Slides
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette FY & Q4/2025 Results Presentation 10 February 2026
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 2 This presentation contains forward-looking statements. These forward-looking statements are usually accompanied by words such as 'believe', 'intend', 'anticipate', 'plan', 'expect' and similar expressions. Actual events may differ materially from those anticipated in these forward-looking statements as a result of a number of factors. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Neither EuroTeleSites AG nor any other person accepts any liability for any such forward-looking statements. EuroTeleSites AG will not update these forward-looking statements, whether due to changed factual circumstances, changes in assumptions or expectations. Alternative performance measures are used to describe the operational performance. Please therefore refer to the Databook, which is available on EuroTeleSites homepage. This presentation was created with care and all data has been checked diligently. Nevertheless, the possibility of layout and printing errors cannot be excluded. The use of automated calculation systems may give rise to rounding differences. This presentation does not constitute a recommendation or invitation to purchase or sell securities of EuroTeleSites AG. Cautionary Statement
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 3 +3.7% revenue growth vs. FY 2024 driven by ▪ Contractual inflation adjustments effective from 1 April 2025 ▪ Portfolio expansion and continued onboarding of third-party tenants +10.4% third-party revenue growth CAPEX at 52.9 mEUR, with a higher focus on rollout activities ▪ Construction of 255 new sites ▪ CAPEX represents approximately 18.9% of revenue, fully aligned with the network modernization and expansion strategy Tenants ▪ 338 new tenants added in 2025, with 155 third-party tenants Market Environment ▪ Ongoing 5G rollout in Central and Eastern Europe (CEE), including Serbia’s completed 5G spectrum auction ▪ Inflation estimates in operating CEE markets during 2025 ranged between 2.4% and 4.4% (Trading Economics January 2026) Balance Sheet and Refinancing ▪ Leverage ratio improved to 5.5x, supported by positive business development and disciplined deleveraging Asset Acquisition ▪ EuroTeleSites expanded its portfolio with the successful acquisition of 14 sites in North Macedonia Management Summary FY 2025
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 4 Recap: Guidance for 2025 and Mid-term CAGR: Compound Annual Growth Rate | * Base: excluding one-time effects of 4 mEUR (full year 2024). OPERATIONAL GUIDANCE 2025 FINANCIAL GUIDANCE 2025 FINANCIAL GUIDANCE MID-TERM Increase third-party revenues Revenue growth of ~4%*, as revenue growth 2024 was > 8% Revenue growth 3-5% CAGR, as revenue growth 2024 was > 8% ~200 net increase of Macro Sites CAPEX ~20% of revenues Keep high levels of margins Continue developing ESG strategy Annual result = debt reduction Keep annual average CAPEX of approximately ~20% of revenues Asset management software implemented in May Maintaining investment grade ratings from Moody’s & Fitch No dividend commitment in near future to reach leverage ~5x
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette FINANCIAL KPIs 2025 OPERATIONAL ACHIEVEMENTS 2025 13,820 + 183 net add Macro sites FINANCIAL KPIs 2024 OPERATIONAL ACHIEVEMENTS 2024 Debt reduction: 33.9 mEUR 1.25x Tenancy ratio blended 52.9 mEUR CAPEX 18.9% Capex/Revenue ratio 270.2 mEUR Revenue Debt reduction: 28.9 mEUR 6.2x Leverage 55.2 mEUR CAPEX 20.4% Capex/Revenue ratio EuroTeleSites Fulfilled the Foreseen Targets for 2025 3,435 +155 net adds Third-party tenants 13,637 Macro sites 1.24x Tenancy ratio blended 3,280 Third-party tenants 280.2 mEUR +3.7% YoY +5.3% YoY w/o one-time Revenue 5.5x Leverage
