Uniti Group Inc (UNIT.O): Updating UNIT Model Ahead of UNIT 2Q Earnings

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Uniti Group Inc (UNIT.O): Updating UNIT Model Ahead of UNIT 2Q Earnings

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21 Jul 2026 22:19:28 ET │ 15 pages

Uniti Group Inc (UNIT.O)

Updating UNIT Model Ahead of UNIT 2Q Earnings

CITI'S TAKE

We are updating our UNIT model ahead of 2Q earnings. The primary

revisions are within the Kinetic and Fiber Infrastructure segments, with

additional detail outlined below. We remain encouraged by the momentum Neutral / High Risk

within the Kinetic business and tailwinds within the Fiber Infrastructure Price (21 Jul 26 16:00) US$11.07

segment. We continue to believe Uniti is apt to be split into different

Target price US$11.75businesses and we maintain our Neutral/HR rating on UNIT as we believe

there is limited upside to our sum-of-parts value assessment. Expected share price return 6.1%

Expected dividend yield 0.0%

Earnings Focus — For 2Q earnings, we expect investors to focus on total revenue, Expected total return 6.1%

adjusted EBITDA, and FCF, as well as revenue and adjusted EBITDA for Kinetic, Fiber

Infrastructure, and Uniti Solutions. We estimate total revenue of $884 million vs Market Cap US$2,688M

consensus $885 million and total adjusted EBITDA of $340 million vs consensus $336

million. We estimate FCF burn of ($320) million in 2Q, which is wider than consensus of

($241) million. Within Kinetic, we estimate revenue of $538 million, which is in line with

consensus, and adjusted EBITDA of $239 million vs consensus $227 million. Within Price Performance

Fiber Infrastructure, we estimate revenue of $218 million vs consensus of $219 million (RIC: UNIT.O, BB: UNIT US)

and adjusted EBITDA of $109 million vs consensus $117 million. Within Uniti Solutions,

we estimate total revenue of $177 million vs consensus of $178 million and adjusted