CHINA TOWER (788) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 was RMB25,146 million, a 1.5% increase year-over-year.

• Profit attributable to owners rose 31.8% year-over-year to RMB3,985 million.

• Business performance was steady, with growth in Smart Tower and Energy segments.

• Number of tower sites reached 2.16 million, with 3.872 million tower tenants as of March 31, 2026.

Financial highlights

• TSP business revenue was RMB21,089 million, down 0.6% year-over-year.

• Tower business revenue declined 1.7% to RMB18,560 million; DAS business grew 7.8% to RMB2,529 million.

• Smart Tower business revenue increased 14.3% to RMB2,643 million; Energy business up 14.1% to RMB1,307 million.

• EBITDA was RMB15,366 million, with an EBITDA margin of 61.1%.

• Profit before taxation rose 32.2% year-over-year to RMB5,297 million.

Outlook and guidance

• Focus remains on high-quality development and strengthening core competitiveness.

• Plans to leverage 5G-A expansion, broadband coverage, and smart city initiatives.

• Intends to expand into new business areas such as low-altitude economy, edge computing, and green energy storage.