Uniti Group Inc Strategic Focus on Consumer Fiber and Fiber Infrastructure Supported by Strong Industry Tailwinds; Fiber Assets Located in Key Data Center Markets

Research evidence excerpt

Uniti Group Inc Strategic Focus on Consumer Fiber and Fiber Infrastructure Supported by Strong Industry Tailwinds; Fiber Assets Located in Key Data Center Markets

J P M O R G A N North America Equity Research

12 May 2026

Uniti Group Inc

Strategic Focus on Consumer Fiber and Fiber Neutral

Infrastructure Supported by Strong Industry Tailwinds; UNIT, UNIT US

Fiber Assets Located in Key Data Center Markets Price (11 May 26):$11.37

▲Price Target (Dec-26):$12.00

Prior (Dec-26):$8.00

Uniti reported solid 1Q26 results with better than expected fiber subscriber net

adds and ARPU leading to better Kinetic revenue as well as adj. EBITDA. Fiber Communications Infrastructure

Infrastructure revenue also came in higher due to hyperscale related revenue of Richard Choe AC

~$70m. The total non-recurring revenue benefit from hyperscale sales-type leases (1-212) 622-6708

is expected to be $145m for the year, weighted to 1Q and 4Q, implying a ~$75m richard.choe@jpmorgan.com

benefit in 4Q. Management left guidance unchanged, but results are tracking Braden Nguyen

towards the higher end of the guidance ranges for Kinetic and Fiber Infrastructure. (1-212) 622-1861

braden.nguyen@jpmorgan.com

Kinetic fiber homes passed increased by 88k during the quarter, despite the J.P. Morgan Securities LLC

negative impact from winter related storms. March and April saw a ~45k/month

passings rate and the company is on track to reach its 2.3m FTTH passings and

675-700k consumer fiber subs targets by year end. Uniti is seeking to win a larger Key Changes (FYE Dec)

share of the waves market with the launch of its FastWaves offering, which Prev Cur Δ

substantially reduces delivery timelines for 100G and 400G waves. We expect this Revenue - 26E ($ mn) 3,625 3,645 0.5%

Revenue - 27E ($ mn) 3,659 3,509 -4.1%