Slides
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Investor Presentation Preliminary financial results for the year ended December 31, 2024
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Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: The information in this document has been prepared by Digi Communications N.V., (the "Company“ or “DIGI”) and solely for use during the presentation. This presentation has been made to you solely for your information and background, the information contained herein may be incomplete or condensed and such information is subject to update, completion, revision and amendment and may change materially. No person is under any obligation to update or keep current the information contained in the presentation and these materials, and any opinions expressed in relation thereto, are subject to change without notice. The industry, market and competitive position data contained in this presentation come from third party industry publications, studies and surveys believed to be reliable. However, there is no guarantee of the accuracy or completeness of such data. This presentation does not purport to be comprehensive or to contain all of the information that an investor may require for a full analysis of the matters referred to herein. No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient’s purposes. Any recipient hereof should seek its own legal, accounting and other relevant professional advice. Any liability, including in respect of direct, indirect or consequential loss or damage, of the Company (or any of its affiliates or controlling persons) relating to the information contained within this presentation is expressly excluded. This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of the Company. Such forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Such forward-looking statements only speak as at the date of this presentation and the Company is not under any obligation to update or revise such forward-looking statements to reflect new events or circumstances. This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolation or as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof and the Company has no obligation whatsoever to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent subsequent to the date hereof. This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities, or an inducement to enter into investment activity in the United States or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This disclaimer and the requirement for strict confidentiality shall apply without prejudice to any other confidentiality obligations to which you are subject. 2
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2024 Preliminary Results overview up to €1,933 million up to €580 million YoY increase up to 27.8m (+3.9m RGUs FY’24/FY’23) 13% 16% 14% REVENUES and other income EBITDA excl. IFRS 16 RGU Romania RGU Spain RGU Mobile: 6.6m RGU (+13% YoY) Pay TV: 5.9m RGU (+3% YoY) Broadband: 4.9m RGU (+7% YoY) Mobile: 5.9m RGU (+26% YoY) Broadband: 1.95m RGU (+42% YoY) Fixed telephony: 0.6m RGU (+41% YoY) 3 +7% +30%
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Continued strategy execution in 2024 Sustained RGU growth across all markets Continued network expansion New market launches in Portugal and Belgium • Sustained market share growth in Romania and Spain. • Continued strong momentum in the mobile growth: o Spain RGU’s +30% o Romania RGU’s +7% o Italy RGU’s +17%. • Romania: expanding the mobile network; rolling out equipment to service the all frequencies and to increase the 5G footprint. • Spain: continued development of fixed infrastructure and transition from MVNO to MNO. • Portugal: further mobile and fixed infrastructure development. • Portugal: commercial services launched on November 4th, 2024. • Belgium: commercial services launched on December 11th, 2024.
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Recent developments Financing agreement covering the Group • On December 9, 2024, Digi Romania S.A., together with the Company and Digi Spain Telecom S.L.U., signed a Syndication and Amendment Agreement to the Facility Agreement originally dated June 3, 2024. This agreement increased the total commitment from EUR 150 million to EUR 220 million (with a 5-year maturity) and transferred part of the existing lender’s commitment to new lenders: Banca Transilvania S.A., BRD – Groupe Société Générale S.A., Citibank Europe Plc (Dublin, Romania Branch), ING Bank N.V. Amsterdam – Bucharest Branch, Banca Comerciala Intesa Sanpaolo Romania S.A., Raiffeisen Bank S.A., and UniCredit Bank S.A. • On the same date, Digi Romania S.A. entered into an Export Credit Facility Agreement for EUR 61,922,818 with ING Bank N.V. as the original lender, mandated lead arranger, agent, and ECA agent. The facility will be used to finance the purchase of goods and services for the development of telecommunications networks in Romania, Spain, Portugal, and Belgium.
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Recent developments Recent Spanish performance • Digi Spain surpassed 2 million fixed broadband customers at the beginning of February 2025. This development reflects an accelerated increase in the number of users, reaching a penetration of more than 20% in networks deployed in the period 2019-2020, and confirms their trust in the services offered, which allow speeds of up to 10 Gbps. At the same time, Digi Spain is actively working on expanding its optical fiber network in 50 provinces across Spain. The currently deployed network covers more than 12 million homes passed (out of which approx. 3 million deployed in the last year) out of a total of 24 million households nationwide. • Digi Spain exceeded 6 million mobile lines, a remarkable milestone that reflects the trust and appreciation users have for the company's mobile services.
