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Digi Communications (DIGI) investor relations material
Digi Communications Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenues for the nine months to September 30, 2025, rose 16.2% year-over-year to €1,643 million, driven by strong growth in Spain and Romania, with Portugal and Belgium contributing new RGUs.
Group RGUs increased 16.9% year-over-year to 30.7 million, with 4.4 million net additions, mainly organic from Spain and Romania.
Adjusted EBITDA for the nine months was €527 million (IFRS 16), with Q3 Adjusted EBITDA at €188.2 million and a margin of 33%.
Spain highlighted as the fastest-growing market, with mobile RGUs up 24.9% year-over-year and significant operational improvements.
Recent acquisitions include Telekom Romania Mobile assets for €40 million and a debt-to-equity conversion in Belgium.
Financial highlights
Q3 2025 revenues: €560.9 million (up 14.3% YoY); Q3 CapEx: €166 million, supporting investments in Spain, Romania, and Portugal.
Group CapEx for 2024: €885 million; expected to decline by €80-100 million in 2025.
Spain Q3 sales: €235.9 million; Romania: €298.8 million; Portugal: €17.6 million; Italy: €8.6 million.
Group net debt as of September 30, 2025: €1,713.97 million; leverage at 2.95x net basis.
Net profit for Q3 2025: €16.7 million, down from €341.2 million in Q3 2024 due to lower other income and higher expenses.
Outlook and guidance
CapEx expected to decrease to €750-800 million in 2026, with Spain's CapEx stable at €350-400 million per year.
Group EBITDA for 2025 expected near €600 million, with 10-20% improvement in 2026, mainly from Spain.
Spain's EBITDA margin targeted at 23-24% in 2026, aiming for 30% long-term.
Exploring an IPO for a minority stake in Spain to support capital expenditure and long-term financing.
Continued focus on growth in core (Romania, Spain) and new markets (Portugal, Belgium), with Spain transitioning to an MNO model.
Clarify Q3 2025 profit trend given 2024 one-offs
Elaborate on 9M 2024 asset sale and future strategy
Spanish IPO: purpose and expected capital impact?
Spain's independent capital market access plans
Spain MNO economics model's EBITDA impact
Belgium operations: Why no consolidation
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Next Digi Communications earnings date
Q4 202527 Feb, 2026
Next Digi Communications earnings date
Q4 202527 Feb, 2026
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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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