UNIT: 1Q26 - Quick Take

研报英文原文证据摘录

UNIT: 1Q26 - Quick Take

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Jonathan Atkin (Analyst)

Adam Davis (Associate)

RBC Dominion Securities Inc.

Kirill Kozyar (AVP)

May 11, 2026

Uniti Group Inc.

1Q26 - Quick Take

NASDAQ: UNIT | USD 11.28 | Sector Perform | Price Target USD 7.50

Sentiment: Neutral

Net: Uniti announced financial results ~6% above consensus on revenue and ~18% above on adjusted EBITDA. The revenue beat

was driven by outperformance in Kinetic and Fiber Infrastructure segments. Kinetic results were driven by record gross additions

and record low churn for the quarter, while Fiber Infrastructure benefited from hyperscaler deals recognized in the quarter

paired with wholesale and waves tailwinds. Net income and capex were both in line with consensus expectations. Management

maintained guidance for 2026 despite outperformance and hyperscaler optimism, as the timing of large hyperscaler deals may be

subject to shift. On capital structure, management maintained its expectation for continued ABS financing to play a growing role,

and continued to emphasize the $500M-$1,000M of non-core assets that could be opportunistically monetized over the next 12–

36 months with negligible EBITDA impact.

Highlights of 1Q26 Results

• Consolidated revenue of $988M vs. RBCe/consensus of $927M/$929M.

• Adjusted EBITDA of $442M vs. RBCe/consensus of $361M/$376M.

• Net income of -$86M vs. RBCe/consensus of -$70M/-$87M.

• Capex of $349M vs. RBCe/consensus of $323M/$353M.

2026 Management Guidance

• Management maintained guidance for 2026.

• Consolidated revenue midpoint of $3,630 vs. RBCe/consensus at $3,621M/$3,631M.

• Adjusted EBITDA midpoint of $1,450M vs. RBC/consensus at $1,404M/$1,455.

• Capex of $1,425M vs. RBCe/consensus at $1,436M/$1,434M.