DIGI Spain Telecom (DIGIS) H2 2025 earnings summary

Executive summary

• Achieved record growth in 2025, with revenue up 18.8% to €929.2M and adjusted EBITDA ex-operating leases up 15% to €175M, driven by strong expansion in mobile and fixed broadband customers and continued investment in network infrastructure.

• Transitioned from MVNO to MNO, launching own mobile network after acquiring spectrum licenses and entering long-term agreements with Telefónica, supporting future scalability and cost efficiency.

• Workforce grew to over 11,000, with a focus on direct employment, diversity, and comprehensive employee benefits, including a new collective bargaining agreement and enhanced training and safety programs.

Financial highlights

• Revenue increased 18.8% year-over-year to €929.2M; mobile revenues €532.6M (+10.4%), fixed broadband €367.1M (+27.4%).

• Adjusted EBITDA ex-operating leases reached €175.3M (margin 18.9%), up from €151.7M in 2024.

• Net profit for the year was €14M, down from €304.9M in 2024, mainly due to lower non-core gains from the SOTA transaction.

• Operating cash flow was €228.8M, supporting €341.4M in net cash capex.

• Total net principal debt ex-operating leases and spectrum long-term debt was €498M, with a leverage ratio of 2.8x adjusted EBITDA ex-operating leases.

Outlook and guidance

• Management expects continued growth in turnover and profitability, with ongoing investments in network expansion and service quality.

• Sufficient liquidity and positive operating cash flows projected to fund working capital and capex needs for at least 12 months.

• Exploring an IPO of a minority stake to support future capital expenditure and long-term value creation.