of being in pilot mode with T-Fiber, we officially launched last month, both in the Lumos markets as well as our wholesale markets, our T-Fiber. And, you know, it's been a few weeks, and so far it's going great. And, you know, the thesis that we were excited about as we got into the fiber business that, you know, our unique assets could help us penetrate markets, there's everything we've seen so far has reinforced that to us. The $100,000 that Mike spoke about a second ago is coming both through the two JVs as well as the wholesale markets. The Metronet deal, of course, closes tomorrow, and we will commercially launch T-Fiber in those markets later this year. And so the $100,000 contemplates the combination of both the JVs as well as the wholesale markets. In terms of the question about other inorganic, obviously we continue to keep an open mind, as you would expect us to, about that. But the $100,000 is with the organic, or the deals that we've closed, that will all be closed as of tomorrow, as well as the markets that we've already been operating with in wholesale. Mike Sievert (CEO): One of the things we haven't talked about much is our overall go-to-market approach. And I just, I love it so much. You know, so we are, obviously, we're leaders in broadband. We've been the share-taking leaders in broadband for 14 quarters. And now we're able to add, in many places across the country, T-Fiber to that. But it's on an infrastructure that already exists from a go-to-market standpoint. And we've been able to engineer an IT platform for T-Fiber that I think is just fantastically elegant because this will be a model that involves wholesale partners, as Mike just mentioned, JVs like Lumos and Metronet and possibly future JVs, all of whom can plug into a unified T-Fiber platform incredibly easily. So it took us a while to get it done, but this thing's fantastic, and it really gives us terrific flexibility when it comes to our ability to do what we do best, go to market and serve customers. So I'm really excited about it. Cathy Yao (Head of Investor Relations): Thanks, Mike. Thanks, John. Operator, next question, please. null (Operator): And your next question today will come from Benjamin Swinburne with Morgan Stanley. Please go ahead. Benjamin Swinburne (Analyst — Morgan Stanley): Thank you. Good afternoon. Just reflecting back on your Capital Markets Day last September to now, you know, one metric that really jumps out is the ARPA growth. I think you talked about 2% growth, 2% plus last year over kind of the three-year planning period. You're up almost 5% year to date. Could you guys unpack a little bit of the drivers there and whether you're more optimistic about growth in that line and service revenue over the course of the next couple years, just given the strength that you've seen? And then, like, I didn't think of you having – doing a deal with the cable operators as a possible outcome on this call, but I wanted to ask you if you could spend a little more time on your strategy there and why you think it makes sense for T-Mobile and what the opportunity is long-term around partnering with that industry going forward. Mike Sievert (CEO): I love it. Well, we'll start with Peter on ARPA, and I think Ben's trying to be polite. Are you sandbagging us over here? Peter Osvaldik (CFO): What's going on? Right, right. Yeah, and the multi-year arc and what do you do. But look, much like we said at Capital Markets Day, our job is to put together a set of rational, aggressive assumptions and then go try to beat them. And I'm not here to start, you know, updating 26 or 2027. That's not the job. There'll come a time. We'll have to layer in U.S. Cellular as well, as I mentioned in the prepared remarks. But ARPA growth is definitely going fabulously well this year. And that's the underpinnings for both the service revenue increase, now at least 6%, but also the strength there of 3.5 percent this year. And of course, that does have to do in part with the rate plan optimizations that we executed on, and that's why you see a little bit of year to date versus year to date, you know, difference versus the second half, because remember we began those late in Q2 of last year. So you're kind of lapping right now the periods where we have this year the benefit of two rate plan optimizations, the finalization of the first one and the very first one, and now we'll have the real, true organic growth in the second half. And what really is exciting, what underpins that, as Mike highlighted and has prepared marks, is just what we're seeing from a rate plan perspective. Customers are really appreciating the value that we're packing into the plans, combined with, of course, the best network and experience proposition, and they're self-selecting up the tiers to our most premium tier at a very exciting level. So not here to update 26 and 27. Our job is to keep this momentum going in 2025 and then thoughtfully update you when it comes later. Mike Sievert (CEO): We really didn't see this coming. I mean, John Fryer and team just went out and found a way to connect customers to these value propositions. And I also think it underscores that customers are reacting to the incredible differentiation of T-satellite, which is included in these upper-end plans. So whatever it is, great execution, great value proposition, it's a little bit of a surprise. I'll give you a couple stats on this. We've been