Welcome from Vienna. To summarize, I would say quarterly performance aligns with expectations, and what does that mean from EuroTeleSites perspective? Ivo and Lars will explain you in detail. As you are aware of, you have the question mark in front of your computer. Please, provide your questions already now, if you would like to, and when we are done with the presentation, we'll come to the Q&A session. Ivo, I would like to hand over towards you.
Hello, everybody. Thank you for connecting to this call. We today will present the Q3 results, and for the ones maybe who are joining for the first time, we are EuroTeleSites based in Vienna, with footprint Austria, Slovenia, Croatia, Serbia, North Macedonia, and Bulgaria. So in the Q3, we're happy to announce that we have grown again quarter over quarter with 1.8%, mainly due to some one-time effect revenues in Austria. And we have added 35 new sites, which were built in Q3, which net adds to 16 towers, 19 being the greenfields and 16 being rooftops. We will discuss in more details on the next slides. Happy to share that we continue to grow into the third-party tenants, which is very important segment of our business.
We are being visible from the industry, that we are independent tower company that provides equal services for the anchor tenant, Telekom Austria Group, as well as the others, and this number is constantly growing quarter over quarter. We have had a private placement of EUR 180 million, which will reduce our annual interest payment by EUR 400,000 per year. The macroeconomics in Q3 were developing positively for EuroTeleSites, and happy to share again that Moody's and Fitch have maintained investment-grade rating for EuroTeleSites. The revenue guidance for the full year of 2024 will be slightly above 5%, something that is in line with our midterm long-term strategy. But here is, after one year in existence, we are proving that the business case is solid, the team is prepared, and we are executing on time.
are some challenges. There are some lease liabilities to be higher than expected due to some shift from the previous periods, but these are challenges that we are working quarter over quarter. Next slide, please. So briefly, the revenue was EUR 68 million in Q3, EBITDA EUR 58.4 million, 86%, 1% higher than the previous quarter. EBITDA after lease, EUR 39.6 million, 58%, another 1% higher than previous quarter, with a CapEx of EUR 13.7 million. This overall comes to 13,568 sites and a tenancy ratio of 1.24. The guidance for the year is 1.25, and we are getting there. Next, please. So I mentioned briefly about the tower development. We have had 35 new sites, but the net adds are 16.
That means that some were in decommissioning phase. In a re- I should say, in a replacement phase. That means that the rooftops, especially in Austria, which are currently down, they're in a process to be rolled out in Q4. So the CapEx that was spent for this 35 sites will be discussed on the next slide. Another important feature is the number of third-party tenants. We see that we've had 53 net adds, with the majority being in Croatia, with 23, followed by Bulgaria, 20, and Serbia, 13. If I explain the rollout, on the left side, we have had the majority of the new sites in Bulgaria, followed by Serbia and then Croatia.
Overall, we are very much on track for the master lease agreement for anchor tenant for the rollout, and we will be delivering the results for the full year. The number of tenants, if you can see, has grown year to date of third party MNO, which are non-A1 of 185, which is a very positive number, and we are pleased to see once again that the industry is already accepting us as a solid TowerCo player on the market. We go next, please. So just to look at the CapEx, of course, from Q1, where we have seen some work being spilled over from the previous year, finishing of the sites due to a little bit of a slowdown. This is a typical seasonal segment.
In our master lease agreement, we received the orders in November from the previous year, so by the time the first permits arrive, that is typically in a Q2. So we are showing the CapEx over here when the site is on live. So that means the full construction is finished, and the site is ready for the anchor tenant, or maybe if it's a third party. That is why we see in Q3 a much higher CapEx that is due to the season where we can do more construction work, and the most of the permits have arrived, and we can turn the sites live. We need to mention again, this mandatory upgrades feature. Maybe some of you have joined for the first time.
This is something that we have in the master lease agreement with our anchor tenant, where we are upgrading the sites for 5G readiness for the anchor tenant, but at the same time, we are upgrading the sites to support second tenant or possibly third tenant, and this is also the case that I mentioned earlier in Croatia, where the number of rollout sites was not that high, but due to the mandatory upgrades, we have been able to attract twenty-three new tenants, and this is the trend that will continue. We upgrade the site for the anchor tenant, but at the same time, for the third-party tenancy growth. Next, please. Overall, the revenues Q3 and the EBITDA after lease Q3, the pie that we are showing it every time, CEE is still consistent.
Austria with 60% on the revenue and 62% on the EBITDA after leases. Bulgaria and Croatia are very close, and then followed by North Macedonia, Serbia, and Slovenia. Next, please. I would like to hand over for the financial to my colleague, Lars.
