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Uniti Group Inc. — Q3 2025 Uniti Group Earnings Conference Call Presentation (company IR deck)
Uniti Group Inc. (UNIT) · 23 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 — Conference Cal Presentation
Together, Building the Future Third Quarter 2025 Financial Results Conference Cal Presentation November 4, 2025
Slide 2 — Safe Harbor Statement
Safe Harbor Statement 2 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 2025 outlok . The words —anticipates,“ —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 Operations“ 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 .
Slide 3 — Premier Insurgent Fiber Provider
Premier Insurgent Fiber Provider 3 Note: Data as of September 30 , 2025. Company‘s Combined Tier II and III Market Footprint C Key Priorities VBuild Fiber VOperational Excelence V Customer Obsesion
Slide 4 — VTotal Fiber Year
Third Quarter Uniti Highlights 4 VTotal Fiber Year - over - Year Revenue Growth of 13% VKinetic Consumer Fiber Net Ads of 24K Were Highest in 2 Years VFiber Infrastructure New Bokings MR of $1.6 Milion Were Highest in Over 2 Years VNamed —Best North America Connectivity Provid VKinetic Consumer Fiber Gros Ads of 36K Were Highest Ever V85% of Kinetic Fiber Fotprint is Multi - Gig Capable, Up from < 20% at Begining of Year
Slide 5 — Key Metrics Dashboard
1,508 1,53 1,595 1,626 1,64 1,716 1,72 401 418 435 46 464 483 507 26.6% 26.9% 27.3% 27.4% 27.9% 28.1% 28.6% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Fiber Homes Pased Kinetic Fiber Subscribers Customer Penetration % $282.6 $285.5 $281.1 $292.5 $303.6 $315.6 $316.7 29% 30% 31% 3% 3% 36% 37% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Total Core Fiber Revenue % of Total Revenue $153.5 $153.9 $156.1 $164.6 $171.4 $182.6 $183.3 27% 28% 30% 32% 3% 36% 38% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Kinetic Fiber Revenue % of Total Kinetic Revenue (1) Asumes the merger with Windstream closed on January 1 of the respective calendar year. (2) Includes fiber service revenues from Kinetic and Windstream Wholesale, and al of Uniti Fiber and Uniti Leasing. Excludes in ter company, regulatory & other revenue, and Windstream Wholesale TDM & legacy revenue. (3) Includes total service revenues from Kinetic and Windstream Wholesale, and al of Uniti Fiber and Uniti Leasing. Excludes in ter company and regulatory & other revenue. 5 Key Metrics Dashboard (Dolars in milions; Fiber Premises/Subscribers in thousands) Total Core Fiber Revenue Kinetic Fiber Revenue Kinetic Consumer Fiber Pasings & Subs Key Targets Pro Forma 3Q25 Actuals (1) 2029 Target Homes Pased with Fiber 1.8 Milion 3.5 Milion Kinetic Fiber Subscribers 0.5 Milion 1.25 Milion % Total Revenue from Core Fiber (2) 37% 75% % Total Revenue from Core Busines (3) 76% 90% (2)
Slide 6 — Key Uniti Inflections
Key Uniti Inflections 6 Expected Timeframe Kinetic Consumer: Fiber Subs > 50% 4Q25 Kinetic Consumer: Fiber Revenue > 50% 2 Q26 Core (1) Revenue & Adjusted EBITDA YoY Growth 4Q26 Consolidated Revenue and Adjusted EBITDA YoY Growth 2027 Consolidated Fiber Revenue > 50% of Total Revenue 4Q 26 (1) Includes al of Kinetic and Fiber Infrastructure. Kinetic Total Revenue YoY Growth 2027
Slide 7 — Fiber Infrastructure New Sales Bokings & Cumulative Lease
$0.7 $0.9 $0.9 $0.9 $0.7 $1.4 $1.1 $0.9 $1.0 $0.9 $1.2 $0.4 $0.3 $0.3 $0.3 $0.3 $0.3 $0.3 $0.3 $0.4 $0.3 $0.3 $1.1 $1.2 $1.2 $1.2 $1.0 $1.7 $1.3 $1.2 $1.4 $1.2 $1.6 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Wholesale Bokings Non-Wholesale Bokings 7 (1) Wholesale Bokings include Uniti Leasing bokings, wireles and wholesale bokings at Uniti Fiber, and Windstream Wholesale b ok ings. (2) Non - Wholesale Bokings include enterprise, E - Rate and government bokings at Uniti Fiber. (3) Calculated as expected anualized recuring cash flow on major project anchor builds at Uniti and Windstream divided by the r ela ted net capital investment on the anchor builds. (4) Calculated as expected anualized recuring cash flow from lease - up sold at Uniti Fiber and Uniti Leasing from the time the proj ect started through September 30, 2025, divided by the related net capital investment on the lease - up, including net of upfront customer IRU payments received. (5) Calculated as expected anualized recuring cash flow from lease - up sold at Windstream from the time the project started through September 30, 2025, divided by the related net capital investment on the lease - up. (6) Represents expected cumulative cash yield on major project anchor builds plus lease - up at Uniti and Windstream. (1) Average Pro Forma Fiber Infrastructure Quarterly New Sales Bokings ($ in milions) (2) Fiber Infrastructure New Sales Bokings & Cumulative Lease - Up Pro Forma Fiber Infrastructure Cumulative Lease - Up ~6% ~34% Incremental Cash Yield ~23% (3) (4) (5) (6) Leveraging Existing Uniti Network for Hyperscaler Deals Results in IR of Over 40% Up From ~29% in Prior Quarter
Slide 8 — Wholesale Sales Funel Highlights
8 Wholesale Sales Funel Highlights °Combined Uniti and Windstream Hyperscaler Funel Represents ~$1.7 Bilion of Total Contract Value • Actively Biding on Multiple New Logo Oportunities °Hyperscalers are a Growing Contributor to Uniti‘s Sales Funnel with a ~ °Total Standalone Uniti Sales Funel MR is up ~45% YoY in 3Q25 Note: Al data is for Uniti standalone sales funel only, unles otherwise noted. 7% 3Q24 3Q25 % of Standalone Uniti Total Sales Funel MR 30% Wavelength Oportunities Within Sales Funel Today Represent over 10 Terabytes of Demand
Slide 9 — Hyperscaler / Gen AI Oportunity
Total AI TAM Digital Infra TAM Fiber / Network TAM Prior Curent ° Growth in Digital Infrastructure AI TAM Driven by Escalating Investment in Compute and Model Capabilities • Large Hyperscalers Increasing Historical Levels of Capital Investment in AI • Superscalers (e.g. X, Tesla, OpenAI, ByteDance) and Neocloud Players (e.g. Anthropic, Lamda, Coreweave) are Acelerating Pace of Investment • Outside Capital and Partnerships are Making Masive Investments (e.g. Blue Owl / Meta, NVIDIA / OpenAI, Oracle) Total AI TAM Digital Infra TAM Fiber / Network TAM Prior Curent $2,0 $50 $1,80 $20 $25 $75 $30 $40 $40 $60 $15 $20 9 Hyperscaler / Gen AI Oportunity Source: Company estimates, and Grand View Research. Global Gen AI TAM Estimates $ in Bilions Uniti Believes Future Fiber/Network AI TAM Has Increased 50% from Prior Estimates Curent 2030 ~30% Increase ~50% Increase
Slide 10 — Capital Structure Overview
Financial Results & Capital Structure Overview
Slide 11 — 24K
Continue to Se Solid Execution of Our Key Priorities 1 Third Quarter Uniti Highlights +17% Kinetic Fiber Subscriber YoY Growth % +26% Kinetic Consumer Fiber Revenue YoY Growth % 24K Kinetic Fiber Subscriber Net Ads ~$1.6 Milion Fiber Infrastructure Consolidated Bokings MR +10% Kinetic Fiber ARPU YoY Growth % 56K FTH Premises Constructed
