Uniti Group Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. Guidance figures: 2 raised, 3 lowered, 2 kept. The quarter’s numbers.

Key takeaways

Revenue rose from prior year: Revenue was $848.1 million, up from $722.6 million a year earlier and down from $909.7 million in the second quarter. Source
Net loss and Adjusted EBITDA reported: Net loss was $244.5 million and Adjusted EBITDA was $289.3 million, against $327.8 million a year earlier. Adjusted EBITDA was $357.1 million in the second quarter. Source
Kinetic consumer fiber revenue up 22%: Kinetic consumer fiber revenue grew 22% year over year, against 19% in the second quarter, on the pro forma basis the company used for its highlights. Source
Kinetic premises constructed hit record: Kinetic constructed fiber to 162,000 premises in the quarter, the highest level on record, against 141,000 in the second quarter. Source
3.5 million homes on track: Management said it remains on track to pass 3.5 million homes with fiber by the end of 2029, the same target as in the second-quarter release. Source
Fiber bookings second highest on record: New bookings monthly recurring revenue was about $1.9 million, up 20% from a year earlier and below the record of about $2.2 million in the second quarter. Source
Revenue guidance raised: Full-year 2026 revenue is now 3,665 to 3,695 million, against 3,630 to 3,680 million before. The update reflects business unit revisions, financing transactions and transaction costs incurred to date. Source
Net loss guidance widened: Full-year net loss is now 620 to 590 million, against 530 to 480 million before. Source

“We once again had a record-breaking quarter at Uniti on several fronts, highlighted by our highest level of Kinetic consumer fiber premises constructed in a single quarter of 162,000 households.”
Kenny Gunderman, President and Chief Executive Officer of Uniti

Guidance

Area	Period	Figure	Against last quarter
Consolidated revenue Source	Full year 2026	3,665 to 3,695 (millions)	Raised from 3,630 to 3,680 (millions)
Net loss Source	Full year 2026	(620) to (590) (millions)	Lowered from (530) to (480) (millions)
Adjusted EBITDA Source	Full year 2026	1,460 to 1,490 (millions)
Interest expense, net Source	Full year 2026	800 (millions)	Lowered from 805 (millions)
Depreciation and amortization Source	Full year 2026	1,185 (millions)	Lowered from 1,195 (millions)
EBITDA Source	Full year 2026	1,370 to 1,400 (millions)
Income tax Source	Full year 2026	5 (millions, expense)
Stock-based compensation Source	Full year 2026	30 (millions)	Kept
Transaction related and other costs Source	Full year 2026	60 (millions)	Raised from 40 (millions)
Fiber-to-the-home build Source	By end of 2029	3.5 million homes passed with fiber	Kept

What changed from last quarter

Guidance raised: Full-year 2026 revenue range raised to 3,665 to 3,695 million from 3,630 to 3,680 million. Management cited business unit revisions, financing transactions and transaction costs. Source
Guidance lowered: Full-year net loss range widened to (620) to (590) million from (530) to (480) million. Source
Guidance lowered: Full-year interest expense, net lowered to 800 million from 805 million. Source
Guidance lowered: Full-year depreciation and amortization lowered to 1,185 million from 1,195 million. Source
Guidance raised: Full-year transaction related and other costs raised to 60 million from 40 million. Source
Guidance kept: Full-year stock-based compensation kept at 30 million. Source
Guidance kept: Target of 3.5 million homes passed with fiber by end of 2029 kept unchanged. Source
New: Assets held for sale of 17.2 million appear on the September 30, 2026 balance sheet. The June 30, 2026 balance sheet had no such line. Source

Results and growth drivers

Revenue rose from prior year: Revenue was $848.1 million, up from $722.6 million a year earlier and down from $909.7 million in the second quarter. Source
Net loss and Adjusted EBITDA reported: Net loss was $244.5 million and Adjusted EBITDA was $289.3 million, against $327.8 million a year earlier. Adjusted EBITDA was $357.1 million in the second quarter. Source
Prior-year net income included settlement gain: Net income of $1,608.9 million a year earlier included a $1,685.4 million gain on settlement of preexisting relationships, with no equivalent in the current quarter. Source
Kinetic consumer fiber revenue up 22%: Kinetic consumer fiber revenue grew 22% year over year, against 19% in the second quarter, on the pro forma basis the company used for its highlights. Source
Consolidated fiber revenue up 6%: Consolidated fiber revenue grew 6% year over year, against 10% in the second quarter. The company stated its highlights are on a pro forma basis. Source

