Uniti Group Inc. · NASDAQ:UNIT
Uniti — Q2 2025 Earnings Presentation
38 slides from Uniti's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Financial Results Conference Call Presentation
Second Quarter 2025 Financial Results Conference Call Presentation August 5, 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 with respect to the future and Uniti management’s current expectations, involve certain risks an
Slide 3: Premier Insurgent Fiber Provider
Premier Insurgent Fiber Provider ~240K ~4.5M Fiber Route Residential Miles(1) Households ~1.7M ~20% % of Total Network Fiber Enabled Homes with Overbuilders ~800K 300+ Connected Buildings Metro and Data Centers(2) Markets ~13K ~3K Fiber-to-the-Tower Small Cell Connections Connections Company’s Combi
Slide 4: Key Priorities
Key Priorities ▪ ~2 Million Fiber Homes by Year End 2025 Accelerate Fiber Build ▪ ~3.5 Million Fiber Homes by 2029 ▪ ~75% of Total Service Revenue from Fiber by 2029 ▪ Strong 2Q25 Core Fiber(1) Revenue and Adjusted EBITDA YoY Growth Consolidated Revenue and ▪ Rapid Shift of Revenue to Fiber-Based Se
Slide 5: Key Priorities Dashboard
Key Priorities Dashboard Pro Forma FY2024(1) Pro Forma 2Q25 Actuals(1) 2029 Target Homes Passed with Fiber ~1.6 Million ~1.7 Million ~3.5 Million Kinetic Fiber Subscribers ~0.4 Million ~0.5 Million ~1.25 Million % Total Revenue from Fiber(2) ~30% ~40% ~75% % Total Revenue from Core Business(3) ~75%
Slide 6: Consolidated Pro Forma Fiber Revenue Mix
Consolidated Pro Forma Fiber Revenue Mix QoQ 2Q24 2Q25 Revenue $ in millions Revenue Mix Revenue Mix Growth % Kinetic Consumer 11% 14% 27% Kinetic Business & Wholesale 6% 6% 4% Fiber Infrastructure 15% 16% 1% Total Fiber Revenue (1) 31% 37% 10% All Other Revenue(2) 69% 63% (14%) Total Revenue (3) $9
Slide 7: Insurgent Provider Net Promoter Score
Insurgent Provider Net Promoter Score ▪ Uniti’s and Kinetic’s NPS Scores Compare Favorably to Both Cable and Fiber Overbuilder Peers ▪ Uniti Has Increased its NPS by ~5 Points Over the Past 3 Years 56 51 32 2 Uniti Kinetic Cable Peers (1) Fiber Overbuilder Peers (2) (Fiber Only) (1) Source: Recon An
Slide 8: Our Leadership Team and Board of Directors
Our Leadership Team Key Executives >25 Years Average Telecom Kenny Gunderman Paul Bullington John Harrobin Experience President & CEO Senior EVP, CFO & Senior EVP & Treasurer President of Kinetic Our Board of Directors Comprehensive Expertise Across All Core Focus Areas Francis X. (Skip) Kenny Scott
Slide 9: Fiber Infrastructure Overview
Fiber Infrastructure Overview
Slide 10: Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up
Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up Average Pro Forma Fiber Infrastructure Pro Forma Fiber Infrastructure Quarterly New Sales Bookings Cumulative Lease-Up ~29% ($ in millions) $1.7 $0.3 $1.4 Incremental $1.3 $1.2 $1.2 Cash Yield $1.2 $1.2 $1.2 $1.1 $0.3 $0.4 ~23% $0.3 $1.0
Slide 11: Hyperscalers Fueling National Growth Opportunity
Hyperscalers Fueling National Growth Opportunity North America Total Waves Spend ($in Billions)(1) ▪ Recent Industry Trends Have Created Significant Demand for Lit and Dark Long-Haul Capacity ▪ Uniti’s Dark Fiber Capabilities: $2.6 $2.4 $2.2 • ~200K Combined Fiber Route Miles Available Nationally to
Slide 12: New Uniti Wholesale Unlocks Growth Opportunities Fueled by Hyperscalers
