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Here are 1-2 brief analogies for Uniti (UNIT):

• American Tower for fiber optic networks.
• Prologis for digital infrastructure.

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• Fiber Infrastructure Leasing: Leasing of fiber optic cable networks to telecommunications carriers and other businesses for data transmission.
• Wireless Infrastructure Solutions: Providing critical infrastructure, such as small cells and related network components, to support wireless communication networks.
• Communications Real Estate Leasing: Leasing of land, facilities, and other real estate assets essential for housing and operating communication equipment.

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Uniti primarily sells its communication infrastructure and solutions to other companies within the telecommunications industry.

Its major customer is:

• Windstream Holdings, Inc. (Windstream Holdings, Inc. is a private company and therefore does not have a public stock symbol.)

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Kenneth A. Gunderman President and Chief Executive Officer

Kenny Gunderman is the President and Chief Executive Officer of Uniti Group Inc.. He has 18 to 20 years of experience in investment banking and private equity, with a focus on expanding and diversifying Uniti's real estate portfolio. Prior to joining Uniti, he was the co-head of investment banking at Stephens Inc., where he advised on various investment banking and private equity transactions, particularly in telecommunications services. He also worked in the telecom investment banking group at Lehman Brothers, advising on transactions and financings exceeding $125 billion, and was a senior accountant at KPMG. Gunderman was appointed CEO of Uniti upon its formation as a spin-off from Windstream Holdings, Inc. in 2015.

Paul Bullington Senior Executive Vice President, Chief Financial Officer and Treasurer

Paul Bullington serves as the Senior Executive Vice President, Chief Financial Officer, and Treasurer of Uniti Group Inc.. Before transitioning to this permanent role in September 2021, he was Uniti's interim Chief Financial Officer and Principal Financial Officer. Previously, he held the position of Senior Vice President of Strategic Operations at Uniti Fiber. Notably, Bullington was the Chief Financial Officer of Southern Light until its acquisition by Uniti in 2017. During his tenure as CFO, Southern Light was recognized by Inc. Magazine as one of the "5,000 Fastest Growing Companies in America" for nine consecutive years. His prior experience also includes roles at Accenture and Royal Cup Coffee.

Daniel L. Heard Executive Vice President, General Counsel and Secretary

Daniel L. Heard is an Executive Vice President, General Counsel, and Secretary for Uniti. He possesses over 17 years of experience in negotiating, structuring, and finalizing mergers and acquisitions, public offerings of debt and equity securities, and other corporate finance transactions.

Michael Friloux Executive Vice President & Chief Technology Officer

Michael Friloux holds the title of Senior Executive Vice President and Chief Technology Officer for Uniti. He has over 30 years of experience in telecommunications and information systems technology, focusing on future-proofing Uniti's IT systems. Prior to joining Uniti, Friloux was the Chief Executive Officer and President of PEG Bandwidth, where he led the wireless backhaul provider through significant expansion. He also served as President and Chief Operations Officer for Citynet Fiber Networks, developing it into a leading regional wholesale carrier network.

Ronald J. Mudry Senior Vice President & Chief Revenue Officer

Ronald J. Mudry is the Senior Vice President and Chief Revenue Officer of Uniti Group Inc.. With over 30 years of experience in the telecommunications industry, Mudry is responsible for Uniti's growth opportunities across its fiber and wireless infrastructure segments. He is also noted as the founder of two start-up fiber operating companies that achieved leadership positions in their industry segment. Before his current role, Mudry was the President of Sales and Business Development at Uniti Fiber.

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Uniti Group Inc. (UNIT) operates primarily in the communications infrastructure sector, focusing on fiber optic networks and wireless infrastructure solutions within the United States.

The addressable markets for Uniti's main products and services are sizable, particularly within the U.S. and North American regions:

• U.S. Fiber Optic Cable Market: The U.S. fiber-optic cable market was valued at USD 2.9 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 8.3% during 2025–2032, reaching USD 5.3 billion in 2032. Another estimate indicates the U.S. fiber optics market size reached USD 3.4 billion in 2025 and is expected to grow to USD 8.3 billion by 2034, with a CAGR of 9.95% from 2026-2034. This market growth is driven by increasing demand for faster internet and expanding 5G networks.
• North America Wireless Infrastructure Market: North America held the largest share in the wireless infrastructure market in 2025, with a market size valued at USD 101.56 billion. This is projected to increase to USD 112.33 billion in 2026. The region's dominance is attributed to rapid technological advancements, significant investments in 5G deployment, and a strong presence of key market players. The U.S. specifically leads the wireless infrastructure development in North America.