Slide 12 — Kinetic Fiber Program Highlights
12 Kinetic Fiber Program Highlights (Dolars in milions, except ARPU; Fiber Premises in thousands) $61.60 $64.71 $65.53 $69.82 $67.98 $7.57 $7.6 $7.71 $7.90 $7.83 $103M $10M $15M $126M $129M 3Q24 4Q24 1Q25 2Q25 3Q25 Fiber ARPU - Other Fiber ARPU - Internet Consumer Fiber Subscriber Revenue 1,595 1,626 1,64 1,716 1,72 27.3% 27.4% 27.9% 28.1% 28.6% 3Q24 4Q24 1Q25 2Q25 3Q25 Consumer Fiber Premises Pased Fiber Penetration Rate Consumer Fiber Expansion Extending our Fiber Coverage °56 K New C onsumer P remises A ded in 3Q25 °~1.8M Consumer P remises P ased ; ~ 40% Co verage of Consumer Households °Curently Have 507K Consumers on 1G Capable Facilities, Up 24K Sequentialy °Fiber Penetration of 28.6% in 3Q25, ~50 Bps Improvement Sequentialy Consumer Fiber Revenue and ARPU (1) Strong Fiber Revenue and ARPU Trends °Consumer Fiber Subscriber Revenue Grew ~26% YoY and ~2% Sequentialy in 3Q25 Driven by Strong A doption of Our FTH Facilities °Consumer Fiber ARPU of $75.81 up 10 % YoY in 3Q25 $75.81 $69.17 $72.37 $73.24 $7.72 (1) Calculated using Fiber Subscriber revenue, les standard modem rental charge of $10.9 per month. (2) —Fiber ARPU œ Internet“ includes broadband service only. (3) —Fiber ARPU œ Other“ includes voice services, security and other features. (3) (2)
Slide 13 — Kinetic Fiber Cohort Penetration
40%+ Target Penetration 13 Kinetic Fiber Cohort Penetration Note: Cohort penetration reflects consumers on 1G capable facilities, within the respective cohort, at the 12 - month (Year 1 Pene tration), 24 - month (Year 2 Penetration), and 36 - month (Year 3 Penetration) aniversary of the cohort being launched, sumarized by year. The chart above represents al cohorts that have met the Year 1 œ 3 milestones as of September 30, 2025. 25% 28% 30% 29% 30% 31% 202 2023 2024 Year 1 Penetration Year 2 Penetration Year 3 Penetration Cohort Penetration: Year 1 - 3 Milestones ° Various Marketing Initiatives are Driving Beter Penetration Within Both Older and Newer Cohorts
Slide 14 — ~1.9 Milion
Wel Positioned to Acelerate Growth within Kinetic Through Acelerated Fiber Build 14 Kinetic 2025 Targets ~1.9 Milion Homes Pased with Fiber ~42% Fiber Coverage within Kinetic Fotprint ~536K Kinetic Fiber Subscribers ~$50 Milion Consumer Fiber Revenue +25% Kinetic Consumer Fiber Revenue YoY Growth %
Slide 15 — Pro Forma Uniti Consolidated 3Q25 Results
$252 $237 $92 $102 $12 $10 $38 $373 3Q24 3Q25 Kinetic Fiber Infrastructure Uniti Solutions $590 $59 $210 $216 $252 $210 $1,0 $937 3Q24 3Q25 Kinetic Fiber Infrastructure Uniti Solutions Strong Fiber Infrastructure Adjusted EBITDA YoY Growth of ~1% ($ in milions) Revenue (2) Adjusted EBITDA (3)(4) 15 Pro Forma Uniti Consolidated 3Q25 Results (1) (1) Al data is pro forma for ful quarter impact and was not prepared in acordance with Regulation S - X. Actual pro forma informat ion prepared in acordance with Regulation S - X may difer materialy from the information presented above. (2) Total revenue includes segment intercompany revenue eliminations of $52 milion and $49 milion in 3Q24 and 3Q25, respectivel y. (3) Se Apendix for a reconciliation of non - GAP metrics to the most closely comparable GAP metric. (4) Total Adjusted EBITDA is net of corporate expenses of $78 milion and $76 milion in 3Q24 and 3Q25, respectively. Kinetic, Fi ber Infrastructure and Uniti Solutions represent contribution margin.
