Digi Communications (DIGI) CMD 2026 summary

Group strategy and business model

• Focus on providing high-quality, affordable telecom services using cutting-edge technology across five European markets, with a fully integrated, vertically managed model for cost efficiency and agility; 90% of operations are in-house for tight control and scalability.

• Organic growth is prioritized, with 95% of expansion achieved internally, complemented by selective M&A and strategic partnerships (e.g., Nowo in Portugal, SOTA, DIGI Andalucía) to accelerate market entry and FTTH rollout while retaining owner-like economics.

• Customer-centric approach with simple, transparent pricing, no forced bundling, automatic price improvements for all customers, and minimal fine print, supporting high customer satisfaction and loyalty.

• Value-for-money strategy with stable pricing, no backbook risk, and no planned price increases for 2026.

• Targets continued market share gains in both fixed broadband and mobile, supported by a robust omnichannel go-to-market strategy and leading brand awareness.

Technology and network deployment

• Extensive fiber and mobile network rollouts in Romania (95% household coverage, 9.1 million homes passed) and Spain (13.7 million homes passed, 93% XGS-PON penetration), targeting 21 million homes by 2030.

• Spain transitioned to MNO in 2025, securing 60MHz spectrum and a 16-year RAN and spectrum sharing agreement with Telefónica, aiming for 10,000 macro sites by 2033.

• Owner-like economics achieved through network ownership, co-ownership, and long-term access agreements, with O&M retained in-house for quality and cost control.

• Technology stack and OSS/BSS are developed internally, enabling rapid service launches and operational flexibility.

• Expands through strategic partnerships to accelerate FTTH rollout while maintaining operational control.

Financial performance and guidance

• Group sales reached EUR 2.2 billion with nearly EUR 600 million EBITDA and 32 million RGUs as of 2025.

• Spain delivered EUR 929 million revenue in 2025, expected to surpass EUR 1 billion in 2026, with adjusted EBITDA margin at 19% in 2025 and guidance in the low 20s for 2026, targeting above 30% midterm.

• FTTH gross margin reached 53% and mobile gross margin 32% in Q4 2025, reflecting strong owner economics and operating leverage.

• CapEx intensity is declining in Romania, freeing cash for expansion in Portugal, Italy, and Belgium; Spain’s CapEx is front-loaded for network buildout, expected to decline to EUR 250 million annually post-2028, with recurring CapEx at ~€400m in 2026.

• Spain’s leverage stands at 2.8x net debt/EBITDA, with plans to deleverage organically and potentially accelerate via IPO or SOTA proceeds, targeting 1.5x midterm.