Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports second quarter 2026 results

TDS Telecom and Array both update guidance for 2026

CHICAGO (August 7, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported second quarter 2026 operating results.

“I am pleased with the progress our teams continue to make in executing our strategic objectives,” said Walter Carlson, TDS President and CEO. “During the quarter, TDS Telecom expanded its marketable fiber service footprint by approximately 66,000 addresses and increased its fiber service address guidance for the year. Array delivered another quarter of sequential tower tenancy growth, highlighting the value of our assets. In addition, Array completed the previously announced spectrum sale to Verizon, now having completed transactions to monetize virtually all of its spectrum outside of the C-Band.”

Highlights*

TDS Telecom

•Executing on fiber broadband strategy

◦Delivered approximately 66,000 marketable fiber service addresses

◦Grew fiber connections —15,100 residential fiber net additions

•Service revenue down 6%

◦Residential fiber revenue growth of 13% more than offset by impacts of divestitures and continued legacy declines

•Updated 2026 Guidance

◦Current service address delivery momentum drives increase in 2026 guidance to 250,000 - 300,000 marketable fiber service addresses, increased capital expenditure guidance to $625 million - $675 million

◦Updated 2026 Financial guidance

▪Revenues of $1,000 million to $1,025 million

▪Adjusted EBITDA of $310 million to $330 million

▪Adjusted OIBDA of $300 million to $320 million

Array

•Optimizing tower operations

◦Site rental revenues grew 95% year over year

◦Delivered consecutive quarter over quarter tower tenancy growth

•Continuing to close pending sales of wireless spectrum

◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026

◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026

◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026

◦Issued special dividend of $11 per common share on June 25, 2026

•Updated 2026 Guidance

◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue

◦Increased Adjusted EBITDA range to $220 million - $235 million

◦Capital expenditures range remains unchanged at $25 million - $35 million

*Comparisons are 2Q’25 to 2Q’26 unless otherwise noted

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TDS reported total operating revenues from continuing operations of $309.3 million for the second quarter of 2026, versus $298.5 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and diluted earnings (loss) per share from continuing operations were $260.6 million and $2.24, respectively, for the second quarter of 2026 compared to $(6.0) million and $(0.05), respectively, in the same period one year ago.

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

2026 Estimated Results

TDS’ current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management’s view as of August 7, 2026 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$1,015-$1,055			$1,000-$1,025
Adjusted OIBDA1 (Non-GAAP)			$300-$340			$300-$320
Adjusted EBITDA1 (Non-GAAP)			$310-$350			$310-$330
Capital expenditures			$550-$600			$625-$675
Array			Previous			Current
(Dollars in millions)
Total operating revenues			$200-$215			$205-$215
Adjusted OIBDA1 (Non-GAAP)			$50-$65			$60-$75
Adjusted EBITDA1 (Non-GAAP)			$200-$215			$220-$235
Capital expenditures			$25-$35			Unchanged

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The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income (loss) before income taxes. In providing 2026 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

			2026 Estimated Results
			TDS Telecom						Array
(Dollars in millions)
Net income from continuing operations (GAAP)			N/A						N/A
Add back:
Income tax expense			N/A						N/A
Income (loss) before income taxes (GAAP)			($15)-$5						$775-$790
Add back:
Interest expense			—						45
Depreciation, amortization and accretion expense			325						50
EBITDA (Non-GAAP)1			$310-$330						$870-$885
Add back or deduct:
(Gain) loss on license sales and exchanges, net			—						(585)
Short-term imputed spectrum lease income			—						(65)
Adjusted EBITDA (Non-GAAP)1			$310-$330						$220-$235
Deduct:
Equity in earnings of unconsolidated entities			—						145
Interest and dividend income			5						15
Other, net			5						—
Adjusted OIBDA (Non-GAAP)1			$300-$320						$60-$75

