Revenue Growth
FY2025 revenues increased by 4% year‑on‑year, with 2026 guidance reiterating revenues in the range of EUR 1.050bn to EUR 1.09bn.
EBITDA Growth and Margin Expansion
EBITDA rose by 4.8% in FY2025; EBITDA margin improved by 0.5 percentage points to 73%. 2026 target includes EBITDA margin of ~90% (EBITDA after leases above 72%).
Strong Cash Generation and Dividend
Recurring free cash flow was up 2% to EUR 634 million in FY2025. Dividend per share confirmed at EUR 0.55 (implying an attractive ~7.7% yield at current levels) and guidance targets DPS at least in line with 2025.
Asset Base Expansion and Industrial KPIs
Built ~800 new sites in FY2025 bringing the total to ~26,000; added ~2,800 new PoPs; tenancy ratio improved to 2.4x (from 1.9x historically); delivered ~1,600 real estate transactions to drive efficiency.
Smart Infrastructure and Long‑term Operational Progress
Smart Infrastructure revenues up more than 4.5x over the last few years; historical cash flow growth in double digits, ~3,500 new towers added over the period; land ownership tripled and ROCE now exceeds 8%.
Confirmed Financial Policy and Capital Structure
Leverage at 5.2x (within 5–6x target corridor); efficient debt profile with ~85% fixed, average cost ~3% and average bond maturity ~4.5 years; reaffirmed medium‑term leverage target of 5–6x.
Shareholder Remuneration Actions
Company executed significant shareholder returns including ordinary dividend of EUR 500 million and additionally highlighted extraordinary shareholder remuneration, plus a EUR 300 million share buyback and EUR 200 million special dividend (management emphasized these actions in FY2025 context).
2026 and Medium‑Term Baseline Outlook
Medium‑term baseline outlook targets low single‑digit annual revenue growth (~3% including inflation), ~4% annual EBITDA growth, all‑in annual CapEx ~EUR 200 million (including land), and continued focus on densification and smart city opportunities as upside potential.