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Uniti Group Inc. — Q4 2025 Uniti Group Earnings Conference Call Presentation (company IR deck)
Uniti Group Inc. (UNIT) · 28 slides · Filed Oct 23, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All UNIT deck slides
Slide 1 — 2025 Financial Results
Fourth Quarter and Ful Year 2025 Financial Results Conference Cal Presentation March 2, 2026 Together, Building the Future
Slide 2 — Safe Harbor Statement
This presentation contains forward - loking statements within the meaning of the Private Securities Litigation Reform Act of 195 . Forward - loking statements are based on asumptions and management‘s curent expectations with respect to the future, involve certain risks and uncertainties, and are not guarantes . These forward - loking statements include, but are not limited to, statements regarding Uniti‘s fiber build strategy, the busineses growth potential, and 2026 outlok . The words —anticipa —believes,“ —could,“ —estimates,“ —expects,“ —intends,“ —may,“ —plans,“ —projects,“ —will,“ —would,“ —predicts“ and similar expresions are intended to identify forward - loking statements, although not al forward - loking statements contain these identifying words . Uniti may not actualy achieve the plans, intentions or expectations disclosed in its forward - loking statements, and you should not place undue reliance on the forward - loking statements . Future results may difer materialy from the plans, intentions and expectations disclosed in the forward - loking statements that Uniti makes . These forward - loking statements involve risks and uncertainties, known and unknown, that could cause events and results to difer materialy from those in the forward - loking statements, including, without limitation : unanticipated dificulties or expenditures relating to the merger of Uniti and Windstream ; competition and overbuilding in consumer service areas and general competition in busines markets ; risks related to the Company‘s indebtednes, which could reduce funds available for busines purposes and operational flexibility ; rapid changes in technology, which could afect its ability to compete ; risks relating to information technology system failures, network disruptions, and failure to protect, los of, or unauthorized aces to, or release of, data ; risks related to various forms of regulation from the Federal Comunications Comision, state regulatory comisions and other government entities and efects of unfavorable legal procedings, government investigations, and complex and changing laws ; risks inherent in the comunications industry and asociated with general economic conditions ; and aditional risks set forth in the —Risk Factors“ and —Management‘s Discusion and Analysis of Financial Condition and Results of Operatio sections of the Company‘s most recently filed periodic reports on Form 10 - K and Form 10 - Q and subsequent filings with the U . S . Securities and Exchange Comision as wel as the Company‘s predecessor‘s registration statement on Form S - 4 dated February 12 , 2025 . The discusion of such risks is not an indication that any such risks have ocured at the time of this filing . Uniti does not asume any obligation to update any forward - loking statements . Safe Harbor Statement 2
Slide 3 — ~1.9M
Premier Insurgent Fiber Provider 3 Note: Data as of December 31, 2025. ~240K Fiber Route Miles ~1.2M Fiber Strand Miles 30+ Metro Markets 80K+ Building and Data Centers Conections ~1.9M Kinetic Fiber Homes Pased ~535K Kinetic Consumer Fiber Subscribers Market with Metro Fiber Uniti Fiber Enterprise Markets Kinetic Market States Uniti‘s Combined Tier II and III Market Footprint
