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Together, Building the Future Third Quarter 2025 Financial Results Conference Call Presentation November 4, 2025
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Safe Harbor Statement 2 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 uncertainties, and are not guarantees. These forward-looking statements include, but are not limited to, statements regarding Uniti’s fiber build strategy, the businesses growth potential, and 2025 outlook. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Uniti may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the forward-looking statements. Future results may differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Uniti makes. These forward-looking statements involve risks and uncertainties, known and unknown, that could cause events and results to differ materially from those in the forward-looking statements, including, without limitation: unanticipated difficulties or expenditures relating to the merger of Uniti and Windstream; competition and overbuilding in consumer service areas and general competition in business markets; risks related to the Company’s indebtedness, which could reduce funds available for business purposes and operational flexibility; rapid changes in technology, which could affect its ability to compete; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; risks related to various forms of regulation from the Federal Communications Commission, state regulatory commissions and other government entities and effects of unfavorable legal proceedings, government investigations, and complex and changing laws; risks inherent in the communications industry and associated with general economic conditions; and additional risks set forth in the “Risk Factors” and “Management’s Discussion 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 Commission as well as the Company’s predecessor’s registration statement on Form S-4 dated February 12, 2025. The discussion of such risks is not an indication that any such risks have occurred at the time of this filing. Uniti does not assume any obligation to update any forward-looking statements.
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Premier Insurgent Fiber Provider 3 Note: Data as of September 30, 2025. Company’s Combined Tier II and III Market Footprint Creates Significant Competitive Advantage Key Priorities ✓ Build Fiber ✓ Operational Excellence ✓ Customer Obsession
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Third Quarter Uniti Highlights 4 ✓ Total Fiber Year-over-Year Revenue Growth of 13% ✓ Kinetic Consumer Fiber Net Adds of 24K Were Highest in 2 Years ✓ Fiber Infrastructure New Bookings MRR of $1.6 Million Were Highest in Over 2 Years ✓ Named “Best North America Connectivity Provider” for 2025 by Capacity Media ✓ Kinetic Consumer Fiber Gross Adds of 36K Were Highest Ever ✓ 85% of Kinetic Fiber Footprint is Multi-Gig Capable, Up from < 20% at Beginning of Year
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1,508 1,553 1,595 1,626 1,664 1,716 1,772 401 418 435 446 464 483 507 26.6% 26.9% 27.3% 27.4% 27.9% 28.1% 28.6% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Fiber Homes Passed Kinetic Fiber Subscribers Customer Penetration % $282.6 $285.5 $281.1 $292.5 $303.6 $315.6 $316.7 29% 30% 31% 33% 33% 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% 33% 36% 38% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Kinetic Fiber Revenue % of Total Kinetic Revenue (1) Assumes the merger with Windstream closed on January 1 of the respective calendar year. (2) Includes fiber service revenues from Kinetic and Windstream Wholesale, and all of Uniti Fiber and Uniti Leasing. Excludes intercompany, regulatory & other revenue, and Windstream Wholesale TDM & legacy reve nue. (3) Includes total service revenues from Kinetic and Windstream Wholesale, and all of Uniti Fiber and Uniti Leasing. Excludes intercompany and regulatory & other revenue. 5 Key Metrics Dashboard (Dollars in millions; Fiber Premises/Subscribers in thousands) Total Core Fiber Revenue Kinetic Fiber Revenue Kinetic Consumer Fiber Passings & Subs Key Targets Pro Forma 3Q25 Actuals(1) 2029 Target Homes Passed with Fiber 1.8 Million 3.5 Million Kinetic Fiber Subscribers 0.5 Million 1.25 Million % Total Revenue from Core Fiber(2) 37% 75% % Total Revenue from Core Business(3) 76% 90% (2)
