EuroTeleSites (ETS) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a 7.1% year-over-year revenue increase to €72.5 million, with robust EBITDA growth driven by contractual indexation, third-party tenant expansion, and infrastructure development.

• EBITDA after leases rose 10.6% year-over-year to €44.5 million, while EBITDA reached €64.3 million with an 88.7% margin.

• 42 new sites were built and 40 new third-party tenants onboarded in Q1 2026, bringing the total to 13,837 sites and 3,475 third-party tenants.

• Stable operational performance and cash flows across six markets, supported by 5G densification and resilient telco environment.

• A new agreement with Point One, a non-MNO, was signed to expand the tenant base and reflect demand for advanced technologies.

Financial highlights

• Revenue reached €72.5 million in Q1 2026, up from €67.7 million in Q1 2025, with 7.1% year-over-year growth.

• EBITDA rose to €64.3 million, with EBITDA after leases (EBITDAaL) at €44.5 million and a margin of 61.4%.

• Net income increased to €11.3 million from €9.2 million in Q1 2025.

• CapEx totaled €8.2 million, mainly for mandatory upgrades and network expansion, with €3 million allocated to growth CapEx.

• Cash flow improved due to higher revenues and lower CapEx in Q1.

Outlook and guidance

• Full-year 2026 guidance targets 4–5% revenue growth and a CapEx-to-revenue ratio of approximately 25%, with a focus on deleveraging.

• Indexation for 2026 expected at 2.17% at group level.

• EBITDA after leases margin expected to remain structurally similar to last year’s 57%.

• Over 400 new sites planned for construction, with continued investment in 5G infrastructure.

• No dividend commitment in the near term to achieve leverage of ~5x.