TELEPHONE & DATA SYSTEMS INC

Telephone and Data Systems, Inc. (TDS) provides high-quality communications services and digital infrastructure. Through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom), TDS offers broadband, video, voice, and wireless connections, totaling 1.1 million at December 31, 2025. TDS Telecom operates in 30 states, utilizing fiber, coaxial, and copper networks to serve small to mid-sized urban, suburban, and rural communities across the United States. TDS also leases tower space to tenants, provides ancillary services, and holds noncontrolling interests, primarily in wireless operating companies. Additionally, it holds certain wireless spectrum licenses through its majority-owned subsidiary, Array Digital Infrastructure, Inc. (Array). As of December 31, 2025, TDS owned 82.0% of Array's outstanding Common Shares and Series A Common Shares combined, controlling 95.9% of the combined voting power of both classes of Array common stock. Array, formerly United States Cellular Corporation as of August 1, 2025, trades on the NYSE under the ticker symbol "AD." TDS Common Shares trade on the NYSE under the ticker symbol "TDS." TDS is a "controlled company" because the trustees of the TDS Voting Trust hold over 50% of the voting power for the election of a majority of its directors. TDS's operations also include Suttle-Straus, Inc., a wholly-owned subsidiary whose financial results are not significant to TDS's overall operations. All of TDS's segments operate entirely in the United States.