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Recent developments Launch of services • On November 4th 2024, DIGI launched operations in Portugal, bringing a long-term stable pricing model with no annual increases, consistent with its operations in Romania, Spain, and Italy. • The “Freedom of Choice” approach offers flexible contract terms and customizable services, supported by state-of-the- art technology. • DIGI Portugal built a modern fibre optic network, and a national mobile coverage reaching over 93% of the population. • Fiber Optic Broadband: 1 Gbps at 10€/month; 10 Gbps at 15€/month • Mobile Voice & Data: Starting from 4€/month, with options ranging from 50 GB to unlimited data • Television: Over 60 channels at 12€/month • Fixed Telephony: 1-2€/month
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Recent developments Launch of services • On 11 December 2024, DIGI launched commercial operations in Belgium, expanding its European presence with fiber-optic broadband internet and mobile voice and data services. • The company follows a transparent pricing model with no hidden fees or periodic increases, allowing customers to choose individual subscriptions or customize packages based on their needs. • DIGI Fiber includes Wi-Fi 6 (soon Wi-Fi 7) for larger homes, all clients can add Wi-Fi Booster for enhanced performance and coverage. • Future services with diverse range of TV programs. • The DIGI Mobile Light plan, with 15 GB of data for €5/month, addresses the needs of 75% of Belgian consumers (per BIPT’s 2023 report). • DIGI Fiber, offers three subscription plans with free installation and included Wi-Fi: • DIGI Fiber Essentials: 500 Mbps for €10/month • DIGI Fiber Max: 1 Gbps for €15/month • DIGI Fiber Ultimate: 10 Gbps for €20/month (Wi-Fi 7 coming soon)
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2024 Market highlights ‘m€ December 31, 2024 Romania Spain Other Group operations2 Total4 Revenues and other income3(excluding extraordinary sale of assets) €1,111.9 €782.7 €43 €1,932.7 Adjusted EBITDA1 excluding IFRS 16 €454.7 €152.8 €(27.9) €579.6 RGUs (‘000) #18,183 #8,440 #1,166 #27,789 Source: Company data 1Adjusted EBITDA excluding IFRS 16 is computed as Adjusted EBITDA decreased by the rental expense recognized in line with IFRS as in effect at 31 December 2018. 2In this Report, unless otherwise stated, as part of our “Other” segment we only present the results of our Italian, Portuguese and Dutch operations. 3 Revenues per country include intersegment revenues in total amount of €5 million for 2024. 4 Total Group revenues excluding intersegment revenues. 9
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2024 Financial highlights 3 1,039 1,112 642 783 29 43 Q4 2023 Q4 2024 Source: Company data 1Adjusted EBITDA is defined as EBITDA adjusted for the effect of extraordinary or one-off/non-recurring items. 2 Revenues per country include intersegment revenues in total amount of €5 million for 2024. 508 580 83 105 Q4 2023 Q4 2024 (€m), margin (%) EBITDA excluding IFRS16 35%35% (€m) % CAPEX/revenues +13.3% +14% 1,932.71,706.6 Other Group operations Spain Romania • Revenues and other income up 13% based on strong customer growth in Spain and Romania. While the revenues in Spain grew by a whopping 22% and in Romania grew by 7% • EBITDA excluding IFRS 16 increased by 14% YoY amid certain inflationary pressures and cost associated to expansion to new territories. (Adjusted EBITDA increased by 16%). • CAPEX amounting to EUR 896 million represents the group’s commitments to invest in Spain, Romania and Portugal and the completion of Nowo's acquisition in Q4. 591 685 43% 46% 35% 63% IFRS 16 impact +8% +14% +16% +13% (€m) 10 Group revenues and other income2 Group adjusted EBITDA1 +7% +22% +16% 1,707 1,933 456 519 591 685 161 174 730 896 160 329 2023 2024 Q4 2023 Q4 2024 Revenues & other income Adj. EBITDA CAPEX
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Q4 2024 RGU growth RGUs (‘000) per business line RGUs (‘000) per market 5,682 5,989 5,944 6,966 10,903 13,252 1,335 1,582 Q4 2023 Q4 2024 27,789 +5% +17% +22% +19% Italy Spain Romania +16.4% 23,864 Fixed-line telephony Mobile services Broadband Pay TV +7.2% +30% +16.7% +16.4% 11 16,963 18,183 6,481 8,440420 490 676 Q4 2023 Q4 2024 23,864 27,789 Portugal
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Portability 2024 Romania Spain +726,428 mobile portability Jan-Dec 2024 +1,148,369 mobile portability Jan-Dec 2024; Net portability gain +739,188 +203,316 fixed portability Jan-Dec 2024; Net portability gain +184,248
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2024 Financial profile Financial liabilities as of December 31, 20241 Maturity profile long-term loans & notes (mil €)Facility Amount (Mil €) Senior Secured Notes 400.0 Senior Facilities 613.8 Export Credit Arrangements 179.4 Financial leases 59.8 Other long-term debt 70.6 Other short-term debt 104.0 Total gross debt 1,427.6 Cash on BS 66.5 Total net debt 1,361.1 1 Indebtedness as per Notes requirements. As per the Notes Covenants, debt is presented under IFRS available at the signing date, therefore excludes IFRS 16 implications. 2 The Net Leverage and Gross Leverage are computed using EBITDA as per the Notes Covenants, under IFRS excluding IFRS 16 implications. Covenant’s computation for the Net Leverage from the Senior Secured Notes uses EBITDA adjusted as per Indenture requirements, which is different from the Adjusted EBITDA in this presentation. Leverage2 13 200.5 199.2 305.4 478.3 50.4 2025 2026 2027 2028 2029 2.9x 2.5x 2.5x 2.3x 2023 2024 Gross Leverage Net Leverage
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2025 Prospects Consolidation in core markets New launched markets • Priority for Portugal will be to further expand network coverage, improve mobile service quality, and integrate Nowo to unlock synergies, ensuring a stronger market position and sustainable growth. • In Belgium, DIGI will accelerate network expansion while enhancing mobile services through strategic partnerships and infrastructure investments. Spain is poised to remain DIGI’s main growth driver, with continued network expansion, strong subscriber additions, and a focus on increasing operational efficiencies to further strengthen our market position. Moreover, in 2025, Digi Spain is strategically positioned to transition from a mobile virtual network operator (MVNO) to a mobile network operator (MNO). In Romania, the target is to continue enhancing mobile network performance and customer experience as the 2nd largest mobile operator, expanding coverage, and maintaining a strong position in fixed services while continuing to offer high-quality connectivity at competitive prices.
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Q&A
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Investor Relations Department investor.relations@digi-communications.ro www.digi-communications.ro Contact