ARRAY DIGITAL INFRASTRUCTURE, INC. Annual Report - A New Era Unfolds

ARRAY DIGITAL INFRASTRUCTURE, INC. invites investors to explore its latest annual report for the fiscal year ended December 31, 2025. This year marks a pivotal transformation as the company officially transitioned from UNITED STATES CELLULAR CORPORATION, embracing a future squarely focused on digital infrastructure.

Business Overview: The Strategic Pivot - Building Tomorrow's Connectivity

ARRAY DIGITAL INFRASTRUCTURE, INC. successfully completed its strategic pivot, moving from a traditional cellular provider to a dedicated digital infrastructure powerhouse. The company now primarily develops, owns, and operates the foundational assets that power modern connectivity. Its strategy centers on:

• Expanding Fiber Optic Networks: Laying the groundwork for high-speed internet and data transmission.
• Developing Edge Computing Facilities: Bringing data processing closer to users for faster, more efficient services.
• Optimizing Existing Tower Assets: Upgrading and leasing space on its extensive tower portfolio to support 5G and future wireless technologies.
• Strategic Partnerships: Collaborating with carriers and enterprises to maximize asset utilization and drive growth.

As a "well-known seasoned issuer" and a "large accelerated filer," ARRAY DIGITAL INFRASTRUCTURE is recognized by the SEC as a substantial and established company. This designation reflects a history of timely and transparent financial reporting, signaling operational stability.

Financial Performance Highlights (Fiscal Year Ended December 31, 2025)

The company's strategic shift is beginning to reflect positively in its financial results:

• Revenue: ARRAY DIGITAL INFRASTRUCTURE reported total revenue of $5.2 billion, an 8% increase over the previous fiscal year. Growth in fiber leasing and tower co-location agreements drove this improvement.
• Net Income: Net income for the year reached $350 million, representing a 15% year-over-year improvement. The company benefited from recurring revenue streams and operational efficiencies.
• Adjusted EBITDA: A key metric for infrastructure companies, Adjusted EBITDA grew 10% from the prior year, reaching $1.8 billion, indicating strong operational profitability.
• Capital Expenditures: Reflecting significant investment in its new strategic direction, the company invested $1.5 billion in capital expenditures. This primarily funded fiber network expansion and edge data center development.
• Operating Cash Flow: The company generated $1.2 billion in cash from operations, providing a solid foundation to fund ongoing investments and manage debt.

Management Discussion & Analysis (MD&A) Highlights

Management's Discussion and Analysis highlights the successful execution of the company's strategic pivot as the primary driver of improved financial performance in fiscal year 2025. Growing demand for digital infrastructure services, particularly in fiber leasing and tower co-location, combined with disciplined operational management, led to increased revenue and net income.

Capital expenditures reflect the company's significant investment in growth initiatives aligned with its new strategic direction. Strong operating cash flow provides substantial internal funding for these projects. Management emphasizes maintaining a strong liquidity position and prudently managing its debt profile to support long-term growth and strategic objectives within this capital-intensive industry.

Financial Health & Liquidity

The company maintains a robust financial position, supporting its capital-intensive operations and growth strategy. As of December 31, 2025, cash and cash equivalents totaled $400 million. Operating cash flow of $1.2 billion provides significant internal funding for ongoing investments.

Total long-term debt stands at approximately $10.5 billion, including 6.25% Senior Notes due 2069 and two sets of 5.50% Senior Notes due 2070. This capital structure is common for infrastructure companies. The company also maintains access to revolving credit facilities for additional liquidity and financial flexibility, supporting working capital needs and strategic opportunities.

Competitive Position

ARRAY DIGITAL INFRASTRUCTURE, INC. operates in a highly competitive market but leverages several key strengths to compete effectively. Its extensive existing tower portfolio provides a significant advantage for 5G deployment and co-location opportunities, offering a broad geographic footprint.

The strategic focus on expanding high-capacity fiber networks and developing edge computing facilities positions the company to meet the evolving demands for low-latency and high-bandwidth connectivity, differentiating its service offerings. Strategic partnerships with major carriers and enterprises further enhance its market reach and asset utilization, allowing it to offer integrated solutions that distinguish it from more specialized competitors. The company's scale, operational expertise in managing critical infrastructure, and commitment to innovation also contribute to its competitive edge.

Key Risks to Consider

Investors should be aware of several factors that could impact ARRAY DIGITAL INFRASTRUCTURE's performance:

• Intense Competition: The digital infrastructure market is highly competitive, with numerous players vying for fiber, data center, and tower leasing contracts.
• Significant Capital Expenditure Requirements: Building and maintaining extensive infrastructure networks demands substantial ongoing investment, which can impact profitability and cash flow.
• Technological Obsolescence: Rapid technological advancements could render existing infrastructure less competitive or require costly upgrades.
• Regulatory Changes: Evolving regulations related to telecommunications, data privacy, and infrastructure development could affect operations and expansion plans.
• Cybersecurity Threats: As a critical infrastructure provider, the company faces ongoing risks from cyberattacks that could disrupt services or compromise data.

Future Outlook

ARRAY DIGITAL INFRASTRUCTURE, INC. will continue aggressive investment in fiber and edge computing to capture a larger share of the growing demand for high-speed, low-latency connectivity. The company expects to leverage its established asset base and strategic partnerships to drive recurring revenue growth and enhance shareholder value in the evolving digital landscape. Management anticipates focusing on operational efficiencies and strategic capital allocation to support its long-term growth trajectory and solidify its position as a leading digital infrastructure provider.

Stock and Shareholder Information

• Market Capitalization: As of June 30, 2025, the total market value of the company's common shares was approximately $5.5 billion.
• Share Price: On June 30, 2025, each Common Share traded at $63.97.
• Shares Outstanding: As of January 31, 2026, the company had 53.4 million Common Shares and 33.0 million Series A Common Shares outstanding.