Strategic Transformation and Operational Drivers

• Successfully closed the transformative merger with Windstream, establishing a scaled national wholesale fiber footprint and a new leadership team with deep fiber-to-the-home experience.

• Performance is currently driven by 'twin engines': the Kinetic fiber-to-the-home build-out and massive hyperscaler demand for AI-related infrastructure.

• Achieved record new bookings in Q4 2025, including the largest customer contracts in company history, driven by generational demand for dark fiber and wave services.

• Strategic positioning focuses on 'insurgent' growth, prioritizing high-density fiber builds in Tier 2 and Tier 3 markets where the company has a first-mover advantage.

• Management is aggressively transitioning the revenue mix, with fiber expected to overtake legacy copper and TDM services as the majority of revenue by 2026.

• Operational excellence initiatives at Kinetic led to the highest consumer fiber gross adds ever and the best churn levels since the pandemic.

• Capital allocation strategy emphasizes disciplined builds with high lease-up potential, achieving anchor lease-up cash yields of 34%.

2026 Outlook and Multi-Year Strategic Milestones

• 2026 is designated as a major investment and inflection year, with a target to reach 2.3 to 2.35 million homes passed with fiber by year-end.

• Guidance for 2026 assumes consolidated revenue of approximately $3,630,000,000 and adjusted EBITDA of $1,450,000,000, with growth expected to accelerate in 2027.

• The company expects to build approximately 6,000 new route miles of fiber over the next three years, generating nearly $1 billion in cumulative non-recurring cash revenue by 2028.

• Management anticipates $500,000,000 to $1,000,000,000 in proceeds from the opportunistic monetization of non-core, underutilized assets over the next 12 to 36 months.

• Long-term targets include reaching 3.5 million homes passed and 1.25 million fiber subscribers by 2029, with a total capital return of 2x to 4x on new builds.

Structural Shifts and Risk Factors

• Revenue and EBITDA from large hyperscaler dark fiber deals will be 'lumpy' in 2026 due to sales-type lease accounting, which recognizes the present value of payments upon delivery.

• Legacy copper and TDM services remain a headwind, expected to decline at a mid-teens pace over the next few years as the business pivots to fiber.

• Management identified less than 1% revenue exposure to EchoStar/DISH and has excluded recurring revenue from this customer in the 2026 guidance due to their 'tenuous' position.

• The company is shifting its capital structure toward Asset-Backed Securities (ABS) to lower the cost of debt, having already reduced blended yields by 560 basis points over three years.