Digi Communications (DIGI) Q4 2025 earnings summary

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.