Thank you, Ivo. Good morning, everybody, also from my side. Happy to share a few information insights on our financials. I think before we look into the details, for us, it's important to mention also for those who have followed our half-year report and the previous quarters, as well as the first month of our operations since the spin-off 2023, all what we present also in the figures, is in line with our previous guidance. So we're very happy to see the growth on the revenue side. We will share with you for the full year, 2024, beginning of 2025, the first full year numbers, where we also would like to share the precise deleveraging path.
You all know that we started with a high leverage of 7.6, driven by the fact that we took over those approximately 13,500 sites, and it makes sense to nominate the leverage for the full year, not for quarter by quarter, because of course, there are some deviations. Having said so, let's jump right into the quarter Q3. Mentioned from Ivo's side before, we have increased our group revenue from EUR 66.8 million to EUR 68 million, which is an increase of 1.8%. You can see that there is a EUR 1 million effect, which we consider to be a one-time effect, a positive effect from our perspective, which is linked to projects from the past that we will...
We have now finished in the Austrian market, and therefore, we see the effect on the revenue side, but this will not continue, this just one time. So for quarter Q4, we will not see this EUR 1 million, but nevertheless, of course, the trend that you can see is continuing. Having said so, the group EBITDA increased up to EUR 58.4 million, which gives us a very high, also compared to our peers, high EBITDA margin of 86%. Same on the EBITDA after leases. You are all aware that we are renting our ground where the towers are located, and that's why, on the financial perspective, we always show EBITDA and EBITDA after leases.
On an EBITDA after leases in quarter Q3, 2024, we achieved EUR 39.6 million, which leads to an also very high EBITDA after leases margin of 58%. The different increases that you can see, please also be aware of the actual and absolute numbers. This is all driven by the effect I have explained from the previous projects that we finalized in Austria. It's just about the ratio that you can see of the basis, because it's pure revenue effect. Having said so, the net cash from operations, minus CapEx, as we always place it here, is on a acceptable level that we saw also in the previous quarters.
I think there is one special effect I would like to mention, namely, that, during the summer period, we had to pay the interest payments for the bond in the amount of EUR 26 million, and that's why our current quarter, Q3, is a bit lower than the quarter Q3, which was to be expected and which is in line with our expectations. Let's jump a little bit into the details. Firstly, our main market, you remember the number, Austria is, generating approximately 60% of our overall revenues, and therefore, we, show you more details about this important market for us. There you can see, again, this EUR 1 million effect. We have, EUR 39.6 million, Q3, the Q2, sorry, revenues, jumping up to EUR 40.6 million in Q3.
And on the CapEx side, it's worth mentioning what Ivo already stated, that especially in the Austrian market, we had some spillover from 2023. That's why the first quarter 2024 was a bit higher than the general quarters that we see throughout the year. And now coming closer to an end of the year 2024, of course, the planned and constructed towers are coming closer to the finalization, and that's why you can see a slight increase. Let's briefly jump into the international segment, as we call it, which is all the segments, including the countries, excluding Austria. If you add up the sums between Austria and international, it will not get all the way up to the group.
The reason behind, just for information, is that, of course, we are also operating on a group level with some headcounts and with some overheads, and that's just a hint that you also can see in the notes above, below, sorry. International market, we have an increase of zero point seven percent on the revenue side. So we generated in Q32024, EUR 27.4 million, which leads to an EBITDA of EUR 23.6 million, again, reaching eighty-six percent of EBITDA margin. If you look at the CapEx, you can see the staircase that we would expect as a normal development throughout the year. So planning, starting the construction, coming to a finalization. The numbers here are expected as we actually planned originally.
Overall, I think it's important to mention, not only for the international segment, but also for the whole group, including Austria, we are striving to reinvest approximately 20% of our revenues into CapEx, so this is a direct investment into our infrastructure. Having said so, let's jump to the next slide. Liquidity and guidance. We would like to highlight that we have done some changes, as briefly mentioned in the management summary at the beginning. So you all remember that we started throughout the spin-off with EUR 1 billion of debt, which was connected between EUR 500 million bond and EUR 500 million loan. You remember that, I think, the conditions that we achieved during the last year were considerable good in the framework of a high interest period.
As you all remember, the crisis situation of last year with the high inflation rates drove to high interest rates, and having said so, you see in our P&L and also in the numbers in the balance sheet, that our overall interest payments per year reach approximately EUR 50 million. And having said so, we always strive to improve and develop, of course, the interest payments in that sense, that we optimize it a little bit, and this is exactly what we've done. So first of all, you can see we've already repaid EUR 30 million at the beginning of the year. We have reported about this 30 million in previous calls.
So we're now talking about EUR 970 million, EUR 500 million bond untouched, and the rest is linked to the loan, and we did not generate additional liquidity, but we refinanced a certain amount, namely EUR 180 million, through a private placement with better conditions. Maturity stays the same, so all the three instruments that we have in place now leads to the maturity of the year 2028. Having said so, the applicable margin is of course lower from the private placement, which will help us to reduce the interest payments in addition to the other effects that we see that are in line and in favor of us, which is the reduction of the Euribor slightly, and also, of course, the inflation's going down.
