Core Insights - Ericsson is positioned as a leader in the global 6G ecosystem, showcasing its advancements at Mobile World Congress (MWC) Barcelona 2026 [1][2] - The transition from 6G concept to commercial readiness is underway, with a focus on AI-native technologies and interoperability [1] - The company emphasizes the integration of AI across all network layers to support the development of autonomous networks and enhance performance for future applications [1] Group 1: 6G Ecosystem Development - Ericsson is collaborating with major partners like Qualcomm and NVIDIA to establish a roadmap for 6G commercial systems starting in 2029 [1] - The company is actively participating in initiatives such as the Linux Foundation's OCUDU to promote open-source software for wireless innovation [1] - Ericsson's technology is central to the industry's shift from research to deployable networks, with a focus on 5G Standalone and 5G Advanced as foundational steps [1] Group 2: Device Ecosystem and Interoperability - At MWC 2026, Ericsson demonstrated key advancements in device interoperability, including live Multi-RAT Spectrum Sharing with Apple and integration of 6G testbed radio with MediaTek [1] - The company validated foundational 6G physical-layer capabilities in collaboration with Qualcomm, focusing on enhanced uplink performance [1] - Ericsson aims to ensure that devices and networks are interoperable as commercial 6G is targeted for 2030, providing pre-standard systems for device makers [1] Group 3: Industry Readiness for 6G - With the first implementable 3GPP specifications expected by 2029, Ericsson is building proof points for Communication Service Providers (CSPs) to confidently deploy 6G [1] - The foundation for the 6G intelligent fabric is being established through current implementations of 5G technologies and network APIs [1] - Ericsson continues to shape industry standards and deepen collaborations to ensure readiness for the full potential of 6G [1]

Industry Overview - The U.S. telecom industry is experiencing growth driven by high data-intensive applications such as video streaming, gaming, AR, VR, and IoT devices in both consumer and industrial sectors [2] - The market is expected to grow at a compound annual growth rate of 6.6% from 2024 to 2030 [2] T-Mobile US, Inc. (TMUS) - T-Mobile is experiencing significant postpaid customer growth, adding 2.4 million postpaid net customers in the recent quarter and 7.8 million in 2025 [4] - The postpaid average revenue per account increased to $150.17 from $146.28 year-over-year [4] - T-Mobile is rolling out 5G Advanced nationwide, which enhances network management through AI-driven intelligence [5] - The company is facing integration risks due to acquisitions, with expected merger-related costs of $1.2 billion in 2026 [6] - T-Mobile's promotional strategies, such as offering free devices, may lead to higher churn rates and margin pressures [7] - T-Mobile's shares are trading at a premium with a price/earnings ratio of 19.92 [17] AT&T Inc. (T) - AT&T is benefiting from solid wireless momentum, adding 1.5 million postpaid phone net customers in 2025 [9] - The company has expanded its fiber network to 32 million passings, with over 1 million fiber net additions in 2025 [11] - AT&T's acquisition of Lumen Technologies' fiber business for $5.75 billion has strengthened its fiber Internet presence [12] - The company is focusing on a disciplined pricing strategy to improve average revenue per user (ARPU) and reduce churn [11] - AT&T's wireless service revenue is projected to grow 2-3% annually from 2026 to 2028 [10] - AT&T's shares are trading at a lower price/earnings ratio of 12.26, indicating a more attractive valuation compared to T-Mobile [17] Comparative Analysis - T-Mobile has a Zacks Rank of 4 (Sell), while AT&T holds a Zacks Rank of 3 (Hold), suggesting AT&T may be a better investment option currently [18][21] - Over the past year, AT&T's stock has gained 7.1%, while T-Mobile's stock has declined by 18.7% [16] - The competitive landscape is intensifying for both companies, but AT&T's fiber infrastructure and convergence strategy provide a competitive edge [21]

THE NEXT GROWTH CHAPTER INVESTOR DAY 2026 ADVANC:TB 6 February 2026 DISCLAIMER: Please be informed that this meeting is being recorded. By participating in this meeting, you have allowed AIS to collect, use, or disclose any personal data shared during this meeting by any means. Please do not copy, edit, or modify any content shared during this meeting for any purpose. 1 Agenda PRATTHANA LEELAPANANG Chief Executive Officer 3 AIS2028 – The Next Growth Chapter STRENGTHS WE BUILD FROM Telecom Connectivity Leade ...

