Uniti Group Inc. · NASDAQ:UNIT
Uniti — Q3 2025 Earnings Presentation
23 slides from Uniti's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Financial Results Conference Call Presentation
Third Quarter 2025 Financial Results Conference Call Presentation November 4, 2025 Together, Building the Future
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions and management’s current expectations with respect to the future, involve certain risks and unce
Slide 3: Premier Insurgent Fiber Provider
Premier Insurgent Fiber Provider Key Priorities ✓ Build Fiber ✓ Operational Excellence ✓ Customer Obsession Company’s Combined Tier II and III Market Footprint Creates Significant Competitive Advantage Note: Data as of September 30, 2025. 3
Slide 4: Third Quarter Uniti Highlights
Third Quarter Uniti Highlights ✓ Total Fiber Year-over-Year Revenue Growth of 13% ✓ Kinetic Consumer Fiber Gross Adds of 36K Were Highest Ever ✓ Kinetic Consumer Fiber Net Adds of 24K Were Highest in 2 Years ✓ 85% of Kinetic Fiber Footprint is Multi-Gig Capable, Up from < 20% at Beginning of Year ✓
Slide 5: Key Metrics Dashboard
Key Metrics Dashboard (Dollars in millions; Fiber Premises/Subscribers in thousands) Total Core Fiber Revenue Kinetic Fiber Revenue $315.6 $316.7 $182.6 $183.3 $292.5 $303.6 $171.4 $282.6 $285.5 $281.1 37% $164.6 $153.5 $153.9 $156.1 36% 38% 36% 33% 33% 33% 32% 30% 31% 30% 29% 28% 27% 1Q24 2Q24 3Q24
Slide 6: Key Uniti Inflections
Key Uniti Inflections Expected Timeframe Kinetic Consumer: Fiber Subs > 50% 4Q25 Kinetic Consumer: Fiber Revenue > 50% 2Q26 Core(1) Revenue & Adjusted EBITDA YoY Growth 4Q26 Consolidated Fiber Revenue > 50% of Total Revenue 4Q26 Kinetic Total Revenue YoY Growth 2027 Consolidated Revenue and Adjusted
Slide 7: Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up
Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up Average Pro Forma Fiber Infrastructure Pro Forma Fiber Infrastructure Quarterly New Sales Bookings Cumulative Lease-Up ~34% ($ in millions) $1.7 $1.6 $0.3 $1.4 Incremental $1.3 $1.2 $1.2 $0.3 Cash Yield $1.2 $1.2 $1.2 $1.1 $0.3 $0.4 ~23%
Slide 8: Wholesale Sales Funnel Highlights
Wholesale Sales Funnel Highlights ▪ Combined Uniti and Windstream Hyperscaler Funnel Represents ~$1.7 Billion of Total Contract Value • Actively Bidding on Multiple New Logo Opportunities ▪ Hyperscalers are a Growing Contributor to Uniti’s Sales Funnel with a ~5x Increase from 3Q24 Levels ▪ Total St
Slide 9: Hyperscaler / Gen AI Opportunity
Hyperscaler / Gen AI Opportunity ▪ Growth in Digital Infrastructure AI TAM Driven by Escalating Investment in Compute and Model Capabilities • Large Hyperscalers Increasing Historical Levels of Capital Investment in AI • Superscalers (e.g. X, Tesla, OpenAI, ByteDance) and Neocloud Players (e.g. Anth
Slide 10: Financial Results & Capital Structure Overview
Financial Results & Capital Structure Overview
Slide 11: Third Quarter Uniti Highlights
Third Quarter Uniti Highlights 24K +17% +26% Kinetic Fiber Kinetic Fiber Subscriber Kinetic Consumer Fiber Subscriber Net Adds YoY Growth % Revenue YoY Growth % +10% 56K ~$1.6 Million Kinetic Fiber FTTH Premises Fiber Infrastructure ARPU YoY Growth % Constructed Consolidated Bookings MRR Continue to
Slide 12: Kinetic Fiber Program Highlights
