % 173,754 161,364 8 % Interest and dividend income 3,649 2,579 41 % 18,917 11,656 62 % Other, net (81) — N/M 169 — N/M Adjusted EBITDA (1) (Non-GAAP) $ 52,088 $ 24,461 N/M $ 194,316 $ 121,921 59 % Adjusted Free Cash Flow (1) $ 74,862 Array operating performance (1) See appendix for explanation. 22
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Telephone and Data Systems. All Rights Reserved. 23 Capital Expenditures - Towers 23 Full year ended December 31, 2025 Tower builds and augmentation (1) $ 17,954 Purchase of land interests 3,624 Maintenance and other 8,333 Total $ 29,911 60% 12% 28% Tower builds and augmentations Purchase of land interests Maintenance and other (1) Primarily includes costs to build new towers, augment existing towers to facilitate increased loading, and non- recurring costs associated with installing tower lighting equipment after certain equipment conveyed to T-Mobile upon the sale of Array's wireless operations. As it relates to tower augmentations, a large portion of this cost is reimbursed by tenants, and such tenant reimbursements are amortized as Site rental revenues over the initial term of the underlying colocation agreement.
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Telephone and Data Systems. All Rights Reserved. 24 Tenantless (naked) towers T-Mobile has until January 2028 to finalize Committed Site selection, after which Array estimates owning between 800 - 1,800 tenantless (naked) towers Tower tenancy post T-Mobile integration 24 Executing simultaneously - Multi-year process Ongoing lease up efforts Ground rent rationalization Assess long-term alternatives, including decommissioning
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Telephone and Data Systems. All Rights Reserved. 25 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 entities $158 $158 $161 $174 Distributions from unconsolidated entities $145 $150 $169 $216 25 (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, and Array received distributions from these investments in the aggregate amount of $25 million in the first half of 2025 related to this transaction. (3) Prior period adjustments made by the managers of certain investee entities had the impact of reducing distributions from investee operations in 2025.
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Telephone and Data Systems. All Rights Reserved. 26 2026 Array guidance(1) ($M) As of February 20, 2026 2025 Actual 2026 Estimates Total operating revenues $163 $200-$215 Adjusted EBITDA (2) (Non- GAAP) $194 $200-$215 Adjusted OIBDA (2) (Non-GAAP) $1 $50-$65 Capital expenditures $30 $25-$35 (1) There can be no assurance that final results will not differ materially from such estimated results. See Safe Harbor Statement on Slide 2. (2) See appendix for explanation. 26
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Appendix
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28 Adjusted OIBDA and Adjusted EBITDA Reconciliation Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 ($ 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: Income tax expense (benefit) 23,332 9,595 22,936 (3,656) 20,301 14,728 Income before income taxes (GAAP) $ 65,096 $ 17,782 $ 85,300 $ 8,176 $ 54,309 $ 35,202 Add back: Interest expense 11,989 (2,487) 12,316 3,203 (1,676) 29,657 Depreciation, amortization and accretion expense 12,402 76,720 89,789 12,156 71,713 84,819 EBITDA (1) (Non-GAAP) $ 89,487 $ 92,015 $ 187,405 $ 23,535 $ 124,346 $ 149,678 Add back or deduct: Expenses related to strategic alternatives review 95 2,711 2,865 1,607 — 2,210 Loss on impairment of intangible assets — 900 900 — 1,103 1,103 (Gain) loss on asset disposals, net 1,125 7,163 8,324 219 4,032 4,242 (Gain) loss on sale of business and other exit costs, net — (17,886) (17,886) — (49,108) (56,618) (Gain) loss on license sales and exchanges, net — — — (900) — (900) Short-term imputed spectrum lease income (38,619) — (38,619) — — — Adjusted EBITDA (1) (Non-GAAP) $ 52,088 $ 84,903 $ 142,989 $ 24,461 $ 80,373 $ 99,715 Deduct: Equity in earnings of unconsolidated entities 26,301 — 26,792 37,919 (8) 38,506 Interest and dividend income 3,649 1,522 12,263 2,579 1,892 6,933 Other, net (81) (345) 3,112 — 1,295 2,541 Adjusted OIBDA (1) (Non-GAAP) $ 22,219 $ 83,726 $ 100,822 $ (16,037) $ 77,194 $ 51,735 * The TDS column includes Array, TDS Telecom and also the impacts of consolidating eliminations, corporate operations and non-reportable segments. (1) See final slide for explanation.
