TDS

EX-99.1

2 tdsq220268kex991.htm

EX-99.1

Document

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

1

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 TelecomPreviousCurrent

(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

ArrayPreviousCurrent

(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-$35Unchanged

2

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 signif

EX-99.1

2 tdsq120268kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on May 8, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports first quarter 2026 results

TDS Telecom and Array both reaffirm guidance for 2026

CHICAGO (May 8, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported first quarter 2026 operating results.

“TDS Telecom and Array entered 2026 with momentum,” said Walter Carlson, TDS President and CEO. “Both business units are making meaningful progress toward their strategic objectives. During the quarter, TDS Telecom expanded its marketable fiber service footprint to 1.1 million addresses, while Array continued to optimize its operations and secure healthy application volume.”

“As part of our fiber growth strategy, we recently announced the acquisition of Granite State Communications in New Hampshire," continued Carlson. "Located adjacent to our existing operations, Granite State further expands our fiber footprint, adding approximately 11,000 additional fiber service addresses.”

Highlights*

TDS Telecom

•Executing on fiber broadband strategy

◦Delivered 40,000 marketable fiber services addresses in Q1 2026

◦Grew fiber connections —10,900 residential fiber net additions

◦TDS Telecom revenues down 3%, reduced by $6 million due to divestitures of non-strategic assets

•Expanding fiber footprint

◦Entered into agreement to acquire Granite State Communications in New Hampshire — 11,000 fiber service addresses; transaction expected to close in the third quarter of 2026

Array

•Optimizing tower operations

◦Site rental revenues grew 92% year over year

◦Excluding the impact of DISH, continuing to grow tower tenancy and secure healthy application volume

•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

*Comparisons are 1Q’25 to 1Q’26 unless otherwise noted.

TDS reported total operating revenues from continuing operations of $309.5 million for the first quarter of 2026, versus $290.4 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 $129.3 million and $1.11, respectively, for the first quarter of 2026 compared to $(23.2) million and $(0.20), respectively, in the same period one year ago.

On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses for $1,018.0 million and TDS recorded a book gain of $150.9 million ($114.7 million net of tax expense) during the first quarter of 2026.

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.

1

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 May 8, 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 TelecomPreviousCurrent

(Dollars in millions)

Total operating revenues$1,015-$1,055Unchanged

Adjusted OIBDA1 (Non-GAAP) $300-$340Unchanged

Adjusted EBITDA1 (Non-GAAP) $310-$350Unchanged

Capital expenditures$550-$600Unchanged

ArrayPreviousCurrent

(Dollars in millions)

Total operating revenues$200-$215Unchanged

Adjusted OIBDA1 (Non-GAAP) $50-$65Unchanged

Adjusted EBITDA1 (Non-GAAP) $200-$215Unchanged

Capital expenditures$25-$35Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income 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 TelecomArray

(Dollars in millions)

Net income from continuing operations (GAAP)N/AN/A

Add back:

Income tax expenseN/AN/A

Income (loss) before income taxes (GAAP)($15)-$25$770-$785

Add back:

Interest expense— 45

Depreciation, amortization and accretion expense325 50

EBITDA (Non-GAAP)1

EX-99.1

2 tdsq420258-kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports fourth quarter and full year 2025 results

TDS Telecom increases its long-term marketable fiber service goal to 2.1 million addresses

TDS Telecom and Array provide 2026 guidance

CHICAGO (February 20, 2026) — Telephone and Data Systems, Inc. (NYSE:TDS) reported results for the fourth quarter and full year 2025.

“2025 was a year of significant transformation for TDS,” said Walter Carlson, President and CEO. “We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, and ended the year with 1.06 million marketable fiber service addresses at TDS Telecom. These actions strengthened our balance sheet and positioned the company for sustainable growth."

Highlights

TDS

•Repurchased 1,765,863 Common Shares for $67.4 million in the fourth quarter of 2025

•Repaid $150 million of Export Development Canada debt in January 2026

TDS Telecom

•Executed on fiber broadband strategy

◦Grew fiber net additions 44,900 in 2025

◦Deployed 140,000 new marketable fiber service addresses in 2025

•Increased long-term marketable fiber service address goal to 2.1 million, an increase of 300,000 addresses

Array

•Grew site rental revenues 51% year over year

•Closed on the sale of wireless spectrum with AT&T on January 13, 2026, for $1.018 billion

•Paid a $10.25 per share special dividend on February 2, 2026

TDS reported total operating revenues from continuing operations of $330.7 million for the fourth quarter of 2025, versus $295.3 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share from continuing operations were $37.2 million and $0.32, respectively, for the fourth quarter of 2025 compared to $1.0 million and $0.01, respectively, in the same period one year ago.

TDS reported total operating revenues from continuing operations of $1,228.2 million and $1,297.0 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $48.2 million and $0.39, respectively, for the year ended 2025 compared to $(141.4) million and $(1.24), respectively, for the year ended 2024.

“In 2026, we intend to continue to advance our strategic priorities by investing in the expansion of TDS Telecom’s fiber business and supporting co‑location and profitability initiatives at Array. We also expect to close our pending spectrum transactions and pursue opportunities to further monetize our remaining spectrum,” Carlson added.

1

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 February 20, 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 Telecom2026 Estimated ResultsActual Results for the Year Ended December 31, 2025*

(Dollars in millions)

Total operating revenues$1,015-$1,055$1,038

Adjusted OIBDA1 (Non-GAAP) $300-$340$319

Adjusted EBITDA1 (Non-GAAP) $310-$350$330

Capital expenditures$550-$600$406

* The 2025 divestitures at TDS Telecom impact year-over-year comparisons. The divested markets contributed $19M in annual revenues in 2025.

Array2026 Estimated ResultsActual Results for the Year Ended December 31, 2025

(Dollars in millions)

Total operating revenues $200-$215 $163

Adjusted OIBDA1 (Non-GAAP) $50-$65 $1

Adjusted EBITDA1 (Non-GAAP) $200-$215 $194

Capital expenditures $25-$35 $30

2

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income 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.

TDS TelecomArray

2026 Estimated Results Actual Results for

the Year Ended

December 31, 2025 2026 Estimated Results Actual Results for

the Year Ended

December 31, 2025

(Dollars in millions)

Net income from continuing operations (GAAP)N/A$28 N/A$172

Add back:

Income tax expense (benefit)N/A10 N/A(31)

Income (loss) before income taxes (GAAP)($15)-$25$38  $780-$795$141

Add back or deduct:

Interest expense— (7)4528

Depreciation, amortization and accretion325300 5048

EBITDA (Non-