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Here are 3-5 expected drivers of future revenue growth for Uniti (UNIT) over the next 2-3 years:

1. Merger with Windstream Holdings II, LLC: The completion of this transformative merger in August 2025 is a significant driver, as it expanded Uniti's fiber footprint to 240,000 route miles and broadened its reach to 4.4 million households. This integration is projected to generate annual operational and capital expenditure synergies of $125 million by 2026.
2. Fiber-to-the-Home (FTTH) Expansion (Kinetic Segment): Uniti is aggressively pursuing FTTH build-outs, with plans to significantly increase homes passed. The company aimed to pass 325,000 additional homes in 2025 and targeted reaching 2 million homes by the end of 2025. For 2026, Uniti aims to pass 2.3 million to 2.35 million homes with fiber and acquire between 675,000 and 700,000 fiber subscribers, with consumer fiber revenue guidance ranging from $635 million to $655 million. This expansion is primarily focused on Tier II and III markets, where demand for high-capacity infrastructure is growing.
3. Hyperscaler and Enterprise Demand for Wholesale Fiber: Uniti is actively engaging with hyperscalers, evidenced by a sales funnel valued at approximately $1.5 billion, and has experienced a notable increase in recurring revenue from hyperscalers, growing from 12% to 40% of overall wholesale revenue between Q2 2024 and Q2 2025. The company has noted "insatiable demand from hyperscalers" and has secured its largest customer contract ever in this area. Furthermore, Uniti is accelerating its 2026 fiber expansion with new data center on-ramps and the "FastWaves" program, designed to expedite delivery times for high-capacity wavelengths (100G and 400G), thereby strengthening its position in AI and hyperscaler connectivity.
4. Lease-up of Existing Fiber and On-net Penetration: A key growth strategy involves increasing the utilization of its current fiber network. Management is targeting low-double-digit annual booked sales growth by boosting enterprise, education, and wireless backhaul penetration on existing fiber infrastructure. The lease-up of dark fiber and waves is identified as a principal growth lever, with hyperscale demand expected to drive utilization through 2027.
5. Strategic Partnerships and Build-to-Suit Agreements: Uniti is focused on forming strategic partnerships and entering into multiyear build-to-suit and Indefeasible Right of Use (IRU) agreements with national carriers. These agreements provide predictable cash flow and revenue visibility, contributing to stable future revenue growth. Partnerships, such as the one with AT&T, are considered crucial for subscriber growth and retention.

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Share Repurchases

• Uniti has engaged in relatively minor share repurchases over the last few years, with quarterly amounts ranging from thousands to low millions of dollars.
• For instance, repurchases were $2.30 million in Q1 2025, $1.57 million in Q1 2024, and $1.18 million in Q1 2023.

Share Issuance

• In August 2025, Uniti completed a transformative merger with Windstream, resulting in former Windstream holders owning approximately 38% of the combined company.
• This merger led to a significant increase in shares outstanding, from 143.2 million at December 31, 2024, to 239.0 million at December 31, 2025.

Inbound Investments

• Uniti's August 2025 merger with Windstream Holdings fundamentally reshaped the company, bringing Windstream's assets and operations into Uniti.

Outbound Investments

• No significant outbound strategic investments in other companies by Uniti were identified within the last 3-5 years.

Capital Expenditures

• Uniti's capital expenditures were $787.8 million for the full year 2025, primarily focused on fiber deployment.
• For 2026, expected capital expenditures are projected to be between $1,400 million and $1,450 million.
• Approximately $1,160 million to $1,180 million of the 2026 capital expenditures are allocated to Kinetic for fiber deployment, and $130 million to $150 million for Fiber Infrastructure to support hyperscaler projects and network expansion.