Fiber build-out and strategy

Kinetic premises constructed hit record: Kinetic constructed fiber to 162,000 premises in the quarter, the highest level on record, against 141,000 in the second quarter. Source
Half of Kinetic footprint passed: Management said 50% of Kinetic's total footprint is now passed with fiber, calling it a milestone in the fiber-to-the-home build. Source
3.5 million homes on track: Management said it remains on track to pass 3.5 million homes with fiber by the end of 2029, the same target as in the second-quarter release. Source

“This is a significant milestone and reinforces the significant progress we are making on our fiber-to-the-home build while remaining on track to pass 3.5 million homes with fiber by the end of 2029.”
Kenny Gunderman, President and Chief Executive Officer of Uniti

Demand, bookings and customers

Fiber bookings second highest on record: New bookings monthly recurring revenue was about $1.9 million, up 20% from a year earlier and below the record of about $2.2 million in the second quarter. Source
Hyperscalers and enterprises drive demand: Management attributed bookings to demand from hyperscalers, superscalers and increasingly traditional large enterprises for dark and lit wave solutions. The second-quarter release had cited hyperscalers and neocloud providers. Source
Upfront customer payments received: Fiber Infrastructure received $50.4 million of upfront payments from customers in the quarter, against $9.7 million in the second quarter, with capital expenditures of $80.4 million. Source

Segment results

Kinetic revenue and contribution: Kinetic revenue was $515.3 million, down from $539.0 million in the second quarter. Contribution margin was $190.2 million, against $161.0 million a year earlier, at about 37%, against about 42% in the second quarter. Source
Fiber Infrastructure revenue and contribution fell: Fiber Infrastructure revenue was $201.5 million, down from $234.1 million in the second quarter. Contribution margin was $98.4 million, against $156.7 million a year earlier, at about 49%. Source
Uniti Solutions revenue and contribution: Uniti Solutions revenue was $175.9 million, down from $182.5 million in the second quarter. Contribution margin was $85.9 million, against $68.0 million a year earlier, at about 49%. Source

“We remain well positioned as a premier insurgent fiber provider to capture substantial share of this generational growth”
Kenny Gunderman, President and Chief Executive Officer of Uniti

Full year 2026 guidance

Revenue guidance raised: Full-year 2026 revenue is now 3,665 to 3,695 million, against 3,630 to 3,680 million before. The update reflects business unit revisions, financing transactions and transaction costs incurred to date. Source
Net loss guidance widened: Full-year net loss is now 620 to 590 million, against 530 to 480 million before. Source
Adjusted EBITDA range narrowed: Full-year Adjusted EBITDA is now 1,460 to 1,490 million, against 1,450 to 1,500 million before. The low end rose and the high end fell; the midpoint is 1,475 million in both. Source
Interest and depreciation projections lowered: Full-year interest expense, net is 800 million, against 805 million, and depreciation and amortization is 1,185 million, against 1,195 million. Source
Transaction cost estimate raised: Transaction related and other costs are estimated at 60 million, against 40 million before. Stock-based compensation is kept at 30 million. Source
EBITDA range lowered at ends: Full-year EBITDA is now 1,370 to 1,400 million, against 1,380 to 1,430 million before. Source

Costs and interest

Cost of services and SG&A rose: Cost of services was $350.9 million, against $261.4 million a year earlier. Selling, general and administrative expense was $188.2 million, against $121.2 million. Source
Depreciation and amortization eased sequentially: Depreciation and amortization was $292.8 million, down from $305.9 million in the second quarter and up from $202.3 million a year earlier. Source
Transaction costs fell from prior year: Transaction related and other costs were $19.7 million, against $157.7 million a year earlier and $9.6 million in the second quarter. Source
Interest expense rose year over year: Interest expense, net was $205.5 million, against $168.2 million a year earlier and $195.6 million in the second quarter. Source
Asset retirement losses added back: Loss on asset retirements and dispositions was $12.4 million, with no equivalent a year earlier. The Adjusted EBITDA reconciliation adds it back. Source

