Uniti Group (UNIT) Company Report

Uniti Group has closed its merger with Windstream and is targeting $100 million of run rate annual synergies over the first three years, with integration focused on corporate functions while maintaining modularity for business segments.
The company plans to accelerate its fiber-to-the-home build to reach 3.5 million homes passed by 2029 (from 1.9 million today), projecting a cost to pass of $850-$950 in 2026 and beyond.
Uniti is "very bullish" on Asset-Backed Securitization (ABS), with plans for a Kinetic ABS issuance in the first half of 2026 and an estimated $3 billion-$4 billion of ABS capacity long-term.
Leverage is expected to increase during the Kinetic fiber build investment cycle, with deleveraging anticipated towards the end of the build, targeting 3.5 million homes by 2029.
The AI opportunity is considered "generational" and is driving significant demand for dark fiber, with a current funnel of $1.7 billion in total contract value.

8 days ago

Transcript

Uniti Group Discusses Post-Merger Integration, Fiber Build Plans, and Funding Strategy

UNIT

M&A

New Projects/Investments

Debt Issuance

Uniti Group has closed its merger with Windstream and targets $100 million in run rate annual synergies over the first three years.
The company aims to expand its Kinetic fiber-to-the-home build to 3.5 million homes passed by 2029, ramping up the build pace to 400,000 homes per year by Q1 or Q2 2026. The projected cost to pass is $850-$950 in 2026 and beyond.
Uniti is experiencing significant AI-driven demand in its Fiber Infrastructure segment, with a $1.7 billion total contract value funnel for hyperscaler dark fiber deals.
The company plans a Kinetic ABS issuance in the first half of 2026, expecting to raise $750 million to $1 billion in the near term, with a long-term capacity of $3 billion to $4 billion.
Leverage is anticipated to increase during the fiber build investment cycle, with deleveraging expected after the build concludes around 2029.

8 days ago

Transcript

Uniti Group Provides Update on Windstream Merger, Fiber Build, and Capital Strategy

UNIT

M&A

New Projects/Investments

Debt Issuance

Uniti Group has closed its merger with Windstream and targets $100 million in run rate annual synergies over the first three years, with most of the work still ahead.
The company plans to increase its fiber-to-the-home build pace to an average of 400,000 homes passed per year by Q1 or Q2 2026, aiming for 3.5 million homes passed by 2029. The projected cost to pass for 2026 and beyond is $850-$950, with an average return on investment in the high teens.
The Fiber Infrastructure segment has a $1.7 billion funnel for hyperscaler demand, primarily for dark fiber IRU deals that provide upfront cash to offset capital expenditures.
Uniti Group is bullish on ABS financing, anticipating a Kinetic ABS issuance in H1 2026 and identifying $3 billion-$4 billion in long-term ABS capacity. Leverage is expected to increase during the fiber build investment cycle, with delevering anticipated towards the end of the build by 2029.

8 days ago

Transcript

Uniti Group Discusses Post-Merger Strategy, Fiber Build, and Financial Outlook

UNIT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Uniti Group has completed its merger with Windstream, which is expected to improve capital allocation, reduce the cost of capital, and open new financing avenues such as Asset-Backed Securitizations (ABS).
The company aims to achieve 3.5 million fiber passings by the end of 2029, with the build engine expected to be fully ramped up by Q2 2026. The projected cost per passing is $850-$950, which is below industry benchmarks.
Uniti Group forecasts its full consolidated corporate revenue and EBITDA to inflect in 2027, primarily driven by the growth from its fiber network and increased penetration.
The company has secured $840 million through ABS financings and estimates a $3 billion-$4 billion ABS capacity at Kinetic. Hyperscaler deals are anticipated to begin impacting the P&L in 2026.
Target terminal fiber penetration is a blended 40%, with expected sustainable ARPU growth of 2-3% in the long term.

Nov 18, 2025, 5:30 PM

Transcript

Uniti Group CFO Discusses Windstream Merger Benefits and Fiber Build Targets

UNIT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Uniti Group recently closed its merger with Windstream, which is expected to improve cost of capital, provide full strategic control over assets, and offer a more comprehensive product set. The merger is anticipated to generate approximately $100 million in annual run rate synergies.
The company targets 3.5 million fiber passings by the end of 2029, with the build engine expected to be fully ramped by Q2 2026. The cost per passing is projected to be $850-$950, which is below industry benchmarks, and the fiber build plan aims for high teens expected IRRs.
Uniti Group expects significant milestones, including fiber subscribers outnumbering DSL subscribers by the end of 2025, fiber revenue surpassing copper DSL in H1 2026, and consolidated corporate revenue and EBITDA inflecting in 2027.
The company plans to leverage the ABS market for funding, with an estimated $3 billion-$4 billion capacity. Additionally, hyperscaler opportunities are growing, with the funnel 5x larger than a year ago, and these deals are expected to impact the P&L starting in 2026.

