Uniti Group Inc J.P. Morgan TMC Conference Takeaways

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Uniti Group Inc J.P. Morgan TMC Conference Takeaways

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

18 May 2026

Uniti Group Inc Neutral

UNIT, UNIT US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$11.05

Communications Infrastructure

Richard Choe AC

(1-212) 622-6708

Today we hosted Uniti Group President and CEO Kenny Gunderman for a fireside richard.choe@jpmorgan.com

chat at our TMC conference. Below we highlight our key takeaways. Braden Nguyen

(1-212) 622-1861

• Kinetic outperforming expectations. Closing out the first quarter with 45k braden.nguyen@jpmorgan.comJ.P. Morgan Securities LLC

homes passed in March and another 45k added in April, Kinetic’s implied

annual run rate of passings is outperforming management’s original

expectations as the business has quickly pivoted on 3 key pillars. 1) Focus has

shifted to non-subsidized builds where Kinetic is building in markets it is most

susceptible to overbuild, strengthening its defensive moat in Tier 2 and 3

markets. 2) Builds are being clustered and the decreased proximity is allowing

for cost synergies on the construction side and go-to market improvements on

the revenue side. 3) Kinetic is now leveraging third party contractors as the

benefit from building faster to reach customers outweighs the extra cost from

external builders. Additionally, while guidance remains unchanged with the

penetration target at 40%, management is outperforming expectations and

incremental penetration should provide upside to margins. In legacy DSL

markets, Uniti is seeing increased competition from FWA and LEO satellite,

which has led to increased churn, but management notes the company is seeing

success in winning customers back after they build fiber routes in those

locations.