MoffettNathanson 2025 Media, Internet & Communications Conference May 14, 2025 Together, Building the Future Safe Harbor Statement Forward-Looking Statements Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including, without limitation, statements regarding the anticipat ...

Summary of the Conference Call on Commercial Fiber Industry Overview - The conference focused on the commercial fiber industry, particularly the impact of AI on demand and the competitive landscape within the sector [5][4]. Key Companies Involved - **Cogent Communications**: Represented by Dave Schafer, CEO. - **Unity Group**: Represented by Kenny Gunderman, CEO. Core Insights and Arguments Demand Dynamics - AI-driven demand has significantly altered expectations in the commercial fiber space, with hyperscalers contributing to approximately 15-20% of Unity's bookings [6][8]. - The Total Addressable Market (TAM) for hyperscalers is estimated to be $15 billion, projected to grow to $40-50 billion in the coming years [7][8]. - There is a notable shift from lit services to dark fiber, with customers increasingly opting for dark fiber due to long-term capacity commitments [15][19]. Infrastructure and Use Cases - AI applications are driving new transport needs, with dark fiber and wavelengths being critical for linking data sets to training locations [12][13]. - The demand for dark fiber is increasing as customers plan for long-term capacity, with some hyperscalers purchasing significant strand counts [17][19]. Non-AI Demand - Non-AI demand remains robust, with fiber being essential for various applications, including mobile broadband and fiber-to-the-home [29][31]. - The industry is expected to grow at a rate of 5-10% over the long term, driven by diverse customer segments [31][33]. Competitive Landscape - The market is characterized by distinct strategies among providers. Cogent focuses on optimizing its network for wavelength deployment, while Unity targets Tier 2 and Tier 3 markets to avoid intense competition [35][43]. - Both companies emphasize the importance of unique routes and network quality in maintaining competitive advantages [70][71]. Strategic Approaches - Cogent's strategy involves leveraging existing infrastructure and acquiring dark fiber rather than building new routes, as the return on investment for new construction is often inadequate [52][54]. - Unity's strategy focuses on building in less competitive markets, ensuring a larger market share despite potentially smaller overall market sizes [46][49]. Future Market Trends - The wavelength market is anticipated to grow in both capacity and dollar size, with competition centered around network quality and provisioning speed rather than price alone [69][70]. - Legacy providers face challenges due to rigid cost structures and declining revenue per bit, necessitating flexibility in their operations to adapt to market changes [74][75]. Additional Important Points - The discussion highlighted the importance of understanding customer needs and market dynamics, with both companies expressing confidence in their diversified customer bases [33][34]. - The call underscored the ongoing evolution of the fiber industry, driven by technological advancements and changing customer demands [66][74].