Margins and contribution

Total contribution margin down: Total contribution margin was $374.5 million, against $385.7 million a year earlier and $442.0 million in the second quarter. Source
Adjusted EBITDA about 34% of revenue: Adjusted EBITDA was about 34% of revenue on the reported figures, against about 39% in the second quarter as stated in that release. Nine-month Adjusted EBITDA was $1,088.0 million. Source

Per-share results and dividends

Diluted loss per share: Diluted loss per share was $1.03, against diluted EPS of $4.92 a year earlier and a loss of $0.68 in the second quarter. Diluted weighted shares were 253.2 million, against 320.9 million. Source
Preferred dividends declared: Dividends declared on preferred stock were $15.8 million in the quarter and $47.0 million for nine months, against $9.9 million a year earlier in each period. Source

Capital, cash and debt

Operating cash flow rose for nine months: Net cash provided from operating activities was $467.1 million for the nine months, against $229.8 million a year earlier. Source
Cash balance rose at quarter end: Cash and cash equivalents were $861.5 million at September 30, 2026, up from $608.9 million at June 30 and $53.5 million at December 31, 2025. Source
Notes and other debt increased: Notes and other debt, net was $11,273.0 million, up from $10,636.6 million at June 30 and $9,529.4 million at December 31, 2025. Source
Debt issued and repaid in nine months: Debt issued in the nine months was $3,213.3 million and debt repayments were $1,430.0 million. Source
Shareholders' deficit at quarter end: Total Uniti shareholders' deficit was $79.5 million at September 30, 2026, against equity of $380.3 million at December 31, 2025. Source

Coming up, as management said on 9 November 2026

3.5 million homes passed by 2029: Management said it is on track to pass 3.5 million homes with fiber by the end of 2029. Source

Figures management reported

Figure	Reported
Kinetic consumer fiber net adds Source	~46,000
Kinetic capital expenditures (quarter) Source	$371.2 million
Capital expenditures (nine months) Source	$1,273.9 million
Customers served Source	more than a million consumers and businesses

Earlier plans management reported on

On track: Management stated it is remaining on track to pass 3.5 million homes with fiber by end of 2029, unchanged from the prior release. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Release date: November 9, 2026

Uniti Group Inc. Reports Third Quarter 2026 Results

Two Straight Quarters of Record Waves Bookings

Raising Full Year Revenue Guidance

Net Loss of $244.5 Million for the Third Quarter
Consolidated Revenue and Adjusted EBITDA of $848.1 Million and $289.3 Million, Respectively, for the Third Quarter

LITTLE ROCK, Ark., November 9, 2026 (GLOBE NEWSWIRE) - Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the third quarter 2026.

Key highlights during the quarter on a pro forma basis included:

Consolidated Fiber Revenue Grew 6% Year-over-Year in the Third Quarter
Fiber Infrastructure New Bookings Monthly Recurring Revenue of ~$1.9 Million; Second Highest Level on Record
Kinetic Consumer Fiber Revenue Grew 22% Year-over-Year in the Third Quarter
Kinetic Consumer Fiber Net Adds of ~46,000; Most Ever in a Quarter
Kinetic Consumer Fiber Premises Constructed of 162,000; Highest Level on Record

“We once again had a record-breaking quarter at Uniti on several fronts, highlighted by our highest level of Kinetic consumer fiber premises constructed in a single quarter of 162,000 households. We also saw the most Kinetic consumer fiber net adds ever on record, resulting in 50% of Kinetic’s total footprint now passed with fiber. This is a significant milestone and reinforces the significant progress we are making on our fiber-to-the-home build while remaining on track to pass 3.5 million homes with fiber by the end of 2029. At Fiber Infrastructure, we recorded $1.9 million of new bookings MRR, our second highest level on record and a 20% increase from the same period in the prior year. These robust bookings continue to be fueled by the unprecedented demand we are seeing from Hyperscalers, Superscalers, and increasingly traditional large enterprises for both dark and lit wave solutions. We remain well positioned as a premier insurgent fiber provider to capture substantial share of this generational growth,” commented Kenny Gunderman, President and Chief Executive Officer of Uniti.

