Financial Data and Key Metrics Changes - The company completed the sale of its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which is expected to unlock significant value for shareholders and strengthen the balance sheets of both Array and TDS [5][11]. - Following the transaction, approximately $364 million remains on the Array balance sheet, with $1.7 billion in debt assumed by T-Mobile [11]. - A special dividend of $23 per share was declared, with TDS expected to receive approximately $1.63 billion [12]. - The company anticipates annual interest savings of about $80 million, reducing TDS's average cost of debt to just over 6% [12][14]. - S&P raised TDS's credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18]. Business Line Data and Key Metrics Changes - Array's tower business operates approximately 4,400 towers and has a new master license agreement with T-Mobile, which is expected to enhance revenue and profitability [8][25]. - Third-party tower revenues increased by 12%, and the number of third-party colocations grew by 6% year-over-year [25][26]. - TDS Telecom added 27,000 new fiber service addresses, with a total of 10,300 fiber net additions leading to a 19% growth in total fiber connections since last year [32][33]. Market Data and Key Metrics Changes - The company is focusing on expanding its fiber footprint, targeting 1.8 million marketable fiber service addresses, with 968,000 addresses at the end of the quarter [34]. - The company expects to achieve 150,000 new fiber addresses this year, with significant growth anticipated in the second half of the year [32][37]. - Demand for higher broadband speeds remains strong, with 83% of residential broadband customers taking 100 meg or higher, and 26% taking one gig or higher [39]. Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned to win in these areas [6][8]. - A capital allocation strategy is being developed, focusing on fiber investments, M&A opportunities, and shareholder returns [15][18]. - The company plans to maintain a conservative balance sheet while targeting a three times bank leverage ratio at Array [14]. Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the new chapter for the company following the T-Mobile transaction, emphasizing the focus on tower and fiber businesses [6][10]. - The management team is optimistic about growth opportunities in the tower business due to increasing demand for data and communication services [8][25]. - The company expects to incur additional wind-down costs as it transitions from a wireless service provider to an independent tower company, which may negatively impact profitability in the short term [29]. Other Important Information - The company is working to opportunistically monetize its remaining spectrum, with significant proceeds expected from pending spectrum sales to AT&T and Verizon [21][22]. - The company has a strong sales leadership team in place, which is expected to drive future revenue growth [26][90]. Q&A Session Summary Question: Update on TDS Telecom's fiber expansion plans - Management indicated that there is significant opportunity to expand the fiber footprint and that updates will be shared in upcoming quarters [50][52]. Question: Long-term leverage expectations for TDS Telecom - Management expects to maintain leverage below 1.5 times while evaluating opportunities for both fiber and tower businesses [54]. Question: Access to construction resources for fiber expansion - Management expressed confidence in meeting the 150,000 service address goal for the year, with significant ramp-up in construction efforts expected [56][57]. Question: Insights on fiber market penetration and competitive landscape - Management shared that they expect high presales penetration and are focusing on markets with favorable competitive dynamics [60][73]. Question: Update on mobile launch and pricing strategy - The company launched its MVNO product TDS Mobile in select markets and is testing aggressive pricing strategies [81][84]. Question: M&A opportunities and focus areas - Management is considering fiber opportunities that would synergize with existing properties and footprint [85]. Question: Growth strategy for the tower business - Management highlighted the importance of bringing sales operations in-house and the positive impact on revenue growth [90].

FRONTIER Second QUARTER 2025 RESULTS © Frontier Communications. July 29, 2025 Safe Harbor Statement or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or cash flows as measures of liquidity. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures ...