EuroTeleSites (ETS) H2 2024 earnings summary

Executive summary

• 2024 revenue reached EUR 270.2 million, up 9.8% year-over-year, exceeding guidance, with 8.1% growth excluding one-time effects.

• Net site additions totaled 172, bringing the portfolio to 13,637 sites across six countries, with 224 new third-party tenants onboarded and a tenancy ratio of 1.24.

• CAPEX target of about 20% of revenues achieved, with 33% allocated to growth investments.

• Leverage reduced to 6.2x from 7.3x (proforma 2023), supporting improved financial stability.

• Share price increased 29% in 2024, adding EUR 178 million to market capitalization.

Financial highlights

• EBITDA after lease (EBITDAaL) for 2024 was EUR 151.3 million, up 12.8% year-over-year, with a margin of 56%.

• Free cash flow for 2024 was EUR 68 million, reflecting higher CAPEX.

• CapEx for 2024 was EUR 55 million, about 20% of revenue, with 33% allocated to growth CapEx.

• Share price increased 29% in 2024 and 55% by February 2025, with market capitalization nearing EUR 1 billion.

• Q4 revenue was EUR 71.4 million, up 5.1% sequentially, mainly due to one-time effects in Austria.

Outlook and guidance

• 2025 guidance targets 4% revenue growth (excluding one-time effects), with CapEx to revenue ratio maintained at 20%.

• Over 200 new microsites planned for 2025, with focus on third-party revenue and continued ESG and digitalization initiatives.

• Midterm revenue growth guidance remains at 3%-5% CAGR, with high EBITDA margins and no dividend commitment until leverage target (~5x) is met.

• Digital transformation project "Sitetracker" to be completed in H1 2025, standardizing asset management.