• +7.1% / +4.8m revenue growth YoY resulted in 72.5 mEUR revenues
• EBITDA in Q1 at 64.3 mEUR (+4.7m vs PY) with EBITDA margin at 88.7%
• EBITDAaL in Q1 at 44.5 mEUR (+4.3m vs PY) with EBITDAaL margin at 61.4%
• Rollout of 42 new sites in Q1 leads to 13,837 total sites
• Onboarding of 40 third-party tenants on existing and new sites in Q1
• CAPEX at 8.2 mEUR, with mandatory upgrades accounting for most of the CAPEX
• Partnership with Point One Navigation, reflecting the growing demand for advanced, precision‑driven technologies on TowerCo infrastructure

Across EuroTeleSites six markets, the Q1 telco environment is stable. Telecom revenues grow slightly while operators maintain high investment in 5G and fiber, supporting demand for tower infrastructure. For TowerCos, this results in resilient cash flows and growth driven by 5G densification and neutral-host models. Overall, TowerCos benefit from long-term contracts and 5G demand, but face headwinds from macro pressures, leading to stable returns rather than strong expansion.

Market Highlights

“I am proud of welcoming Point One Navigation as a non-MNO tenant which reflects the growing demand for advanced, precision‑driven technologies on our infrastructure. Their team brings deep expertise from leading research institutions and global technology companies, and their background in precision navigation and advanced algorithms aligns well with our strategy to support next‑generation solutions that require robust, resilient infrastructure”, Ivo Ivanovski, CEO EuroTeleSites, comments on this important gain. “This new customer is further evidence of our strong market position and a key contributor to our revenue growth of +7.1%, resulting in 72.5 mEUR.

In Q1, EuroTeleSites delivered a strong market momentum, rolling out 42 new sites to bring the total portfolio to 13,837 sites, reflecting continued network expansion and disciplined execution. This growth was complemented by the onboarding of 40 third‑party tenants across existing and newly built infrastructure, increasing the total number of third‑party tenants to 3,475.

Financials

Revenues were at 72.5 mEUR, growth is primarily driven by indexation effects and the addition of new sites with new tenants.

A very suiting indication for the core business strength is the EBITDAaL margin. It reached a level of 61.4% at the end of Q1, that is an EBITDAaL of 44.5 mEUR. 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.

CAPEX amounted to 8.2 mEUR, primarily driven by mandatory upgrades, network rollouts and ongoing maintenance. In addition to the contractually agreed upgrades, further modifications were carried out at the anchor tenant’s request.

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, 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.

The conference call, during which CEO Ivo Ivanovski and CFO Lars Mosdorf will explain the results and be available to answer questions, will take place on April 22, 2026, at 10:00 a.m. Vienna time. You can register here.

Please find detailed information on the key data and segments at https://eurotelesites.com/investor-relations/ .