talking about the 60% of our loading being in these premium tiers, but that's multiple rate plans. And I said in my prepared remarks that at the high end of that, we've doubled it. What we've done is we've taken it from 10 to 20 of the 60, not as a denominator. So 10 to 20, and then another 40 more to make 60, so of the total pie. It's fantastic. And we didn't really see it coming, you know, to be honest. So people are moving up even within premium to more premium because they want more of what T-Mobile has to offer. And I love that. And obviously, the second half, we're round-tripping last year's rate plan changes. So it'll be a little harder to deliver the same percentage gain, but nominally, we feel really great with where we are. So good. Oh, you asked about cable. OK, quickly on cable. I had a lot to say about it in my prepared remarks, so I'll try not to repeat it. But look, I think this is just incremental. And we've chosen a segment, Business SMB, where we really don't have a lot of exposure. You know, as I said, we kind of have a barbell business. We're way down in very small business where we already compete with cable. And we tend to be growing way up in enterprise, 1,000 and above. And we don't have a lot of market share nor win share in between. So it's just a great win-win where I think most of those revenues will come in and be completely incremental. And that's just where we want to be. You know, it's not the start of something. I mean, this is a multi-year thing. I hope it grows over time to become something really big and special, but the dynamics are different. People are asking us, well, does this mean you're stepping into consumer or something like that? And no, we're not interested in that, because the dynamics are different in terms of the incrementality in our math, and what we love about these business segments that we focus the partners on is it's almost entirely incremental. So it's great for what it is. It'll grow over time, I think, be really productive, but it's not the start of something that will open up new segments after that. Cathy Yao (Head of Investor Relations): Great. Benjamin Swinburne (Analyst — Morgan Stanley): Thanks so much. Cathy Yao (Head of Investor Relations): Thanks, Ben. Operator, next question, please. null (Operator): Your next question today will come from Sam McHugh with BNP. Please go ahead. Sam McHugh (Analyst — BNP): Hey, afternoon, guys. You talked about only 20% of switches perceiving teams as having the best network, and I guess that's increased over time. But what do you think you need to do to improve that? Is it leaning on advertising? What can shift that up even further? And then secondly, on the cable MVNO, just to clarify, so they restricted from selling to certain subsets of the enterprise community, then they can't sell to the super large enterprise. Is that the right reason? Thank you very much. Mike Sievert (CEO): Yeah, I'll start with the easy one. That is correct. So the deal limits our partners to 1,000 lines and below, or below 1,000 lines to be specific. But let's go over, let's do the first question and talk about brand. I maybe ask for both Mike and John to talk about what it takes to convince people.

Yeah, I mean, here's the great news. Our own customers are convinced. And one of the things that we've seen happen over the last couple of years is T-Mobile customers already believe that they're on the best network. And the 20% stat that you just referred to are prospective customers, you know, looking at T-Mobile and the other providers and how they feel about us. And we look at 20% as a huge opportunity, you know, across every single geographic market in the U.S. And I think it's a combination of things to make them aware of this. Yeah, advertising certainly will be a part of it. And you saw after our announcement last month, we did kick off a pretty significant campaign that was kind of multifaceted with both TV advertising and you see it across our events, like at the All-Star Weekend and Major League Baseball last weekend. So advertising certainly will be a big piece of it. Experience will be a big piece of it. When you walk into the store or, you know, you go into the T-Life app, customers will be able to see what kinds of experiences are derived using our network. But I think another huge piece of this is the network leadership that we have is not a moment in time. You know, this is, you know, we've known that we've had the best network for a long time. It was great to have third parties widely recognize that. But this is a lead that we intend to keep and to widen. So I think a big part of changing how customers perceive this is continuing to stay in the lead and expand our lead. And, you know, perhaps, you know, through this, and Ulf can talk a little bit more about that, too. Mike Sievert (CEO): Well, I'll just say one thing, which is, you know, Cali and team keep landing some of the most high-profile, large enterprise and government customers in this country. And they choose T-Mobile after they give everybody a try, you know. And they're choosing us because we're the best. And a lot of them now are standing up as third parties to talk about why they chose T-Mobile. And when you have some of the most respected brands and government organizations and first responders talking about their choice of T-Mobile, that kind of third party endorsement is really, really powerful.

