Digi Communications (DIGI) Q2 2025 earnings summary

Executive summary

• Revenues for the first half of 2025 rose 21% year-over-year to €1.113 billion, driven by strong customer growth in Spain and Romania.

• Group RGUs increased 17% year-over-year to nearly 30 million, with Spain and Romania as key contributors.

• Regulatory approval for Digi and Vodafone's acquisition of Telekom Romania Mobile assets is pending final steps.

• Corporate restructuring in Belgium consolidated operations under Digi Communications Belgium, enabling financial consolidation from Q2.

• Growth supported by network expansion and new launches in Portugal and Belgium.

Financial highlights

• Q2 2025 revenues reached €560 million, up 18% year-over-year; H1 2025 revenues totaled €1.113 billion.

• Q2 2025 adjusted EBITDA was €168.1 million, with a margin of 31%, nearly flat year-over-year.

• Q2 2025 net profit was €1.6 million, down from €28.8 million in Q2 2024, due to higher operating and finance costs.

• Q2 2025 CapEx was €226 million; H1 2025 CapEx totaled €395 million.

• Net debt stood at €1.58 billion, with leverage at 2.7–2.8x as of June 30, 2025.

Outlook and guidance

• Full-year 2025 CapEx guidance raised to €800–820 million, reflecting Belgium consolidation and Telekom Romania Mobile acquisition.

• EBITDA for 2025 expected to slightly increase versus 2024, with further growth anticipated.

• Spain expected to remain the primary growth engine, benefiting from transition to MNO model and €25–30 million EBITDA uplift in H2.

• Portugal targeted to reach break-even in 2–3 years; Belgium expected to post negative EBITDA of €10–20 million in H2 2025.

• Romania will focus on improving mobile network performance and customer experience.