Slide 4 — 2025 Uniti Acomplishments
2025 Uniti Acomplishments 4 Sucesfuly 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
Slide 5 — Fourth Quarter Uniti Highlights
Fourth Quarter Uniti Highlights 5 V Total Fiber Year - over - Year Revenue Growth of 13% V Kinetic Consumer Fiber Gros Ads of 38K; Highest Ever V Kinetic Consumer Fiber Net Ads of 28K; Highest in Almost 3 Years V Kinetic Consumer Churn was Second Best Quarter on Record V Kinetic Consumer Fiber Premises Constructed of 80K; Highest in Over 3 Years V Fiber Infrastructure New Bokings MR of $1.7 Milion; Matches Highest Level on Record V Announced Largest Customer Contract Award in
Slide 6 — 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 Milion Homes Pased with Fiber and 675K - 70K Consumer Fiber Subs by End of Year ° Fiber Infrastructure : Capitalize on Unprecedented Demand from Hyperscalers o Hyperscalers Represent ~$1.5 Bilion Total Revenue Oportunity Over the Next 5 Years ° Uniti Solutions : Drive Cros Seling Oportunities with Kinetic and Fiber Infrastructure o Focus on Stabilizing Both Revenue and Contribution Margin by De - Emphasizing Legacy Services ° Optimize Balance Shet and Capital Alocation o Investing ~$1.0 Bilion of Net Capex at Kinetic and Fiber Infrastructure to Build Out Dense Fiber Networks o Pursue Folow - On ABS Transactions to Drive Lower Cost of Capital and Optimize Balance Shet 2026 Priorities 6
Slide 7 — Key Uniti Inflections
Key Uniti Inflections 7 1) Includes al of Kinetic and Fiber Infrastructure. Expected Timeframe Kinetic Consumer: Fiber Subs > 50% Kinetic Consumer: Fiber Revenue > 50% Core (1) Revenue & Adjusted EBITDA YoY Growth Consolidated Revenue and Adjusted EBITDA YoY Growth Consolidated Fiber Revenue > 50% of Total Revenue Kinetic Total Revenue YoY Growth 2 Q26 4Q26 2027 4Q 26 2027 Achieved
Slide 8 — Key Metrics Dashboard
% of Total Kinetic Revenue Key Metrics Dashboard 8 1) Includes fiber service revenues from Kinetic and Windstream Wholesale, and al of Uniti Fiber and Uniti Leasing. Excludes intercompany, regulatory & other revenue, and Windstream Wholesale TDM & legacy reve nu e. 2) Includes total service revenues from Kinetic and Windstream Wholesale, and al of Uniti Fiber and Uniti Leasing. Excludes intercompany and regulatory & other revenue. Total Core Fiber Revenue Kinetic Total Fiber Revenue Kinetic Consumer Fiber Pasings & Subs Key Targets 4Q25 Actuals 2029 Target Homes Pased with Fiber ~1.9 Milion 3.5 Milion Kinetic Fiber Subscribers ~535,0 1.25 Milion % Total Revenue from Core Fiber (1) 41% 75% % Total Revenue from Core Busines (2) 78% 90% 32% 2Q24 3Q24 34% 31% 4Q24 34% 1Q24 1Q25 29% 2Q25 39% 3Q25 41% 4Q25 $ 290.6 $ 293.7 $ 290.2 $ 302 .0 $ 313.4 $ 325.2 $ 326.8 $ 341.5 37% % of Total Revenue Total Core Fiber Revenue ($M) 30% 2Q24 32% 1Q24 3Q24 34% 4Q24 35% 1Q25 38% 2Q25 29% 3Q25 42% 4Q25 $ 161.5 $ 162 .0 $ 165.1 $ 174.2 $ 181.1 $ 192.3 $ 193.9 $ 201.3 40% Kinetic Total Fiber Revenue ($M) 1,508 1,53 1,595 1,626 1,64 1,716 1,72 1,851 401 418 435 46 464 483 507 535 1Q24 26.9% 2Q24 27.3% 3Q24 27.4% 4Q24 26.6% 1Q25 28.1% 2Q25 28.6% 3Q25 28.9% 4Q25 27.9% Customer Penetration (%) Fiber Homes Pased (0s) Kinetic Fiber Subscribers (0s)
Slide 9 — Transforming Kinetic