Yeah, if I could add on to that, Mike, you know, T-Priority, we launched in Q1 of this year, and we've seen double digit growth in new accounts with T-Priority since launch. And you have the City of New York who shared the stage with us to talk about why they chose the best network. But we've also seen the City of Miami Police Department, the LA County Fire Department, the City of El Paso. We're starting to see the top 10 cities and first responders say, hey, this is a network that performs on the nation's first 5G advanced, truly nationwide 5G slice in a way that there's just no other option for us. So I think that really speaks to the strength of what we've built. Mike Sievert (CEO): Terrific. Did we cover that one? Okay. Cathy Yao (Head of Investor Relations): Thanks, Sam. Operator, next question, please. null (Operator): And your next question today will come from Craig Moffitt with Moffitt Nathanson. Please go ahead. Craig Moffitt (Analyst — Moffitt Nathanson): Hi. Mike, you just talked about if you could just dig into that a little bit and the contribution that it had to your ARPU growth, but also how it sort of changes the way you think about serving rural markets, and it sounds like it surprised even you with the kind of impact that it had on the market. Mike Sievert (CEO): Well, Craig, I just love you. I could just count on you to ask it. We launched this thing at 8 o'clock this morning, and you're wanting a business update. I love it. But you're right. In the run-up to it, which is, I think, to be fair to you, what you're talking about, I think people have been choosing our higher-end rate plans anticipating this launch during the beta period. Unfortunately, I can't unpack that for you, but our highest-end rate plans, as I mentioned in my prepared remarks, are more popular than they've ever been. I do think an awful lot of how we will wind up monetizing this strategy will be through that kind of migration and selection within our rate plans. This is available to everyone at just $10 a month. That's also very appealing. I can't, you know, I could be, I'm willing to be wrong on this, by the way. I mean, you know, this is speculation at this point. But I think it's going to be really a popular catalyst to bring people into that deeper relationship with T-Mobile, which is just so great for us in so many ways, because the more we can have that deep relationship, not only do they get T-Satellite, but they unlock all kinds of other benefits of membership that are sticky and satisfying. So it has the chance to create this virtuous circle. You're going to have to check in with us later. I mean, once we get a little more than one day of experience, but, you know, we're optimistic that we're going to be able to land this as a truly differentiated service that people notice. And not just T-Mobile people, but AT&T and Verizon people, too. Craig Moffitt (Analyst — Moffitt Nathanson): Just based on what you learned in the beta period, does it change your thinking about the way you deploy your network assets in very rural areas? Mike Sievert (CEO): No, not at all. And in fact, you know, part of what I mentioned in my prepared remarks is we are on it. We are on the build. 1,000 sites on air so far on a plan we, you know, greenlit late last year with 4,000 total in our plan for this year. And maybe all of you can talk about how we do this because we actually don't have a market-by-market methodology. It's informed by our AI algorithms where we build. And maybe talk about this 4,000 greenfield program that we have going on this year. Ulf Ewaldsson (CTO): All right, Mike. Yeah, we're incredibly proud of our network. And we not only intend to stay where we are, we think we are about two years ahead of competition on our network. We actually intend to extend this lead. And one of them is to make sure that every tower, every capital allocation we do go to where it matters most for our customers. The way we're doing that is something that we internally call customer-driven coverage. We talked a little bit about that at our Capital Markets Day. But it's a way where we have millions and millions and millions of data points on experiences of real customers, both when they are on the network, falling off the network, doing things on everything they do. We combine that with business outcomes and business metrics, and we let AI roll around in that and figuring out so we can stack rank every capital allocation, every tower upgrade we do, every new tower that we put on the network. That leads for us to a build this year, which is just incredible. As you said, 1,000 so far, we're going up to 4,000 by the end of the year, and that is even without what we're adding with you as cellular. So I think it's just going to be incredible in terms of coverage. The capacity on the network is just incredible, too. I mean, we are running at about 67 percent of our traffic on 5G at the moment. We have all that left in terms of converting spectrum over to 5G. Mike Sievert (CEO): So we have so much more room to run. So Craig, you know, while we don't direct this from a strategy standpoint to be smaller markets in rural areas, to the premise of your question, generally the algorithm right now is spitting out more rural areas. So that's where most of this 4,000 build is. And by the way, the net incremental keep sites, taking us from 9,000 in the U.S. cellular footprint to about 12,000, are also principally mostly in smaller markets in rural areas. And so, as I mentioned in my remarks, taken together, that's a transformational, all-in-one-year step change in our