Uniti Group Inc. · NASDAQ:UNIT
Uniti — Q3 2026 Earnings Presentation
26 slides from Uniti's earnings presentation, Nov 9, 2026
Slide 1: Third Quarter 2026 Financial Results Conference Call Presentation
Third Quarter 2026 Financial Results Conference Call Presentation November 9, 2026 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 ~240K ~11.9M Fiber Route Fiber Strand Miles Miles 300+ 800K+ Metro Building and Data Markets Centers Connections Market with Metro Fiber Uniti Fiber Enterprise Markets ~2.2M ~648K Kinetic Market States Kinetic Fiber Kinetic Consumer Homes Passed Fiber Subscribers Uni
Slide 4: Third Quarter 2026 Uniti Highlights
Third Quarter 2026 Uniti Highlights ✓ Total Fiber Revenue Year-over-Year Growth of 6% ✓ Fiber Infrastructure New Bookings MRR of ~$1.9 Million; Second Highest Quarter on Record ✓ Waves Bookings MRR was ~4x Higher from Prior Year ✓ Total Kinetic Fiber Revenue Year-over-Year Growth of 15% ✓ Kinetic Co
Slide 5: Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up
Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up Average Pro Forma Fiber Infrastructure Pro Forma Fiber Infrastructure Quarterly New Sales Bookings Cumulative Lease-Up ~37% ($ in millions) $2.2 $0.3 $1.9 $1.7 $1.6 $1.6 $0.3 $1.5 $1.3 $0.3 $1.3 $0.3 $0.3 $1.2 $0.4 $0.3 $0.3 $0.3 $1.8 $1.
Slide 6: Updated Hyperscaler / Gen AI Opportunity
Updated Hyperscaler / Gen AI Opportunity Build Phase Lease-Up Phase Previous Updated Previous Updated 2026 – 2028 2026 – 2029 2030+ 2030+ Route Miles Built (Cumulative) ~6,000 ~6,000 ~10,000 ~10,000 Gross Capex (Cumulative) $1.4B – $1.6B $1.5B – $1.7B $2.25B – $2.75B $1.9B – $2.4B Upfront Payments (
Slide 7: Hyperscaler / Gen AI Anchor + Lease-Up Economics
Hyperscaler / Gen AI Anchor + Lease-Up Economics ▪ Hyperscaler Deals Contracted To-Date 15% 36% Expected to Generate Combined IRR of 36% • Strong Early Progress on Lease-up • Does Not Account for Future Potential 21% Enterprise/Wholesale Lease-Up Once Routes are Fully Built • Returns Exceed and Ramp
Slide 8: Recent Success with Large Wave Packages Sold
Recent Success with Large Wave Packages Sold ▪ Record Level of Wave Circuits Sold (~80 Tbps) in the Third Quarter with ~165 Tbps Sold Year to Date ▪ Majority of Waves Being Sold to Superscalers in 400G Increments • Seeing Increasing, Encouraging Activity from Traditional Large Enterprises ▪ Uniti Ha
Slide 9: Satellite: More Opportunity Than Competitive Threat
Satellite: More Opportunity Than Competitive Threat ▪ Expect Satellite/LEO Will Represent a More Meaningful Opportunity for Uniti Over Time ▪ Seeing Very Limited Impact to Kinetic Consumer Fiber from LEO Today ▪ Fiber-to-the-Home Remains the Best Defense Against Alternative Technologies Fiber Infras
Slide 10: Key Uniti Inflections
Key Uniti Inflections Expected Timeframe Kinetic Consumer: Fiber Subs > 50% Achieved Kinetic Consumer: Fiber Revenue > 50% Achieved 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
Slide 11: Key Metrics Dashboard
Key Metrics Dashboard Total Core Fiber Revenue Kinetic Total Fiber Revenue $359.3 $356.5 $347.9 $210.2 $215.7 $222.6 $341.5 $193.9 $201.3 $325.2 $326.8 $192.3 52% $313.4 46% $181.1 $290.2 $302.0 44% $174.2 48% 43% $165.1 41% 45% 39% 42% 37% 40% 38% 34% 34% 35% 32% 34% 32% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q
Slide 12: Financial Results & Capital Structure Overview
Financial Results & Capital Structure Overview
Slide 13: Third Quarter 2026 Uniti Highlights
Third Quarter 2026 Uniti Highlights 46K +28% +22% Kinetic Consumer Fiber Kinetic Consumer Fiber Kinetic Consumer Fiber Subscriber Net Adds Subscriber YoY Growth % Revenue YoY Growth % 50% 162K ~$1.9 Million Kinetic Consumer FTTH Premises Fiber Infrastructure Fiber Coverage Constructed Consolidated B