Summary of Uniti Group (UNIT) FY Conference Call - May 13, 2025 Company Overview - **Company**: Uniti Group (UNIT) - **Industry**: Communications Infrastructure - **Key Speaker**: Kenny Gunderman, President and CEO Key Points and Arguments Fiber as a Critical Asset - Uniti Group emphasizes the importance of fiber as a mission-critical asset for all broadband services, including mobile wireless, fixed wireless, and fiber to the home [3][4] - The company believes fiber is essential for future growth in the industry, particularly with trends like convergence and the rise of hyperscalers and generative AI [3] Business Segments and Growth - Uniti Group operates a national wholesale business with 240,000 route miles and nearly 800,000 connected buildings, growing at 5% to 6% annually [4] - Uniti Fiber focuses on regional markets, providing lit and dark fiber to enterprises, schools, and government, also growing at 5% to 6% [4] - Kinetic, the fiber to the home business, aims to reach 4.4 million homes, with plans to build fiber to 2 million homes by the end of the year [5] Market Positioning - Uniti Group targets Tier two and Tier three markets, which are less competitive but offer higher growth potential due to early market entry [26] - The company maintains a diverse customer base across various use cases of fiber, independent of market tier [7] Merger with Windstream - Uniti is merging with Windstream, which has been a private company for five years, leading to asymmetrical information in the market [10][11] - The merger is expected to close in the third quarter of 2025, with 16 out of 18 necessary approvals already obtained [13][14] - The combined company will have a more robust product offering, including lit services and master lease agreements (MLAs) with hyperscalers, enhancing sales capabilities [65][66] Financial Guidance and Growth Projections - Uniti Group projects 4% to 6% strategic revenue growth and 8% to 10% adjusted EBITDA growth [25] - The company has low churn rates, with fiber churn around 0.2% to 0.4%, contributing to stable revenue growth [27][29] - The merger will initially reduce the percentage of revenue from fiber but aims to return to 80% to 90% fiber revenue as legacy services are replaced [30] Capital Expenditure and Financing - Uniti has successfully utilized the ABS market for financing, with plans to raise $3 billion to $4 billion in the midterm [53] - The company aims to manage capital intensity down from over 50% to 20% to 25% through leasing strategies [47] Hyperscaler Opportunities - Uniti sees significant growth potential in serving hyperscalers, estimating a total addressable market (TAM) of $15 billion, expected to triple in the next few years [38] - The company is not overly reliant on hyperscalers, with them currently representing a small percentage of revenue [35][62] Fixed Wireless and Fiber to the Tower - Fixed wireless access has been a competitive challenge for Kinetic but also provides opportunities for Uniti to sell fiber to wireless carriers [60][61] - Uniti plans to maintain a diversified revenue stream, with wireless carriers representing less than 10% of total revenue [62] Additional Important Insights - The company is focused on building anchor networks with initial cash flow yields of 5% to 10%, aiming for blended yields above 27% post-lease up [57][58] - The sales cycle for fiber solutions is lengthy, often taking 6 to 12 months, which impacts revenue recognition [43][45] This summary encapsulates the key insights and strategic directions discussed during the Uniti Group conference call, highlighting the company's focus on fiber infrastructure, growth opportunities, and the implications of the Windstream merger.

Core Viewpoint - Uniti Group Inc. is actively participating in the Barclays 2025 Leveraged Finance Conference, indicating its engagement with investors and the financial community [1]. Company Overview - Uniti is an internally managed real estate investment trust focused on acquiring and constructing mission-critical communications infrastructure [3]. - The company is a leading provider of fiber and wireless solutions for the communications industry [3]. - As of March 31, 2025, Uniti owns approximately 147,000 fiber route miles and 8.8 million fiber strand miles across the United States [3]. Investor Relations - Key executives, including the Chief Financial Officer and the Senior Vice President of Investor Relations, will represent Uniti at the conference [1]. - Investor materials related to the conference will be available on Uniti's Investor Relations website [2].

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________________________________ FORM 10-Q _______________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _ ...

