Array Digital Infrastructure — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total operating revenues from continuing operations were $53.9 million for Q3 2026, a 14% increase year-over-year compared to $47.1 million in Q3 2025.
• Net income attributable to Array shareholders from continuing operations was $69.6 million for Q3 2026, down from $108.8 million in Q3 2025.
• Diluted earnings per share from continuing operations were $0.81 for Q3 2026, compared to $1.25 in Q3 2025.
• Nine-month 2026 total operating revenues were $159.95 million, up 56% year-over-year from $102.6 million in the same period of 2025.
• Nine-month 2026 net income from continuing operations attributable to Array shareholders was $583.2 million, compared to $128.3 million in the prior year period.
• Adjusted OIBDA (Non-GAAP) for Q3 2026 was $18.3 million, compared to $6.1 million in Q3 2025.
• Adjusted EBITDA (Non-GAAP) for Q3 2026 was $63.7 million, compared to $85.1 million in Q3 2025.
• Cash paid for income taxes in the first nine months of 2026 was $274.3 million, primarily related to the sale of wireless spectrum licenses.
• Net cash provided by investing activities for the nine months ended September 30, 2026, was $2.16 billion, driven by $2.19 billion in cash received from divestitures.
• Net cash used in financing activities for the nine months ended September 30, 2026, was $1.85 billion, primarily due to $1.84 billion in dividends paid to Array shareholders.
• Cash and cash equivalents increased to $233.6 million as of September 30, 2026, from $113.4 million at the end of 2025.
• Long-term debt, net, decreased to $665.0 million as of September 30, 2026, from $670.3 million at the end of 2025.

Guidance and Future Outlook:

• Array reaffirmed its full-year 2026 financial guidance.
• Estimated 2026 total operating revenues remain unchanged at $205 million to $215 million.
• Estimated 2026 Adjusted OIBDA (Non-GAAP) remains unchanged at $60 million to $75 million.
• Estimated 2026 Adjusted EBITDA (Non-GAAP) remains unchanged at $220 million to $235 million.
• Estimated 2026 Capital expenditures remain unchanged at $25 million to $35 million.
• Management stated it undertakes no duty to update estimates and noted that final results may differ materially.

Business Segments and Product Lines:

• Site rental revenues grew 14% year-over-year in Q3 2026.
• The company delivered consecutive quarter-over-quarter colocation growth.
• As of September 30, 2026, Array owns 4,455 towers across 19 states.
• The number of colocations was 4,372 as of September 30, 2026, compared to 4,517 as of September 30, 2025.
• Tower tenancy rate was 0.98 as of September 30, 2026, compared to 1.02 as of September 30, 2025.
• The company holds noncontrolling interests in primarily wireless operating companies and certain wireless spectrum licenses.

Market and Competitive Landscape:

• Array is focused on maximizing the value of its tower portfolio by driving tenant growth and enhancing operational efficiency.
• The company enables the deployment of 5G and other wireless technologies throughout the country.
• Telephone and Data Systems, Inc. (TDS) owned approximately 81.9% of Array as of September 30, 2026.

Risks and Challenges:

• Pending spectrum transactions remain subject to FCC finality and other customary closing conditions.
• Risks include the ability to monetize remaining spectrum assets, competition in the tower industry, and reliance on a small number of tenants for a substantial portion of revenue.
• Potential risks involve fixed rate annual escalators on colocation revenue contracts, inability to protect land rights under towers, and changes in demand or technology.
• The company faces risks related to debt covenants, access to capital markets, and potential litigation or cyber-attacks.

Management Commentary and Tone:

• Anthony Carlson, President and CEO, stated that Array is making meaningful progress against its 2026 strategic priorities.
• Management emphasized an intense focus on maximizing tower portfolio value and strengthening the earnings power of assets.
• The tone reflects confidence in positioning the company for long-term value creation.

Other Key Points:

• Array reached additional agreements with T-Mobile for the sale of spectrum following the August 1, 2025, sale of its wireless operations.
• Approximately $30 million related to 600 MHz and 700 MHz licenses remains pending, with regulatory approval received on October 7, 2026.
• TDS announced on September 1, 2026, that it is no longer pursuing a non-binding proposal to acquire all outstanding Array Common Shares not owned by TDS.
• A significant portion of the spectrum sale agreements with T-Mobile closed in May 2026.
• The company reported a $1.84 billion dividend payment to shareholders in the first nine months of 2026.
• The company does not provide guidance for income taxes, noting that the impact cannot be reasonably predicted.