Uniti Group Inc. · NASDAQ:UNIT
Uniti — Q1 2026 Earnings Presentation
26 slides from Uniti's earnings presentation, May 11, 2026
Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results Conference Call Presentation May 11, 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 ~11.5M Fiber Route Fiber Strand Miles Miles 300+ 800K+ Metro Building and Data Markets Centers Connections Market with Metro Fiber Uniti Fiber Enterprise Markets ~1.94M ~564K Kinetic Market States Kinetic Fiber Kinetic Consumer Homes Passed Fiber Subscribers Un
Slide 4: First Quarter 2026 Uniti Highlights
First Quarter 2026 Uniti Highlights ✓ Total Fiber Revenue Year-over-Year Growth of 15% ✓ Fiber Infrastructure Fiber Revenue Year-over-Year Growth of 13% ✓ Fiber Infrastructure New Bookings MRR of ~$1.6 Million; Third Highest Quarter on Record ✓ Kinetic Consumer Fiber Gross Adds of 39K; Highest Ever
Slide 5: 2026 Priorities
2026 Priorities ▪ Target Fiber Year-over-Year Revenue Growth of 10%-15% ▪ Kinetic: Execute on Fiber-to-the-Home Build Plan o Targeting ~2.3 Million Homes Passed with Fiber and 675K-700K Consumer Fiber Subs by End of Year ▪ Fiber Infrastructure: Capitalize on Unprecedented Demand from Hyperscalers o
Slide 6: 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 7: Key Metrics Dashboard
Key Metrics Dashboard Total Core Fiber Revenue Kinetic Total Fiber Revenue $359.3 $210.2 $341.5 $193.9 $201.3 $325.2 $326.8 43% $192.3 $313.4 $181.1 45% $290.6 $293.7 $290.2 $302.0 41% $174.2 $161.5 $162.0 $165.1 42% 39% 40% 37% 38% 34% 34% 35% 34% 32% 31% 32% 29% 30% 29% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q
Slide 8: Kinetic Consumer Fiber Churn Improving Significantly
Kinetic Consumer Fiber Churn Improving Significantly Kinetic Consumer Fiber Monthly Churn by Quarter Actions Taken to Improve Churn: ▪ Created New Agent Tool with Recommended Offers, Including 24 bps Targeted Price Guarantees for High-Risk Churn Customers Improvement 40 bps ▪ Launched Proactive Fibe
Slide 9: Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up
Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up Average Pro Forma Fiber Infrastructure Pro Forma Fiber Infrastructure Quarterly New Sales Bookings Cumulative Lease-Up ~35% ($ in millions) $1.7 $1.7 $1.6 $1.6 $1.5 $0.3 $0.3 $1.3 $0.3 $0.3 $1.3 Incremental $1.2 $0.4 $0.3 Cash Yield $1.0
Slide 10: Hyperscaler / Gen AI Anchor + Lease-Up Economics
Hyperscaler / Gen AI Anchor + Lease-Up Economics ▪ Hyperscaler Deals Contracted To-Date Expected to Generate Combined IRR of 30% 8% 30% • Encouraging Early Progress on Lease-up 22% • Does Not Account for Future Potential Enterprise/Wholesale Lease-Up Once Routes are Fully Built • Returns Exceed and
Slide 11: FastWaves Launched in March 2026
FastWaves Launched in March 2026 ▪ Pre-deployed Capacity on Over 50 Most Popular Routes ▪ Compressed Service Delivery Intervals For 100G and 400G Waves on Uniti’s ICON Network • Recently Turned Up 2 x 400G FastWaves for a New Customer in Less Than 3 Weeks ▪ Ability to Create Customized Routes and Va
Slide 12: Financial Results & Capital Structure Overview
Financial Results & Capital Structure Overview
Slide 13: First Quarter 2026 Uniti Highlights
First Quarter 2026 Uniti Highlights 30K +22% +26% Kinetic Consumer Fiber Kinetic Consumer Fiber Kinetic Consumer Fiber Subscriber Net Adds Subscriber YoY Growth % Revenue YoY Growth % +5% 88K ~$1.6 Million Kinetic Consumer Fiber FTTH Premises Fiber Infrastructure ARPU YoY Growth % Constructed Consol
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 29.1% 28.9% Fiber ARPU - Internet (3) Fiber Penetration Rate Consumer Fiber Subscriber Re
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% 28% 30% 32% 31% 32% 40%+ Target Penetration 2023 2024 2025 Note: Co
Slide 16: Kinetic 2026 Targets
Kinetic 2026 Targets 675K to 700K 450K to 500K 50%+ Kinetic Consumer Fiber Incremental Homes Fiber Coverage Subscribers Passed with Fiber within Kinetic Footprint 25% to 30% $635M to $655M Kinetic Consumer Fiber Consumer Revenue YoY Growth % Fiber Revenue Well Positioned to Accelerate Growth within
Slide 17: Uniti Consolidated 1Q26 Results
Uniti Consolidated 1Q26 Results ($ in millions) Revenue(1) Adjusted EBITDA(2)(3) $977 $987 $192 $442 $241 $403 $96 $118 $208 $295 $193 $99 $579 $548 $265 $236 1Q25 1Q26 1Q25 1Q26 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 1Q25 Revenue Mix 1Q26 Revenue Mix QoQ Revenue Growth % Kinetic Consumer 13% 17% 26% Kinetic Business & Wholesale 7% 8% (1%) Fiber Infrastructure 15% 18% 13% Total Fiber Revenue(1) 34% 43% 15% All Other Revenue(2) 66% 57% (20%) $ in millions FY20
Slide 19: 2026 Outlook By Segment
2026 Outlook By Segment ($ in millions) 2Q26 Outlook(1) 3Q26 Outlook(1) 4Q26 Outlook(1) FY 2026 Outlook(1) Kinetic $2,135 – $2,155 Fiber Infrastructure $965 – $985 Uniti Solutions $695 – $705 Total Revenue(2) $875 - $890 $850 - $865 $890 - $905 $3,605 – $3,655 Kinetic Contribution Margin $895 – $915
Slide 20: Uniti's Cost of Capital Continues to Improve
Uniti’s Cost of Capital Continues to Improve Opportunities Exist to Further Lower Our Cost of Capital Through Opportunistic Debt Refinancings and Alternative Attractive Sources, Such as ABS Date Instrument Amount Coupon/Yield Uniti’s Debt Yielded Feb 2023 Secured Notes $2.6B 10.5% ~12.5% Jan 2025 AB
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 Through IRUs and/or
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 1Q25 1Q26 Net loss ($39.4) ($70.3) Depreciation and amortization 244.6 289.8 Interest expense 183.9 188.3 Loss (gain) on extinguishment of debt 8.5 (1.2) Income tax (benefit) expense (2.3) 0.6 EBITDA $395.3
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 $905 $560 $310 ($325) $1,450 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