Transforming Kinetic 9 New Leadership Team ° New President and Heads of Construction, Sales, Operations, Loyalty and Analytics ° Over a Dozen New Leaders Hired with Relevant Experience in FTH Transformations Update Go - To - Market Strategy ° Revamped Value - Proposition, Eliminating Bil Shock and Ensuring Quality Instalation ° Launched New Value - Aded Services and New Partnerships (e.g., Eero) ° Expanding Distribution Through Direct Sales and Chanel Partnerships Optimize Investment in Operations ° Deployed New Customer Routing and Segmentation Strategies ° Improvements in Customer Satisfaction, Early Customer Churn, and Repeat Trouble Tickets ° Elevate Customer Experience and Drive Operational Eficiency Re - ignite Fiber Build Engine ° Focused on Strategic Pasings and Growing Third - Party Construction Network ° Over 40K Homes Pased with Fiber in December Alone ° Remain On Track to Pas 3.5 Milion Homes with Fiber by End of 2029
Slide 10 — Fiber Infrastructure New Sales Bokings & Cumulative Lease
Fiber Infrastructure New Sales Bokings & Cumulative Lease - Up 10 1) Wholesale Bokings include Uniti Leasing bokings, wireles and wholesale bokings at Uniti Fiber, and Windstream Wholesale b ok ings. 2) Non - Wholesale Bokings include enterprise, E - Rate and government bokings at Uniti Fiber. 3) Calculated as expected anualized recuring cash flow on major project anchor builds at Uniti and Windstream divided by the r ela ted net capital investment on the anchor builds. 4) Calculated as expected anualized recuring cash flow from lease - up sold at Uniti Fiber and Uniti Leasing from the time the proj ect started through December 31, 2025, divided by the related net capital investment on the lease - up, including net of upfront customer IRU payments received. 5) Calculated as expected anualized recuring cash flow from lease - up sold at Windstream from the time the project started through December 31, 2025, divided by the related net capital investment on the lease - up. 6) Represents expected cumulative cash yield on major project anchor builds plus lease - up at Uniti and Windstream. $0.7 $0.9 $0.9 $0.9 $0.7 $1.4 $1.1 $0.9 $1.0 $0.9 $1.2 $1.4 $0.4 $0.3 $0.3 $0.3 $0.3 $0.3 $0.3 $0.3 $0.4 $0.3 $0.3 $0.3 $1.1 $1.2 $1.2 $1.2 $1.0 $1.7 $1.3 $1.2 $1.4 $1.2 $1.6 $1.7 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Wholesale Bokings Non-Wholesale Bokings (1) Average Pro Forma Fiber Infrastructure Quarterly New Sales Bokings ($ in milions) (2) Pro Forma Fiber Infrastructure Cumulative Lease - Up ~6% ~34% Incremental Cash Yield ~23% (3) (4) (5) (6)
Slide 11 — Hyperscaler / Gen AI Anchor + Lease
Hyperscaler / Gen AI Anchor + Lease - Up Economics 1 Deals Signed To - Date Represent ~$670M in Total Contracted Value Hyperscaler Anchor IR Hyperscaler Lease - Up IR Hyperscaler Combined IR ° Hyperscaler Deals Contracted To - Date Expected to Generate Combined IR of 28% • Encouraging Early Progres on Lease - up • Does Not Acount for Future Potential Enterprise/Wholesale Lease - Up Once Routes are Fuly Built • Returns Exced and Ramp Faster Than Historical Wireles Anchor Builds 2% 28% 6%
Slide 12 — Hyperscaler / Gen AI Oportunity for Uniti
2026 - 2028 2030+ Route Miles Built (Cumulative) ~6,0 ~10,0 Gros Capex (Cumulative) $1.4B œ $1.6B $2.25B œ $2.75B Upfront Payments (Cumulative) $1.0B œ $1.25B $2.5B œ $3.0B One - Time Cash Revenue (Cumulative) $750M œ $90M $1.25B œ $1.5B Recuring Anual Cash Revenue $20M œ $25M $40M œ $50M Hyperscaler / Gen AI Oportunity for Uniti 12 Expected Return of Capital of 2x œ 4x Build Strategic Fiber ° In Fotprint ° Expand Conected Fotprint Disciplined Anchor / Lease - Up ° Blended IRs: 30%+ Substantial Lease - Up Runway ° Aditional Hyperscaler Customers ° Traditional Wholesale / Enterprise ° Inference ° Kinetic Backhaul Uniti‘s Criteria for Investment Note: Cumulative ranges for each time period above represent cumulative amounts achieved by the end of the respective period. Recuring anual cash revenue range for each time period above represents anual run rate revenue achieved by the end of the respective period. Build Phase Lease - Up Phase