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			Actual Results
			Six Months Ended June 30, 2026												Year Ended December 31, 2025
			TDS Telecom						Array						TDS Telecom						Array
(Dollars in millions)
Net income (loss) from continuing operations (GAAP)			$	(4)					$	517					$	28					$	172
Add back:
Income tax expense (benefit)			(4)						168						10						(31)
Income (loss) before income taxes (GAAP)			$	(8)					$	686					$	38					$	141
Add back:
Interest expense			—						18						(7)						28
Depreciation, amortization and accretion expense			146						27						300						48
EBITDA (Non-GAAP)1			$	138					$	731					$	331					$	218
Add back or deduct:
Expenses related to strategic alternatives review			—						8						6						2
(Gain) loss on impairment of intangible assets			—						—						1						48
(Gain) loss on asset disposals, net			6						5						15						2
(Gain) loss on sale of business and other exit costs, net			2						—						(23)						—
(Gain) loss on license sales and exchanges, net			(2)						(566)						—						(6)
Short-term imputed spectrum lease income			—						(58)						—						(69)
Adjusted EBITDA (Non-GAAP)1			$	144					$	119					$	330					$	194
Deduct:
Equity in earnings of unconsolidated entities			—						75						—						174
Interest and dividend income			2						11						6						19
Other, net			3						—						5						—
Adjusted OIBDA (Non-GAAP)1			$	140					$	33					$	319					$	1

Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income from continuing operations adjusted for the items set forth in the reconciliation above. 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 does not intend to imply that any such items set forth in the reconciliation above 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’ operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS’ 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, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.

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Conference Call Information

TDS will hold a conference call on August 7, 2026 at 9:00 a.m. CT.

▪Access the live call on the Events & Presentations page of investors.tdsinc.com or at

https://events.q4inc.com/attendee/198119429

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com. 

About TDS

Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business. Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Contacts

John Toomey, Treasurer and Vice President - Corporate Relations

john.toomey@tdsinc.com

Karen Samples, Corporate Finance and Investor Relations Senior Manager

karen.samples@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release 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: whether any transaction related to the TDS non-binding proposal delivered to the Array Board of Directors to acquire all of the outstanding Array Common Shares not owned by TDS will be accepted, rejected, consummated, or abandoned; whether any such transaction, if accepted or completed, will result in additional value for shareholders and whether the process could result in adverse effects on either business; 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 are consummated; whether Array can monetize its remaining spectrum assets; intense competition, including fixed wireless and satellite; 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; TDS' inability to protect rights to the land under its towers; changes in demand, consumer preferences and perceptions, price competition, or cost; 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.

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com 

TDS Telecom: www.tdstelecom.com

Array: investors.arrayinc.com

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TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			6/30/2026						3/31/2026						12/31/2025						9/30/2025						6/30/2025
Residential connections
Broadband
Incumbent Fiber			134,300						130,200						127,300						123,500						121,200
Incumbent Copper			77,700						84,200						91,200						102,000						106,500
Expansion Fiber			179,600						168,500						160,600						150,700						141,800
Cable			176,100						179,100						182,800						186,100						188,200
Total Broadband			567,700						561,900						561,900						562,400						557,700
Video			105,600						107,200						111,500						114,300						116,500
Voice			209,300						216,900						228,900						242,200						248,700
Wireless			8,100						5,300						3,300						2,200						1,600
Total Residential connections			890,700						891,400						905,600						921,100						924,500
Commercial connections			163,600						166,500						173,900						180,300						184,300
Total connections1			1,054,200						1,058,000						1,079,500						1,101,300						1,108,800
Total residential fiber net adds			15,100						10,900						15,100						11,200						10,300
Total residential broadband net adds			5,700						100						4,500						4,600						3,900
Residential fiber churn2			1.2		%				1.3		%				1.2		%				1.5		%				1.1		%
Total residential broadband churn			1.7		%				1.8		%				1.6		%				1.7		%				1.5		%
Residential revenue per connection3			$	66.50					$	66.41					$	65.95					$	65.66					$	65.85
Capital expenditures (thousands)			$	179,197					$	125,963					$	154,904					$	102,429					$	90,187

Numbers may not foot due to rounding.

1Q2 2025 total connections include 12,900 connections, including 5,300 residential broadband connections, that were part of subsequent divestitures.

2Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

3Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

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Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			6/30/2026						3/31/2026						12/31/2025						9/30/2025
Capital expenditures from continuing operations (thousands)			$	3,895					$	8,645					$	12,933					$	7,927
Owned towers			4,456						4,452						4,450						4,449
Number of colocations1			4,362						4,290						4,572						4,517
Tower tenancy rate2			0.98						0.96						1.03						1.02

1Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of fulfilling its lease commitments.

2Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of fulfilling its lease commitments. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94 for December 31, 2025 and September 30, 2025, respectively.

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Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars and shares in thousands, except per share amounts)
Operating revenues
TDS Telecom			$	248,406					$	264,931					(6)		%				$	497,978					$	522,291					(5)		%
Array			54,070						28,529						90		%				106,082						55,513						91		%
All Other1			6,805						5,081						34		%				14,671						11,170						31		%
Total operating revenues			309,281						298,541						4		%				618,731						588,974						5		%
Operating expenses
TDS Telecom			256,684						250,959						2		%				509,988						508,460						—
Array			(345,193)						46,719						N/M						(453,966)						103,329						N/M
All Other1			24,578						13,170						87		%				45,679						23,426						95		%
Total operating expenses			(63,931)						310,848						N/M						101,701						635,215						(84)		%
Operating income (loss)
TDS Telecom			(8,278)						13,972						N/M						(12,010)						13,831						N/M
Array			399,263						(18,190)						N/M						560,048						(47,816)						N/M
All Other1			(17,773)						(8,089)						N/M						(31,008)						(12,256)						N/M
Total operating income (loss)			373,212						(12,307)						N/M						517,030						(46,241)						N/M
Other income (expense)
Equity in earnings of unconsolidated entities			37,126						42,952						(14)		%				79,028						79,471						(1)		%
Interest and dividend income			19,631						6,110						N/M						33,417						12,381						N/M
Interest expense			(11,388)						(29,166)						61		%				(16,709)						(53,074)						69		%
Short-term imputed spectrum lease income			23,770						—						N/M						57,970						—						N/M
Other, net			5,346						2,395						N/M						10,796						5,117						N/M
Total other income			74,485						22,291						N/M						164,502						43,895						N/M
Income (loss) before income taxes			447,697						9,984						N/M						681,532						(2,346)						N/M
Income tax expense (benefit)			106,410						(4,224)						N/M						160,819						(12,347)						N/M
Net income from continuing operations			341,287						14,208						N/M						520,713						10,001						N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax			63,332						2,943						N/M						96,143						4,667						N/M
Net income from continuing operations attributable to TDS shareholders			277,955						11,265						N/M						424,570						5,334						N/M
Net income from discontinued operations			25,071						3,578						N/M						22,683						19,749						15		%
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax			4,660						3,272						42		%				4,292						6,041						(29)		%
Net income from discontinued operations attributable to TDS shareholders			20,411						306						N/M						18,391						13,708						34		%
Net income			366,358						17,786						N/M						543,396						29,750						N/M
Less: Net income attributable to noncontrolling interests, net of tax			67,992						6,215						N/M						100,435						10,708						N/M
Net income attributable to TDS shareholders			298,366						11,571						N/M						442,961						19,042						N/M
TDS Preferred Share dividends			17,306						17,306						—						34,613						34,613						—
Net income (loss) attributable to TDS common shareholders			$	281,060					$	(5,735)					N/M						$	408,348					$	(15,571)					N/M

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Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars and shares in thousands, except per share amounts)
Basic weighted average shares outstanding			114,500						115,229						(1)		%				114,193						114,908						(1)		%
Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders			$	2.28					$	(0.05)					N/M						$	3.42					$	(0.25)					N/M
Basic earnings from discontinued operations attributable to TDS common shareholders			$	0.17					$	—					N/M						$	0.16					$	0.11					35		%
Basic earnings (loss) per share attributable to TDS common shareholders			$	2.45					$	(0.05)					N/M						$	3.58					$	(0.14)					N/M
Diluted weighted average shares outstanding			116,291						115,229						1		%				116,465						114,908						1		%
Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders			$	2.24					$	(0.05)					N/M						$	3.35					$	(0.26)					N/M
Diluted earnings from discontinued operations attributable to TDS common shareholders			$	0.18					$	—					N/M						$	0.15					$	0.12					32		%
Diluted earnings (loss) per share attributable to TDS common shareholders			$	2.42					$	(0.05)					N/M						$	3.50					$	(0.14)					N/M

N/M - Percentage change not meaningful.

1Consists of corporate and other operations and intercompany eliminations.