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 6 EBITDAaL mEUR Cash Flow Operations minus CAPEX paid mEUR Lower Leverage Driven by Higher EBITDAaL, CAPEX Shift, Financing Conditions and Outstanding Income Tax Prepayment 270.2 280.2 2024 [audited] 2025 [audited] +3.7% (+10m)+5.3% excluding one time effect Thereof third-parties: +10.4% or +17.7% without one-time effect 153.7 171.5 2024 [audited] 2025 [audited] 6.2x 5.5x 2024 [audited] 2025 [audited] Leverage (Net Debt excluding leases / EBITDAaL) 151.3 161.3 2024 [audited] 2025 [audited] +6.6% (+10m) Revenue mEUR
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 7 255 Sites Built Resulted in 183 Net Adds in 2025. 155 Third-Party Tenants were Onboarded on Existing and New Locations. Anchor Tenant Third-Party 13,637 13,662 13,700 13,739 13,820 31 December 2024 31 March 2025 30 June 2025 30 September 2025 31 December 2025 +183 Number of Sites 16,917 16,966 17,043 17,120 17,255 31 December 2024 31 March 2025 30 June 2025 30 September 2025 31 December 2025 +338 Number of Tenants 69 25 38 39 81 31 December 2024 31 March 2025 30 June 2025 30 September 2025 31 December 2025 Number of Net Adds New Tenants 69 38 39 81 39 39 38 54 31 December 2024 25 24 31 March 2025 30 June 2025 30 September 2025 31 December 2025 108 49 77 77 135 ∑2025: 155 Third-Party Tenants
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 8 Mandatory Upgrades Maintenance Rollout Higher Spending for 2025 Rollout Compared to 2024. Small Part of the CAPEX is Delayed into 2026. 18.9% CAPEX / Revenue 4.3 5.0 Q4 2024 8.0 1.1 3.2 Q1 2025 5.3 1.5 3.5 Q2 2025 5.9 9.9 4.1 Q3 2025 8.1 1.4 9.7 Q4 2025 19.2 12.3 10.3 11.1 19.3 1.1 CAPEX mEUR 5.9 12.3 2024 27.237.0 20.6 2025 55.2 52.9 5.1 CAPEX YTD mEUR 20.4%
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 9 Q4/2025 Group Results According to the databook, all decimal places must always be considered when calculating changes. | *One-time effect: 3 mEUR 71.4* 67.7 70.0 70.5 72.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue mEUR 57.8 59.6 59.6 60.6 60.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITDA mEUR 37.5 40.2 40.2 41.1 40.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITDAaL mEUR 30.9 49.5 46.8 44.5 32.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash Flow Operations minus CAPEX paid mEUR 30.8
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette Guidance
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 11 Guidance for 2026 and Mid-term CAGR: Compound Annual Growth Rate OPERATIONAL GUIDANCE 2026 FINANCIAL GUIDANCE 2026 FINANCIAL GUIDANCE MID-TERM Increase third-party revenue Revenue growth of 4-5% FY25: 280.2 mEUR (+3.7%) Revenue growth of 4-5% CAGR Rollout of more than 400 Macro Sites YE25: 13,820 CAPEX of ~25% of revenues (higher demand & partial shift) Keep high levels of margins Drive innovation for tower of the future Annual net result used for debt reduction Keep annual average of CAPEX / revenue ratio at ~20% Continue process-digitalization including AI-tools Maintaining investment grade ratings from Moody’s & Fitch No dividend commitment in near future to reach leverage ~5x (FY25: 5.5x)
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 12 EuroTeleSites CEO Ivo Ivanovski EuroTeleSites CFO Lars Mosdorf QUESTIONS & ANSWERS CONTACT INVESTOR RELATIONS Moritz Palmi E: Moritz.Palmi@eurotelesites.com M: +43 664 66 39 520
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette Backup
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 14 Profit and Loss Currency: kEUR 12M/2024 (Jan-Dec) 12M/2025 (Jan-Dec) Revenues 270,158 280,153 Cost of service 29,859- 26,639- Selling, general & administrative expenses 11,942- 12,579- Other expenses 1,058- 1,683- Total cost and expenses (∑ lines 34-36) 42,859- 40,901- Earnings before interest, tax, depreciation and amortization EBITDA (∑ lines 33 & 37) 227,299 239,252 Leases (Depreciation of right-of-use assets) 60,712- 63,753- Depreciation and amortization 60,579- 71,017- Operating income – EBIT (∑ lines 38-40) 106,008 104,482 Interest on leases 15,237- 14,212- Interest income 309 464 Interest expense 54,248- 44,214- Other financial result 1,305- 2,885- Foreign currency exchange differences, net 23 111- Financial result (∑ lines 42-46) 70,458- 60,958- Earnings before income tax – EBT (∑ lines 41 & 47) 35,551 43,524 Income tax 5,900- 10,099- Net result (∑ lines 48 & 49) 29,650 33,425
