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Second Quarter 2026 Financial Results Conference Call Presentation July 30, 2026 Together, Building the Future
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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, businesses growth potential, integration of Uniti and Windstream, capital allocation and financing plans, and 2026 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. 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. Safe Harbor Statement 2
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Premier Insurgent Fiber Provider 3 Note: Data as of June 30, 2026. ~240K Fiber Route Miles ~11.7M Fiber Strand Miles 300+ Metro Markets 800K+ Building and Data Centers Connections ~2.1M Kinetic Fiber Homes Passed ~603K Kinetic Consumer Fiber Subscribers Market with Metro Fiber Uniti Fiber Enterprise Markets Kinetic Market States Uniti’s Combined Tier II and III Market Footprint Creates Significant Competitive Advantage
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Second Quarter 2026 Uniti Highlights 4 ✓ Total Fiber Revenue Year-over-Year Growth of 10% ✓ Fiber Infrastructure Fiber Revenue Year-over-Year Growth of 6% ✓ Fiber Infrastructure New Bookings MRR of ~$2.2 Million; Highest Quarter on Record ✓ Kinetic Consumer Fiber Net Adds of 38K; Highest on Record ✓ Kinetic Consumer Fiber Churn was Best Second Quarter on Record ✓ Kinetic Consumer Fiber Premises Constructed of 141K; Highest on Record
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▪ 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 Hyperscalers Represent ~$1.5 Billion Total Revenue Opportunity Over the Next 5 Years ▪ Uniti Solutions: Drive Cross Selling Opportunities with Kinetic and Fiber Infrastructure o Focus on Stabilizing Both Revenue and Contribution Margin by De-Emphasizing Legacy Services ▪ Optimize Balance Sheet and Capital Allocation o Expect Total ABS Capacity at Kinetic to be ~$5 Billion Based on Revised Analysis 2026 Priorities 5
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Key Uniti Inflections 1) Includes all 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 4Q26 2027 4Q26 2027 Achieved Achieved 6
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% of Total Kinetic Revenue Key Metrics Dashboard 71) Includes fiber service revenues from Kinetic and Windstream Wholesale, and all of Uniti Fiber and Uniti Leasing. Excludes sales revenue, intercompany, regulatory & other revenue, and Windstream Wholesale TDM & legacy revenue. 2) Includes total service revenues from Kinetic and Windstream Wholesale, and all of Uniti Fiber and Uniti Leasing. Excludes sales revenue, intercompany and regulatory & other revenue. Total Core Fiber Revenue Kinetic Total Fiber Revenue Kinetic Consumer Fiber Passings & Subs Key Targets 2Q26 Actuals 2029 Target Homes Passed with Fiber ~2.1 Million 3.50 Million Kinetic Fiber Subscribers ~603,000 1.25 Million % Total Revenue from Core Fiber(1) 44% 75% % Total Revenue from Core Business(2) 78% 90% 32% 3Q24 34% 31% 4Q24 34% 2Q24 1Q25 2Q25 39% 3Q25 41% 4Q25 $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% 3Q24 34% 4Q24 35% 1Q25 38% 2Q25 3Q25 42% 4Q25 $162.0 $165.1 $174.2 $181.1 $192.3 $193.9 $201.3 40% Kinetic Total Fiber Revenue ($M) 1,553 1,595 1,626 1,664 1,716 1,772 1,851 1,939 2,080 418 435 446 464 483 507 535 564 603 26.9% 2Q24 27.3% 3Q24 27.4% 4Q24 1Q25 28.1% 2Q25 28.6% 3Q25 28.9% 4Q25 27.9% Customer Penetration (%) Fiber Homes Passed (000s) Kinetic Fiber Subscribers (000s) 1Q26 $359.3 43% 1Q26 29.1% 1Q26 $210.2 45% $356.5 44% 2Q26 $215.7 48% 2Q26 2Q26 29.0%
