EuroTeleSites (ETS) Q3 2025 earnings summary

Executive summary

• Revenue grew 3.6% year-over-year in Q3 2025, driven by inflation adjustments, portfolio expansion, and third-party tenant onboarding.

• 47 new sites were built in Q3 2025, resulting in 39 net site additions and 77 new tenants, including 38 third-party tenants.

• Celebrated two years since listing on the Vienna Stock Exchange, with Fitch revising the outlook to 'Positive' and reaffirming investment grade status.

Financial highlights

• Q3 2025 revenue reached €70.5 million, up from €68 million in Q3 2024, including a one-time effect of €3 million.

• EBITDA for Q3 2025 was €60.6 million, with a margin of 86.0%.

• EBITDA after leases (EBITDAaL) was €41.0 million, margin 58.3%, up 3.9% year-over-year.

• Cash flow for Q3 was €44.5 million, slightly higher than Q3 2024, supported by higher revenues and delayed CapEx.

• CAPEX for Q3 2025 was €11.1 million, down €2.6 million year-over-year due to delayed mandatory upgrades.

Outlook and guidance

• Full-year 2025 revenue growth is expected to be approximately 4% (excluding one-time effects), with mid-term CAGR guidance of 3–5%.

• Annual CAPEX expected at ~20% of revenues, with most CapEx in Q4.

• Focus remains on deleveraging, with leverage targeted to decrease to ~5x from 5.8x currently.

• No dividend commitment in the near term to prioritize debt reduction.