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 15 Balance Sheet Currency: kEUR 31 December 2024 31 December 2025 Current assets Cash and cash equivalents 21,965 43,224 Accounts receivable (net) 8,086 7,730 Receivables due from related parties 35,984 36,135 Income tax receivable - - Other current assets, net 2,421 9,395 Total current assets 68,457 96,484 Non-current assets Property, plant and equipment, net 1,405,908 1,442,669 Right-of-use assets, net 377,318 348,669 Intangibles, net 1,619 2,137 Goodwill 209,076 209,075 Deferred income tax assets - - Other non-current assets, net 1,315 78 Total non-current assets 1,995,236 2,002,629 TOTAL ASSETS 2,063,693 2,099,113 Current liabilities Short-term debt - 255,000 Lease liabilities short-term 55,092 57,322 Accounts payable 50,533 56,266 Accrued liabilities and current provisions 1,184 1,566 Income tax payable 5,825 9,370 Payables due to related parties 13,851 9,622 Total current liabilities 126,485 389,146 Non-current liabilities Long-term debt 965,955 677,066 Lease liabilities long-term 324,672 302,318 Deferred income tax liabilities 224,798 224,537 Other non-current liabilities - - Asset retirement obligation 76,829 89,921 Employee benefits 2,066 2,185 Total non-current liabilities 1,594,320 1,296,026 Stockholders’ equity Common stock 166,125 166,125 Capital reserves 808,550- 808,550- Retained earnings 83,239 157,117 Other comprehensive income (loss) items 902,073 899,249 Equity attributable to equity holders of the parent 342,887 413,941 Non-controlling interests Total stockholders’ equity 342,887 413,941 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 2,063,693 2,099,113 Currency: kEUR 31 December 2024 31 December 2025 Current assets Cash and cash equivalents 21,965 43,224 Accounts receivable (net) 8,086 7,730 Receivables due from related parties 35,984 36,135 Income tax receivable - - Other current assets, net 2,421 9,395 Total current assets 68,457 96,484 Non-current assets Property, plant and equipment, net 1,405,908 1,442,669 Right-of-use assets, net 377,318 348,669 Intangibles, net 1,619 2,137 Goodwill 209,076 209,075 Deferred income tax assets - - Other non-current assets, net 1,315 78 Total non-current assets 1,995,236 2,002,629 TOTAL ASSETS 2,063,693 2,099,113
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#006EBB 0/110/187 #D50017 213/0/23 #003456 0/52/86 #99B8D7 153/184/215 #EDEDED 237/237/237 #DADADA 218/218/218 #C6C6C6 198/198/198 #B2B2B2 178/178/178 Primary Colour Palette Secondary Colour Palette 16 AMX, OeBAG América Móvil, Österreichische Beteiligungs AG Anchor Tenant Major customer of EuroTeleSites Build-to-suit Program Sites characterized by the construction of a new tower for an anchor tenant for which there is a "Built-to-suit" Program CAPEX - Capital Expenditures Total additions to intangible assets + total additional to property plant and equipment (excluding right of use additional according to IFRS 16) EBIT Earnings Before Interest and Tax. EBITD equals the operating income according to IFRS EBITDA Earnings Before Interest, Tax, Depreciation and Amortization. EBIT + Depreciation and Amortization EBITDA Margin EBITDA / Total Revenues EBITDAaL (EBITDA after Leases) EBITDA - depreciation of lease asets and interest expenses pursuant to IFRS16 (EBITDA after Leases) EBITDAaL Margin EBITDAaL / Total Revenues Net debt Debt (long- and short term) + lease liability (long- and short term) - cash and cash equivalents Site / Radio Tower The passive infrastructure on which active equipment is mounted as well as its physical location Greenfield Site Greenfield Sites are towers erected on the ground that are suitable to host active equipment Rooftop Site Rooftop Sites are antenna structures, including steel structures, masts installed on various types of buildings or constructions, typically on the roof and/or roofing pavement Tenancy Ratio Number of tenants divided by the number of locations Third-party tenant Tenants other than the anchor tenant Glossary