QUARTERLY RESULTS

Consolidated revenues for the third quarter of 2026 were $848.1 million. Consolidated net loss and Adjusted EBITDA were $244.5 million and $289.3 million, respectively, for the same period.

Kinetic contributed $515.3 million of revenues and $190.2 million of contribution margin for the third quarter of 2026, achieving margins of approximately 37%. Kinetic’s capital expenditures during the quarter were $371.2 million.

Fiber Infrastructure contributed $201.5 million of revenues and $98.4 million of contribution margin for the third quarter of 2026, achieving margins of approximately 49%. Fiber Infrastructure’s capital expenditures during the quarter were $80.4 million and upfront payments received from customers were $50.4 million.

Uniti Solutions contributed $175.9 million of revenues and $85.9 million of contribution margin for the third quarter of 2026, achieving margins of approximately 49%. Uniti Solutions’ capital expenditures during the quarter were $7.2 million.

FULL YEAR CONSOLIDATED 2026 OUTLOOK

The Company is updating its 2026 outlook primarily for business unit level revisions, recent financing transactions, and transaction related and other costs incurred to date. This outlook excludes any impact from other future acquisitions, capital market transactions, and future transaction-related and other costs not mentioned herein.

The Company’s consolidated outlook for 2026 is as follows (in millions):

	Full Year 2026
Revenue	$3,665	to	$3,695
Net loss	(620)	to	(590)
Adjusted EBITDA	1,460	to	1,490
Interest expense, net	800	to	800

See “Non-GAAP Financial Measures” below.

CONFERENCE CALL

Uniti will hold a conference call today to discuss this earnings release at 8:30 AM Eastern Time (7:30 AM Central Time). The conference call will be webcast live on Uniti’s Investor Relations website at investor.uniti.com. Those parties interested in participating via telephone may register on the Company’s Investor Relations website or by clicking here. A replay of the call will also be made available on the Investor Relations website.

ABOUT UNITI

Uniti (Nasdaq: UNIT) is a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. We build, operate, and deliver fast and reliable communications services, empowering more than a million consumers and businesses in the digital economy. Our broad portfolio of services is offered through a suite of brands: Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions. Visit us online at www.uniti.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements notice

This press release 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, 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: 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; 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.

NON-GAAP PRESENTATION

This release and today’s conference call contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein.

Consolidated Balance Sheets

(In millions, except par value)

	September 30, 2026	December 31, 2025
Assets:
Current assets:
Cash and cash equivalents	$861.5	$53.5
Restricted cash	159.6	80.6
Accounts receivable, net	373.8	359.0
Inventories	42.4	44.0
Prepaid expenses	154.6	137.6
Assets held for sale	17.2	-
Other current assets	151.2	156.3
Total current assets	1,760.3	831.0
Goodwill	1,158.5	1,158.3
Intangible assets, net	1,051.0	1,293.3
Property, plant and equipment, net	8,891.0	8,141.9
Operating lease right-of-use assets, net	444.8	516.6
Other assets	169.8	95.6
Total assets	$13,475.4	$12,036.7
Liabilities and shareholders' equity
Current liabilities:
Current portion of notes and other debt	$2.0	$10.0
Accounts payable	238.8	171.5
Deferred revenue	258.5	239.8
Current portion of operating lease obligations	111.9	122.6
Accrued taxes	68.4	51.8
Accrued interest	176.4	138.8
Other current liabilities	470.3	389.4
Total current liabilities	1,326.3	1,123.9
Notes and other debt, net	11,273.0	9,529.4
Noncurrent operating lease obligations	312.3	360.5
Noncurrent deferred revenue	397.9	368.7
Deferred income taxes, net	19.0	17.7
Other liabilities	226.4	256.1
Total liabilities	13,554.9	11,656.3
Commitments and contingencies
Shareholders' (deficit) equity:
Preferred stock, $0.0001 par value, 0.6 million shares issued and outstanding at September 30, 2026 and December 31, 2025	-	-
Common stock, $0.0001 par value, 5,550.0 million shares authorized, 235.7 million and 234.0 million issued and outstanding at September 30, 2026 and December 31, 2025, respectively	-	-
Additional paid-in capital	2,821.0	2,790.1
Accumulated other comprehensive income (loss)	25.1	(1.9)
Accumulated deficit	(2,925.6)	(2,407.9)
Total Uniti shareholders' (deficit) equity	(79.5)	380.3
Noncontrolling interests	-	0.1
Total shareholders' (deficit) equity	(79.5)	380.4
Total liabilities and shareholders' (deficit) equity	$13,475.4	$12,036.7