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Key Uniti Inflections 6 Expected Timeframe Kinetic Consumer: Fiber Subs > 50% 4Q25 Kinetic Consumer: Fiber Revenue > 50% 2Q26 Core(1) Revenue & Adjusted EBITDA YoY Growth 4Q26 Consolidated Revenue and Adjusted EBITDA YoY Growth 2027 Consolidated Fiber Revenue > 50% of Total Revenue 4Q26 (1) Includes all of Kinetic and Fiber Infrastructure. Kinetic Total Revenue YoY Growth 2027
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$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 $1.6 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Wholesale Bookings Non-Wholesale Bookings 7 (1) Wholesale Bookings include Uniti Leasing bookings, wireless and wholesale bookings at Uniti Fiber, and Windstream Wholesale b ookings. (2) Non-Wholesale Bookings include enterprise, E-Rate and government bookings at Uniti Fiber. (3) Calculated as expected annualized recurring cash flow on major project anchor builds at Uniti and Windstream divided by the r elated net capital investment on the anchor builds. (4) Calculated as expected annualized recurring cash flow from lease -up sold at Uniti Fiber and Uniti Leasing from the time the project started through September 30, 2025, divided by the related net capital investment on the lease -up, including net of upfront customer IRU payments received. (5) Calculated as expected annualized recurring cash flow from lease -up sold at Windstream from the time the project started through September 30, 2025, divided by the related net capital investment on the lease-up. (6) Represents expected cumulative cash yield on major project anchor builds plus lease-up at Uniti and Windstream. (1) Average Pro Forma Fiber Infrastructure Quarterly New Sales Bookings ($ in millions) (2) Fiber Infrastructure New Sales Bookings & 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 IRR of Over 40% Up From ~29% in Prior Quarter
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8 Wholesale Sales Funnel Highlights ▪ Combined Uniti and Windstream Hyperscaler Funnel Represents ~$1.7 Billion of Total Contract Value • Actively Bidding on Multiple New Logo Opportunities ▪ Hyperscalers are a Growing Contributor to Uniti’s Sales Funnel with a ~5x Increase from 3Q24 Levels ▪ Total Standalone Uniti Sales Funnel MRR is up ~45% YoY in 3Q25 Note: All data is for Uniti standalone sales funnel only, unless otherwise noted. 7% 3Q24 3Q25 % of Standalone Uniti Total Sales Funnel MRR 30% Wavelength Opportunities Within Sales Funnel Today Represent over 100 Terabytes of Demand
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Total AI TAM Digital Infra TAM Fiber / Network TAM Prior Current ▪ 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 Accelerating Pace of Investment • Outside Capital and Partnerships are Making Massive Investments ( e.g. Blue Owl / Meta, NVIDIA / OpenAI, Oracle) Total AI TAM Digital Infra TAM Fiber / Network TAM Prior Current $2,000 $50 $1,800 $200 $225 $75 $300 $400 $40 $60 $15 $20 9 Hyperscaler / Gen AI Opportunity Source: Company estimates, and Grand View Research. Global Gen AI TAM Estimates $ in Billions Uniti Believes Future Fiber/Network AI TAM Has Increased 50% from Prior Estimates Current 2030 ~30% Increase ~50% Increase
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Financial Results & Capital Structure Overview
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Continue to See Solid Execution of Our Key Priorities 11 Third Quarter Uniti Highlights +17% Kinetic Fiber Subscriber YoY Growth % +26% Kinetic Consumer Fiber Revenue YoY Growth % 24K Kinetic Fiber Subscriber Net Adds ~$1.6 Million Fiber Infrastructure Consolidated Bookings MRR +10% Kinetic Fiber ARPU YoY Growth % 56K FTTH Premises Constructed
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12 Kinetic Fiber Program Highlights (Dollars in millions, except ARPU; Fiber Premises in thousands) $61.60 $64.71 $65.53 $69.82 $67.98 $7.57 $7.66 $7.71 $7.90 $7.83 $103M $110M $115M $126M $129M 3Q24 4Q24 1Q25 2Q25 3Q25 Fiber ARPU - Other Fiber ARPU - Internet Consumer Fiber Subscriber Revenue 1,595 1,626 1,664 1,716 1,772 27.3% 27.4% 27.9% 28.1% 28.6% 3Q24 4Q24 1Q25 2Q25 3Q25 Consumer Fiber Premises Passed Fiber Penetration Rate Consumer Fiber Expansion Extending our Fiber Coverage ▪ 56K New Consumer Premises Added in 3Q25 ▪ ~1.8M Consumer Premises Passed; ~40% Coverage of Consumer Households ▪ Currently Have 507K Consumers on 1G Capable Facilities, Up 24K Sequentially ▪ Fiber Penetration of 28.6% in 3Q25, ~50 Bps Improvement Sequentially Consumer Fiber Revenue and ARPU(1) Strong Fiber Revenue and ARPU Trends ▪ Consumer Fiber Subscriber Revenue Grew ~26% YoY and ~2% Sequentially in 3Q25 Driven by Strong Adoption of Our FTTH Facilities ▪ Consumer Fiber ARPU of $75.81 up 10% YoY in 3Q25 $75.81 $69.17 $72.37 $73.24 $77.72 (1) Calculated using Fiber Subscriber revenue, less standard modem rental charge of $10.99 per month. (2) “Fiber ARPU – Internet” includes broadband service only. (3) “Fiber ARPU – Other” includes voice services, security and other features. (3) (2)