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Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
			Six Months Ended June 30,
			2026						2025
(Dollars in thousands)
Cash flows from operating activities
Net income			$	543,396					$	29,750
Net income from discontinued operations			22,683						19,749
Net income from continuing operations			520,713						10,001
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			174,720						170,349
Bad debts expense			5,122						2,994
Stock-based compensation expense			8,428						17,502
Deferred income taxes, net			(130,935)						(14,312)
Equity in earnings of unconsolidated entities			(79,028)						(79,471)
Distributions from unconsolidated entities			66,553						87,938
(Gain) loss on asset disposals, net			10,579						7,795
(Gain) loss on sale of business and other exit costs, net			1,562						(8,877)
(Gain) loss on license sales and exchanges, net			(553,158)						(4,800)
Other operating activities			487						2,619
Changes in assets and liabilities from operations
Accounts receivable			(3,896)						(17,607)
Inventory			287						212
Accounts payable			6,732						415
Customer deposits and deferred revenues			(57,165)						(724)
Accrued taxes			232,212						(1,911)
Accrued interest			(563)						(604)
Other assets and liabilities			(51,585)						(45,560)
Net cash provided by operating activities - continuing operations			151,065						125,959
Net cash provided by (used in) operating activities - discontinued operations			(28,037)						481,307
Net cash provided by operating activities			123,028						607,266
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(317,919)						(150,482)
Cash paid for licenses			—						(4,145)
Cash received from divestitures			2,188,235						24,162
Other investing activities			1,925						2,512
Net cash provided by (used in) investing activities - continuing operations			1,872,241						(127,953)
Net cash used in investing activities - discontinued operations			—						(135,561)
Net cash provided by (used in) investing activities			1,872,241						(263,514)
Cash flows from financing activities
Issuance of long-term debt			1,300						—
Repayment of long-term debt			(150,729)						(17,076)
Tax withholdings, net of cash receipts, for TDS stock-based compensation awards			(34,219)						(24,483)
Tax withholdings, net of cash receipts, for Array stock-based compensation awards			(2,068)						(35,250)
Repurchase of Array Common Shares			—						(21,360)
Dividends paid to TDS shareholders			(43,771)						(43,830)
Array dividends paid to noncontrolling public shareholders			(332,480)						—
Payment of debt issuance costs			—						(2,467)
Distributions to noncontrolling interests			(3,540)						(2,391)
Cash paid for software license agreements			(1,180)						(839)
Payments to acquire additional interest in subsidiaries			(593)						—
Other financing activities			73						(314)
Net cash used in financing activities - continuing operations			(567,207)						(148,010)
Net cash used in financing activities - discontinued operations			—						(19,702)
Net cash used in financing activities			$	(567,207)					$	(167,712)

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Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
			Six Months Ended June 30,
			2026						2025
(Dollars in thousands)
Net increase in cash, cash equivalents and restricted cash			$	1,428,062					$	176,040
Cash, cash equivalents and restricted cash
Beginning of period			770,150						383,222
End of period			$	2,198,212					$	559,262

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Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			June 30, 2026						December 31, 2025
(Dollars in thousands)
Current assets
Cash and cash equivalents			$	2,194,014					$	765,952
Accounts receivable, net			105,830						109,981
Inventory, net			3,775						4,062
Prepaid expenses			33,697						28,206
Income taxes receivable			—						1,292
Other current assets			13,314						13,976
Total current assets			2,350,630						923,469
Non-current assets held for sale			47,475						1,598,131
Licenses			1,595,349						1,642,972
Other intangible assets, net			117,108						131,673
Investments in unconsolidated entities			475,077						461,922
Property, plant and equipment, net			3,123,477						2,965,455
Operating lease right-of-use assets			506,665						515,081
Other assets and deferred charges			167,559						159,600
Total assets			$	8,383,340					$	8,398,303

12

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Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			June 30, 2026						December 31, 2025
(Dollars in thousands, except per share amounts)
Current liabilities
Current portion of long-term debt			$	9,444					$	5,274
Accounts payable			130,314						115,822
Customer deposits and deferred revenues			66,280						125,140
Accrued interest			2,273						2,836
Accrued taxes			260,113						46,721
Accrued compensation			40,335						56,774
Short-term operating lease liabilities			27,634						26,180
Current liabilities of discontinued operations			24,856						20,242
Other current liabilities			54,387						41,322
Total current liabilities			615,636						440,311
Deferred liabilities and credits
Deferred income tax liability, net			600,947						743,633
Long-term operating lease liabilities			541,268						549,617
Other deferred liabilities and credits			552,629						574,025
Long-term debt, net			670,646						823,364
Total equity			5,402,214						5,267,353
Total liabilities and equity			$	8,383,340					$	8,398,303