New Uniti Wholesale Unlocks Growth Opportunities Fueled by Hyperscalers Combined Team Efforts Provide Opportunities to Increase Both Lit and Dark Fiber Sales 12
Slide 13: Wholesale Sales Funnel Highlights
Wholesale Sales Funnel Highlights ▪ Combined Uniti and Windstream Hyperscaler Funnel Represents ~$1.5 Billion of Total Contract Value ▪ Hyperscalers are a Growing Contributor to Uniti’s Sales Funnel with a ~5x Increase from 2Q24 Levels and ~1.5x Increase from Prior Quarter ▪ Total Standalone Uniti S
Slide 14: Kinetic Overview
Kinetic Overview
Slide 15: Kinetic Revenue Mix Overview
Kinetic Revenue Mix Overview 2024 2029 Target Wholesale 20% Revenue Mix(1) Wholesale 10% Customer Consumer Consumer 75% Business 60% Business 20% 15% Revenue Mix (2) Fiber / Copper Fiber Copper 30% 15% Fiber 85% Copper 70% Rapid Shift of Revenue to Fiber Based Services by 2029 (1) Kinetic customer r
Slide 16: Accelerated Fiber Build Plan Results in ~75% Fiber Homes by 2029
Accelerated Fiber Build Plan Results in ~75% Fiber Homes(1) by 2029 Residential Premises Passed with Fiber ▪ Capital Efficient Build Costs Driven by (Number in millions) Previous Buildout of Fiber to the Node Network ~15% ~3.5 CAGR ▪ Opportunity to Add Additional Passings Beyond 3.5 Million, Potenti
Slide 17: Attractive Competitive Dynamics Across Footprint
Attractive Competitive Dynamics Across Footprint ▪ Well-Positioned to Capture Share and Drive Growth in Underserved Tier II/III markets ▪ Only ~60% Overlap with National Cable Competitors that Offer a Fixed-Mobile Bundle Network Overlap with Cable Operators FTTH Competitors(1) (% of Households withi
Slide 18: Kinetic / AT&T Bundle
Kinetic / AT&T Bundle ▪ Allows Customers to Save Up to $20 / Month when Combining Kinetic Internet with an AT&T Wireless Plan ▪ Substantial Positive Impact on Churn Rates for both Fiber and Copper Customers ▪ Implementing Several Initiatives to Increase Attachment Rates Churn Rate Impact(1) Subscrib
Slide 19: Roadmap to Shift Away From Copper by 2029
Roadmap to Shift Away From Copper by 2029 On Track to Have Over 95% of Total Subscribers Off of Copper by 2029 (1) Includes subscribers on hybrid fiber-coaxial cable that have 1Gbps service capability. 19
Slide 20: Uniti Solutions Overview
Uniti Solutions Overview
Slide 21: Uniti Solutions Optimization Strategy
Uniti Solutions Optimization Strategy Uniti Solutions Revenue Optimization Strategy Uniti Solutions Revenue - "Nurture" (1) ▪ Largely Exit TDM by End of 2025 (1) Uniti Solutions Revenue - "Harvest" TDM Revenue ▪ Retain Profitable Customers and Products • Move Select Customers onto Fiber ~$850M • Fut
Slide 22: Financial Results & Capital Structure Overview
Financial Results & Capital Structure Overview
Slide 23: 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 DONE Develop Integration Plan to Achieve
Slide 24: Second Quarter Highlights
Second Quarter Highlights 19K +15% +27% Kinetic Fiber Kinetic Fiber Subscriber Kinetic Consumer Fiber Subscriber Adds YoY Growth % Revenue YoY Growth % +11% 52K ~$1.2 Million Kinetic Fiber FTTH Premises Fiber Infrastructure ARPU YoY Growth % Constructed Consolidated Bookings MRR Continue to See Soli
Slide 25: Kinetic Fiber Program Highlights