footprint of towers covering smaller markets in rural areas. And then to your point, you add on the differentiated service of T-Satellite. satellite it's just about taking a network advantage and just stoking it you know part of what I believe deeply in business is that you build a great company not just by addressing the things that aren't working but figure out what is working and double down on it stoke it and right now what's working for T-Mobile is taking share as the soapy leader in smaller markets in rural areas and we won't stop thanks Mike thanks Craig Cathy Yao (Head of Investor Relations): Next question, please. null (Operator): And your next question today will come from Jonathan Chaplin with New Street Research. Please go ahead. Okay, thank you. Jonathan Chaplin (Analyst — New Street Research): So, Mike, I'm wondering if you can give us an update on how many locations you pass in the Metronet and Lumos markets at the moment and what penetration is on those assets. And then one tiny housekeeping question. I don't think you told us in the past what the cash tax expectation for 26 was. So I'm wondering what it is now that you get the $1.5 billion benefit in 26. Mike Sievert (CEO): Okay, great. We'll come to Peter for the second one. Let me start with Srini because although I don't know that we'll be able to give you the point estimates, I'd love for you to talk about where this all leads us, Srini, in the fiber space because I think it's really important for people to understand. Srini Gopalan (COO): So look, I think the broadband space as a whole is something we're hugely excited by. We're now the fifth largest ISP. We will, as Mike said in his prepared remarks, just this year add 100,000 fiber net ads mostly in the second half of the year. It's a business as a whole that we like, and it's a combination of FWA, which continues to be a fallow capacity business, as well as investing in fiber where we like the economics. Now, you put those together, and we're positioned to be a scale player in broadband, because know our number, 12 million FWA customers. Now, you put that in terms of the equivalent if you were to look at fiber homes passed, right? Let's assume a 40 percent utilization. That's the equivalent of 30 million fiber homes passed. Plus, we've already said on Lumos and Metronet, we intend to get to 12 to 15 million households. So we're becoming the equivalent of 40 to 45 million homes passed as a broadband player. And that's before Or we go make other investments. As we've said before, we're very open to looking at investments in fiber. They need to be the right investments. And we are, and I think we've showed our hand on this, we like pure play fiber assets. So as a whole, we really like this whole space of broadband. And we think there's a huge opportunity to drive equity value in this space. Mike, I don't know if you want to add any specifics on Metronet and Lumos right now

where we are given that it's a day minus one yeah we probably can get into details of metronet but one of the things that really attracted us to both companies and we certainly have seen this with lumos is these these companies are the best in the country at building greenfield fiber and there's still a lot of places left to cover in this country where you can be first to market to fiber and what we've seen so far from lumos is they continue to be very successful at that and we're very optimistic that we'll continue to see that with metronet after we close tomorrow and Mike Sievert (CEO): And during the pendency of the transaction, Metronet also outperformed their deal expectations in terms of what they would build. So we're arriving with a better penetration than we had hoped for when we first signed the deal. So we'll update you on actual build expectations after we actually own the assets, Jonathan. But hopefully you can tell we're excited about the space. Peter Osvaldik (CFO): And let me, on the last question, I'm going to have to disappoint you. I'm going to resist the urge to give you a pinpoint cash tax estimate for 2026, and primarily because obviously there's a lot of other factors to update in there, including U.S. cellular closing and all the purchase accounting around that, the timing of the close of the 800 megahertz transaction. So for now I'm going to resist it, but there'll definitely be a time to give a more comprehensive 26 update. But the OBBB versus the not OBBB is a $1.5 billion benefit. Mike Sievert (CEO): And it's great to see that coming in. Terrific. Okay. Cathy Yao (Head of Investor Relations): Thanks, Jonathan. Operator, next question, please. null (Operator): And your next question today will come from Gregory Williams with TD Cowan. Please go ahead. Gregory Williams (Analyst — TD Cowan): Great. Thanks for taking my questions. First one's on your rural market share. A few years back on your analyst day, you noted a goal of reaching 20 percent, I believe, of the smaller markets. I think it was right around by 2025. And here we are in 2025. I'm curious what your market share is now. and if it's reached that 20%, where it could go, and if U.S. cellular changes that calculus as well. Second question is just on the billion-and-a-half benefit from the tax release bill. You said you'd deploy the capital thoughtfully. So I was wondering if you can add more color to those words, thoughtfully, whether we think about M&A buybacks or network investment. Mike Sievert (CEO): We'll start with John. Smaller markets in rural areas, how are we doing? I'm going to try to, like, contain my enthusiasm for this question, Greg.

