ARRAY DIGITAL INFRASTRUCTURE, INC.

The following discussion summarizes Array's cash flow activities for the three months ended March 31, 2026 and 2025. Cash flows may fluctuate from quarter to quarter and year to year due to timing and other factors. This discussion is intended to highlight the significant changes and is not intended to fully reconcile the changes.

2026 Commentary

Array’s Cash and cash equivalents increased $140.2 million. Net cash provided by operating activities related to continuing operations was $24.5 million due to net income of $180.0 million adjusted for non-cash items of $245.9 million, distributions received from unconsolidated entities of $18.4 million and changes in working capital items which increased net cash by $72.0 million. The working capital changes were primarily driven by the timing of tax payments on the sale of spectrum licenses to AT&T, partially offset by deferred revenue related to spectrum leases. Cash flows used in operating activities related to discontinued operations were $0.7 million.

Cash flows provided by investing activities related to continuing operations were $1,004.2 million, due primarily to cash received from the sale of wireless spectrum licenses to AT&T of $1,018.0 million, partially offset by payments for property, plant and equipment of $13.8 million. There were no cash flows provided by investing activities related to discontinued operations.

Cash flows used for financing activities related to continuing operations were $887.8 million, due primarily to dividends paid to Array shareholders of $885.5 million. There were no cash flows used for financing activities related to discontinued operations.

2025 Commentary

Array’s Cash, cash equivalents and restricted cash increased $41.4 million. Net cash used in operating activities related to continuing operations was $71.2 million due to net income of $5.5 million adjusted for non-cash items of $22.7 million, distributions received from unconsolidated entities of $11.3 million and changes in working capital items which decreased net cash by $65.2 million. The working capital changes were primarily driven by the payment of associate bonuses and an increase in receivable balances. Cash flows provided by operating activities related to discontinued operations were $230.5 million.

Cash flows used for investing activities related to continuing operations were $9.6 million, due primarily to payments for property, plant and equipment of $7.5 million. Cash flows used for investing activities related to discontinued operations were $64.3 million.

Cash flows used for financing activities related to continuing operations were $35.2 million, due primarily to the repurchase of Common Shares of $21.4 million, tax withholdings, net of cash receipts, for stock-based compensation awards of $6.6 million and repayments on long-term debt agreements of $5.0 million. Cash flows used for financing activities related to discontinued operations were $8.8 million.