EuroTeleSites (ETS) Q4 2025 earnings summary

Executive summary

• Achieved organic revenue growth of 5.3% year-over-year, with total revenue up 3.7% to EUR 280.2 million in FY 2025, driven by contractual inflation adjustments, portfolio expansion, and onboarding of third-party tenants.

• Third-party organic revenue increased 18%, with third-party revenue up 10.4% year-over-year, reflecting strong demand from external tenants.

• Rolled out 255 new sites, with 183 net adds after relocations and dismantling, and attracted 155 new third-party tenants.

• Expanded anchor tenant base, now serving three additional anchor tenants in new countries, and acquired 14 sites in North Macedonia.

• Ongoing 5G rollout in Central and Eastern Europe supported market growth, with Serbia completing its 5G spectrum auction.

Financial highlights

• Revenue increased from EUR 270.2 million in 2024 to EUR 280.2 million in 2025, a 3.7% rise including one-time effects, and 5.3% excluding them.

• Third-party revenue grew 10.4% (reported) and 17.7% (excluding one-time effects).

• EBITDA after leases (EBITDAaL) rose 6.6% to EUR 161.3 million; EBITDA for FY 2025 was EUR 239.3 million.

• Net result for FY 2025 was EUR 33.4 million, compared to EUR 29.7 million in FY 2024.

• Capex was EUR 53 million, representing 19% of revenue.

Outlook and guidance

• 2026 revenue growth expected at 4%-5%, with CAPEX targeted at 25% of revenue due to a special project in Austria involving 400 macro sites over two years.

• Mid-term guidance targets 4–5% CAGR revenue growth and maintaining high margins.

• Continued focus on deleveraging, targeting a midterm leverage of 5x EBITDA.

• Annual net results to be used for debt reduction; dividend policy to be revisited after reaching leverage target.

• Continued focus on digitalization, innovation, and maintaining investment grade ratings.