I really appreciate the question. First, we're unbelievably excited about smaller markets in rural areas. Just for the first-time listeners here, the way we define this is everything outside of our top 100 markets. So this would be 140 million people, 50 million households, roughly 40% of the U.S. And we're excited about it for two reasons. Number one, we have surpassed 20% share of households in smaller markets in rural areas. So we have beat that goal that we set for you in 2025. We're really excited about that. this is our ninth consecutive quarter where we have been the leader in post-paid switching. And so we've been on a tear on this for a little bit more than a couple of years now. We're really excited about that. But the thing that excites us more is exactly to the premise of your question is what the opportunity still is in smaller markets, rural areas with the addition of U.S. cellular and all the assets, the complementary spectrum, the sell-side assets, et cetera, that we will be implementing into our network and the thousands of Greenfield sites that are coming into the network as well. And so, you know, we have this huge opportunity still. Like, we're doing all sorts of things, as you would expect, in terms of network investment, distribution investment, community investment. We just kicked off Friday night 5G lights for the second year in a row in smaller markets and rural areas. We're having a lot of fun with that as well. And we have so much more tailwind that we expect into this business. And I don't think anybody ever thought that we would hit 20% and pack up our tent and go back home to New York City. We're going to stay in here and continue to drive this business to, you know, our fair share of the market, maybe even outsized fair share of the market. So we'll have more to say after we close the U.S. cellular transaction and give you a little bit more of an update in terms of what we're up to. But we're incredibly excited about our progress so far and even more progress to come. Mike Sievert (CEO): But you're asking the million dollar or billion dollar question, Greg, which is where could it all go. And I, you know, I'd love to be able to answer that for you today. And it's something we think a lot about. We don't know. But I'll tell you this, our current wind share, without even all the advantages that we believe we can build to further accelerate in these areas, is way higher than that 20% household share. And, you know, so if nothing improves, you would expect it to normalize over time to a market share way higher. Now, in places we've been successful for a long time, there are places we have market shares way, way higher than our national average. And so it's really about can we deliver the advantages that we think are really going to be required to be long-term, you know, market leaders in smaller markets in rural areas? Will our digital transformation strategy speak particularly well to people that live further away from retail? Will our ongoing improvements in network, including our merger with U.S. cellular make a step change in our competitiveness? Will our T-satellite capabilities, which really only are a differentiator if you fall off our network, will they disproportionately benefit people who live closer to the edge of cellular networks, that is people in rural areas? We don't know the answers to all these, but theoretically there are reasons to believe that over the long haul we could become more successful in this subsegment of the market than we are today in the top 100 markets. So when I use phrases like room to run, I'm serious about it. Peter Osvaldik (CFO): Yeah. And on the benefit, again, the $1.5 billion question, I guess, so to speak, is again, we're going to be guided by the thoughtful and very consistent capital allocation methodology that we have. But let me give you a couple ideas. One is the 800 megahertz that I projected for you prepared remarks, and when that closes, that generates $850 million of taxable expense for us. That means about a net $2 billion benefit incremental to what we laid out at Capital Markets Day on this $1.5 billion. One of the things we're, of course, looking at as we close U.S. Cellular and can, you know, look and deeply assess all the data, are there opportunities to accelerate? Remember, what we gave you was $1 billion of synergies on a three- to four-year timeframe with associated costs to achieve of about $2.2 to $2.6 billion. Is there an opportunity here for us to accelerate some of that from three to four years, pull some of that cost to achieve in, and deliver even more value in MPV of those synergies earlier? So those are the kind of things we're investigating now. But it's not time to break that 2026 spreadsheet open yet and send it out my way and your way. But please, we'll definitely be thoughtful about it. Mike Sievert (CEO): But it's interesting you give those examples because they follow your long-established capital allocation philosophy, right? Peter's been very clear. We peg our leverage at two and a half. That's our current, you know, board-authorized leverage, and that's where this management team wants to be. That gives us a capital envelope. And within that capital envelope, we invest first in our core business. You just mentioned, you know, maybe highly accretive opportunities in our core that we could move faster on. Then we invest in smart adjacencies and potential inorganic investment opportunities, and then we return capital to shareholders. And we've been following this philosophy, I think, very successfully for a while. So you tumble right away to some of these