Core Insights - The discussion on 6G standards officially commenced in early 2025, with a series of research and seminars aimed at reaching industry consensus on the next generation of mobile communication technology. By the end of this year, the blueprint for 6G is expected to become clearer, with the first commercial 6G services anticipated to launch around 2030 [1][2] - The United States plans to showcase 6G technology during the 2028 Summer Olympics in Los Angeles, with demonstrations organized by the National Telecommunications and Information Administration (NTIA) [1] - The initial 6G specifications will be included in the 21st release of 3GPP, with a timeline for this work to be established by June 2026. The full-scale work is expected to begin in March 2027, with a typical release cycle lasting about 18 months [1] Group 1 - The ongoing phase of research and discussions regarding 6G will continue until the end of this year and early 2027, amidst geopolitical factors that may introduce friction in global efforts [2] - 3GPP has initiated research on 6G technology alongside the development of 5G Advanced specifications, emphasizing the need for continuity between the two technologies [4] - Major equipment suppliers like Ericsson, Huawei, and Nokia view 5G Advanced as foundational for 6G, with expected advancements in machine learning integration, energy efficiency, latency reduction, advanced MIMO technology, and satellite integration [4] Group 2 - Collaboration among standard organizations is expected to intensify this year, with ETSI hosting a workshop in April 2025 to explore synergies in open RAN efforts with O-RAN Alliance and 3GPP [6] - Artificial intelligence is anticipated to permeate various aspects of 6G, influencing standardization processes related to interfaces, protocols, and algorithms, as well as playing a crucial role in network security discussions [6]

Core Insights - T-Mobile had a remarkable year in 2025, achieving significant milestones and innovations that solidified its position as a leader in the wireless industry [1][3][24] Best Network - T-Mobile was recognized as America's Best Mobile Network by Ookla, based on extensive performance testing involving half a billion data points from millions of devices [6] - The company launched 5G Advanced nationwide, enhancing speed, intelligence, and reliability, and introducing innovations like L4S for improved performance during network congestion [7] - T-Mobile introduced T-Priority, prioritizing first responders during network congestion and providing exclusive benefits, including a $2 million donation to the Tunnel to Towers Foundation [8] Best Value - T-Mobile launched new plans, Experience More and Experience Beyond, offering a 5-year price guarantee and over $200 in added value per line each month [11] - Metro by T-Mobile introduced lower-priced prepaid options, expanding access to Un-carrier value [12] - T-Mobile Tuesdays achieved record engagement, with 2.3 million users claiming a promotional item, showcasing customer loyalty and engagement [13] Best Experience - T-Mobile's T-Satellite service, in partnership with Starlink, connected millions in areas without traditional cell service, sending over half a million messages during natural disasters [18][20] - The company enhanced the switching experience for customers from AT&T and Verizon, allowing for a seamless transition to T-Mobile [21] - T-Mobile's involvement in sports events, including the Ryder Cup and the LA28 Olympic Games, demonstrated its commitment to enhancing fan experiences through its 5G network [23]

Group 1: Core Insights - The McKinsey report identifies 13 key technologies categorized into three main areas: Artificial Intelligence Revolution, Computing and Connectivity Frontiers, and Advanced Engineering [1] - In 2024, 10 out of the 13 technology trends saw an increase in equity investment, indicating sustained global interest in cutting-edge technologies [4] - The report highlights the rapid growth of agent-based AI, with investment reaching $1.1 billion in 2024 and a 985% increase in related job demand [4][6] Group 2: Artificial Intelligence Revolution - Agent-based AI is characterized by autonomous agents capable of planning and executing multi-step tasks, showing unique value in areas like intelligent customer service and code development [6] - General AI is evolving towards multi-modal interactions, with 78% of organizations deploying AI in at least one business function and 92% of executives planning to increase investments in the next three years [8] - In 2024, global AI equity investment reached $124.3 billion, with OpenAI raising a record $40 billion in a single funding round [8][11] Group 3: Computing and Connectivity Frontiers - The demand for AI-driven computing is growing exponentially, driving innovation in semiconductors, networking, and cloud computing [11] - Customized semiconductors are becoming essential for meeting the massive computational needs of AI, with global equity investment in this area reaching $7.5 billion in 2024 [12] - The report predicts that by 2030, approximately 70% of data center demand will be for AI workloads, with a 33% annual growth rate from 2023 to 2030 [16] Group 4: Advanced Engineering - The integration of AI and robotics is transforming robots from fixed-task executors to collaborative partners, with global investment in robotics expected to reach $7 billion in 2024 [25] - The robotics industry is projected to grow to $900 billion by 2040, driven by opportunities arising from labor shortages and rising production costs [25] - Notable applications include Boston Dynamics' ElectricAtlas for heavy lifting in industrial settings and FigureAI's Helix for complex tasks like grocery sorting [25]