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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 Penetration), 24-month (Year 2 Penetration), and 36-month (Year 3 Penetration) anniversary of the cohort being launched, summarized by year. The chart above represents all cohorts that have met the Year 1 – 3 milestones as of September 30, 2025. 25% 28% 30%29% 30%31% 2022 2023 2024 Year 1 Penetration Year 2 Penetration Year 3 Penetration Cohort Penetration: Year 1 - 3 Milestones ▪ Various Marketing Initiatives are Driving Better Penetration Within Both Older and Newer Cohorts
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Well Positioned to Accelerate Growth within Kinetic Through Accelerated Fiber Build 14 Kinetic 2025 Targets ~1.9 Million Homes Passed with Fiber ~42% Fiber Coverage within Kinetic Footprint ~536K Kinetic Fiber Subscribers ~$500 Million Consumer Fiber Revenue +25% Kinetic Consumer Fiber Revenue YoY Growth %
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$252 $237 $92 $102 $122 $110 $388 $373 3Q24 3Q25 Kinetic Fiber Infrastrcture Uniti Solutions $590 $559 $210 $216 $252 $210 $1,000 $937 3Q24 3Q25 Kinetic Fiber Infrastrcture Uniti Solutions Strong Fiber Infrastructure Adjusted EBITDA YoY Growth of ~11% ($ in millions) Revenue(2) Adjusted EBITDA(3)(4) 15 Pro Forma Uniti Consolidated 3Q25 Results(1) (1) All data is pro forma for full quarter impact and was not prepared in accordance with Regulation S -X. Actual pro forma information prepared in accordance with Regulation S -X may differ materially from the information presented above. (2) Total revenue includes segment intercompany revenue eliminations of $52 million and $49 million in 3Q24 and 3Q25, respectivel y. (3) See Appendix for a reconciliation of non-GAAP metrics to the most closely comparable GAAP metric. (4) Total Adjusted EBITDA is net of corporate expenses of $78 million and $76 million in 3Q24 and 3Q25, respectively. Kinetic, Fi ber Infrastructure and Uniti Solutions represent contribution margin.
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3Q24 Revenue Mix 3Q25 Revenue Mix QoQ Revenue Growth % Kinetic Consumer 11% 15% 26% Kinetic Business & Wholesale 6% 6% 2% Fiber Infrastructure 14% 16% 7% Total Fiber Revenue (1) 31% 37% 13% All Other Revenue(2) 69% 63% (17%) Total Revenue (3) $920 $849 (8%) FY2024 Revenue Mix FY2025 Revenue Mix YoY Revenue Growth % Kinetic Consumer 11% 15% 25% Kinetic Business & Wholesale 6% 6% 2% Fiber Infrastructure 15% 17% 5% Total Fiber Revenue (1) ~30% ~40% 11% All Other Revenue(2) ~70% ~60% (16%) Total Revenue (3) ~$3,735 ~$3,500 (7%) Accelerated FTTH 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 all of Uniti Fiber and Uniti Leasing. Excludes intercompany, regulatory & other revenue, and Windstream Wholesale TDM & legacy reve nue. (2) Includes service revenues from Kinetic copper, Uniti Solutions and TDM/Legacy revenues. Excludes intercompany and regulatory & other revenue. (3) Total Revenue excludes sales revenue, intercompany, and regulatory & other revenue. $ in millions $ in millions
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17 Updated 2025 Consolidated Outlook & 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 . Reflects 7 months of standalone Uniti results, including rent from the master lease agreement with Windstream and GCI capex, p lus 5 months of combined Uniti and Windstream results. (2) All data is pro forma for full year impact and was not prepared in accordance with Regulation S -X. Actual pro forma information prepared in accordance with Regulation S-X may differ materially from the information presented above. (3) Total revenue includes segment intercompany revenue eliminations of $80 million for 2025 As Reported Outlook and $200 million for 2025 Pro Forma Estimates. (4) See Appendix for a reconciliation of non-GAAP metrics to the most closely comparable GAAP metric. (5) Total Adjusted EBITDA is net of corporate expenses of $175 million for 2025 As Reported Outlook and $325 million for 2025 Pro Forma Estimates. (6) Total Net Capex incudes corporate net capex of $30 million for 2025 As Reported Outlook and $85 million for 2025 Pro Forma Es timates. Pro Forma estimates reflect intercompany elimination of GCI investments. ($ 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 $3,735 - $3,785 Kinetic C ontribution Margin $375 - $395 $980 - $1,000 Fiber Infrastructure C ontribution Margin $760 - $780 $395 - $415 Uniti Solutions C ontribution Margin $150 - $160 $425 - $435 Total Adjusted EBITDA (4) (5) $1,110 - $1,160 $1,475 - $1,525 Kinetic $440 - $460 $850 - $875 Fiber Infrastructure $300 - $320 $175 - $200 Uniti Solutions $10 - $20 $25 - $35 Total Net Capex (6) $780 - $830 $1,135 - $1,195