potential things that could allow us to unlock even more value faster for our shareholders. But it's, you know, it's too early to tell. We'll only put the money in them if they're a better idea than not. Cathy Yao (Head of Investor Relations): Thank you, Greg. Operator, next question, please. null (Operator): Your next question today will come from Michael Rollins with Citi. Please go ahead. Michael Rollins (Analyst — Citi): Thanks, and good afternoon. A couple questions on 5G broadband and FWA. First, just curious what you're seeing that's driving the ongoing momentum in that volume. How much of that quarterly volume may be benefiting from greater breadth of coverage versus deeper penetration in some of the existing markets? And then secondly, are you seeing evidence that FWA may move from a fallow capacity model to one in which you can invest in specific capacity enhancements for additional growth and returns over time. Thanks. Sounds good. What's moving it most of all, Mike Sievert (CEO): Michael, is word of mouth. I mean, the satisfaction rates of this product are through the roof. People love it. And they're pretty surprised and delighted at the performance. I mean, the average user is using like 560 gigs that you know that's up 25 percent from just two years ago they're getting speeds in the 200 250 megabits per second national average that's up 50 percent from two years ago they love the sort of the flexibility of this product the elegance and simplicity of it and they tell everybody when they sign up because they get this great mainstream product and they save money. And so that's what's really driving it. I forget the second part of the question. Fallow to invest. Oh, fallow to, yeah. Yeah, you want to talk, you want to talk a little bit about Srini Gopalan (COO): the strategy there, Srini? Yeah. So the way I think of it is our center of gravity is very much the fallow capacity model. Now we're looking at whether other models work or not, but one of the reasons that's our center of gravity is, I think one myth is that to some extent mobile technology is static. The reality is with each passing day, especially with our 5GSA network, we're finding more and more opportunities to squeeze more out of our existing spectrum, out of our existing towers. Now, there's a lot of work still to be done, but we're constantly challenging every day our 12 million number and looking at how much more we can squeeze from our network in terms of fallow capacity. I mean, just some of the recent examples like like the introduction of L4S, which is lower latency, right, innovations that we're bringing in with 5GSA are allowing us to squeeze more of the work we've done on business FWA, right, where we're finding newer opportunities to extract more out of our fallow capacity model. So that remains priority one. Mike Sievert (CEO): So it's really interesting. I mean, you know, we've been pretty clear. We have this 12 million customer target in 2028. It's entirely predicated on the fallow capacity model. And we have our teams hard at work in a dual strategy. one can we get more out of the fallow capacity model through all the tactics that Srini just summarized and number two to the very premise of your question are there smart ways to allocate capital and get a fantastic return look we don't have answers to either of those two questions but are our teams thoughtfully working on those things absolutely thank you Mike operator next null (Operator): question please and your next question today will come from Kutkun Moral with Evercore ISI Please go ahead. Kutkun Moral (Analyst — Evercore ISI): Great. Thank you. I have one high-level question going back to the 2021 Analyst Day and for maybe a few years afterwards. Part of the narrative was that you were increasingly mindful of T-Mobile's role evolving from being an insurgent to more of a steward of the industry. And while you'd continue to push for competitive pressure and execute as an uncarrier, perhaps there would be a greater consideration of not only your leadership position in the space, but also the merits of helping to ensure it remains a profitable and an attractive one. Maybe fast forward to today, you know, competition isn't new, but the offers in the marketplace keep getting more and more aggressive, and some of your peers are perhaps acting more and more on carrier-like. So with all that context, can you update us on where you view T-Mobile as being on the insurgent versus steward spectrum? And I guess ultimately, how much more runway is there to be as disruptive without the tilts and competitive postures disrupting the balance for the broader industry? Mike Sievert (CEO): That's a fantastic question. And if you were listening to Srini a few minutes ago, I think what I take away from your comments, Srini, is that this is a highly competitive moment in time. Yes, and we like it that way. That's due to the competition that we constantly bring as the fighter brand, the value brand. And at the same time, one of the things you've noticed about us as the insurgent, as the net sharetaker and value leader in this industry is that we have been remarkably consistent in how we've gone about that as the un-carrier. You know, one of the things that Peter gets a lot when he's asked about our performance is, you know, why didn't you take more? Could you have taken more? You know, this all-time record Q2 on post-paid phone net additions is great, but why not more? And what we, you know, and your answer to that has always been, we thoughtfully keep things in balance. You know, we compete and compete hard and try to break our own records, and we