Tele Columbus (TC1) Q4 2025 earnings summary

Executive summary

• Achieved 5.7% year-on-year growth in internet customers, outperforming competitors facing declines, while the overall customer base declined 3.7% due to regulatory changes affecting TV billing.

• Q4 2025 revenue rose 3.7% year-on-year to €105 million, driven by strong internet and B2B segments; full-year revenue remained stable at €422.7 million, down 0.8% year-on-year.

• EBITDA fell to €128.1 million (down from €138.5 million), with margin dropping to 30.3% due to higher non-capitalizable expenses and restructuring costs.

• Net loss widened to €1,111.3 million, driven by a €793.2 million goodwill impairment and increased interest expenses.

• Management focused on operational efficiency, capital discipline, and profitable growth.

Financial highlights

• Q4 2025 revenue: €105 million (+3.7% YoY); full-year revenue: €422.7 million (-0.8% YoY); internet and telephony: €60 million; TV: €27 million; B2B: €12.6 million.

• Normalized EBITDA for Q4 2025 down 9.7% year-on-year; full-year EBITDA: €128.1 million (margin 30.3%).

• CapEx (excluding leasing) dropped by nearly 70% year-on-year to €21.2 million in Q4 2025; full-year CapEx ex. leases: €122.7 million (-42.7% YoY); total CapEx: €173.9 million.

• Operational cash flow declined 33% year-on-year to €122.3 million; year-end cash position: €72.1 million.

• Goodwill impairment of €793.2 million recognized in 2025, non-cash effect.

Outlook and guidance

• No formal 2026 guidance due to ongoing refinancing and balance sheet optimization; revenue expected to stabilize, with internet and telephony growth offsetting TV declines.

• Management expects low double-digit million EBITDA growth for 2026, assuming no asset deconsolidation and lower non-recurring expenses.

• CapEx expected to decline further in 2026, mainly from CPE and IT CapEx reductions, with focus on FTTH and HFC network expansion.

• Sale of a non-core investment in 2026 will reduce revenue by a mid two-digit million amount.