Kinetic Fiber Program Highlights (Dollars in millions, except ARPU; Fiber Premises in thousands) Consumer Fiber Expansion Consumer Fiber Revenue and ARPU(1) Fiber ARPU - Other (2) Consumer Fiber Premises Passed Fiber ARPU - Internet (3) Fiber Penetration Rate 27.9% 28.1% Consumer Fiber Subscriber Re
Slide 26: Standalone Uniti Second Quarter 2025 Consolidated Results
Standalone Uniti Second Quarter 2025 Consolidated Results ($ in millions) Revenue(1) Adjusted EBITDA(2) (3) AFFO (2) $295 $301 $74 $243 $77 $237 $29 $31 $218 $226 $211 $220 $92 $96 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 As Reported As Reported As Reported As Reported As Reported As Reported Uniti Leasing Uni
Slide 27: Pro Forma New Uniti Consolidated 2Q25 Results
Pro Forma New Uniti Consolidated 2Q25 Results(1) ($ in millions) Revenue(2) Adjusted EBITDA(3)(4) $1,020 $962 $258 $219 $395 $397 $203 $119 $112 $217 $75 $93 $611 $576 $271 $264 2Q24 2Q25 2Q24 2Q25 Kinetic Fiber Infrastrcture Uniti Solutions Kinetic Fiber Infrastrcture Uniti Solutions Strong Fiber I
Slide 28: Introducing 2025 Consolidated Outlook & Revised Pro Forma Estimates
Introducing 2025 Consolidated Outlook & Revised Pro Forma Estimates ($ 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 $
Slide 29: Kinetic 2025 Targets
Kinetic 2025 Targets ~530K ~2.0 Million ~45% 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 30: 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% February 2024 Sources, such as ABS Announces $350 Million A
Slide 31: New Uniti Debt Overview & Silo Collapse
New Uniti Debt Overview & Silo Collapse ▪ Debt Silos Collapsed Immediately After Closing • Simplifies Capital Structure • Unlocks Significant ABS Opportunity • Sets Stage for Further Optimization $ in millions ▪ Combined Net Leverage at Merger Close is ~5.5x • Expect Net Leverage at Year-End 2025 to
Slide 32: Appendix
Appendix
Slide 33: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions Uniti Uniti 2Q24 2Q25 Net income (loss) $18.3 ($10.7) Depreciation and amortization 78.1 79.7 Interest expense 127.5 160.8 Income tax benefit (2.6) (6.2) EBITDA $221.2 223.5 Stock-based compensation 3.4 3.6 Transaction related cost
Slide 34: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions Uniti Uniti 2Q24 2Q25 Net income (loss) attributable to common shares $17.6 ($10.7) Real estate depreciation and amortization 55.6 58.5 Participating securities’ share in earnings 0.7 - Participating securities’ share in FFO (1.5)
Slide 35: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1)(2) $ in millions Pro Forma Uniti Pro Forma Uniti 2Q24 2Q25 Net loss ($59.7) ($76.1) Depreciation and amortization 255.5 241.1 Interest expense 178.5 218.3 Income tax benefit (16.3) (11.9) EBITDA $358.0 $371.4 Stock-based compensation 4.9 3.8 Tra
Slide 36: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 As Reported Outlook(2) Fiber Uniti Kinetic(2) Corporate(2) Consolidated(2) Infrastructure(2) Solutions(2) Adjusted EBITDA $385 $735 $155 ($140) $1,135 Less: Interest expense, net $665 Depreciation and amortization $590 Income
Slide 37: Reconciliation of Uniti Non-GAAP Financial Measures
Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 Pro Forma Estimates(2) Fiber Uniti Kinetic(2) Corporate(2) Consolidated(2) Infrastructure(2) Solutions(2) Adjusted EBITDA $990 $370 $430 ($290) $1,500 Less: Interest expense, net $795 Depreciation and amortization $970 Income
Slide 38: 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