bring the competition to this marketplace, but at the same time, we're building a company of lasting value, a profitable company. And, you know, that's a tone that's not new for us. That's years old at this point, and, you know, to the premise of your question, and that's not going to change. To your question of does this strategy have runway, absolutely because it's not about you know anything other than leveraging long-term durable advantages built on a superior notion of what customers are looking for they want the best network in this industry they wanted to add a great value and they want it from a company that treats them right and loves them that delivers the best experiences as Srini was saying and that's what we deliver uniquely and we've thoughtfully built long-term durable advantages in in these areas and keep going. And so I've never seen a moment in our history where the strategy we're employing has more room to run than right now. And I think we're demonstrating that as we go. The last thing I'll say is I take a little exception with one premise of the question, just for fun, which is that we're seeing unprecedented investment in competition from everybody right now. And look, if you add it all up, right now, The financial metrics being delivered in the industry wouldn't support that. You know, T-Mobile as the value leader, for example, is delivering 26% conversion of cash against service revenues. That's just a phenomenal number and near the high end of our historic business model. And we think it's, you know, a tremendous number for us as we continue to progress. And so it shows. Overall, by the way, as Serena mentioned, cash flows since 2022 are up 50% in our industry. while the customer is experiencing more data at faster speeds than ever before for the same real pricing. That means the customers are huge beneficiaries of the 5G revolution, but so are the competitors. The nature of competition is shifting. Are there unprecedented device promotions out there? Absolutely. But on the other hand, ARPUs are also higher than they've ever been. And device ownership is longer than it's ever been. So these things offset each other. And one way to look at it is customer lifetime values, which at T-Mobile have been remarkably consistent. I hope that context is helpful. Very helpful. Cathy Yao (Head of Investor Relations): Great question. So we'll switch over to social now and take one final question from the phone queue after. But this is from Chaitan Sharma. Congrats on your continued momentum with new services and network features. I was wondering if you could please provide some commentary on the interest demand you are seeing from enterprises for slicing and T-Satellite. What is the profile of such customers and use cases? Mike Sievert (CEO): Should we go over to Callie for that one?

Sure thing. Well, I mentioned earlier before in responding to you, Mike, about T-Priority and just how fantastic it's resonating with first responders in the marketplace. Since we launched in Q1, we're up double digits in growth in new accounts, which is fantastic. We're also seeing the opportunities in our beta to use T-Satellite with first responders. Also with state and local municipalities who, I mean, you think of a bus driver that couldn't get in touch with the parents when there was an emergency on the bus. And this really unlocks value for both the public sector as well as in enterprises where we start to see people use cases like oil and gas when they're out doing operations that require connectivity in places that are in that 500,000 square miles that are untouched by any carrier where businesses actually do operate. So we see a lot of runway and potential in that space in our business. Just to mention in Q2 overall, we think about enterprise, we think about what the capabilities of our network unlock for us. You know, this quarter in Q2, we led the industry in business in postpaid nets, in postpaid phone, in 5G broadband nets, and in postpaid churn. And so it was a really excellent quarter for us to really see the momentum. And we still have plenty of room to run. When I think about 5G broadband and the use cases for fixed wireless in enterprise, we see national retailers that are coming to us and saying, hey, a point-of-sale system slice as well as a fixed wireless solution across the United States is a fantastic use case. So we welcomed Casey's General Store as a national retailer that really needed a value provider that also was an incredible experience for those stores. So, and I'd also just mention, too, these types of solutions are helping us to deliver win share that is greater than our market share in every single segment. I'll say one more thing. You know, you heard some of our competitors talk about how, you know, they were impacted in the government segment with Doge. And I don't think any of us are surprised to hear that because these are the older incumbents that have a majority share. But for us, what drives my business is win share, and our win share is up year over year and quarter over quarter. And so we're really able to sit down with decision makers, especially in federal agencies, who are perhaps facing some kind of demand to lower cost or maybe have some headcount demand. When they do a bill review and they look at the value that our network provides, and they look at the best network that they can move to, they're able to come up with efficacy and efficiency as they're sorting through some of the requirements that they have to manage. Mike Sievert (CEO): We thought John was going to be the most excited. So, by the way, while we're on