EXHIBIT 99.2 2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | (1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flo ...

Core Viewpoint - AT&T Inc. is considered one of the most undervalued blue-chip stocks currently available for investment [1] Group 1: Analyst Ratings and Price Target - Scotiabank analyst Maher Yaghi has reduced the price target for AT&T from $30.25 to $29.50 while maintaining a 'Sector Perform' rating ahead of Q4 results [2] - The analyst anticipates positive revenue and EBITDA growth in the sector despite increased promotional activities in the wireless market during the holiday season, indicating a stable short-term outlook for AT&T's core operations [2] Group 2: Strategic Initiatives - AT&T has announced a partnership with American Airlines to provide free in-flight Wi-Fi to loyalty program members, which will be available on nearly all flights by early spring [3] - This initiative positions AT&T strategically in the growing in-flight connectivity market, potentially creating additional revenue streams [3] Group 3: Acquisitions and Network Enhancements - The FCC has approved AT&T's acquisition of UScellular spectrum licenses for $1.02 billion, which will enhance the company's network coverage, capacity, and performance [4] - This acquisition strengthens AT&T's long-term competitive positioning and supports growth in both wireless and broadband segments [4] Group 4: Company Overview - AT&T Inc. provides a range of telecom and technology services across the U.S. and Latin America, including wireless, wireline, and broadband offerings for both consumers and businesses [5]

Group 1: Industry Overview - In 2025, the US telecommunications industry experienced significant changes due to infrastructure acquisitions, intense wireless competition, and shifts in broadband user growth [1][3] Group 2: Company Performances - AT&T saw an increase of 8.96% this year, announcing a $5.75 billion acquisition of Lumen Technologies' consumer fiber business in May and agreeing to acquire EchoStar's wireless spectrum licenses for $23 billion in August [1][3] - Charter Communications experienced a decline of 38.85% this year, announcing a $21.9 billion merger with Cox Communications in May to create a cable giant to compete with Comcast [1][3] - T-Mobile's stock fell by 7.67% this year, launching Starlink's direct cellular service in July, completing a $1.02 billion acquisition of US Cellular in August, and appointing Srini Gopalan as CEO in November [1][3] - Verizon's stock increased by 1.78% this year, completing a $20 billion acquisition of Frontier Communications in May and announcing layoffs of over 13,000 employees in November under new CEO Dan Schulman [1][3]

Group 1: Acquisition and Spectrum Licenses - AT&T is pursuing the acquisition of spectrum licenses from a major rival to enhance its competitive position in the market [1] - In November, AT&T agreed to acquire a portion of UScellular's spectrum licenses for over $1 billion, following UScellular's earlier sales to T-Mobile and Verizon [2] - The acquisition is expected to benefit subscribers of AT&T and add a fourth mobile network operator alongside T-Mobile [3] Group 2: Consumer Satisfaction and Market Position - AT&T currently ranks lower in consumer satisfaction for postpaid phone plans, with a score of 573, compared to T-Mobile's 636 and Verizon's 583 [7] - A recent survey indicates that value and service quality are the most important factors influencing consumer satisfaction in the mobile network sector [5] - The average consumer satisfaction score for postpaid plans across mobile network operators is 593 [7] Group 3: Regulatory Approval and Strategic Changes - The Federal Communications Commission approved the AT&T and UScellular deal on December 3, but AT&T had to drop its diversity, equity, and inclusion (DEI) program to secure this approval [6] - AT&T stated that it is realigning its priorities and budgets to focus on expanding 5G and fiber connectivity for customers [7]

Group 1 - AT&T Inc. has received approval from the Federal Communications Commission (FCC) for its $1.02 billion acquisition of wireless spectrum license from UScellular, contingent upon the company ending its Diversity, Equity, and Inclusion (DEI) programs [1] - The FCC noted that the acquisition will enhance network capacity and coverage for AT&T's customers, aligning with similar actions taken by other telecom carriers like T-Mobile and Verizon, which also ended their DEI programs to secure major deals [1] - The Rural Wireless Association has opposed the approval, arguing that it could harm competition and negatively impact rural Americans by leading to price increases and connectivity issues [2] Group 2 - AT&T operates as a major telecommunications company providing a wide range of communications and connectivity services, although there are suggestions that certain AI stocks may offer better investment potential with less risk [3]

