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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.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.
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