• +3.7% YoY revenue growth resulted in 280.2 mEUR revenue
  +5.3% YoY revenue growth excluding the one-time effects in 2024
• Third-party revenue growth came in with +10.4%; without one-time effect +17.7%
• EBITDA at 239.3 mEUR with EBITDA margin at 85.4%
• EBITDAaL at 161.3 mEUR with EBITDAaL margin at 57.6%
• 255 sites built lead to 183 net adds and 13.820 total sites
• Onboarding of 338 total tenants, thereof 155 third-party tenants
• CAPEX at 52.9 mEUR with a higher spending for rollout activities
• Implementation of HiBob as new HR platform

In 2025, Europe’s telecom and tower infrastructure sector benefited from stable but still challenging macroeconomic conditions, improving investment sentiment, and accelerating digitalization in CEE markets. Telecom operators were supported by ongoing 5G and fiber rollouts and renewed policy focuses on sustainable network investment. The tower sector continued to expand as operators divested passive assets and independent TowerCos scaled neutral-host portfolios, driven by 5G densification and multi-tenant economics.

Market Highlights

“We delivered very strong organic revenue growth, supported by disciplined and efficient execution of higher volume of new sites and anchor tenants, as our Built-to-suit program continues to scale across multiple countries. Double-digit revenue growth from third parties and the continued improvement in tenancy ratio represent important milestones in our progress”, says Ivo Ivanovski, CEO EuroTeleSites. A significant milestone this year has been the successful launch of several systems, including HiBob, Sitetracker and Farseer. These new solutions are more suitable for the company´s needs, far more user‑friendly, and already contributing to better efficiency and transparency across the organization.

EuroTeleSites has also taken an important strategic step by starting to build towers for other mobile network operators, with three sites already completed. This new stream of activity highlights its technical competence and strengthens its position in the market.

Financials

EuroTeleSites delivered annual revenue of 280.2 mEUR, +3.7% YoY in 2025, +5.3% YoY revenue growth excluding the one-time effects in 2024, reflecting continued growth across all operating markets. Annual inflation-linked indexation complemented by the expansion of the sites and steady third-party tenancy demand were the drivers of top-line development.

The tenancy ratio improved from 1.24x to 1.25x, highlighting efficient utilization of the company’s high-quality infrastructure portfolio. This increase in utilization was primarily driven by the onboarding of 155 new third-party tenants on existing and new sites.

EBITDA margin remained at a structurally high level of 85.4%, underscoring the company’s operational efficiency and resilient recurring-revenue model.

The EBITDAaL margin ended the year at 57.6%, supported by disciplined cost management. Landlord leasing costs remained the company’s largest expense category, underscoring the importance of continuous operational efficiency measures.

CAPEX for 2025 amounted to 52.9 mEUR, representing 18.9% of annual revenue, and remained aligned with the strategic priorities of network expansion, modernization and 5G-enablement. The CAPEX split was: 51.5% for mandatory upgrades, 38.9% for new site rollouts and 9.6% for maintenance.

EuroTeleSites 2025 financial performance reflects the strong market positioning, stable tenant relationships, and ability to consistently deliver reliable infrastructure supporting the digital transformation of Central and Eastern Europe. As announced, the net income generated in 2025 was used to further reduce financial debt.

“In 2025, we generated 280.2 mEUR revenue - an increase of +3.7% from last year and a strong result that underlines the continued momentum of our business. This performance enabled us to reduce debt by 33.9 mEUR, keeping us firmly on track to achieve our mid-term leverage target of 5x. I am very pleased that, despite the challenges, we can look back on a solid financial performance. Fitch’s decision to upgrade our outlook underscores the strength of our strategy and the confidence in our reliable work”, says Lars Mosdorf, CFO of EuroTeleSites.

Outlook
Overall, the financial and operational achievements of this year give confidence. EuroTeleSites is well‑positioned and looks to the future with optimism. The management will continue to carefully allocate CAPEX investments, ensuring that every Euro supports sustainable growth. AI initiatives - most recently in the contract management and HR areas - are another key enabler, providing smarter, more efficient and more productive ways of working.

EuroTeleSites Outlook for Full-Year 2026
In 2026, EuroTeleSites will remain focused on the core activities: leasing passive infrastructure, executing mandatory upgrades, expanding its tower portfolio, and integrating additional third-party tenants to further strengthen the tenancy ratio. Growth will continue to be supported by the ongoing rollout of 5G across all markets and rising data consumption, with lease contracts adjusted annually for inflation.

Management expects revenue growth of approximately 4-5% for the financial year 2026. Positive cash flow will continue to be directed toward deleveraging, supported by a more favorable interest rate environment. EuroTeleSites continues to expand its infrastructure to further increase 5G coverage, particularly in Austria. The initiative includes a larger than usual construction program for the following years, providing additional towers for the anchor tenant and improving connectivity for end customers. As a result, the CAPEX-to-revenue ratio is expected to be around 25%. The increase also includes a partial shift of investments from 2025 to 2026. In total, the construction of more than 400 new sites is planned.

Please find detailed information on the key data and segments at https://eurotelesites.com/investor-relations/ .

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