Consolidated Statements of Operations

(In millions, except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues and sales:
Service revenues	$809.6		$695.3		$2,551.5		$1,282.0
Sales revenues	38.5		27.3		193.8		35.3
Total revenues and sales	848.1		722.6		2,745.3		1,317.3
Costs and expenses:
Cost of services (exclusive of depreciation and amortization included below)	350.9		261.4		1,051.1		323.7
Cost of sales (exclusive of depreciation and amortization included below)	40.0		22.6		111.4		27.4
Selling, general and administrative	188.2		121.2		535.3		177.4
Depreciation and amortization	292.8		202.3		888.5		361.7
Transaction related and other costs	19.7		157.7		59.4		179.0
Total costs and expenses	891.6		765.2		2,645.7		1,069.2
Operating (loss) income	(43.5)		(42.6)		99.6		248.1
Other income (expense), net	11.2		(0.2)		25.5		(1.3)
Net loss on extinguishment of debt	(2.7)		-		(1.5)		(40.5)
Gain on settlement of preexisting relationships	-		1,685.4		-		1,685.4
Interest expense, net	(205.5)		(168.2)		(589.4)		(426.5)
(Loss) income before income taxes	(240.5)		1,474.4		(465.8)		1,465.2
Income tax (expense) benefit	(4.0)		134.5		(4.9)		145.2
Net (loss) income	(244.5)		1,608.9		(470.7)		1,610.4
Participating securities’ share in earnings	-		(35.4)		-		(41.3)
Dividends declared on preferred stock	(15.8)		(9.9)		(47.0)		(9.9)
Net (loss) income attributable to common shareholders	$(260.3)		$1,563.6		$(517.7)		$1,559.2
Net (loss) income attributable to common shareholders - Basic	$(260.3)		$1,563.6		$(517.7)		$1,559.2
Dividends declared on preferred stock	-		9.9		-		9.9
Impact of if-converted dilutive securities	-		6.2		-		18.2
Net (loss) income attributable to common shareholders - Diluted	$(260.3)		$1,579.7		$(517.7)		$1,587.3
(Loss) earnings per common share:
Basic		($1.03)		$7.26		($2.05)		$9.29
Diluted		($1.03)		$4.92		($2.05)		$7.21
Weighted-average number of common shares outstanding:
Basic		253.2		215.2		252.8		167.8
Diluted		253.2		320.9		252.8		220.0

Consolidated Statements of Cash Flows

(In millions)