13

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Balance Sheet Highlights
(Unaudited)
			June 30, 2026
			TDS												TDS Corporate						Intercompany						TDS
			Telecom						Array						& Other						Eliminations						Consolidated
(Dollars in thousands)
Cash and cash equivalents			$	222,844					$	416,436					$	1,780,879					$	(226,145)					$	2,194,014
Licenses and other intangible assets			$	117,260					$	1,594,649					$	548					$	—					$	1,712,457
Investment in unconsolidated entities			3,947						421,607						60,838						(11,315)						475,077
			$	121,207					$	2,016,256					$	61,386					$	(11,315)					$	2,187,534
Property, plant and equipment, net			$	2,733,837					$	374,700					$	14,940					$	—					$	3,123,477
Long-term debt, net:
Current portion			$	164					$	8,125					$	1,155					$	—					$	9,444
Non-current portion			2,765						666,757						1,124						—						670,646
			$	2,929					$	674,882					$	2,279					$	—					$	680,090

14

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TDS Telecom Highlights
(Unaudited)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars in thousands)
Operating revenues
Residential
Incumbent			$	75,868					$	84,665					(10)		%				$	153,160					$	170,259					(10)		%
Expansion			45,656						36,580						25		%				89,218						70,986						26		%
Cable			56,240						62,174						(10)		%				113,982						126,022						(10)		%
Total residential			177,764						183,419						(3)		%				356,360						367,267						(3)		%
Commercial			32,776						34,617						(5)		%				65,571						69,251						(5)		%
Wholesale			37,817						46,704						(19)		%				75,934						85,381						(11)		%
Total service revenues			248,357						264,740						(6)		%				497,865						521,899						(5)		%
Equipment revenues			49						191						(74)		%				113						392						(71)		%
Total operating revenues			248,406						264,931						(6)		%				497,978						522,291						(5)		%
Cost of operations (excluding Depreciation, amortization and accretion reported below)			100,583						97,049						4		%				197,765						198,013						—
Cost of equipment and products			118						116						2		%				229						380						(40)		%
Selling, general and administrative			79,038						82,555						(4)		%				160,098						165,702						(3)		%
Depreciation, amortization and accretion			73,585						73,137						1		%				146,142						144,577						1		%
(Gain) loss on asset disposals, net			4,960						6,206						(20)		%				5,792						7,868						(26)		%
(Gain) loss on sale of business and other exit costs, net			—						(8,104)						N/M						1,562						(8,080)						N/M
(Gain) loss on license sales and exchanges, net			(1,600)						—						N/M						(1,600)						—						N/M
Total operating expenses			256,684						250,959						2		%				509,988						508,460						—
Operating income (loss)			$	(8,278)					$	13,972					N/M						$	(12,010)					$	13,831					N/M

N/M - Percentage change not meaningful

15

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Array Digital Infrastructure, Inc. Highlights

(Unaudited)

			Three Months Ended June 30,																		Six Months Ended June 30,
			2026						2025						2026 vs. 2025						2026						2025						2026 vs. 2025
(Dollars in thousands)
Operating revenues
Site rental			$	53,175					$	27,230					95		%				$	104,199					$	53,825					94		%
Services			895						1,299						(31)		%				1,883						1,688						12		%
Total operating revenues			54,070						28,529						90		%				106,082						55,513						91		%
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below)			23,497						19,396						21		%				45,106						35,687						26		%
Selling, general and administrative			22,906						19,337						18		%				35,651						48,537						(27)		%
Depreciation, amortization and accretion			14,428						11,999						20		%				27,032						23,992						13		%
(Gain) loss on asset disposals, net			3,809						(313)						N/M						4,713						(87)						N/M
(Gain) loss on license sales and exchanges, net			(409,833)						(3,700)						N/M						(566,468)						(4,800)						N/M
Total operating expenses			(345,193)						46,719						N/M						(453,966)						103,329						N/M
Operating income (loss)			$	399,263					$	(18,190)					N/M						$	560,048					$	(47,816)					N/M

N/M - Percentage change not meaningful

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Telephone and Data Systems, Inc.

