EuroTeleSites
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EuroTeleSites (ETS) investor relations material

EuroTeleSites Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved 3.7% year-over-year revenue growth in FY 2025, driven by contractual inflation adjustments, portfolio expansion, and onboarding of 155 new third-party tenants, with 255 new sites rolled out and 14 sites acquired in North Macedonia.

  • Third-party organic revenue increased 18% year-over-year, with total third-party revenue up 10.4%.

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

  • Recognized as a reliable tower company, expanding anchor tenant base and serving three additional anchor tenants in new countries.

  • EBITDA margin remained robust at 85.9% in Q2 2024, reflecting strong operational efficiency.

Financial highlights

  • FY 2025 revenue reached €280.2 million, up from €270.2 million in FY 2024, with organic growth at 5.3% excluding one-time effects.

  • EBITDA after leases (EBITDAaL) rose 6.6% to €161.3 million, while reported EBITDA for FY 2025 was €239.3 million.

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

  • CAPEX for FY 2025 was €52.9 million, representing 18.9% of revenue.

  • Cash flow from operations minus CAPEX paid reached €171.5 million.

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, with no dividend planned until leverage target is met.

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

Which country drives tenancy ratio growth most?
CAPEX efficiency vs. EBITDAAL growth trend
Why is operating cash flow much higher than net result?
When do you project reaching 5x leverage target?
Strategy for attracting new anchor tenants beyond A1?
How will digitalization impact future OPEX?
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Frequently asked questions

EuroTeleSites AG is an Austrian company recognized as a leading provider of telecommunications infrastructure and solutions across Central and Eastern Europe. The company specializes in building and maintaining the region's digital infrastructure, which includes over 13,000 communications sites. These sites support a diverse clientele ranging from mobile network operators to internet service providers, as well as enterprises and government agencies. The company is headquartered in Vienna, Austria, and its shares are listed on the Vienna Stock Exchange.

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