Uniti Group Inc.: 1Q26 earnings & model update - beat, broad improvement in KPIs

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Uniti Group Inc.: 1Q26 earnings & model update - beat, broad improvement in KPIs

Equity Research

U.S. Communications Infrastructure

11 May 2026

Uniti Group Inc.

1Q26 earnings & model update -

beat, broad improvement in KPIs

UNIT delivered a solid 1Q26, with revenue and EBITDA both UNIT EQUAL WEIGHT

accelerating y/y and q/q on a pro forma basis, driven Unchanged

U.S. Communications

primarily by continued fiber subscriber growth at Kinetic, Infrastructure NEUTRAL

Unchanged

improving mix, and cost control. Price Target USD 11.00

Our view: Price (11-May-26) USD 11.37

In the quarter, the company reached 564k Kinetic consumer fiber subscribers and appears on Potential Upside/Downside -3.3%

Source: Bloomberg, Barclays Researchtrack to reach its full year goal of 675k to 700k fiber subs. This included a record 39k gross adds

and record low churn of 1.45%. We anticipate subs will continue to grow as the company makes

progress towards its 2026 goal of 2.3m homes passed and the penetration rate continues to Market Cap (USD mn) 2808

trend higher (29.1% in 1Q26, +20bp q/q and +120bp y/y). While Kinetic had a few challenges Shares Outstanding (mn) 247.02

immediately following the combination with Windstream in 2H25, it appears this segment is Free Float (%) 98.05

making swift progress on 2026 initiatives and longer term targets. 52 Wk Avg Daily Volume (mn) 2.3

Dividend Yield (%) N/A

Fiber Infrastructure is also benefiting from growing hyperscale demand. The combination of Return on Equity TTM (%) N/A

anchor customers and additional lease-up is positioning UNIT to generate attractive returns as Current BVPS (USD) 1.62

the business scales. The company has $755m contracted value to date, and sees scope for that Source: Bloomberg

to double within five years. We think this is feasible.