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29 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 tax expense (benefit) (31,148) 10,157 (62,184) (19,256) 35,040 (22,067) Income (loss) before income taxes (GAAP) $ 141,119 $ 37,673 $ 88,962 $ (99,720) $ 119,941 $ (103,388) Add back: Interest expense 28,222 (6,654) 112,668 12,405 (5,197) 108,575 Depreciation, amortization and accretion expense 48,262 300,196 351,885 47,212 270,660 325,697 EBITDA (1) (Non-GAAP) $ 217,603 $ 331,215 $ 553,515 $ (40,103) $ 385,404 $ 330,884 Add back or deduct: Expenses related to strategic alternatives review 2,444 6,207 9,056 21,521 — 33,304 Loss on impairment of intangible assets 47,679 900 48,579 136,234 1,103 137,337 (Gain) loss on asset disposals, net 1,746 15,054 16,847 809 12,376 13,141 (Gain) loss on sale of business and other exit costs, net — (23,121) (23,918) — (49,108) (68,350) (Gain) loss on license sales and exchanges, net (6,123) — (6,123) 3,460 — 3,460 Short-term imputed spectrum lease income (69,033) — (69,033) — — — Adjusted EBITDA (1) (Non-GAAP) $ 194,316 $ 330,255 $ 528,923 $ 121,921 $ 349,775 $ 449,776 Deduct: Equity in earnings of unconsolidated entities 173,754 4 176,101 161,364 (7) 163,623 Interest and dividend income 18,917 6,440 40,307 11,656 5,483 27,201 Other, net 169 4,918 13,574 — 3,959 5,622 Adjusted OIBDA (1) (Non-GAAP) $ 1,476 $ 318,893 $ 298,941 $ (51,099) $ 340,340 $ 253,330 * The TDS column includes Array, TDS Telecom and also the impacts of consolidating eliminations, corporate operations and non-reportable segments. (1) See final slide for explanation.
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30 Adjusted OIBDA and Adjusted EBITDA Reconciliation – 2026 Estimated Results and 2025 Actual Results 2026 Estimated Results Actual Results Year ended December 31, 2025 ($M) TDS Telecom TDS Telecom Net income (GAAP) N/A $28 Add back: Income tax expense N/A 10 Income before income taxes (GAAP) ($15)-$25 $38 Add back: Interest expense — (7) Depreciation, amortization and accretion expense 325 300 EBITDA (1) (Non-GAAP) $310-$350 $331 Add back or deduct: Expenses related to strategic alternatives review — 6 Loss on impairment of intangible assets — 1 (Gain) loss on asset disposals, net — 15 (Gain) loss on sale of business and other exit costs, net — (23) Adjusted EBITDA (1) (Non-GAAP) $310-$350 $330 Deduct: Interest and dividend income 5 6 Other, net 5 5 Adjusted OIBDA (1) (Non-GAAP) $300-$340 $319 In providing 2026 estimated results, TDS has not completed the below reconciliation to net income because it does not provide guidance for income taxes. TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, the company is unable to provide such guidance. Numbers may not foot due to rounding. (1) See final slide for explanation.
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31 Adjusted OIBDA and Adjusted EBITDA Reconciliation – 2026 Estimated Results and 2025 Actual Results 2026 Estimated Results Actual Results Year ended December 31, 2025 ($M) Array Array Net income (GAAP) N/A $172 Add back: Income tax expense N/A (31) Income before income taxes (GAAP) $780-$795 $141 Add back: Interest expense 45 28 Depreciation, amortization and accretion expense 50 48 EBITDA (1) (Non-GAAP) $875-$890 $218 Add back or deduct: Expenses related to strategic alternatives review — 2 Loss on impairment of licenses — 48 (Gain) loss on asset disposals, net — 2 (Gain) loss on license sales and exchanges, net (595) (6) Short-term imputed spectrum lease income (80) (69) Adjusted EBITDA (1) (Non-GAAP) $200-$215 $194 Deduct: Equity in earnings of unconsolidated entities 140 174 Interest and dividend income 10 19 Adjusted OIBDA (1) (Non-GAAP) $50-$65 $1 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 cannot be reasonably predicted; therefore, the company is unable to provide such guidance. Numbers may not foot due to rounding. (1) See final slide for explanation.
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32 Adjusted Free Cash Flow (1) See final slide for explanation. 32 (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) Stock-based compensation expense 259 Short-term imputed spectrum lease income (38,619) Amortization of deferred debt charges 946 Equity in earnings of unconsolidated entities (26,301) Distributions from unconsolidated entities 65,867 (Gain) loss on asset disposals, net 1,125 Depreciation, amortization and accretion 12,402 Expenses related to strategic alternatives review 95 Straight line and other non-cash revenue adjustments (5,190) Straight line expense adjustment 1,398 Maintenance and other capital expenditures (2,025) Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP) (1) $ 74,862 32 (1) See final slide for explanation.
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33 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 and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliations on slides 28 through 31. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS and Array do not intend to imply that any such items set forth in the reconciliations on slides 28 through 31 are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS’ and Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as it provides additional relevant and useful information to investors and other users of TDS’ and Array's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review. The tables on slides 28 through 31 reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for December 31, 2025, can be found on TDS’ and Array's websites at investors.tdsinc.com and investors.arrayinc.com. Adjusted Free Cash Flow (AFCF) AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation on slide 32. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows. Management believes AFCF is a useful measure of Array’s cash generated from operations and its noncontrolling investment interests. The table on slide 32 reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company. Array modified its AFCF metric for the three months ended December 31, 2025 to adjust for cash taxes paid in the quarter, which management believes best reflects cash generated from operations and investments. Under the modified presentation, the comparative calculation of AFCF for the three months ended September 30, 2025 would have been $63.4 million.