T-Mobile US FY Conference Summary Company Overview - **Company**: T-Mobile US (NasdaqGS: TMUS) - **Event**: FY Conference held on November 18, 2025 Key Points Leadership Transition - The recent CEO transition to Srini Gopalan is viewed positively, with expectations for continued success under his leadership [3][5] - Gopalan has been with T-Mobile for over a decade and is familiar with the company's strategy [3] Strategic Priorities - Three main priorities under Gopalan: 1. Extend network leadership and improve customer perception of the network [4] 2. Enhance customer experience through digitalization [4] 3. Achieve success in broadband services [4] Q4 Promotional Activity - Q4 is expected to be competitive with promotional offers like "four for $100" [6][9] - The company anticipates strong performance, revising its post-paid phone net guidance to 3.3 million for the year [10] Competitive Landscape - The competitive environment remains vibrant, with no immediate concerns about competitors' actions [10] - T-Mobile's post-paid phone churn is reported as the lowest in the industry [18] Fiber and Mobile Convergence - T-Mobile does not see itself as a major fiber provider but is the fifth largest internet service provider in the U.S. with nearly 9 million broadband customers [20][21] - The company aims for 12 million broadband customers by 2028, focusing on monetizing its 5G broadband product [21][22] Fixed Wireless Access (FWA) - T-Mobile has seen significant growth in fixed wireless access, with over 500,000 new customers in Q3 [29] - The majority of customers are coming from cable providers, indicating a strong competitive position [30] Customer Segmentation - T-Mobile views fiber and fixed wireless as complementary products, targeting different customer segments [32] Post-Paid Phone Growth Outlook - The company remains optimistic about post-paid phone growth despite industry concerns about a slowdown [34] - T-Mobile is focused on executing its plan and delivering value to shareholders [36] Network Leadership - T-Mobile has been recognized for having the best overall network, with ongoing efforts to close the perception gap among potential customers [37][42] - The company aims to attract customers from competitors by emphasizing its network quality [42] Rural Expansion and UScellular Integration - T-Mobile is focused on becoming a market leader in rural areas, with a current household share of over 20% [48] - The integration of UScellular is progressing well, with plans to unify operations under the T-Mobile brand [50] T-Life Initiative - T-Mobile's T-Life app has seen significant engagement, with 85 million downloads and two-thirds of upgrades occurring through the platform [55][56] - The company aims to improve customer experience and operational efficiency through T-Life [58] Satellite Connectivity - T-Mobile's partnership with Starlink for satellite connectivity is seen as a complement to its terrestrial network, particularly in remote areas [60][62] Additional Insights - T-Mobile's focus on customer experience and digital transformation is expected to drive future growth and operational efficiencies [59] - The company is committed to maintaining its competitive edge through continuous investment in network quality and customer engagement strategies [43][44]

Core Insights - Anthony Carlson will become the President and CEO of Array Digital Infrastructure, Inc. on November 16, 2025, and will also join the Board of Directors [1][2] - Array Digital Infrastructure operates a portfolio of 4,400 owned towers and has noncontrolling investment interests in wireless partnerships and retained wireless spectrum [2] Leadership Transition - Doug Chambers, the Interim President and CEO of Array, will step down from the Board on November 16, 2025, but will remain as a Senior Advisor until December 9, 2025, to ensure a smooth transition [4] - Doug Chambers has been with TDS since 2007 and played a key role in the transformational sale of UScellular's wireless operations to T-Mobile US, Inc. [4][5] Company Background - Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States, with over 4,400 cell towers supporting the deployment of 5G and other wireless technologies [5] - As of September 30, 2025, Telephone and Data Systems, Inc. owned approximately 82% of Array [5]

Financial Data and Key Metrics Changes - T-Mobile US Inc. reported a strong Q3 2025, achieving all-time best postpaid account growth and total postpaid net additions, with over a million postpaid phone net additions, marking the best Q3 in over a decade [10][14] - Postpaid service revenue grew by 12% year-over-year, while overall service revenue increased by 9% [15] - Core adjusted EBITDA rose by 6%, with a free cash flow conversion rate of 26% [15][28] Business Line Data and Key Metrics Changes - The wireless segment saw significant growth, with postpaid ARPA increasing by 3.8% on an organic basis, excluding the dilutive impact of UScellular, Metronet, and Lumos [14] - In broadband, T-Mobile led the industry with over 500,000 customer additions in 5G broadband and over 50,000 in fiber [15] - The integration of UScellular customers has begun, enhancing network experience and customer benefits [14] Market Data and Key Metrics Changes - T-Mobile's postpaid share of households increased, with strong performance in both top 100 markets and smaller rural areas [14] - The company reported a significant increase in customer lifetime values and strong customer momentum across all segments [15][62] Company Strategy and Development Direction - The company aims to widen its differentiation through network leadership and digital transformation, focusing on customer experience and operational efficiency [17][21] - T-Mobile is committed to maintaining its position as a network leader while investing in future technologies, including AI and satellite communications [76][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the successful execution of strategies that have led to record customer results [24][41] - The outlook for 2026 and 2027 is optimistic, with expectations for increased guidance reflecting core business strength and M&A contributions [22][28] Other Important Information - The company is accelerating synergy realization from the UScellular merger, with an expected total of $1.2 billion in OPEX and CAPEX run-rate synergies [26] - T-Mobile's digital transformation initiatives are aimed at simplifying customer acquisition processes and enhancing overall customer experience [65][66] Q&A Session Summary Question: Network perception gap and strategy to close it - Management discussed strategies to improve network perception, emphasizing local engagement and digital transformation initiatives to make switching easier for customers [31][35] Question: UScellular synergies and timeline - Management provided insights on the timeline for achieving full run-rate synergies from the UScellular merger, expecting most to be realized by the end of 2027 [43][44] Question: Broadband business opportunities - Management highlighted the potential of both fiber and 5G fixed wireless access, emphasizing the importance of competitive pricing and capital-light structures [48][50] Question: Customer acquisition costs and competitive environment - Management noted that customer acquisition costs remain stable, with strong customer lifetime values and promotional strategies driving customer switching [58][62] Question: Satellite partnership with SpaceX - Management discussed the ongoing collaboration with SpaceX on satellite technology, aiming to eliminate dead zones and enhance service offerings [72][76]

EXHIBIT 99.2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | 2 (1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flo ...

Group 1 - T-Mobile US, Inc. anticipates an increase in service revenue by approximately $400 million this quarter due to the integration of UScellular users [1] - The $4.4 billion merger with UScellular was approved by US antitrust regulators in July, allowing T-Mobile to acquire 30% of UScellular's spectrum holdings, wireless operations, subscribers, and retail locations [2] - T-Mobile now expects annual cost savings of nearly $1.2 billion from the integration, up from an original projection of around $1 billion [3]