EuroTeleSites (ETS) Q4 2025 earnings summary

Executive summary

• Achieved 3.7% year-over-year revenue growth in FY 2025, driven by contractual inflation adjustments, portfolio expansion, and onboarding of 155 new third-party tenants, with 255 new sites rolled out and 14 sites acquired in North Macedonia.

• Third-party organic revenue increased 18% year-over-year, with total third-party revenue up 10.4%.

• Ongoing 5G rollout in Central and Eastern Europe supported market growth, with Serbia completing its 5G spectrum auction.

• Recognized as a reliable tower company, expanding anchor tenant base and serving three additional anchor tenants in new countries.

• EBITDA margin remained robust at 85.9% in Q2 2024, reflecting strong operational efficiency.

Financial highlights

• FY 2025 revenue reached €280.2 million, up from €270.2 million in FY 2024, with organic growth at 5.3% excluding one-time effects.

• EBITDA after leases (EBITDAaL) rose 6.6% to €161.3 million, while reported EBITDA for FY 2025 was €239.3 million.

• Net result for FY 2025 was €33.4 million, compared to €29.7 million in FY 2024.

• CAPEX for FY 2025 was €52.9 million, representing 18.9% of revenue.

• Cash flow from operations minus CAPEX paid reached €171.5 million.

Outlook and guidance

• 2026 revenue growth expected at 4–5%, with CAPEX targeted at 25% of revenue due to a special project in Austria involving 400 macro sites over two years.

• Mid-term guidance targets 4–5% CAGR revenue growth and maintaining high margins.

• Continued focus on deleveraging, targeting a midterm leverage of 5x EBITDA, with no dividend planned until leverage target is met.

• Annual net results to be used for debt reduction; dividend policy to be revisited after reaching leverage target.