slicing, Chetan, one thing that I think is interesting is this is a sort of a classic win-win because, you know, our network doesn't really congest and we're the least congested network out there. We have the most capacity, like by a wide mile. And so you might think, why slicing? But enterprises nonetheless are highly interested in it because Because what they want is guaranteed service levels, and depending on the criticality of those connections, it's worth paying for so that we can guarantee them in an unanticipated situation where in the future something could cause the network to congest, that they would be able to have those service levels for mission-critical connectivity that benefits them, but also in the case of first responders, benefits us all. And they're willing to pay for that, so that's really interesting learning. And if you don't mind, on a more serious note, while I'm on it, because we were talking about T-Satellite, I just do want to acknowledge that it once again played an important role during those horrific floods in Texas a couple of weeks ago. And first of all, I'm so proud of our team on the ground, rushing in to help, keeping the network going. It performed beautifully. But also, we were able to transmit emergency messaging to customers, not just T-Mobile customers, all customers via satellite that were received. And also on the ground, over a quarter of a million text messages went out over satellite during the most critical moments of this emergency and people were able to be connected when it mattered. I'm just so proud of that and really thankful for our teams on the ground. So I just wanted to shout out to our wonderful team in Texas and say thank you to them. Thanks, Mike. Thanks. Operator, we'll take Cathy Yao (Head of Investor Relations): or final question from the queue. null (Operator): And your next question today will come from Kanaan Venkateshwar with Barclays. Please go ahead. Kannan Venkateshwar (Analyst — Barclays): Thank you. Mike, maybe just one question on the scale ambitions for broadband. When you think about fixed wireless, obviously all your peers offer it, but when you think about the wire line side of it, your peers have between 40 to 70 million kind of build ambitions or, you know, existing scale if you think about the cable companies in that mix. So when you think about your goals of, say, 15-inch million in Wireline, why is that enough? And I know you want to, you know, look at more fiber opportunities, but given your, you know, the scale of your peers, would this call for maybe consideration of some bigger transactions or, you know, bigger opportunities to scale up your network faster than you would otherwise? Mike Sievert (CEO): Yeah, it's a great question. Maybe, Srini, I can kind of take it together. We're interested in ongoing transactions, but probably if the premise of your question is something like, are we interested in cable, I become decreasingly interested in that over time. You know, I just feel like the growth is in fixed wireless, where there's value and flexibility, and the growth is in fiber because it's a superior product. And that seems to be where the customer sentiment is going. So we want to be where, you know, where the puck's going to be. I'm so proud of the choices we've made so far. And what's driven us in these choices has been our ability to, one, deliver a fantastic product customers will love, and two, deliver a superior return for our shareholders in doing so. And I want to make sure that we don't chase scale for scale's sake, that we actually chase scale because we can deliver a fantastic return. You know, because our premise is a little different than some others who are on a race regardless of consequences. businesses, we're in this business to deliver a great product and make money, superior returns by virtue of our know-how and investments in mobile, and that's because our premise about how this market is coming together is just a little different. Our view is that mobile is the considered sale, and we're going to add products to that mobile that makes sense for our customers and that we can make money on. Now, as Srini explained a minute ago, our already published plans get us to knocking at the door of 45 million homes past equivalent in wireline language through the strategies we've already announced. And, you know, as we've said, we have some ongoing appetite should the right opportunities present themselves at a fair value. Srini Gopalan (COO): And the only thing I'd add to that, Mike, is also culture, right, which is we're about great returns, but we're also about challenging an industry for the good of the customer and growth, right? And that ethos fits very nicely with FWA. That fits very nicely with Fiverr. The last thing we want to be is be an incumbent, right? We are all about challenging an industry, about creating value for customers, about smashing customer problems. And that's a big part of this calculus as much as returns us as well. I love that. It's a great place for us Mike Sievert (CEO): to end where I ended in my prepared remarks. This team right here at this table sees growth opportunities everywhere. And on your behalf, we're going to be thoughtful investors in the resources of this company to go chase it and chase it ambitiously. Thanks, everybody, for joining Cathy Yao (Head of Investor Relations): our Q2 call. Thanks, Mike. That's all the time we have for questions. Thanks, everyone, for joining. We're looking forward to connecting with you again soon. If you have any additional questions, you may contact the Investor Relations or Media Department. Thank you.