Nov 18, 2025, 5:30 PM

Transcript

Uniti Group Discusses Windstream Merger Benefits and Fiber Build Strategy

UNIT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Uniti Group recently closed its merger with Windstream, which is expected to improve capital allocation, reduce the cost of capital, and provide strategic control over assets.
The company targets 3.5 million fiber passings by the end of 2029, with the build engine expected to be fully ramped by Q2 2026. The cost per passing is projected at $850-$950, which is lower than industry benchmarks.
Uniti Group anticipates its full consolidated corporate revenue and EBITDA to inflect in 2027, driven by the fiber build and increased penetration.
Asset-backed securitization (ABS) will be a significant part of the funding strategy, with an estimated $3 billion-$4 billion capacity. Hyperscaler opportunities are also expected to impact the P&L starting in 2026.
The merger is expected to generate approximately $100 million in annual run rate synergies by bringing offnet expenses onnet.

Nov 18, 2025, 5:30 PM

Transcript

UNIT Reports Q3 2025 Results and Provides 2025 Outlook

UNIT

Earnings

Guidance Update

M&A

Uniti (UNIT) closed its merger with Windstream during Q3 2025, positioning itself as a premier insurgent fiber provider with a scaled national wholesale fiber footprint.
The company reported strong fiber revenue growth of 13% in Q3 2025, with Kinetic consumer fiber revenue growing 26% year over year. Kinetic added 24,000 net new fiber subscribers, reaching 507,000 total fiber subscribers and 1.8 million homes passed.
For 2025, Uniti expects consolidated revenue of $2.2 billion and adjusted EBITDA of $1.1 billion at the midpoint of its as-reported outlook.
Uniti refinanced $2.3 billion of debt, saving approximately $60 million in annual interest expense, and anticipates ending 2025 with combined net leverage between 5.5 times and 6 times.
The company is accelerating its fiber build, increasing active third-party crews to 115 (aiming for 400 by Q2 2026), and expects to catch up on homes passed targets in Q1 2026 following Q3 permitting delays.

Nov 4, 2025, 1:30 PM

Transcript

Uniti Completes Windstream Merger, Reports Strong Q3 2025 Fiber Growth

UNIT

M&A

Revenue Acceleration/Inflection

Debt Issuance

Uniti completed its merger with Windstream during Q3 2025, positioning the company as a premier insurgent fiber provider with a scaled national footprint.
In Q3 2025, the company achieved 13% fiber revenue growth and 26% year-over-year growth in Kinetic consumer fiber revenue, along with record fiber gross adds and the highest net adds in two years for Kinetic.
Uniti projects year-over-year revenue and adjusted EBITDA growth for its core fiber businesses in 2026, expanding to the entire company by 2027, supported by strong hyperscaler bookings and a 50% higher estimated total addressable market for AI and hyperscalers.
The company successfully refinanced $2.3 billion of debt, extending maturities and saving approximately $60 million in annual interest expense, with pro forma combined net leverage at 5.55 times at the end of Q3 2025.

Nov 4, 2025, 1:30 PM

Transcript

Uniti Reports Strong Q3 2025 Fiber Growth and Improved Cost of Capital

UNIT

Earnings

Guidance Update

Debt Issuance

For Q3 2025, Uniti reported 13% year-over-year growth in Total Fiber Revenue, with Kinetic Consumer Fiber Gross Adds reaching a record 36K and net adds at 24K, the highest in two years. Kinetic Consumer Fiber Revenue grew 26% year-over-year.
The Kinetic Fiber Footprint is now 85% Multi-Gig Capable, a significant increase from less than 20% at the beginning of the year, with fiber penetration reaching 28.6% in Q3 2025.
Uniti achieved a 450 basis point improvement in its debt yield over the past two years, with its debt currently yielding ~8.0%. This includes recent October 2025 issuances of $2.4 Billion in TLB and Secured Notes with a blended coupon of ~7.5% and a $250 Million Second ABS Facility at a fixed rate of ~5.7%.
For Q3 2025, Pro Forma Uniti reported $849 million in Total Revenue and $373.0 million in Adjusted EBITDA. The updated 2025 As Reported Outlook projects Total Revenue between $2,215 million and $2,265 million, and Total Adjusted EBITDA between $1,110 million and $1,160 million.
The company is strategically shifting its revenue mix, targeting 75% of total revenue from Core Fiber by 2029. Key milestones include Kinetic Consumer Fiber Subscribers exceeding 50% by 4Q25 and Consolidated Fiber Revenue surpassing 50% of Total Revenue by 4Q26.

Nov 4, 2025, 1:30 PM

Presentation

Uniti Group Inc. Reports Third Quarter 2025 Results and Updates 2025 Outlook

UNIT

Earnings

Guidance Update

Debt Issuance

Uniti Group Inc. reported consolidated revenue of $722.6 million and Adjusted EBITDA of $327.8 million for the third quarter of 2025. Net income for the quarter was $1.609 billion, which includes a one-time gain of $1.685 billion related to the merger with Windstream.
The company experienced strong growth in its fiber businesses, with consolidated fiber revenue growing 13% year-over-year and Kinetic Consumer Fiber revenue growing 26% year-over-year in Q3 2025. Kinetic Consumer Fiber subscribers also increased by 17% year-over-year.
In October 2025, Uniti completed several financing transactions, including an offering of $1.4 billion in 7.500% Senior Secured Notes due 2033, a new $1.0 billion seven-year term loan facility, and a $250 million fiber securitization notes offering. Proceeds were used to redeem the outstanding 10.50% Senior Secured Notes due 2028.
Uniti updated its full-year 2025 outlook, projecting revenue between $2,215 million and $2,265 million and Adjusted EBITDA between $1,110 million and $1,160 million.