Uniti Group Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenue for Q3 2026 was $848.1 million, compared to $722.6 million in Q3 2025.
• Consolidated net loss for Q3 2026 was $244.5 million, compared to a net income of $1,608.9 million in Q3 2025.
• Adjusted EBITDA for Q3 2026 was $289.3 million, compared to $327.8 million in Q3 2025.
• EBITDA for Q3 2026 was $260.5 million, compared to $1,844.9 million in Q3 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $467.1 million, compared to $229.8 million in the prior year period.
• Capital expenditures for the nine months ended September 30, 2026, were $1,273.9 million, compared to $461.2 million in the prior year period.
• Cash and cash equivalents increased to $861.5 million at September 30, 2026, from $53.5 million at December 31, 2025.
• Total debt (current and non-current) increased to $11,275.0 million at September 30, 2026, from $9,539.4 million at December 31, 2025.
• Deferred revenue increased to $656.4 million (current $258.5 million + non-current $397.9 million) at September 30, 2026, from $608.5 million (current $239.8 million + non-current $368.7 million) at December 31, 2025.
• Interest expense, net, for Q3 2026 was $205.5 million, compared to $168.2 million in Q3 2025.

Guidance and Future Outlook:

• The Company raised its full-year 2026 revenue guidance to a range of $3,665 million to $3,695 million.
• The Company raised its full-year 2026 Adjusted EBITDA guidance to a range of $1,460 million to $1,490 million.
• The Company raised its full-year 2026 EBITDA guidance to a range of $1,370 million to $1,400 million.
• The Company raised its full-year 2026 net loss guidance to a range of $590 million to $620 million.
• The Company expects full-year 2026 interest expense, net, to be $800 million.
• The Company expects full-year 2026 depreciation and amortization to be $1,185 million.
• The Company expects full-year 2026 transaction-related and other costs to be $60 million.
• The outlook excludes the impact of future acquisitions, capital market transactions, and future transaction-related costs not mentioned.
• The Company remains on track to pass 3.5 million homes with fiber by the end of 2029.

Business Segments and Product Lines:

• Kinetic:
  • Contributed $515.3 million in revenue for Q3 2026, achieving a contribution margin of approximately 37%.
  • Kinetic consumer fiber revenue grew 22% year-over-year in Q3 2026.
  • Kinetic consumer fiber net adds were approximately 46,000, the highest level on record.
  • Kinetic consumer fiber premises constructed were 162,000, the highest level on record.
  • 50% of Kinetic's total footprint is now passed with fiber.
  • Capital expenditures for Kinetic were $371.2 million in Q3 2026.
• Fiber Infrastructure:
  • Contributed $201.5 million in revenue for Q3 2026, achieving a contribution margin of approximately 49%.
  • Fiber Infrastructure new bookings monthly recurring revenue (MRR) was approximately $1.9 million, the second highest level on record, representing a 20% increase year-over-year.
  • Upfront payments received from customers were $50.4 million in Q3 2026.
  • Capital expenditures for Fiber Infrastructure were $80.4 million in Q3 2026.
• Uniti Solutions:
  • Contributed $175.9 million in revenue for Q3 2026, achieving a contribution margin of approximately 49%.
  • Capital expenditures for Uniti Solutions were $7.2 million in Q3 2026.

Market and Competitive Landscape:

• Demand for dark and lit wave solutions is being fueled by hyperscalers, superscalers, and increasingly traditional large enterprises.
• The Company positions itself as a premier insurgent fiber provider to capture share of generational growth.

Risks and Challenges:

• Risks include competition and overbuilding in consumer service areas and general competition in business markets.
• Risks related to indebtedness could reduce funds available for business purposes and operational flexibility.
• Risks include rapid changes in technology, information technology system failures, network disruptions, and data security breaches.
• Risks include various forms of regulation from the FCC, state regulatory commissions, and other government entities.
• Risks include unfavorable legal proceedings, government investigations, and complex and changing laws.
• Risks include the effects of unfavorable legal proceedings, government investigations, and complex and changing laws.

Management Commentary and Tone:

• Kenny Gunderman, President and CEO, described the quarter as "record-breaking" on several fronts.
• Management highlighted the milestone of 50% of Kinetic's footprint being passed with fiber.
• Management noted robust bookings in Fiber Infrastructure are fueled by unprecedented demand from hyperscalers and superscalers.
• Management stated the company is "well positioned" to capture substantial share of generational growth.

Other Key Points:

• The Company held a conference call on November 9, 2026, to discuss results.
• The Company reported a gain on settlement of preexisting relationships of $1,685.4 million in Q3 2025, which was not present in Q3 2026.
• The Company reported a net loss on extinguishment of debt of $2.7 million in Q3 2026.
• Dividends declared on preferred stock were $15.8 million in Q3 2026.
• The Company's balance sheet shows a shareholders' deficit of $79.5 million at September 30, 2026, compared to equity of $380.4 million at December 31, 2025.
• The Company received $47.0 million in grant funds for broadband expansion during the nine months ended September 30, 2026.
• Proceeds from the issuance of debt were $3,213.3 million during the nine months ended September 30, 2026.
• Repayments of debt were $1,430.0 million during the nine months ended September 30, 2026.