Financial Analysis

Commitments and Contingencies: In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations. We have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any specific period could be materially affected by changes in its assumptions or the effectiveness of its strategies related to these proceedings. Legal expenses associated with loss contingencies are expensed as incurred.

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Revenues disaggregated by category were as follows: Three Months Ended June 30, 2026 (Millions) Kinetic Fiber Infrastructure Uniti Solutions Total Category: Consumer: Fiber subscriber $ 135.4 $ $ $ 135.4 DSL subscriber and other 119.9 119.9 Uniti Solutions: Managed services 167.3 167.3 TDM 6.6 6.6 Business services 94.2 94.2 Switched access 3.0 3.0 Uniti Fiber 57.7 57.7 Wholesale 76.1 74.3 150.4 Total service revenues accounted for under ASC 606 428.6 132.0 173.9 734.5 Sales revenues 37.1 1.3 1.6 40.0 Total revenues and sales accounted for under ASC 606 465.7 133.3 175.5 774.5 Operating lease income 24.8 47.6 0.2 72.6 Other service and sales revenues (a) 37.7 19.4 5.5 62.6 Total revenues and sales $ 528.2 $ 200.3 $ 181.2 $ 909.7 Six Months Ended June 30, 2026 (Millions) Kinetic Fiber Infrastructure Uniti Solutions Total Category: Consumer: Fiber subscriber $ 266.3 $ $ $ 266.3 DSL subscriber and other 255.1 255.1 Uniti Solutions: Managed services 342.7 342.7 TDM 14.6 14.6 Business services 193.6 193.6 Switched access 6.5 6.5 Uniti Fiber 119.9 119.9 Wholesale 153.1 142.7 295.8 Total service revenues accounted for under ASC 606 874.6 262.6 357.3 1,494.5 Sales revenues 62.2 2.5 2.4 67.1 Total revenues and sales accounted for under ASC 606 936.8 265.1 359.7 1,561.6 Operating lease income 50.4 100.8 0.3 151.5 Other service and sales revenues (a) 77.9 94.5 11.7 184.1 Total revenues and sales $ 1,065.1 $ 460.4 $ 371.7 $ 1,897.2 Three Months Ended June 30, 2025 (Millions) Kinetic Fibe …

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Fair Value of Financial Instruments: Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. Authoritative guidance establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring assets and liabilities at fair values. This hierarchy establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 Unobservable inputs for the asset or liability. Financial instruments consist primarily of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, interest rate swaps, notes and other debt, and interest and dividends payable. With respect to the Companys financial instruments, the carrying amount of cash, restricted cash, accounts receivable, accounts payable, interest and dividends payable were estimated by management to approximate fair value due to the relatively short period of time …

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Notes and Other Debt, Net: A summary of notes and other debt, net was as follows: (Millions) June 30, 2026 December 31, 2025 Total principal amount $ 10,680.6 $ 9,540.5 Unamortized premium (discount) and deferred financing costs (34.0) (1.1) Less current portion of notes and other debt (10.0) (10.0) Notes and other debt, net $ 10,636.6 $ 9,529.4 Notes and other debt, net consist of the following: June 30, 2026 December 31, 2025 (Millions) Principal Unamortized Premium (Discount) and Deferred Financing Costs Principal Unamortized Premium (Discount) and Deferred Financing Costs Credit Agreements: Uniti senior secured revolving credit facility, variable rate, due December 30, 2027 $ $ (2.1) $ $ (2.9) Windstream senior secured revolving credit facility - variable rate, due December 30, 2027 315.0 Senior secured Windstream term loan - variable rate, due October 1, 2031 (premium based on imputed interest rate of 9.15%) 500.0 1.2 Senior secured 2025 term loan - variable rate, due October 6, 2032 (discount based on imputed interest rate of 8.57%) 995.0 (21.6) 1,000.0 (23.6) 995.0 (23.7) 1,815.0 (25.3) Notes: Senior secured notes - 4.75%, due April 15, 2028 (discount based on imputed interest rate of 5.04%) 570.0 (2.8) 570.0 (3.6) Senior secured notes - 8.25%, due October 1, 2031 (premium based on imputed interest rate of 7.29%) 2,200.0 92.2 2,200.0 99.3 Senior secured notes - 7.50%, due October 15, 2033 (discount based on imputed interest rate of 7.72%) 1,400.0 (16.9) 1,400.0 (17.8) …

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Recently Issued Accounting Pronouncements Effective in 2026 Credit Losses In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic ASC 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). The amendments in this ASU provide entities with a practical expedient they may elect to use when developing an estimate of expected credit losses on current accounts receivable and current contract asset balances arising from transactions accounted for under Topic ASC 606 - Revenue from Contracts with Customers. Under this practical expedient, entities may elect to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 was effective for fiscal years and for interim periods beginning after December 15, 2025. The Company elected not to adopt the practical expedient and, accordingly, this standard had no impact to the Companys condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Disaggregation of Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): - Expense Disaggregation Disclosures (ASU 2024-03). This update requires public business entities to provide more detailed disclosure in the notes to the financial statements of certain categories of expenses, such as purchases of inventory, employee compensation, depreciation, and intangible asset …

