T-Mobile US Inc. J.P. Morgan TMC Conference Takeaways

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T-Mobile US Inc. J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

T-Mobile US Inc. Overweight

TMUS, TMUS US

J.P. Morgan TMC Conference Takeaways Price (18 May 26):$190.65

Telecom Services, Cable & Satellite

This afternoon we hosted a fireside chat with T-Mobile CEO Srini Gopalan at our Sebastiano C Petti AC

54th annual J.P. Morgan Global TMC Conference. Below we highlight key (1-212) 622-8529

takeaways from our conversation: sebastiano.c.petti@jpmorgan.com

Shayna Nguyen

• Drivers of postpaid account growth. CEO Srini Gopalan attributes T- (1-212) 622-0038

Mobile’s recently raised postpaid account net add guidance of 950–1,050k to shayna.nguyen@jpmchase.com

improved CLV — 1Q accounts were 6% higher y/y and port-in ARPA J.P. Morgan Securities LLC

approximately 20% above port-out ARPA. The gap in T-Mobile’s network

perception is increasingly closing, with 20m+ addressable “network seeker”

accounts aided by individual-level targeting that demonstrates network

superiority. Within SMRA, Gopalan expects momentum to continue (24%

share in 1Q marking the 12th consecutive quarter of win-share leadership),

driven by a combination of distribution, branding, and retail. Noting that a

long-term ceiling implies zero differentiation, Gopalan views SMRA as still

early innings, with an “upward spiral” dynamic as local presence compounds.

• ARPA and cost takeout drivers. Gopalan expressed confidence in company

guidance for 2.5–3% ARPA growth attributed to (1) front-book flexibility, (2)

creation of upselling/cross-selling opportunities through improved customer

relations, and (3) thoughtful “more-for-more” rate optimization. Additionally,

Gopalan noted that the framework for $2.7b in cumulative cost savings by