Slide 14: 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 Consumer Fiber Subscriber Revenue 29.1%
Slide 15: Kinetic Fiber Cohort Penetration
Kinetic Fiber Cohort Penetration Various Marketing Initiatives are Driving Better Penetration Within Both Older and Newer Cohorts Year 1 Penetration Cohort Penetration: Year 1 - 3 Milestones Year 2 Penetration Year 3 Penetration 34% 40%+ 33% 31% 31% 30% 28% Target Penetration 2023 2024 2025 Note: Co
Slide 16: Kinetic 2026 Targets
Kinetic 2026 Targets 675K to 700K 475K to 525K 50%+ Kinetic Consumer Fiber Incremental Homes Fiber Coverage Subscribers Passed with Fiber within Kinetic Footprint 20% to 25% $610M to $630M Kinetic Consumer Fiber Kinetic Consumer Revenue YoY Growth % Fiber Revenue Well Positioned to Accelerate Growth
Slide 17: Uniti Consolidated 3Q26 Results
Uniti Consolidated 3Q26 Results ($ in millions) Revenue(1) Adjusted EBITDA(2)(3) $937 $848 $210 $176 $373 $215 $103 $289 $202 $86 $100 $98 $561 $515 $246 $190 3Q25 3Q26 3Q25 3Q26 Pro Forma (4) Actuals Pro Forma (4) Actuals Kinetic Fiber Infrastructure Uniti Solutions Kinetic Fiber Infrastructure Uni
Slide 18: Consolidated Pro Forma Fiber Revenue Mix
Consolidated Pro Forma Fiber Revenue Mix $ in millions 3Q25 Revenue Mix 3Q26 Revenue Mix QoQ Revenue Growth % Kinetic Consumer 15% 21% 22% Kinetic Business & Wholesale 8% 9% 1% Fiber Infrastructure 16% 16% (6%) Total Fiber Revenue(1) 39% 46% 6% All Other Revenue(2) 61% 54% (21%) $ in millions FY2025
Slide 19: 2026 Outlook By Segment
2026 Outlook By Segment ($ in millions) FY 2026 Outlook(1) Kinetic $2,105 – $2,115 Fiber Infrastructure $1,040 – $1,050 Uniti Solutions $710 – $720 Total Revenue(2) $3,665 – $3,695 Kinetic Contribution Margin $850 – $860 Fiber Infrastructure Contribution Margin $595 – $605 Uniti Solutions Contributi
Slide 20: Uniti's Cost of Capital Still Below 2023 Levels
Uniti’s Cost of Capital Still Below 2023 Levels Despite Challenging Rate Environment, Further Opportunities Exist to Lower Our Cost of Capital Through Alternative Attractive Sources, Such as ABS Date Instrument Amount Coupon Feb 2023 Secured Notes $2.6B 10.5% Jan 2025 Uniti Fiber ABS Facility $589M
Slide 21: Non-Core Asset Optimization
Non-Core Asset Optimization Potential Proceeds: $500 Million - $1.0 Billion Potential Adjusted EBITDA Impact: $0 - $100 Million | Monetization Timeframe: 12 – 36 Months Non-Core Unused Fiber Other Assets / Operations ▪ Monetize Excess Capacity ▪ Incumbent DSL-Saturated ✓ Spectrum (Recently Sold CBRS
Slide 22: Appendix
Appendix
Slide 23: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1)(2) $ in millions Pro Forma Uniti Uniti 3Q25 3Q26 Net income (loss) $1,613.0 ($244.5) Depreciation and amortization 256.9 292.8 Interest expense 186.4 205.5 Loss on extinguishment of debt - 2.7 Income tax (benefit) expense (147.2) 4.0 EBITDA $1,9
Slide 24: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 Pro Forma(2) Kinetic Fiber Infrastructure Uniti Solutions Corporate Contribution Contribution Contribution Consolidated(2) Expenses(2) Margin(2) Margin(2) Margin(2) Adjusted EBITDA $1,030 $404 $423 ($317) $1,540 Less: Deprecia
Slide 25: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2026 Outlook(2) Kinetic Fiber Infrastructure Uniti Solutions Corporate Contribution Contribution Contribution Consolidated(2) Expenses(2) Margin(2) Margin(2) Margin(2) Adjusted EBITDA $855 $600 $345 ($325) $1,475 Less: Interest exp
Slide 26: 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