Digi Communications (DIGI) Q2 2026 earnings summary

Executive summary

• H1 2026 revenues reached EUR 1.2 billion, up 10% year-over-year, with Q2 revenues at EUR 608 million, up 11% YoY, driven by strong RGU growth of 14% to 33.9 million units, especially in Spain and Romania.

• Adjusted EBITDA for H1 2026 was EUR 330.4 million, up 19% YoY; Q2 adjusted EBITDA was EUR 169–170 million, up 21–23% YoY, with margins improving.

• Spain remains the fastest-growing market, highlighted by a successful IPO in July 2026, raising up to EUR 287 million and valuing the unit at EUR 1.7 billion, with the parent retaining 80% ownership.

• Romania became the number one mobile operator by active SIMs, with mobile RGUs at 8.4 million and pay TV at 6.1 million.

• Q2 2026 ended with a net loss of EUR 31.4 million, mainly due to higher finance costs and FX losses.

Financial highlights

• Q2 2026 revenues were EUR 608–612.8 million, up 9–11.1% YoY; H1 2026 revenues were EUR 1.19–1.2 billion, up 10–10.6% YoY.

• Adjusted EBITDA (ex-operating leases) for Q2 2026 was EUR 169–170 million, up 23% YoY; H1 2026 adjusted EBITDA was EUR 330–330.4 million, up 19% YoY.

• Group CAPEX for H1 2026 was EUR 347 million, down over 10% YoY; Q2 2026 CAPEX was EUR 135–191 million.

• Net debt as of June 2026 was EUR 2.05 billion; pro forma net debt post-IPO proceeds is EUR 1.79 billion, reducing leverage ratios.

• Q2 2026 group adjusted EBITDA margin (ex-operating leases) was 28–33.4%.

Outlook and guidance

• Group EBITDA growth for 2026 expected in the 12–20% range, driven by Spain and improvements in Romania and Portugal.

• CapEx for 2026 expected to be managed closer to EUR 720 million.

• Spain reconfirms guidance for revenues, EBITDA margin, and CapEx additions for 2026.

• Management expects continued growth in core markets, supported by network expansion and new service offerings.

• Liquidity is expected to remain sufficient, with flexibility in capital expenditure policy.