Financial Measures

(Unaudited)

Free Cash Flow

									Six Months Ended June 30,
TDS CONSOLIDATED															2026						2025
(Dollars in thousands)
Cash flows from operating activities - continuing operations (GAAP)															$	151,065					$	125,959
Cash paid for additions to property, plant and equipment															(317,919)						(150,482)
Cash paid for software license agreements															(1,180)						(839)
Free cash flow - continuing operations (Non-GAAP)1															$	(168,034)					$	(25,362)

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

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Telephone and Data Systems, Inc.

EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations

(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income (loss) before income taxes.

			Three Months Ended June 30,												Six Months Ended June 30,
TDS Telecom			2026						2025						2026						2025
(Dollars in thousands)
Net income (loss) (GAAP)			$	(4,993)					$	16,084					$	(3,946)					$	19,611
Add back:
Income tax expense (benefit)			(1,909)						2,174						(3,998)						3,309
Income (loss) before income taxes (GAAP)			(6,902)						18,258						(7,944)						22,920
Add back:
Interest expense			332						(960)						175						(2,424)
Depreciation, amortization and accretion			73,585						73,137						146,142						144,577
EBITDA (Non-GAAP)			67,015						90,435						138,373						165,073
Add back or deduct:
Expenses related to strategic alternatives review			—						—						87						—
(Gain) loss on asset disposals, net			4,960						6,206						5,792						7,868
(Gain) loss on sale of business and other exit costs, net			—						(8,104)						1,562						(8,080)
(Gain) loss on license sales and exchanges, net			(1,600)						—						(1,600)						—
Adjusted EBITDA (Non-GAAP)			70,375						88,537						144,214						164,861
Deduct:
Interest and dividend income			463						1,693						1,608						3,094
Other, net			1,245						1,633						2,633						3,571
Adjusted OIBDA (Non-GAAP)			$	68,667					$	85,211					$	139,973					$	158,196

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			Three Months Ended June 30,												Six Months Ended June 30,
Array			2026						2025						2026						2025
(Dollars in thousands)
Net income from continuing operations (GAAP)			$	337,447					$	15,099					$	517,472					$	20,583
Add back:
Income tax expense			115,870						8,415						168,268						8,222
Income before income taxes (GAAP)			453,317						23,514						685,740						28,805
Add back:
Interest expense			10,860						3,711						18,040						7,378
Depreciation, amortization and accretion			14,428						11,999						27,032						23,992
EBITDA (Non-GAAP)			478,605						39,224						730,812						60,175
Add back or deduct:
Expenses related to strategic alternatives review			7,391						715						7,578						1,860
(Gain) loss on asset disposals, net			3,809						(313)						4,713						(87)
(Gain) loss on license sales and exchanges, net			(409,833)						(3,700)						(566,468)						(4,800)
Short-term imputed spectrum lease income			(23,770)						—						(57,970)						—
Adjusted EBITDA (Non-GAAP)			56,202						35,926						118,665						57,148
Deduct:
Equity in earnings of unconsolidated entities			34,726						41,714						75,135						77,641
Interest and dividend income			6,431						3,701						10,653						6,358
Other, net			(13)						—						(26)						—
Adjusted OIBDA (Non-GAAP)			$	15,058					$	(9,489)					$	32,903					$	(26,851)

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Array 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 below. 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 following table 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.

									Six Months Ended June 30, 2026
(Dollars in thousands)
Net income from continuing operations - Array (GAAP)									$	517,472
Add back or deduct:
Income tax expense									168,268
Cash paid for income taxes									(78,623)
Stock-based compensation expense									540
Short-term imputed spectrum lease income									(57,970)
Amortization of deferred debt charges									655
Equity in earnings of unconsolidated entities									(75,135)
Distributions from unconsolidated entities									66,553
(Gain) loss on license sales and exchanges, net									(566,468)
(Gain) loss on asset disposals, net									4,713
Depreciation, amortization and accretion									27,032
Expenses related to strategic alternatives review									7,578
Straight line and other non-cash revenue adjustments									(8,310)
Straight line expense adjustment									2,811
Maintenance and other capital expenditures									(2,511)
Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP)									$	6,605

20