Uniti Group Inc. · NASDAQ:UNIT
Uniti — Q4 2025 Earnings Presentation
28 slides from Uniti's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results Conference Call Presentation March 2, 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 ~11.2M Fiber Route Fiber Strand Miles Miles 300+ 800K+ Metro Building and Data Markets Centers Connections Market with Metro Fiber Uniti Fiber Enterprise Markets ~1.9M ~535K Kinetic Market States Kinetic Fiber Kinetic Consumer Homes Passed Fiber Subscribers Uni
Slide 4: 2025 Uniti Accomplishments
2025 Uniti Accomplishments Successfully Closed Merger with Windstream Established New, Insurgent Leadership Team Re-ignited Fiber Build at Kinetic and Fiber Infrastructure Lowered Cost of Capital Through Refinancings, Including Recent Landmark ABS 4
Slide 5: Fourth Quarter Uniti Highlights
Fourth Quarter Uniti Highlights ✓ Total Fiber Year-over-Year Revenue Growth of 13% ✓ Kinetic Consumer Fiber Gross Adds of 38K; Highest Ever ✓ Kinetic Consumer Fiber Net Adds of 28K; Highest in Almost 3 Years ✓ Kinetic Consumer Churn was Second Best Quarter on Record ✓ Kinetic Consumer Fiber Premises
Slide 6: 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 7: Key Uniti Inflections Achieved
Key Uniti Inflections Expected Timeframe Kinetic Consumer: Fiber Subs > 50% Achieved 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 Adju
Slide 8: Key Metrics Dashboard
Key Metrics Dashboard Total Core Fiber Revenue Kinetic Total Fiber Revenue $341.5 $201.3 $325.2 $326.8 $192.3 $193.9 $302.0 $313.4 $181.1 $290.6 $293.7 $290.2 $174.2 42% 41% $161.5 $162.0 $165.1 40% 39% 38% 37% 35% 34% 34% 34% 32% 32% 31% 30% 29% 29% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24
Slide 9: Transforming Kinetic
Transforming Kinetic ▪ New President and Heads of Construction, Sales, Operations, Loyalty and Analytics New Leadership Team ▪ Over a Dozen New Leaders Hired with Relevant Experience in FTTH Transformations ▪ Revamped Value-Proposition, Eliminating Bill Shock and Ensuring Quality Installation Update
Slide 10: Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up
Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up Average Pro Forma Fiber Infrastructure Pro Forma Fiber Infrastructure Quarterly New Sales Bookings Cumulative Lease-Up ~34% ($ in millions) $1.7 $1.7 $1.6 $0.3 $1.4 $0.3 Incremental $1.3 $1.2 $1.2 $0.3 Cash Yield $1.2 $1.2 $1.2 $1.1 $0.3
Slide 11: Hyperscaler / Gen AI Anchor + Lease-Up Economics
Hyperscaler / Gen AI Anchor + Lease-Up Economics ▪ Hyperscaler Deals Contracted To-Date 6% 28% Expected to Generate Combined IRR of 28% 22% • Encouraging Early Progress on Lease-up • Does Not Account for Future Potential Enterprise/Wholesale Lease-Up Once Routes are Fully Built • Returns Exceed and
Slide 12: Hyperscaler / Gen AI Opportunity for Uniti
Hyperscaler / Gen AI Opportunity for Uniti Uniti’s Criteria for Investment Build Phase Lease-Up Phase Build Strategic Fiber 2026 - 2028 2030+ ▪ In Footprint ▪ Expand Connected Footprint Route Miles Built (Cumulative) ~6,000 ~10,000 Disciplined Anchor / Lease-Up ▪ Blended IRRs: 30%+ Gross Capex (Cumu
Slide 13: Financial Results & Capital Structure Overview
Financial Results & Capital Structure Overview
Slide 14: Fourth Quarter Uniti Highlights
Fourth Quarter Uniti Highlights 28K +20% +24% Kinetic Consumer Fiber Kinetic Consumer Fiber Kinetic Consumer Fiber Subscriber Net Adds Subscriber YoY Growth % Revenue YoY Growth % +5% 80K ~$1.7 Million Kinetic Consumer Fiber FTTH Premises Fiber Infrastructure ARPU YoY Growth % Constructed Consolidat
Slide 15: 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 28.9% Fiber ARPU - Internet (3) Fiber Penetration Rate 28.6% Consumer Fiber Subscriber Re
Slide 16: 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 31% 31% 30% 29% 40%+ 28% 25% Target Penetration 2022 2023 2024 Note: Co
Slide 17: 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 $655M Kinetic Consumer Fiber Consumer Revenue YoY Growth % Fiber Revenue Well Positioned to Accelerate Growth within
Slide 18: Uniti Consolidated 4Q25 Results
Uniti Consolidated 4Q25 Results ($ in millions) Revenue(1) Adjusted EBITDA(2)(3) $962 $917 $236 $196 $362 $366 $198 $211 $104 $96 $85 $103 $579 $559 $251 $247 4Q24 4Q25 4Q24 4Q25 Pro Forma (4) Actuals Pro Forma (4) Actuals Kinetic Fiber Infrastructure Uniti Solutions Kinetic Fiber Infrastructure Uni
Slide 19: Consolidated Pro Forma Fiber Revenue Mix
Consolidated Pro Forma Fiber Revenue Mix $ in millions 4Q24 Revenue Mix 4Q25 Revenue Mix QoQ Revenue Growth % Kinetic Consumer 12% 16% 24% Kinetic Business & Wholesale 7% 8% 2% Fiber Infrastructure 14% 17% 10% Total Fiber Revenue(1) 34% 41% 13% All Other Revenue(2) 66% 59% (16%) Total Revenue(3) $88
Slide 20: 2026 Outlook By Segment
2026 Outlook By Segment ($ in millions) 2026 Outlook(1) Kinetic $2,135 – $2,155 Fiber Infrastructure $965 – $985 Uniti Solutions $695 – $705 Total Revenue(2) $3,605 – $3,655 Kinetic Contribution Margin $895 – $915 Fiber Infrastructure Contribution Margin $550 – $570 Uniti Solutions Contribution Marg
Slide 21: Reconciliation of 2025 Pro Forma Results to 2026 Outlook
Reconciliation of 2025 Pro Forma Results to 2026 Outlook ($ in millions) Total Total Total Revenue Adjusted EBITDA(1) Net Capex Full Year 2025 Pro Forma Results $3,790 $1,540 $1,054 Fiber Growth: Kinetic 145 145 345 Fiber Growth: Fiber Infrastructure 145 125 (15) All Other(2) (450) (360) 40 Full Yea
Slide 22: 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 23: 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 Through ▪ Incumbent DSL-Saturated Markets ▪ Spectrum IRU
Slide 24: Appendix
Appendix
Slide 25: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1)(2) $ in millions Pro Forma Uniti Uniti 4Q24 4Q25 Net (loss) income ($123.5) ($305.7) Depreciation and amortization 245.7 304.9 Interest expense 207.3 176.4 Loss on extinguishment of debt 18.5 142.5 Income tax (benefit) expense (10.3) 8.7 EBITDA
Slide 26: 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 27: 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 28: 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