	Nine Months Ended September 30,
	2026	2025
Cash flows from operating activities:
Net (loss) income	$(470.7)	$1,610.4
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	888.5	361.7
Amortization of deferred financing costs, debt discount and premium	8.9	13.9
Net loss on extinguishment of debt	1.5	40.5
Deferred income taxes	1.3	(152.3)
Straight-line revenues and amortization of below-market lease intangibles	(3.4)	(14.0)
Stock-based compensation	22.9	17.4
Gain on settlement of preexisting relationships	-	(1,685.4)
Provision for estimated credit losses	37.0	6.3
Other, net	31.1	14.1
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(52.4)	16.2
Inventories	(7.4)	(10.0)
Prepaid expenses	(17.0)	23.0
Other current assets	3.9	(3.3)
Other assets	(63.2)	(5.0)
Accounts payable	39.4	28.7
Accrued interest	37.9	(43.1)
Accrued taxes	16.6	16.6
Deferred revenue	18.7	31.4
Other current liabilities	(54.1)	1.5
Other liabilities	(18.4)	(3.3)
Noncurrent deferred revenue	30.6	(44.1)
Operating lease assets and lease obligations	2.9	5.7
Other, net	12.5	2.9
Net cash provided from operating activities	467.1	229.8
Cash flows from investing activities:
Capital expenditures	(1,273.9)	(461.2)
Merger cash consideration paid, net of cash acquired	-	(229.5)
Capital expenditures funded by government grants	(36.1)	(8.3)
Grant funds received for broadband expansion	47.0	2.1
Proceeds from sale of IPv4 addresses and other assets	3.6	6.7
Net cash used in investing activities	(1,259.4)	(690.2)
Cash flows from financing activities:
Proceeds from issuance of debt	3,213.3	1,728.0
Repayments of debt	(1,430.0)	(1,063.0)
Payments of settlement obligation	-	(73.5)
Payments for financing costs	(57.8)	(77.4)
Payments of preferred stock dividends	(33.4)	-
Other, net	(12.8)	(5.6)
Net cash provided from financing activities	1,679.3	508.5
Net increase in cash, restricted cash and cash equivalents	887.0	48.1
Cash, restricted cash and cash equivalents at beginning of period	134.1	183.8
Cash, restricted cash and cash equivalents at end of period	$1,021.1	$231.9
Non-cash investing and financing activities:
Interest paid, net of interest capitalized	$540.9	$455.8
Income taxes paid, net of refunded	7.5	2.1
Right-of-use assets obtained in exchange for operating lease obligations	30.5	40.2
Change in accounts payable and other current liabilities for purchases of property and equipment	(159.8)	17.7
Tenant capital improvements	-	298.8

Reconciliation of EBITDA and Adjusted EBITDA

(In millions)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net (loss) income	$(244.5)	$1,608.9	$(470.7)	$1,610.4
Depreciation and amortization	292.8	202.3	888.5	361.7
Interest expense, net	205.5	168.2	589.4	426.5
Net loss on extinguishment of debt	2.7	-	1.5	40.5
Income tax expense (benefit)	4.0	(134.5)	4.9	(145.2)
EBITDA	$260.5	$1,844.9	$1,013.6	$2,293.9
Stock-based compensation	7.8	10.1	22.9	17.4
Transaction related and other costs	19.7	157.7	59.4	179.0
Gain on settlement of preexisting relationships	-	(1,685.4)	-	(1,685.4)
Other, net:	-	-	-	-
Other (income) expense, net	(11.2)	0.2	(25.5)	1.3
Amortization of non-cash rights-of-use assets	0.1	0.3	0.3	2.0
Loss on asset retirements and dispositions	12.4	-	17.3	-
Total other, net	1.3	0.5	(7.9)	3.3
Adjusted EBITDA	$289.3	$327.8	$1,088.0	$808.2
Contribution margin:
Kinetic	$190.2	$161.0	$654.1	$161.0
Fiber Infrastructure	98.4	156.7	412.9	668.8
Uniti Solutions	85.9	68.0	273.5	68.0
Total Contribution Margin	$374.5	$385.7	$1,340.5	$897.8

Projected Future Results

(In millions)

	Year Ended December 31, 2026
Net loss	($620) to ($590)
Interest expense, net	800
Depreciation and amortization	1,185
Income tax expense	5
EBITDA	1,370 to 1,400
Stock-based compensation	30
Transaction related and other costs	60
Adjusted EBITDA	$1,460 to $1,490

These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

The components of projected future results may not add due to rounding.

Future transaction related costs not mentioned herein are not included in our current outlook.

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 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.

Contacts
Paul Bullington
Senior Executive Vice President, Chief Financial Officer & Treasurer
251-662-1512 paul.bullington@uniti.com
Bill DiTullio
Senior Vice President, Investor Relations & Treasury
501-850-0872 bill.ditullio@uniti.com
Scott L. Morris
Associate Director, Media & External Communications
501-580-4759 scott.l.morris@uniti.com
Brandi Stafford
Vice President, Corporate Communications
501-351-0067 brandi.stafford@uniti.com