Digi Communications
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Digi Communications (DIGI) investor relations material

Digi Communications Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Group revenues grew 15% year-over-year, reaching €2,221 million, driven by strong RGU growth in Spain and Romania, with Spain contributing over €926 million and customer growth at 28%.

  • Total RGUs rose 15.4% to 32.1 million, with Spain and Romania leading gains.

  • EBITDA reached €585 million, nearly flat year-over-year due to launch costs in Portugal and Belgium, while adjusted EBITDA rose to €708.9 million.

  • First full year of operations in Portugal and Belgium, with Portugal incurring significant start-up losses.

  • Announced a share split/bonus share issue to increase shares up to 300 million, aiming to improve liquidity and maintain proportional ownership.

Financial highlights

  • Spain revenues grew 18% year-over-year to €926.9 million; Romania revenues up 7% to €1,193.7 million.

  • Adjusted EBITDA margin (excluding IFRS 16) was 26% for the group; adjusted EBITDA reached €708.9 million (31.2% margin).

  • CapEx for 2025 was €798 million, down over 10% from the prior year.

  • Group leverage increased to 3.19x, with net debt at €1,872.1 million.

  • Operating expenses grew 21.8% year-over-year to €1,711.0 million, mainly due to network expansion and customer growth in Spain and Portugal.

Outlook and guidance

  • 2026 CapEx expected to decline by another 10%, targeting €700–€750 million.

  • Group EBITDA projected to grow at least 10% in 2026.

  • Spain revenue guidance for 2026: €1.04–€1.085 billion, with mid-term top-line growth in low teens CAGR.

  • Spain's adjusted EBITDA margin expected to exceed 30% mid-term, with further improvement beyond.

  • Proposal to issue up to two new shares for each existing share, increasing total shares up to 300 million to support liquidity.

What drove the 131% increase in net finance costs?
Address the decline in Adjusted EBITDA margin.
Update on Belgium JV strategy and performance.
Spain's CapEx funding for network ownership
Portugal: How to achieve EBITDA breakeven?
Belgium: Impact of structural barriers on group
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Frequently asked questions

Digi Communications N.V. is a telecommunications company that operates primarily in Romania and Hungary. The company provides a wide array of services, including cable television, fixed internet, mobile telephony, and fixed-line telephony. Digi Communications serves both residential and business customers, offering comprehensive packages that integrate its various services. The company is known for its focus on delivering reliable and high-speed connectivity, leveraging advanced technologies to enhance user experience. The company is headquartered in Bucharest, Romania, and its shares are listed on the Bucharest Stock Exchange.

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