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February 2023 Issued $2.6 Billion of Secured Notes with Coupon of 10.5% May 2024 Issued $300 Million Add-on to 10.5% Secured Notes at Implied Yield of ~9% January 2025 Issued $589 Million 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 Currently Yields ~8.0% Opportunities Exist to Further Lower Our Cost of Capital Through Opportunistic Debt Refinancings and Alternative Attractive Sources, such as ABS June 2025 Issued $600 Million of Unsecured Notes with Coupon of ~8.625% Uniti’s Cost of Capital Continues to Improve October 2025 Issued $2.4 Billion of TLB and Secured Notes with Blended Coupon of ~7.5% October 2025 Issued $250 Million Second ABS Facility at Fixed Rate of ~5.7%
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Appendix
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Reconciliation of Uniti Non-GAAP Financial Measures(1)(2) $ in millions Pro Forma Uniti 3Q24 Pro Forma Uniti 3Q25 Net (loss) income ($69.7) $1,613.0 Depreciation and amortization 260.2 256.9 Interest expense 183.7 186.4 Income tax benefit (26.0) (147.2) EBITDA $348.2 $1,909.1 Stock-based compensation 4.5 10.1 Gain on settlement of preexisting relationships - (1,685.4) Transaction related costs & Other 35.6 139.2 Adjusted EBITDA $388.3 $373.0 20 (1) All data is pro forma for full quarter impact and was not prepared in accordance with Regulation S -X. Actual pro forma information prepared in accordance with Regulation S -X may differ materially from the information presented above. (2) Amounts may not foot due to rounding.
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Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 As Reported Outlook(2) Kinetic Contribution Margin(2) Fiber Infrastructure Contribution Margin(2) Uniti Solutions Contribution Margin(2) Corporate Expenses(2) Consolidated(2) Adjusted EBITDA $385 $770 $155 ($175) $1,135 Less: Interest expense, net $645 Depreciation and amortization $625 Income tax benefit ($125) Stock-based compensation $25 Gain on settlement of preexisting relationships ($1,685) Transaction related costs & Other $185 Net income $1,465 (1) Amounts may not foot due to rounding. (2) 2025 As Reported Outlook is based on the 2025 Outlook range provided in the Company’s Earnings Release dated November 4, 2025 . Reflects 7 months of standalone Uniti results, including rent from the master lease agreement with Windstream, plus 5 months o f combined Uniti and Windstream results. 21
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Reconciliation of Uniti Non-GAAP Financial Measures(1) $ in millions 2025 Pro Forma Estimates(2) Kinetic Contribution Margin(2) Fiber Infrastructure Contribution Margin(2) Uniti Solutions Contribution Margin(2) Corporate Expenses(2) Consolidated(2) Adjusted EBITDA $990 $405 $430 ($325) $1,500 Less: Interest expense, net $775 Depreciation and amortization $1,005 Income tax benefit ($140) Stock-based compensation $25 Gain on settlement of preexisting relationships ($1,685) Transaction related costs & Other $170 Net income $1,350 (1) Amounts may not foot due to rounding. (2) All data is pro forma for full year impact and was not prepared in accordance with Regulation S -X. Actual pro forma information prepared in accordance with Regulation S-X may differ materially from the information presented above. 22
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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, is the most appropriate earnings measure, we also believe that EBITDA and Adjusted EBITDA are important non-GAAP supplemental measures. Following the Merger, legacy Uniti ceased to be a REIT, and the Company does not qualify as a REIT for U.S. federal income tax purposes. Accordingly, the Company does not expect to report FFO and AFFO in future periods. We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, (collectively, “Transaction Related and Other Costs”), goodwill impairment charges, severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP. Further, our computations of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies that define EBITDA and Adjusted EBITDA differently than we do. 23