Financial Performance - Uniti Group reported quarterly funds from operations (FFO) of $0.35 per share, matching the Zacks Consensus Estimate and showing an increase from $0.32 per share a year ago [1] - The company posted revenues of $293.91 million for the quarter ended March 2025, which was 0.94% below the Zacks Consensus Estimate, but an increase from $286.42 million year-over-year [2] - Over the last four quarters, Uniti has surpassed consensus FFO estimates only once and has topped consensus revenue estimates two times [2][3] Market Performance - Uniti shares have declined approximately 9.1% since the beginning of the year, compared to a decline of 3.9% for the S&P 500 [3] - The current consensus FFO estimate for the upcoming quarter is $0.36, with expected revenues of $303.9 million, and for the current fiscal year, the estimate is $1.44 on $2.44 billion in revenues [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which Uniti belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Uniti's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - Unity reported consolidated revenues of $294 million for the first quarter, with adjusted EBITDA of $238 million and AFFO attributed to common shareholders of $92 million, resulting in an AFFO per diluted common share of $0.35 [15][20] - Core recurring strategic revenue grew approximately 4% year-over-year, while capital intensity of the fiber business declined over 50% year-over-year [14][15] - The leverage ratio was reported at 6.09 times based on net debt to annualized adjusted EBITDA [21] Business Line Data and Key Metrics Changes - Uniti Leasing segment revenues were $222 million with an adjusted EBITDA of $215 million, achieving a 97% adjusted EBITDA margin [15] - Uniti Fiber reported revenues of $72 million and adjusted EBITDA of $29 million, resulting in a 40% adjusted EBITDA margin [17] - Non-recurring revenue was lower than expected due to a delay in a $4 million one-time sale of fiber to a government customer [17] Market Data and Key Metrics Changes - The company noted strong demand from wireless carriers, with bookings in the quarter nearly doubling compared to the same quarter last year [12] - The percentage of bookings related to hyperscalers was around 15% to 20%, consistent over the past 18 months [43][45] - The ABS market has remained resilient, providing a key financing tool for the company [6][8] Company Strategy and Development Direction - Unity aims for disciplined top-line growth of mid-single digits and high-single digit adjusted EBITDA growth, reiterating full-year guidance for revenue, adjusted EBITDA, and AFFO [5][10] - The company is focused on building new fiber, particularly within the Kinetic footprint, with plans to double the number of targeted homes passed with fiber by 2025 [6][10] - The merger with Windstream is expected to enhance Unity's fiber network and operational capabilities, with a goal to transition Kinetic off legacy systems to fiber [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the fiber infrastructure business, noting minimal impact from recent economic downturns [8][9] - The company is optimistic about regulatory changes that may benefit its business, including increased leniency towards retiring aging copper networks [9] - Management highlighted the ongoing investment cycle for large language models and the anticipated growth in AI-related demand [36][37] Other Important Information - The company received shareholder approval for the merger with Windstream, with approximately 97% of voting shareholders in favor [10] - New appointments to the Unity team include John Harobin as president of Kinetic and Harold Zeitz as a new board member [11] Q&A Session Summary Question: Concerns about M&A environment and lease-up mix - Management indicated no slowdown in M&A activity and remains engaged in strategic conversations, while also focusing on integration and accelerating growth strategies [33][34] - The high mix of lease-ups was acknowledged, with continued strong investment from hyperscalers expected [35][36] Question: Nature of bookings and AI-related deals - Approximately 20% of bookings are related to hyperscalers, with a growing percentage over the past quarters [43][44] - AI-driven builds are treated similarly to other anchor lease-up models, with yields nearing 20% for hyperscaler deals [47][48]

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $294 million, with adjusted EBITDA of $238 million, and AFFO attributed to common shareholders of $92 million, resulting in an AFFO per diluted common share of $0.35 [15][20] - Core recurring strategic revenue grew approximately 4%, while capital intensity of the fiber business, excluding GCI impact, declined over 50% year over year [14][15] Business Line Data and Key Metrics Changes - Uniti Leasing reported segment revenues of $222 million and adjusted EBITDA of $215 million, achieving an adjusted EBITDA margin of 97% [15] - Uniti Fiber generated revenues of $72 million and adjusted EBITDA of $29 million, resulting in an adjusted EBITDA margin of 40% [16] Market Data and Key Metrics Changes - The company noted strong demand from wireless carriers, with bookings in the quarter almost double those from the same quarter last year [12] - The percentage of bookings related to hyperscalers is around 15% to 20%, consistent over the past 18 months [42][44] Company Strategy and Development Direction - The company aims for disciplined top-line growth of mid-single digits and high-single-digit adjusted EBITDA growth, reiterating full-year guidance for revenue, adjusted EBITDA, and AFFO [4][20] - The merger with Windstream is expected to enhance the fiber network significantly, with plans to convert approximately 2 million homes to fiber by the end of 2025 [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the fiber infrastructure business, noting minimal impact from recent economic downturns [7] - The company remains optimistic about the merger with Windstream, expecting to close the transaction in the second half of the year [10][29] Other Important Information - The company has a leverage ratio of 6.09 times based on net debt to annualized adjusted EBITDA [21] - The ABS market is viewed as an attractive source of financing, with potential for incremental capacity exceeding $1 billion [22] Q&A Session Summary Question: Concerns about M&A environment and lease ups - Management indicated no slowdown in M&A activity, with ongoing strategic conversations and a focus on integration and accelerating growth [33][34] - Regarding lease ups, management noted that a significant portion of the lease up activity was driven by hyperscalers, with expectations for continued investment in large language models [35][36] Question: Nature of bookings and AI-related deals - Approximately 20% of bookings are related to hyperscalers, with a growing percentage over the past quarters [42][44] - AI-driven builds are treated similarly to other anchor lease up models, with yields nearing 20% on hyperscaler deals [46][47]

First Quarter 2025 Financial Results Conference Call Presentation May 6, 2025 Together, Building the Future Safe Harbor Statement Forward-Looking Statements Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including, without limitation, statements regarding the anticipate ...