Earnings release
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21.07.2026 EuroTeleSites Reports Strong Q2/2026 Results with Growth Across Key Financial and Operating Metrics Revenue grew by 8.4% YoY to 75.9 mEUR; excluding a non-recurring revenue contribution of approximately 2.4 mEUR, underlying growth remained solid at 5.0% (+3.5 mEUR) Third-Party revenue increased by 32.5% YoY Adjusted EBITDAaL increased by 5.6% YoY (+2.2 mEUR) to 41.6 mEUR, resulting in an adjusted EBITDAaL margin of 56.6% Onboarding of 104 new tenants on existing and new sites in Q2 (373 YoY) CAPEX at 11.4 mEUR, including mandatory upgrades, maintenance and rollout investments CEE remains a highly diverse region, with varying economic, political and inflationary developments. Growth is primarily driven by foreign investment, EU integration, tourism and industrial expansion, while geopolitical uncertainties continue to create challenges. The telecom sector remains resilient, supported by 5G and fiber expansion, growing data demand, digitalization, AI adoption, and continued network densification. Data traffic across Central and Eastern Europe continued to grow strongly in HY/2026, driven by increasing digitalization and AI adoption, reinforcing demand for 5G, fiber and network capacity. Industry analysts expect this upward trend to continue for the foreseeable future as digitalization accelerates across both consumer and enterprise segments. (Source: GSMA Intelligence, July 2026)
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Market Highlights “I am pleased to report that our third-party revenue grew by 32.5% YoY, while we continue to execute a significant volume of projects scheduled for delivery this and next year. A large share of these projects is in Austria and supports our Anchor Tenant in fulfilling the 5G coverage obligations in the white-zone areas. While these deployments may temporarily limit short-term tenancy growth, they create attractive long-term opportunities for additional co-location and revenue expansion. Across our CEE footprint, we operate in markets that are still in the early stages of digital infrastructure expansion, offering substantial untapped potential. This creates a significant growth opportunity for us as a tower infrastructure provider. 2026 is a particularly important year, marked by the rollout of a large number of new sites. These investments will further strengthen our market position and support future tenancy growth as network demand continues to increase”, said Ivo Ivanovski, CEO EuroTeleSites. Financials Revenue increased by 8.4% YoY to 75.9 mEUR. Excluding the non-recurring revenue effect of approximately 2.4 mEUR related to the finalization of customer projects, adjusted revenue growth was 5.0%, or 3.5 mEUR. On the whole, Q2 showed a strong performance supported by indexation, third-party tenant growth (+32.5%) and infrastructure expansion. A key indicator of the strength and scalability of our business model is the EBITDAaL margin. It reached a level of 56.6% at the end of Q2. This reflects the true, recurring operating performance of the business, as it accounts for lease-related costs and provides a clearer picture of the underlying profitability and sustainability of the operations. EBITDAaL adjusted is at 41.6 mEUR, attributable to higher revenues and partially offset by higher maintenance and higher leases. CAPEX amounted to 11.4 mEUR and remains on plan, primarily driven by mandatory upgrades in the amount of 6.0 mEUR, maintenance of 1.1 mEUR and rollout of new sites of 4.3 mEUR. Several upgrades were carried out at the anchor tenant’s request, including installations of new multiband antennas and to prepare the sites for future use of third parties. “In Q2/2026 we have delivered solid financial results. The recent rating actions by the rating agencies Moody’s and Fitch reflect their confidence in the strength of our business model, disciplined financial management and consistent execution. Moody’s reaffirmed our investment-grade rating Baa2 and revised its outlook to positive, while Fitch recently upgraded our rating to BBB with a stable outlook”, said Lars Mosdorf, CFO EuroTeleSites.
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EuroTeleSites Outlook 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 approx. 4-5% for the financial year 2026. Positive cash flow will continue to be directed toward deleveraging, in doing so, EuroTeleSites is increasingly benefiting from improved interest rate conditions and the resulting lower financing costs. Furthermore, 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%. In total, the construction of more than 400 new sites is planned. Overall, management reaffirms its strategic course and believes the company is well positioned to achieve its growth and financial targets for 2026. Please find detailed information on the key data and segments at https://eurotelesites.com/investor-relations/ (https://eurotelesites.com/investor- relations/)