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Kinetic Consumer Fiber Churn Improving Significantly 8 1.60% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2.06% 1.69% 1.89% 1.93% 1.66% 1.45% 40 bps Improvement 29 bps Improvement Actions Taken to Improve Churn: ▪ Created New Agent Tool with Recommended Offers, Including Targeted Price Guarantees for High-Risk Churn Customers ▪ Launched Proactive Fiber Outage Alerts and Expedited Wi-Fi Extender Replacement; Repair Rate Improvement at All-Time Highs ▪ Increased Customer Communication During Late Payment Cycle Future Planned Initiatives: ▪ Improving Fundamentals: Proper Staffing, Agent Skills, Optimized Routing and Incentives for Long-Term Retention ▪ Advanced Analytics to Identify At-Risk Cohorts for Specialized Proactive and Reactive Offers ▪ Large Language Model-Based Call Monitoring That Analyzes 100% of Retention Calls to Identify Customer Pain Points and Improve Agent Response Kinetic Consumer Fiber Monthly Churn by Quarter 2Q26 Kinetic Consumer Fiber Churn was Best Second Quarter on Record 2Q26
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$1.4 $1.1 $0.9 $1.2 $1.0 $1.3 $1.4 $1.3 $1.7 $0.3 $0.3 $0.3 $0.4 $0.3 $0.3 $0.3 $0.3 $0.5 $1.7 $1.3 $1.2 $1.5 $1.3 $1.6 $1.7 $1.6 $2.2 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Wholesale Bookings Non-Wholesale Bookings Fiber Infrastructure New Sales Bookings & Cumulative Lease-Up 9 1) Wholesale Bookings include Uniti Leasing bookings, wireless and wholesale bookings at Uniti Fiber, and Windstream Wholesale bookings. 2) Non-Wholesale Bookings include enterprise, E-Rate and government bookings at Uniti Fiber. 3) Calculated as expected annualized recurring cash flow on major project anchor builds at Uniti and Windstream divided by the related net capital investment on the anchor builds. 4) Calculated as expected annualized recurring cash flow from lease-up sold at Uniti Fiber and Uniti Leasing from the time the project started through June 30, 2026, divided by the related net capital investment on the lease-up, including net of upfront customer IRU payments received. 5) Calculated as expected annualized recurring cash flow from lease-up sold at Windstream from the time the project started through June 30, 2026, divided by the related net capital investment on the lease-up. 6) Represents expected cumulative cash yield on major project anchor builds plus lease-up at Uniti and Windstream. (1) Average Pro Forma Fiber Infrastructure Quarterly New Sales Bookings ($ in millions) (2) Pro Forma Fiber Infrastructure Cumulative Lease-Up ~6% ~36% (3) (4) (5) (6)
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Hyperscaler / Gen AI Anchor + Lease-Up Economics 10 Hyperscaler Anchor IRR Hyperscaler Lease-Up IRR Hyperscaler Combined IRR 22% 37%15% Deals Signed To-Date Represent ~$860M in Total Contracted Value ▪ Hyperscaler Deals Contracted To-Date Expected to Generate Combined IRR of 37% • Strong Early Progress on Lease-up • Does Not Account for Future Potential Enterprise/Wholesale Lease-Up Once Routes are Fully Built • Returns Exceed and Ramp Faster Than Historical Wireless Anchor Builds
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$1.9 $2.0 $2.1 $2.3 $2.5 $2.6 $2.8 $3.0 $3.2 $3.4 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E FastWaves Launched in March 2026 11 Uniti Has Less Than 5% Total Waves Market Share Today (1) Sources: IMARC Group, Optical Wavelength Services Market Size & Forecast (2025–2034); Data Insights Market, Optical Wavelength Services Market Report; North America share estimated at ~35% based on regional data cited in industry reports. North America Total Waves Spend ($ in Billions)(1) ▪ Pre-deployed Capacity on Over 50 Most Popular Routes ▪ Compressed Service Delivery Intervals For 100G and 400G Waves on Uniti’s ICON Network • Turning Up Service for Most Customers in Less Than 3 Weeks ▪ Ability to Create Customized Routes and Validate Real-Time Capacity Through Customer Facing Portal ▪ Record Level of Wave Circuits Sold (>70 Tbps) in the Second Quarter with Nearly 85 Tbps Sold Year to Date