Kinetic Fiber Program Highlights (Dollars in millions, except ARPU; Fiber Premises in thousands) Consumer Fiber Expansion Consumer Fiber Revenue and ARPU(1) Fiber ARPU - Other (2) Consumer Fiber Premises Passed Fiber ARPU - Internet (3) Fiber Penetration Rate 28.6% Consumer Fiber Subscriber Revenue
Slide 13: Kinetic Fiber Cohort Penetration
Kinetic Fiber Cohort Penetration ▪ Various Marketing Initiatives are Driving Better Penetration Within Both Older and Newer Cohorts Cohort Penetration: Year 1 - 3 Milestones Year 1 Penetration Year 2 Penetration Year 3 Penetration 29% 31% 28% 30% 30% 40%+ Target 25% Penetration 2022 2023 2024 Note:
Slide 14: Kinetic 2025 Targets
Kinetic 2025 Targets ~536K ~1.9 Million ~42% Kinetic Fiber Homes Passed Fiber Coverage Subscribers with Fiber within Kinetic Footprint +25% ~$500 Million Kinetic Consumer Fiber Consumer Revenue YoY Growth % Fiber Revenue Well Positioned to Accelerate Growth within Kinetic Through Accelerated Fiber B
Slide 15: Pro Forma Uniti Consolidated 3Q25 Results
Pro Forma Uniti Consolidated 3Q25 Results(1) ($ in millions) Revenue(2) Adjusted EBITDA(3)(4) $1,000 $937 $252 $210 $388 $373 $210 $122 $216 $110 $92 $102 $590 $559 $252 $237 3Q24 3Q25 3Q24 3Q25 Kinetic Fiber Infrastructure Uniti Solutions Kinetic Fiber Infrastructure Uniti Solutions Strong Fiber In
Slide 16: Consolidated Pro Forma Fiber Revenue Mix
Consolidated Pro Forma Fiber Revenue Mix QoQ $ in millions 3Q24 3Q25 Revenue Revenue Mix Revenue Mix Growth % Kinetic Consumer 11% 15% 26% Kinetic Business & Wholesale 6% 6% 2% Fiber Infrastructure 14% 16% 7% Total Fiber Revenue (1) 31% 37% 13% All Other Revenue(2) 69% 63% (17%) Total Revenue (3) $9
Slide 17: Updated 2025 Consolidated Outlook & Revised Pro Forma Estimates
Updated 2025 Consolidated Outlook & Revised Pro Forma Estimates ($ in millions) 2025 As Reported Outlook(1) 2025 Pro Forma Estimates(2) Kinetic $935 - $955 $2,240 - $2,260 Fiber Infrastructure $1,045 - $1,065 $850 - $870 Uniti Solutions $315 - $325 $845 - $855 Total Revenue (3) $2,215 - $2,265 $3,73
Slide 18: Uniti's Cost of Capital Continues to Improve
Uniti’s Cost of Capital Continues to Improve February 2023 Opportunities Exist to Further Lower Our Issued $2.6 Billion Cost of Capital Through Opportunistic Debt of Secured Notes with Coupon of May 2024 Refinancings and Alternative Attractive 10.5% Sources, such as ABS Issued $300 Million Add-on to
Slide 19: Appendix
Appendix
Slide 20: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1)(2) $ in millions Pro Forma Uniti Pro Forma Uniti 3Q24 3Q25 Net (loss) income ($69.7) $1,613.0 Depreciation and amortization 260.2 256.9 Interest expense 183.7 186.4 Income tax benefit (26.0) (147.2) EBITDA $348.2 $1,909.1 Stock-based compensatio
Slide 21: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 As Reported Outlook(2) Kinetic Fiber Infrastructure Uniti Solutions Corporate Consolidated(2) Contribution Margin(2) Contribution Margin(2) Contribution Margin(2) Expenses(2) Adjusted EBITDA $385 $770 $155 ($175) $1,135 Less:
Slide 22: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 Pro Forma Estimates(2) Kinetic Fiber Infrastructure Uniti Solutions Corporate Consolidated(2) Contribution Margin(2) Contribution Margin(2) Contribution Margin(2) Expenses(2) Adjusted EBITDA $990 $405 $430 ($325) $1,500 Less:
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures We refer to EBITDA and Adjusted EBITDA in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, i