Digi Communications (DIGI) Q2 2026 earnings summary

Executive summary

• H1 2026 revenues reached EUR 1.2 billion, up 10% year-over-year, with Q2 revenues at EUR 608 million, up 11% YoY, driven by strong RGU growth of 14% to nearly 34 million units, especially in Spain and Romania.

• Adjusted EBITDA for H1 2026 was EUR 330.4 million, up 19% YoY; Q2 adjusted EBITDA was EUR 169 million, up 23% YoY.

• Spain remains the fastest-growing market, highlighted by a successful IPO in July 2026, raising up to EUR 287 million and valuing the unit at EUR 1.7 billion.

• Net loss for Q2 2026 was EUR 31.4 million, mainly due to higher finance costs and FX losses.

Financial highlights

• Q2 2026 revenues were EUR 608 million (+11% YoY); H1 2026 revenues were EUR 1.2 billion (+10% YoY).

• Q2 2026 adjusted EBITDA was EUR 169 million (+23% YoY); H1 2026 adjusted EBITDA was EUR 330 million (+19% YoY).

• CapEx for H1 2026 was EUR 347 million, down over 10% YoY; Q2 CapEx was EUR 135 million.

• Gross debt at June 2026 was EUR 2.1 billion; pro forma net debt post-IPO at EUR 1.79 billion, with leverage ratio at 2.79x.

• Cash and cash equivalents at period end: EUR 41.4 million.

Outlook and guidance

• Group EBITDA expected to grow 12–20% for 2026, driven by Spain and improvements in Romania and Portugal.

• Spain guidance reconfirmed for revenues, EBITDA margin, and CapEx; midterm EBITDA margin target above 30%.

• Continued focus on expanding SMART footprint in Spain and improving profitability in Portugal.

• Management expects continued growth in core markets, supported by network expansion and new service offerings.

• Liquidity expected to remain sufficient, with flexibility in CapEx policy.