EuroTeleSites Reports Revenue Increase to mEUR 66.8 and an EBITDAaL Margin of 57.0% in Q2/2024




Revenues in Q2/2024 amounted to mEUR 66.8, meeting the set goals
EBITDA at mEUR 56.7 with EBITDA margin at 84.8%
EBITDAaL at mEUR 38.1 with EBITDAaL margin at 57.0%
CAPEX at mEUR 9.8, driven by 5G upgrades and selective modifications for third parties in Q2/2024
Rollout of 64 new macro sites and onboarding of 79 third-party MNO tenants on EuroTeleSites locations; in total 13,552 macro sites
“We are reporting another successful quarter with an excellent execution of 64 new sites, reaching a total of 13,552 sites and onboarding of 79 new third-party MNO tenants. This improves our tenancy ratio to 1.24x. Revenues grew by 4.5% in line with the guidance that we have provided", said CEO Ivo Ivanovski

EuroTeleSites, a leading provider of telecommunications infrastructure and solutions in the CEE region and Europe’s third largest listed tower company, reported revenues of mEUR 66.8 (+4.5% vs. Q1/2024). Revenues in the first six months amounted to mEUR 130.7, which corresponds to an increase of +7.9% compared to the proforma figures from the first half of 2023. EBITDAaL margin is at 57.0%, in line with the company’s expectations for the Q2/2024.
While the overall economic activity in Q2/2024 remained subdued with highly competitive markets across the whole EuroTeleSites group, the company reported the onboarding of 135 new tenants across all 6 markets, including 79 third-party tenants. The tenancy ratio is at 1.24x. The company now operates 13,552 sites across six markets.
EuroTeleSites completed 64 new sites in Q2/2024.The company spent the majority of CAPEX on 5G upgrades and the ongoing rollout in accordance with the master lease agreement with the anchor tenant, as well as selective conversions on behalf of third-party customers. Rollouts and upgrades were driven by higher pace and committed quantity. This resulted in a total CAPEX of mEUR 9.8 in line with the company’s business plans.
A significant part of the operational work after the listing of the company in September 2023, was focused on preparing the further development of business relationships under the new corporate structure and on processing open orders from the order book, as well as on winning new orders.
“We are reporting another successful quarter with an excellent execution of 64 new sites, reaching a total of 13,552 sites and onboarding of 79 new third-party MNO tenants. This improves our tenancy ratio to 1.24x. Revenues grew by 4.5% in line with the guidance that we have provided", said CEO Ivo Ivanovski.
Financial Results
The company´s business model, driven by increased data demand, resulted in a robust performance across key metrics in Q2/2024. This is reflected both in revenue increase by 4.5% amounting to mEUR 66.8 (mEUR 63.9 in Q1/2024), and EBITDAaL increase by 5.3% to mEUR 38.1 (mEUR 36.2 in Q1/2024). Both figures are in line with expectations and targeted margins. The EBITDAaL margin of 57.0% (Q1/2024: 56.6%) continues to be at a level that demonstrates the high profitability of the business.
"Actuals of the first half year 2024 partially exceed expectations of the pre-spin-off assumptions. Our ambitious guidance stays unchanged. This is a strong ground on our way to further develop and establish EuroTeleSites. A new best-in-class asset management tool will furthermore foster our progress in digitalization”, said Lars Mosdorf, CFO of EuroTeleSites.
Outlook
The outlook of the EuroTeleSites management remains unchanged. The results for the first half of 2024 confirm the revenue forecast for 2024 as a whole, with revenue growth of around 5% still being targeted. The guidance for CAPEX, which are expected to account for around 20% of revenues, also remains unchanged. EuroTeleSites is therefore maintains to its strategic outlook and is well positioned to achieve its annual targets for 2024.
Please find detailed information on the key data and segments at https://eurotelesites.com/investor-relations/#key-data

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