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Financial Results & Capital Structure Overview
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Second Quarter 2026 Uniti Highlights 13 +25% Kinetic Consumer Fiber Subscriber YoY Growth % +19% Kinetic Consumer Fiber Revenue YoY Growth % 38K Kinetic Consumer Fiber Subscriber Net Adds ~$2.2 Million Fiber Infrastructure Consolidated Bookings MRR 46% Kinetic Consumer Fiber Coverage 141K FTTH Premises Constructed Continue to See Solid Execution of Our Key Priorities (within Kinetic Footprint)
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$66.76 $71.04 $69.28 $70.37 $71.56 $69.62 $7.84 $7.98 $7.94 $7.69 $7.52 $7.36 $115M $126M $129M $136M $145M $150M 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Fiber ARPU - Other Fiber ARPU - Internet Consumer Fiber Subscriber Revenue $79.08 1,664 1,716 1,772 1,851 1,939 2,080 27.9% 28.1% 28.6% 28.9% 29.1% 29.0% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Consumer Fiber Premises Passed Fiber Penetration Rate $77.22$74.60 $79.02 (3) (2) $78.06 (Dollars in millions, except ARPU; Fiber Premises in thousands) Kinetic Fiber Program Highlights 14 1) Calculated using Fiber Subscriber revenue, less actual modem rental charge. 2) “Fiber ARPU – Other” includes voice services, security and other features. 3) “Fiber ARPU – Internet” includes broadband service only. Consumer Fiber Expansion Consumer Fiber Revenue and ARPU(1) Extending our Fiber Coverage ▪ 141K New Consumer Premises Added in 2Q26, Most on Record ▪ ~2.1M Consumer Premises Passed; 46% Coverage of Consumer Households ▪ Currently Have ~603K Consumers on 1G Capable Facilities, Up ~38K Sequentially ▪ Fiber Penetration of 29.0% in 2Q26, ~90 Bps Improvement YoY Strong Fiber Revenue and ARPU Trends ▪ Consumer Fiber Subscriber Revenue Grew ~19% YoY and ~4% Sequentially in 2Q26 Driven by Strong Adoption of Our FTTH Facilities ▪ Consumer Fiber ARPU of $76.97 was Lower in 2Q26 Driven by the Timing of Customer Price Adjustments During the Quarter $76.97
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Kinetic Fiber Cohort Penetration 15Note: 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 June 30, 2026. 28% 31% 35% 30% 34%33% 2023 2024 2025 Cohort Penetration: Year 1 - 3 Milestones 40%+ Target Penetration Various Marketing Initiatives are Driving Better Penetration Within Both Older and Newer Cohorts Year 1 Penetration Year 2 Penetration Year 3 Penetration
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Kinetic 2026 Targets 16 475K to 525K Incremental Homes Passed with Fiber 50%+ Fiber Coverage within Kinetic Footprint 675K to 700K Kinetic Consumer Fiber Subscribers 25% to 30% Kinetic Consumer Fiber Revenue YoY Growth % $635M to $655M Consumer Fiber Revenue Well Positioned to Accelerate Growth within Kinetic Through Accelerated Fiber Build