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Employee Benefit Plans: In connection with the Merger, the Company assumed a non-contributory qualified defined benefit pension plan. Future benefit accruals for all eligible non-bargaining unit employees covered by the pension plan have ceased. The minimum required employer contributions to the pension plan in 2026 total $20.6 million, consisting of $7.4 million for the 2025 plan year and $13.2 million for the 2026 plan year. In January 2026, the Company made a $4.5 million cash contribution to the pension plan attributable to the 2025 plan year and will contribute the remaining $2.9 million for the 2025 plan year in September 2026. Incremental to its required minimum funding contributions, the Company also made a voluntary cash contribution of $4.4 million to the pension plan on June 2, 2026, which was allocated to the 2025 plan year. On April 15, 2026, the Company made in cash its first required quarterly employer contribution for the 2026 plan year of $4.4 million, and on July 15, 2026, the Company made in cash its second required quarterly employer contribution for the 2026 plan year of $4.4 million. The total amount of the 2026 employer contributions, and amount and timing of future contributions including any voluntary contributions, to the pension plan are dependent upon a myriad of factors, including future investment performance, changes in future discount rates, and changes in the demographics of the population participating in the plan. The components of pension i …

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Revenues: Revenues from contracts with customers are accounted for under ASC Topic 606 - Revenues from Contracts with Customers (ASC 606) and are earned primarily through the provisioning of telecommunications and other services and through the sale of equipment to customers and contractors. Revenues are also earned from leasing arrangements, federal and state Universal Service Fund (USF) programs and other regulatory-related sources and activities. Consumer service revenues are generated from the provisioning of broadband and voice services to consumers. Fiber subscriber consumer revenues consist of recurring products and services for fiber consumer broadband customers, which includes some cable customers with 1-Gigabyte per second (Gbps) service. All non-recurring revenues are included in digital subscriber line (DSL) subscriber and other revenues. Business service revenues are earned from providing managed communications services, integrated voice and data services, advanced data and traditional voice and long-distance services to large, mid-market and small business customers. Managed services revenues consist of recurring software solutions and network connectivity products. Software solutions include Secure Access Service Edge (SASE), Unified Communications as a Service (UCaaS), OfficeSuite UC, and associated network access products and services. SASE includes Software Defined Wide Area Network (SD-WAN) and Security Service Edge (SSE). Network connectivity products cons …

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Segments: Following the completion of the Merger, we updated our segment structure to include new operating segments for the acquired Windstream businesses, combined the legacy fiber and leasing businesses into a new segment and no longer reported corporate separately. Prior period segment information has been recast to reflect these changes for all periods presented. The Companys segments are determined based on the current organizational and management structure in place and the internal financial information regularly reviewed and used by the chief operating decision maker (CODM) for making operating decisions and assessing performance. Our Chief Executive Officer, as CODM, uses segment contribution margin, which is computed as segment revenues and sales less segment expenses, to evaluate performance and allocate operating and capital resources, primarily in the annual budgeting and forecasting process and to establish performance targets for purposes of management incentive compensation. The CODM considers budget-to-actual variances when making decisions about allocating operating and capital resources to the segments. For financial reporting purposes, our operating and reportable segments consist of: Kinetic We manage as one business our residential, business and wholesale operations in our ILEC markets due to the similarities with respect to service offerings and marketing strategies. Residential customers can bundle voice, high-speed internet and video services, to pro …

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Subsequent Events: Kinetic ABS Series 2026-2 Notes - On July 15, 2026, Kinetic ABS Issuer completed a private offering of $1.1 billion aggregate principal amount of secured fiber network revenue term notes, consisting of $805.2 million 5.834% Series 2026-2, Class A-2 term notes, $134.2 million 6.224% Series 2026-2, Class B term notes and $201.3 million 7.536% Series 2026-2, Class C term notes (collectively, the Kinetic ABS 2026-2 Notes), each with an anticipated repayment date in June 2033. The proceeds of the offering of the Kinetic ABS 2026-2 Notes were used to purchase assets held by certain subsidiary guarantors of the Companys senior indebtedness that were contributed to certain subsidiaries of Kinetic ABS Issuer (the Kinetic ABS Asset Sale). Uniti intends to use a portion of the net cash provided by the Kinetic ABS Asset Sale for reinvestments in the business, including to fund growth capital expenditures, and $500.0 million of such net cash proceeds to repay the Companys senior secured indebtedness pursuant to the Term Loan Prepayment Offer and the Asset Sale Offers (each as defined and described further below). As of the closing of the transactions on July 15, 2026, together with the $960.1 million aggregate principal amount of Kinetic ABS 2026-1 Notes issued on January 30, 2026, the Kinetic ABS Issuer has $2.1 billion aggregate principal amount of revenue term notes outstanding, with no principal amount of variable funding notes or liquidity funding notes outstanding …

SubsequentEventsTextBlock · excerpt; the full note is in the filing