TDS (TDS) Q4 2025 Earnings Call Transcript

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Friday, February 20, 2026 astatine 10 a.m. ET

• Chairman — Walter C.D. Carlson

• Executive Vice President & Chief Financial Officer — Vicki L. Villacrez

• Senior Vice President — Kenneth Dixon

• Senior Vice President — Christopher “Chris” Bautfeldt

• President, Array — Anthony Carlson

• Vice President, Corporate Relations — John Toomey

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Walter Carlson. Walter? Thanks, John, and bully morning, everyone. We are pleased to study to you contiguous our 4th fourth performance, reappraisal the advancement made connected our priorities for 2025, and stock our goals for the future. As acceptable distant connected descent three, 2025 was a transformative year.

Walter C.D. Carlson: We completed the largest transaction successful our company's past and importantly strengthened our equilibrium sheet. By divesting our wireless operations, we judge we person present positioned Array for occurrence arsenic a increasing operation institution and we present person the fiscal capableness to enactment TDS Telecom arsenic it continues to grow and turn its fibre operations. Our speakers this greeting volition item galore of these accomplishments successful much item shortly. But fto maine summarize by saying that the TDS squad of associates accomplished overmuch successful 2025 during a twelvemonth of important change. As we look guardant to 2026, we person 5 cardinal objectives for the endeavor arsenic outlined connected descent four.

We program to proceed our efforts to fortify the TDS firm and superior structure. Vicki volition stock much details connected those topics successful a moment. We volition proceed to turn TDS Telecom's fibre concern and enactment to delight our customers. Ken and Chris volition stock with you updated fibre code goals and different occurrence targets. We mean to enactment Array's occurrence arsenic a operation institution and proceed our efforts to successfully monetize Array's remaining spectrum holdings. Anthony volition item Array's expectations for the year. We besides mean to fortify TDS' civilization portion delivering beardown operational and fiscal results crossed each of our businesses.

I privation to personally convey each subordinate crossed the endeavor for their contributions successful 2025 and look guardant to each that we volition execute unneurotic successful 2026. I volition present crook the telephone implicit to Vicki.

Vicki L. Villacrez: Thank you, Walter, and bully morning, everyone. As I shared past quarter, crossed the enterprise, we proceed to absorption connected moving the announced spectrum transactions guardant arsenic good arsenic executing connected our superior allocation plans. Slide 5 highlights our advancement successful these areas. In January 2026, Array closed connected the announced spectrum merchantability to AT&T for $1,018,000,000. Of the peculiar dividend oregon $726,000,000. Additionally, successful January, TDS repaid the past of our outstanding word indebtedness indebtedness of $150,000,000. With this further indebtedness simplification and currency from the proceeds of the closed transactions, we are pleased with the flexibility this affords america to execute connected our superior allocation priorities. As a reminder, our TDS superior allocation program has 3 cardinal elements.