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$273 $228 $102 $122 $105 $92 $398 $357 2Q25 Pro Forma 2Q26 Actuals Kinetic Fiber Infrastructure Uniti Solutions $578 $539 $212 $234 $218 $183 $958 $910 2Q25 Pro Forma 2Q26 Actuals Kinetic Fiber Infrastructure Uniti Solutions ($ in millions) Uniti Consolidated 2Q26 Results 17 1) Total revenue includes segment intercompany revenue eliminations of $50 million and $46 million in 2Q25 and 2Q26, respectively. 2) See Appendix for a reconciliation of non-GAAP metrics to the most closely comparable GAAP metric. 3) Total Adjusted EBITDA is net of corporate expenses of $81 million and $85 million in 2Q25 and 2Q26, respectively. Kinetic, Fiber Infrastructure and Uniti Solutions represent contribution margin. 4) 2Q25 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. Strong Fiber Infrastructure Revenue and Adjusted EBITDA YoY Growth Driven by Hyperscaler / AI Deals Revenue(1) Adjusted EBITDA(2)(3) (4) (4)
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Consolidated Pro Forma Fiber Revenue Mix 181) Includes service revenues from Kinetic and Windstream Wholesale fiber only, and all of Uniti Fiber and Uniti Leasing. Excludes sales revenue, intercompany, regulatory & other revenue, and Windstream Wholesale TDM & legacy revenue. 2) Includes service revenues from Kinetic copper, Uniti Solutions and TDM/Legacy revenues. Excludes sales revenue, intercompany and regulatory & other revenue. Accelerated FTTH Build Plan to Significantly Shift Fiber Mix to ~75% of Total Revenue by 2029 $ in millions 2Q25 Revenue Mix 2Q26 Revenue Mix QoQ Revenue Growth % Kinetic Consumer 14% 19% 19% Kinetic Business & Wholesale 8% 8% (1%) Fiber Infrastructure 15% 18% 6% Total Fiber Revenue(1) 37% 44% 10% All Other Revenue(2) 63% 56% (19%) $ in millions FY2025 Revenue Mix FY2026E Revenue Mix YoY Revenue Growth % Kinetic Consumer 15% ~20% 25% to 30% Kinetic Business & Wholesale 8% ~8% Flat Fiber Infrastructure 16% ~18% Low Single Digits Total Fiber Revenue(1) 38% ~46% 10% to 15% All Other Revenue(2) 62% ~54% (20%) to (25%)
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2026 Outlook By Segment 19 1) 2026 Outlook is based on the 2026 Outlook range provided in the Company’s Earnings Release dated July 30, 2026. Amounts may n ot foot due to rounding. 2) Total revenue for full year 2026 includes segment intercompany revenue eliminations of $190 million. 3) See Appendix for a reconciliation of non-GAAP metrics to the most closely comparable GAAP metric. 4) Total Adjusted EBITDA for full year 2026 is net of corporate expenses of $325 million. 5) Total Net Capex for full year 2026 incudes corporate net capex of $80 million. ($ in millions) 3Q26 Outlook(1) 4Q26 Outlook(1) FY 2026 Outlook(1) Kinetic $2,135 – $2,155 Fiber Infrastructure $990 – $1,010 Uniti Solutions $695 – $705 Total Revenue(2) $840 - $855 $900 - $915 $3,630 – $3,680 Kinetic Contribution Margin $895 – $915 Fiber Infrastructure Contribution Margin $565 – $585 Uniti Solutions Contribution Margin $315 – $325 Total Adjusted EBITDA(3)(4) $290 - $305 $370 - $385 $1,450 – $1,500 Kinetic $1,260 – $1,280 Fiber Infrastructure $130 – $150 Uniti Solutions $30 – $40 Total Net Capex(5) $1,500 – $1,550
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Uniti’s Cost of Capital Continues to Improve Date Instrument Amount Coupon/Yield Feb 2023 Secured Notes $2.6B 10.5% Jan 2025 Uniti Fiber ABS Facility $589M ~6.5% Jun 2025 Unsecured Notes $600M ~8.625% Oct 2025 TLB + Secured Notes $2.4B ~7.5% Late 2025 / Early 2026 ABS Facilities (Uniti Fiber & Kinetic) $1.2B ~5.7% Jan 2026 Unsecured Add-On Notes $1.0B ~8.55%(1) Jun 2026 Kinetic ABS Facility $1.1B ~6.2% ~600 Basis Point Improvement in the Past 3 Years Uniti’s Debt Yielded ~12.5% in February 2023 Uniti’s Debt Currently Yields ~6.5% 20 Opportunities Exist to Further Lower Our Cost of Capital Through Opportunistic Debt Refinancings and Alternative Attractive Sources, Such as ABS 1) Reflects yield-to-worst at time of pricing of the add-on.