Slide 16 — Consolidated Pro Forma Fiber Revenue Mix
3Q24 Revenue Mix 3Q25 Revenue Mix QoQ Revenue Growth % Kinetic Consumer 1% 15% 26% Kinetic Busines & Wholesale 6% 6% 2% Fiber Infrastructure 14% 16% 7% Total Fiber Revenue (1) 31% 37% 13% Al OtherRevenue (2) 69% 63% (17%) Total Revenue (3) $920 $849 (8%) FY2024 Revenue Mix FY2025 Revenue Mix YoY Revenue Growth % Kinetic Consumer 1% 15% 25% Kinetic Busines & Wholesale 6% 6% 2% Fiber Infrastructure 15% 17% 5% Total Fiber Revenue (1) ~30% ~40% 1% Al OtherRevenue (2) ~70% ~60% (16%) Total Revenue (3) ~$3,735 ~$3,50 (7%) Acelerated FTH Build Plan to Significantly Shift Fiber Mix to ~75% of Total Revenue by 2029 16 Consolidated Pro Forma Fiber Revenue Mix (1) Includes service revenues from Kinetic and Windstream Wholesale fiber only, and al of Uniti Fiber and Uniti Leasing. Exclud es intercompany, regulatory & other revenue, and Windstream Wholesale TDM & legacy revenue. (2) Includes service revenues from Kinetic coper, Uniti Solutions and TDM/Legacy revenues. Excludes intercompany and regulatory & o ther revenue. (3) Total Revenue excludes sales revenue, intercompany, and regulatory & other revenue. $ in milions $ in milions
Slide 17 — Updated 2025 Consolidated Outlok & Revised Pro Forma Estimates
17 Updated 2025 Consolidated Outlok & Revised Pro Forma Estimates (1) 2025 As Reported Outlook is based on the 2025 Outlook range provided in the Company‘s Earnings Release dated November 4, 2025 . R eflects 7 months of standalone Uniti results, including rent from the master lease agrement with Windstream and GCI capex, p lus 5 months of combined Uniti and Windstream results. (2) Al data is pro forma for ful year impact and was not prepared in acordance with Regulation S - X. Actual pro forma information prepared in acordance with Regulation S - X may difer materialy from the information presented above. (3) Total revenue includes segment intercompany revenue eliminations of $80 milion for 2025 As Reported Outlok and $20 milion fo r 2025 Pro Forma Estimates. (4) Se Apendix for a reconciliation of non - GAP metrics to the most closely comparable GAP metric. (5) Total Adjusted EBITDA is net of corporate expenses of $175 milion for 2025 As Reported Outlok and $325 milion for 2025 Pro Fo rma Estimates. (6) Total Net Capex incudes corporate net capex of $30 milion for 2025 As Reported Outlok and $85 milion for 2025 Pro Forma Es tim ates. Pro Forma estimates reflect intercompany elimination of GCI investments. ($ in milions) 2025 As Reported Outlok (1) 2025 Pro Forma Estimates (2) Kinetic $935 - $95 $2,240 - $2,260 Fiber Infrastructure $1,045 - $1,065 $850 - $870 Uniti Solutions $315 - $325 $845 - $85 Total Revenue (3) $2,215 - $2,265 $3,735 - $3,785 Kinetic Contribution Margin $375 - $395 $980 - $1,0 Fiber Infrastructure Contribution Margin $760 - $780 $395 - $415 Uniti Solutions Contribution Margin $150 - $160 $425 - $435 Total Adjusted EBITDA (4) (5) $1,10 - $1,160 $1,475 - $1,525 Kinetic $40 - $460 $850 - $875 Fiber Infrastructure $30 - $320 $175 - $20 Uniti Solutions $10 - $20 $25 - $35 Total Net Capex (6) $780 - $830 $1,135 - $1,195
Slide 18 — Uniti‘s Cost of Capital Continues to Im
February 2023 Isued $2.6 Bilion of Secured Notes with Coupon of 10.5% May 2024 Isued $30 Milion Ad - on to 10.5% Secured Notes at Implied Yield of ~9% January 2025 Isued $589 Milion Inaugural ABS Facility at Fixed Rate of ~6.5% 18 450 Basis Point Improvement in the Past 2 Years Uniti‘s Debt Yielded ~12.5% in February 2023 Uniti‘s Debt Curently Yields ~8.0% Oportunities Exist to Further Lower Our Cost of Capital Through Oportunistic Debt Refinancings and Alternative Atractive Sources, such as ABS June 2025 Isued $60 Milion of Unsecured Notes with Coupon of ~8.625% Uniti‘s Cost of Capital Continues to Im October 2025 Isued $2.4 Bilion of TLB and Secured Notes with Blended Coupon of ~7.5% October 2025 Isued $250 Milion Second ABS Facility at Fixed Rate of ~5.7%
Slide 19 — Apendix
Apendix