DIGI Spain Telecom (DIGIS) Investor presentation summary

Key investment highlights

• Achieved 20% revenue CAGR (2023-25A) and consistent double-digit growth, leading the Spanish market in net adds for both fixed broadband and mobile since Q4 2021.

• Holds #3 position in fixed broadband (14% market share) and #4 in mobile (12% market share) as of Q1 2026.

• Maintains the highest Net Promoter Score in Spain since 2022, reflecting strong customer satisfaction.

• Vertically integrated model with 90% of operations managed in-house, resulting in significant cost advantages and operational control.

• Consistently offers the lowest prices in the market, with a transparent, loyalty-rewarding approach and no backbook risk.

Operational excellence and network strategy

• Owns and operates a state-of-the-art FTTH network, with 14.2m BUPs built and a target of ~21m by 2030, focusing on urban and semi-urban areas.

• Achieved >25% penetration in early FTTH cohorts, with rapid ramp-up in newer deployments.

• Strategic partnerships (SOTA, DIGI Andalucia) provide long-term access to additional network capacity and competitive economics.

• Transitioned to MNO status in 2025, acquiring 60MHz of spectrum and entering a 16-year RAN and spectrum sharing agreement with Telefónica, ensuring high-quality mobile coverage and cost visibility.

• 95% of the SMART footprint uses XGS-PON technology, supporting ultra-fast broadband and future-proofing the network.

Financial performance and outlook

• 2025A revenue reached €929m, with Q1-26A annualized revenue at €1bn+ and annualized EBITDA of €202m (20% margin).

• FTTH gross margin at 55% and mobile gross margin at 31% in Q1-26A, reflecting strong owner economics and operating leverage.

• Recurring capex remains below 10% of revenue, with efficient capital structure and deleveraging supported by SOTA proceeds.

• Net principal debt (ex-operating leases and spectrum) at €564m in Q1 2026, with leverage expected to trend toward 1.5x post-IPO.

• 2026 guidance: revenue €1,040-1,085m, low 20s% EBITDA margin, recurring capex ~€400m, and continued margin improvement as network matures.