Good 1Q26 With 1x Fiber Sales Help; GenAI + FTTH Still Strong; Sale Still TBD

Research evidence excerpt

Good 1Q26 With 1x Fiber Sales Help; GenAI + FTTH Still Strong; Sale Still TBD

Communications Infrastructure: Fiber

Uniti Group

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $11.37 (05/11/2026) Good 1Q26 With 1x Fiber Sales Help; GenAI +

Price Target: $12.00 (Prior $10.00) FTTH Still Strong; Sale Still TBD

BUY (1)

ESG SCORE: 54/100

Gregory Williams, CFA THE TD COWEN INSIGHT

646 562 1367

UNIT posted good 1Q26 results with upside revenue and EBITDA on timing of 1x revenue and

gregory.williams@tdsecurities.com

reiterated guidance across the board (though contemplated a raise). Mgmt. provided bullish

Samuel Maher commentary for all business segments and noted a specific time horizon is not needed for

212 827 7073 M&A as we contemplate unconfirmed media reports of TMUS/TPG interest and generational

samuel.maher@tdsecurities.com

demand in Fiber Infra and FTTH persists.

Michael Elias

646 562 1358 Conclusion

michael.elias@tdsecurities.com

Uniti posted good 1Q26 results with revenue of $987.5MM vs. our $932.4MM and the Street's

Jerome Darling $930.1MM and EBITDA of $441.6MM vs. our $382.6MM and the Street's $376.4MM as timing

646 562 1312

of the messaged 1x fiber sales revenue during the quarter came in far higher ($73MM vs. our

jerome.darling@tdsecurities.com

$45MM) largely drove the outperformance and the company reiterated guidance across the

Key Data board. That said, beyond the 1x fiber sales help, mgmt. did note incremental fundamentals are

Symbol NASDAQ: UNIT improving and contemplated a guidance raise, though it's early.

Beta: 1.45

Mgmt. continued to provide bullish commentary across all business segments, as Fiber

52-Week Range: $11.98-$5.36

Infrastructure continues to see generational demand on the back of sustainable hyperscaler

Market Cap: $2.7B