EQS-News: EuroTeleSites Exceeds 2024 Guidance: Revenue Increase to mEUR 270.2 while Deleveraging Down to 6.2x

• Revenues 2024 amounted to mEUR 270.2 (including positive one-time effects of mEUR 4), equals a growth of 9.8% vs 2023 proforma figures (equals one-time effects adjusted growth of 8.1%)
• EBITDA at mEUR 227.3 with EBITDA margin at 84.1%
• EBITDAaL at mEUR 151.3 with EBITDAaL margin at 56.0%, reflecting solid financial performance
• CAPEX at mEUR 55.2, focusing on site upgrades and the construction of new sites
• 229 new sites and 57 dismantled which leads to 172 net adds, resulting in 13,637 total sites; Tenancy Ratio at 1.24x
• Onboarding of 224 third-party tenants on existing and new sites

In 2024, the global economy faced ongoing challenges, with geopolitical tensions and Inflation impacting growth. Eurozone inflation stabilized at 2.2% but remained above pre-pandemic levels. In CEE, economic trends varied, with some regions stabilizing while others saw slower growth (Source Eurostat, Nov24). Strong data demand and 5G adoption drove to continuous surge in mobile traffic, reinforcing EuroTeleSites commitment to expanding and modernizing its infrastructure for the digital future. Within this framework, EuroTeleSites successfully navigated the challenges and underlined its pivotal role in enabling digital connectivity in its operating markets.

“EuroTeleSites achieved high revenues, driven by 172 new sites (net adds)  and additional 224 third-party tenants. Furthermore, we successfully managed our costs effectively. Exceeding revenue guidance of 5% in 2024, resulting in total revenues of mEUR 270.2, we are proud to present solid financial results for the first full year”, says Ivo Ivanovski, CEO of EuroTeleSites. “We are acknowledged as a dynamic TowerCo operating in the competitive CEE market with a lean organizational structure. By delivering reliable mobile infrastructure and staying dedicated to the evolving needs of the telecommunications industry, we have achieved an impressive EBITDAaL margin of 56%, indicating our solid performance”.

CAPEX was at mEUR 55.2, aligned with the strategic focus on site upgrades and the construction of new sites. This accounts for around 20% of annual revenues. Investments were targeted at enhancing 5G capabilities and meeting the evolving demands of anchor- and third-party tenants across all markets.

EBITDA margin consistently remained at 84.1%, underscoring operational efficiency and effective cost control. The EBITDAaL margin kept on a high level, ending the year at 56.0%.

“Our 2024 results demonstrate that we are firmly on track. Our ambitious business plan translates into reliable numbers. In 2024, we have proven the strength and resilience of our business model, generating positive Free Cash Flow from day one. Notably, we surpassed our deleveraging targets, reducing our net debt ratio to 6.2x, an improvement of almost 1.1x from 7.3x in 2023 (Proforma)”, says Lars Mosdorf, CFO of EuroTeleSites. “Investor confidence in EuroTeleSites continues to grow. With support of proactive engagement with around 70 investors, our share price surged by approximately +29% in 2024, adding around mEUR 178 to our market capitalization. An upward trend that has continued into early 2025”.

This positive trajectory has been underpinned by confirmation during the year of EuroTeleSites investment-grade ratings from Moody’s and Fitch. Furthermore, analysts’ reports recognized the growth potential and increased their target price evaluations in 2024.

Outlook

In 2025, EuroTeleSites will continue to focus on its core business of renting passive infrastructure, building new radio towers, executing mandatory upgrades, and onboarding third-party tenants to positively develop the Tenancy Ratio. Overall growth in the telecom industry is expected to be driven by the rollout of 5G and increased data usage. Accordingly, EuroTeleSites outlook remains optimistic: Given the adjusted revenue growth of 8.1% compared to the original 2024 guidance of "exceeding 5%", the revenue growth for 2025 is expected to reach 4% (excluding the above-mentioned one-time effects in 2024).

The guidance for CAPEX, which is expected to account for around 20% of revenues, remains unchanged. This is proof that EuroTeleSites is constantly investing in the infrastructure. EuroTeleSites maintains its strategic outlook.

EuroTeleSites is intended to further reduce the company´s debt. The implementation of the Group-wide digital transformation project “Sitetracker” is scheduled for completion in the first half of 2025. With “Sitetracker”, EuroTeleSites will be able to steer the asset management of its 13,637 sites from Bodensee to the Black Sea in a standardized way using one of the most modern software solutions, as well as enabling the marketing of the infrastructure.

Please find detailed information on the key data and segments at
https://eurotelesites.com/investor-relations/
https://eurotelesites.com/wp-content/uploads/sites/7/2025/02/EuroTeleSites-Databook-FY_Q42024.xlsx
https://eurotelesites.com/wp-content/uploads/sites/7/2025/02/EuroTeleSites-Results-Presentation-FY_Q42024_final.pdf