EuroTeleSites (ETS) H1 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 4.8% year-over-year, with half-year revenue up 5.3% to €137.7m, driven by inflation adjustments, indexation, and portfolio expansion.

• 62–63 new sites built in Q2 2025, with net adds of 38 and total sites reaching 13,700; 39 new third-party tenants onboarded.

• Moody’s confirmed investment-grade rating in June 2025; Sitetracker asset management platform went live.

• CAPEX focused on 5G upgrades, new site rollouts, and anchor tenant upgrades.

• Digitalization initiatives included rollout of asset management and business planning software.

Financial highlights

• HY 2025 revenues were €137.7m, up 5.3% year-over-year; Q2 2025 revenues reached €70.0m, up 4.8% from €66.8m in Q2 2024.

• HY 2025 EBITDA was €118.3m (85.9% margin), up 6.5%; Q2 2025 EBITDA was €58.8m (83.9% margin), up from €56.7m.

• EBITDA after leases (EBITDAAL) for Q2 2025 was €39.4m (56.3% margin); HY 2025 EBITDAAL margin at 57.9%.

• Net result rose to €17.6m (from €14.1m); EPS increased to €0.11.

• Net cash from operating activities grew to €120.0m (+11.8% YoY); Q2 2025 cash flow reached €46.8m.

Outlook and guidance

• Full-year revenue growth expected around 4% (excluding one-time effects); 3–5% CAGR mid-term.

• Annual CAPEX to remain at ~20% of revenues; focus on debt reduction and maintaining investment grade ratings.

• No dividend commitment in the near future to reach leverage target of ~5x (from FY24: 6.2x); Fitch rating decision expected late summer or early autumn.