Uniti Group Inc. · NASDAQ:UNIT
Uniti — J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference 2025
24 slides from Uniti's conference presentation, May 13, 2025
Slide 1: J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference
J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference May 13, 2025 Together, Building the Future
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that a
Slide 3: Uniti + Windstream Merger Overview
Uniti + Windstream Merger Overview
Slide 4: Creating a Premier Insurgent Fiber Provider
Creating a Premier Insurgent Fiber Provider ~240K ~4.4M Fiber Route Residential Miles(1) Households ~75% ~150K % Network Inventory On-Net Available Locations(2) ~625K 300+ Near-Net Metro Locations(3) Markets ~12.8K ~2.6K Fiber-to-the-Tower Small Cell Connections Connections Company’s Combined Tier I
Slide 5: Transformative Combination Unlocks Significant Value
Transformative Combination Unlocks Significant Value Uniti and Windstream to combine to create a premier insurgent fiber provider with ~$4 billion in revenue and 240,000 fiber route miles covering 47 states within the U.S. Existing Uniti shareholders will own ~62% and existing Windstream shareholder
Slide 6: Uniti's Path Forward
Uniti’s Path Forward High Yielding Accretive Opportunities Actionable Following Combination Strong Underlying Fiber Powerful Combination Accelerates Trajectory Opportunities for Further Value Creation Infrastructure Accretive M&A / SOTP Financing Unlocks On-Net Fiber (i.e. ABS) Network and Fiber Foc
Slide 7: Bring Kinetic On-Net and Accelerate FTTH Build Plan
Bring Kinetic On-Net and Accelerate FTTH Build Plan Current Structure(1) New Uniti Uniti Windstream Current (1) Year End 2025 2029 Fiber Route Miles(2) 147,000 93,000 240,000 240,000 - 245,000 260,000+ % On-Net 95%+ ~15% ~60% ~70% 95%+ Revenue(3) % of Revenue from - ~35% ~30% ~25% < 5% Legacy Servic
Slide 8: Hyperscaler / Gen AI Opportunity
Hyperscaler / Gen AI Opportunity Global Gen AI TAM Uniti Implications Current 2030 ▪ Substantial Increased TAM $ in Billions $ in Billions for Fiber $1,800 ▪ Training Phase Used to Strategically Expand the Uniti $300 Network with Economically $200 Attractive Deals $40 $15 $50 ▪ Inference Usage Will
Slide 9: New Uniti is Well-Positioned to Capture Hyperscaler AI Growth Opportunities
New Uniti is Well-Positioned to Capture Hyperscaler AI Growth Opportunities Differentiated Customer Relationships/ High-Strand Count Fiber MLAs Implemented WIN Uniti ▪ Expanded TAM Uniti WIN ▪ Diverse Product Set Serving Greater Number of Customers Product Capabilities Distributed End Points ▪ Excep
Slide 10: New Uniti Financial Profile
New Uniti Financial Profile ▪ Kinetic Consumer Revenue(2) Expected to 2025 Pro Forma Grow ~2% in 2025 ($ in millions) Estimate Kinetic $2,045 - $2,055 ▪ Strategic Fiber Infrastructure Fiber Infrastructure $800 - $810 Revenue(3) Expected to Core Fiber Revenue $2,845 - $2,865 Grow ~5% in 2025 Managed
Slide 11: Merger Pre-Close Priorities
Merger Pre-Close Priorities STATUS Execute Operationally at Uniti and Windstream DONE Present Unified Investor Relations Messaging with Windstream DONE Refine Strategy to Simplify Dual Silo Capital Structure for New Uniti DONE Refine Expanded FTTH Build Plan On-Track Develop Integration Plan to Achi
Slide 12: Current Uniti Overview
Current.Uniti Overview
Slide 13: 2025 Priorities
2025 Priorities ▪ Targeting 2025 Strategic Recurring Revenue Growth at Uniti of 4% - 6% Continued Best-in-Class Execution ▪ Targeting 2025 Strategic Recurring Adjusted EBITDA Growth at Uniti of 8% - 10% ▪ Ability to Expand Uniti’s Current ABS Facility Optionality to Fund New Business Plan ▪ Potentia
Slide 14: Strategic Recurring Financial Growth
Strategic Recurring Financial Growth ($ in millions) Strategic Recurring Revenue Growth(3) 4% - 6% 4.9% 4.4% Strategic Fiber Revenue 2025 MRR Growth Outlook(1) $35 - $40 $365 - $370 2023 2024 2025 Estimate Strategic Recurring ~4% to ~6% Year-Over-Year Growth Adjusted EBITDA Growth(3) 8% - 10% 7.9% (
Slide 15: Success-Based Capital Intensity & Payback Trend
Success-Based Capital Intensity & Payback Trend ▪ Stable Bookings, Rising NRCs and Declining Paybacks Lead to Lower Capital Intensity Net Success-Based New Sales Bookings Capital Intensity(1) Budgeted Capex 35% 34% $40.5 $34.5 ($ in millions) 27% 20% - 25% $26.4 $24.2 $20.2 $18.5 $15.1 $11.3 $11.6 $
Slide 16: Consolidated New Sales Bookings & Cumulative Lease-Up
Consolidated New Sales Bookings & Cumulative Lease-Up ▪ Consolidated New Sales Bookings MRR of $0.8 Million in the First Quarter of 2025; Up ~40% from Prior Year Period ▪ Initial Aggregate Cash Yields on Major Wireless Anchor Builds of ~7%; Results in Combined Anchor and Lease-Up Cash Yield of ~27%
Slide 17: 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 Refinancings and Alternative Attractive 10.5% Sources, such as ABS February 2024 Announces $350 Million A
Slide 18: Appendix
Appendix
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures We refer to EBITDA, Adjusted EBITDA, Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”)) and Adjusted Funds From Operations (“AFFO”) in our analysis of our results of operations, which are not required by, or
Slide 20: Glossary
Glossary 4G: The fourth generation of cellular wireless standards that is widely deployed by cellular operators today with the ability to transport data at rates up to 100 MBPS Internet access for mobile users. 5G: The fifth generation of cellular wireless standards that began to be deployed in 2019
Slide 21: Glossary
Glossary Core Adjusted EBITDA: Represents Adjusted EBITDA principally generated from leasing and lit services of the fiber network, as well as Adjusted EBITDA that are ancillary to the fiber network, including managed services. Core Adjusted EBITDA also includes non-recurring Adjusted EBITDA that is
Slide 22: Glossary
Glossary Growth Capital Investments (“GCI”): Capital expenditures on long-term, value-accretive fiber and related assets in the ILEC and CLEC territories owned by Uniti and leased to Windstream. Integration Capex: Capital expenditures made specifically with respect to recent acquisitions that are es
Slide 23: Glossary
Glossary NRC (non-recurring charge): Upfront customer payments that are primarily associated with an executed fiber-related contract that utilizes either newly constructed or already owned fiber, and the fiber is intended to be owned by Uniti on a long-term basis. Optronics: Various types of equipme
Slide 24: Glossary
Glossary Success-Based Capex: Gross capital expenditures related to installing existing or anticipated contractual customer service orders. Does not include capital expenditures related to integration, maintenance, and other, such as IT-related capex. Switch: A switch is an electronic device that se