Financial Data and Key Metrics Changes - Postpaid service revenues grew 9% year over year, an acceleration from Q1, while total service revenues grew 6%, significantly outpacing closest competitors [18] - Adjusted free cash flow reached $4.6 billion, setting a new Q2 record, with an industry-leading adjusted free cash flow conversion from service revenues of 26% [18] - Core adjusted EBITDA growth was 6% year over year, with full-year expectations for core adjusted EBITDA set between $33.3 billion and $33.7 billion [23][24] Business Line Data and Key Metrics Changes - The business group led the industry in net additions, with postpaid account nets accelerating year over year [6] - The company achieved its highest ever business 5G broadband net additions, continuing to lead the overall broadband industry in net additions for the fourteenth consecutive quarter [13] - ARPA (Average Revenue Per Account) grew over 5%, marking the highest growth in eight years, with customers increasingly selecting premium rate plans [6][17] Market Data and Key Metrics Changes - The company surpassed 20% share of households in smaller markets and rural areas, achieving its goal set for 2025 [108] - The competitive environment remains dynamic, with the company benefiting from increased customer speeds and lower costs in real terms over the past few years [35] - The company is focused on expanding its network in smaller markets and rural areas, with plans to increase site coverage significantly through acquisitions and new builds [12][88] Company Strategy and Development Direction - The company announced a multiyear partnership with Cable to enhance mobile service offerings to small and mid-market businesses, aiming for incremental growth in an area with previously low exposure [7] - The strategy emphasizes maintaining a competitive edge through network leadership and customer experience, with ongoing investments in infrastructure and technology [9][10] - The company is committed to digital transformation, with significant progress in customer engagement through its app, which has over 75 million installs [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a competitive environment, highlighting the unique value proposition of best network, best value, and best experiences [19] - The company anticipates continued strong growth in service revenues and customer additions, with expectations for postpaid net additions raised to between 6.1 million and 6.4 million for the year [22] - Management noted the potential for significant growth in the broadband sector, particularly through fiber investments and partnerships [97] Other Important Information - The company is set to close the acquisition of MetroNet, which is expected to enhance its fiber capabilities and customer base [25][99] - A recent agreement to divest its 800 megahertz licenses is anticipated to generate approximately $2.9 billion in cash, with additional potential upside [27] - The company expects a $1.5 billion benefit to cash taxes in 2026 from recent legislation, which will be allocated thoughtfully [26] Q&A Session Summary Question: What is the outlook for churn in the second half and the competitive environment? - Management indicated that while churn increased in Q2 due to rate plan optimizations, they expect it to decrease in Q3 and remain flat to slightly up year over year [36][37] Question: Can you provide more details on fiber growth and potential inorganic opportunities? - Management confirmed that the fiber business is expected to add 100,000 net additions this year, with ongoing evaluations for inorganic growth opportunities [39][40] Question: How does the company plan to improve network perception among prospective customers? - Management acknowledged that while current customers recognize the network's quality, efforts will focus on advertising and customer experience to enhance perception among prospective customers [62][66] Question: What is the current market share in rural areas and future expectations? - Management reported surpassing 20% market share in rural areas and expressed optimism for further growth, especially with the integration of U.S. Cellular assets [108][112] Question: How will the $1.5 billion tax benefit be utilized? - Management stated that the capital will be deployed thoughtfully, considering various options such as M&A, buybacks, or network investments [106]