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Potential Adjusted EBITDA Impact: $0 - $100 Million | Monetization Timeframe: 12 - 36 Months Non-Core Asset Optimization 21 Potential Proceeds: $500 Million - $1.0 Billion Unused Fiber ▪ Monetize Excess Capacity Through IRUs and/or Outright Sales ▪ Minimal Impact to EBITDA ▪ Minimal to No Disruption to Core Network Operations Non-Core Assets / Operations ▪ Incumbent DSL-Saturated Markets ▪ Select Kinetic Fiber Markets (Non- Clustered) ▪ Non-Southeast Fiber Infrastructure Markets (Northeast and Mid-Atlantic) ▪ DOCSIS Properties ▪ Decommissioned Copper Networks Other ▪ Spectrum ▪ Corporate Real Estate ▪ Operations Real Estate / Sale-Leasebacks ▪ Rooftops / Pole Attachments
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Appendix
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$ in millions Reconciliation of Uniti Non-GAAP Financial Measures(1)(2) 23 1) Pro Forma Uniti 2Q25 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. Pro Forma Uniti 2Q25 Uniti 2Q26 Net loss ($75.7) ($155.9) Depreciation and amortization 241.1 305.9 Interest expense 186.3 195.6 Loss (gain) on extinguishment of debt 32.0 - Income tax (benefit) expense (11.9) 0.3 EBITDA $371.8 $345.9 Stock-based compensation 3.8 7.5 Gain on sale of operating assets ($1.2) - Transaction related costs & Other 23.3 3.7 Adjusted EBITDA $397.7 $357.1
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$ in millions Reconciliation of Uniti Non-GAAP Financial Measures(1) 24 1) Amounts may not foot due to rounding. 2) 2025 Pro Forma 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. 2025 Pro Forma(2) Kinetic Contribution Margin(2) Fiber Infrastructure Contribution Margin(2) Uniti Solutions Contribution Margin(2) Corporate Expenses(2) Consolidated(2) Adjusted EBITDA $1,030 $404 $423 ($317) $1,540 Less: Depreciation and amortization $1,048 Interest expense, net $733 Loss on extinguishment of debt $183 Income tax benefit ($153) Stock-based compensation $25 Gain on sale of operating assets ($29) Gain on settlement of preexisting relationships ($1,684) Transaction related costs & Other $225 Net income $1,192
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$ in millions Reconciliation of Uniti Non-GAAP Financial Measures(1) 25 1) Amounts may not foot due to rounding. 2) 2026 Outlook is based on the 2026 Outlook range provided in the Company’s Earnings Release dated July 30, 2026. 2026 Outlook(2) Kinetic Contribution Margin(2) Fiber Infrastructure Contribution Margin(2) Uniti Solutions Contribution Margin(2) Corporate Expenses(2) Consolidated(2) Adjusted EBITDA $905 $575 $320 ($325) $1,475 Less: Interest expense, net $805 Depreciation and amortization $1,195 Income tax benefit ($90) Stock-based compensation $30 Transaction related costs & Other $40 Net loss ($505)
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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 of our operating performance. We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes, depreciation and amortization, and costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and the write off of unamortized deferred financing costs. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of incremental acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs), and 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, gains or losses on retirements and dispositions of assets, gain on settlement of preexisting relationships in connection with our merger with Windstream, severance costs, amortization of non-cash rights-of-use assets, costs associated with the termination of related hedging activities, 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). 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. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. 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. Non-GAAP Financial Measures 26