Normalized Revenue Growth despite reported decline
Q1 2026 reported revenue EUR 264 million, down ~1% YoY; adjusted for the absence of discretionary, project-based revenues Q1 2026 shows a normalized annual revenue growth above +3% YoY. Inflation (2025 CPI avg ~1.4%) and anchor commitments contributed to growth.
Strong Profitability and High Margins
EBITDA of EUR 239.5 million, down -1.9% YoY, with an EBITDA margin of ~91%. EBITDA after leases above EUR 190 million, down -2.2% YoY, with an EBITDA after leases margin of ~72%, reflecting structural operational efficiency.
Robust Cash Generation and Attractive Payout
Recurring free cash flow EUR 176 million in Q1 (+11% YoY) with 74% cash conversion; free cash flow to equity ~EUR 88 million. Company to pay ~EUR 500 million ordinary dividend (implying dividend yield >7% at current share price).
Stable Balance Sheet and Improved Liquidity Profile
Net debt approximately EUR 5 billion (including IFRS16) with leverage stable at 5.2x quarter-over-quarter. Debt profile: ~85% fixed/15% floating, average cost of debt ~3%, average bond maturity 4.3 years. Extended EUR 1 billion bank facilities from 2027 to 2031.
Operational KPIs and 2026 Growth Targets
Q1 additions: 30 new towers, ~300 new PoPs, tenancy ratio increased to 2.39, 60 new dedicated DAS (total ~850). 2026 targets reiterated: ~200 new towers, >1,700 new PoPs, ~900 DAS locations, ~1,600 real estate transactions (400 in Q1).
Strategic Positioning and Market Opportunities
Large, high-quality footprint (≈26,000 sites; ~35% unique locations) and contractual 'preferred supplier' position. Management highlights potential upside from industry normalization, network densification, edge computing and smart infrastructure expansion (indoor DAS, neutral-host active equipment).