But secondly, having done a prepayment of EUR 30 million a bit earlier this year, and this is the last step on the financing liquidity portion, that we have refinanced the EUR 100 million for the private placement. Let's briefly jump into the guidance. You all are aware of this chart. It is, majority of the parts are unchanged. Let's briefly walk through the different steps. So let's start with the year 2024 on the left side. Operational, Ivo has mentioned it, it's going smooth. We're getting the things done. We're implementing the topics that we would like to implement. So the tenancy ratio is ongoing. We, of course, also explore non-MNO business. There are some nice examples that we probably will report when we report the year-end results.
It's on a very low revenue perspective, but still, I think an important step to do for future revenue generation. This is ongoing. We're on track with the ESG preparation. You all know that we only have to do the ESG reporting in 2026 or 2025, but we are already working on the report for this year. So I think we can tick the box, so you can see this tick already there. So this is ongoing, and what is also important to mention that we are currently implementing a new software tool which will help us to manage our 13,500 assets much more efficient. This tool is a cooperation with the IT company Sitetracker.
We've announced it publicly that we do the cooperation, and we expect in the first half of twenty twenty-five that the new software will be applicable. Main advantage is that we put all data of the towers in one single source, and therewith, we can much easier work internally, but also get connected to our customers on a very efficient way. The financial guidance for twenty twenty-four is as follows: the 5% that we wanted to generate until year-end is foreseeably slightly overachieved. Until the year-end, we expect that we will achieve a higher revenue growth than the 5%. This is, I think, very positive to mention. On the CapEx side, I briefly showed the numbers, so we're on track.
The EUR 30 million that we've already repaid is exactly the annual result, and debt reduction that goes, of course, line in line. We need to be aware that this was the resources, the liquidity we used to reduce the debt, and finally, what was also from our perspective a very positive news, Moody's and Fitch have maintained their ratings. Having said this, let's have a very brief look into the midterm guidance. We will, of course, rework this guidance once the year-end 2024 is available. So at the beginning of next year, you will see an updated midterm guidance. All what we show here is unchanged, and therefore, we keep for what we've shown before. Thank you very much for your attention, for your interest.
And, maybe one final positive news, those of you who follow our share price development. I think it's important to mention year to date, from January 2024 until today, we have generated almost 35-plus% increase of the share price. And if we also look into the analyst reports that are outstanding, they're all buy recommendations, which we're glad about, and that's one of the topics we also continue to work on. Thank you very much. Back to Moritz.
Thank you, Lars. Thank you, Ivo. We will now go to the Q&A session. So once again, if you have questions, please feel free to press the question mark on your device, and we will go through the questions. I will briefly read them out and hand them over afterwards. Can you provide us with an update for the asset management software, and what advantages do you see from that system? I think that's already covered by Lars. So is there anything else, Lars, what you would like to add?
You're now with...
No, the asset management, number one.
But, sorry. Is there anything you would like to add?
On Sitetracker? No, I think the Sitetracker, as mentioned, it's from a time perspective, it's on track, and we hope to inaugurate the system in the first half of twenty twenty-five. And I think that's all said. Yes. Thank you.
Okay. The second question: Is there already 6G on air?
No, there is no 6G yet in Austria, except for laboratory trials by MNOs, which is yet no topic for TowerCo.
Thank you, Ivo. And, the third question, which we are currently seeing: Good morning. Thanks for the opportunity to ask questions. I would have the following two. I will start with the first one. How big proportion of EBITDA after leases is reflected to the one-off item in Austria?
It's exactly one million.
The second question, around what percentage of the increase in lease expenses were recognized in Q3 2024?
First of all, it's the leases plus the interest on leases, and the increase in Q3 was 1.7 versus Q2 2024.
Thank you, Lars. So we will wait, let's say, twenty more seconds. If there are no further questions...
Yep.
Yep, there is one more. As you're deleveraging much better than sales and EBITDA versus timed IPO and deleveraging faster, will you consider paying dividends sooner? Balance sheet seems to allow this.
I think that will be a question for our shareholders, but, we will have to see how we progress in the next year. But that's a question that we receive, when we meet pretty much every investor. So thanks for asking the question, and, again, from our side, the answer is, it's up to the shareholders to decide when and how soon they can start paying dividend.
Thank you, Ivo. So from our end, we don't see any further questions, but as you're aware of, we are always open for discussions. You can always reach out myself, Moritz Palmié, or just send us an email at investor.relations@eurotelesites.com, and we are happy to keep in touch with you. Thank you so much.
Thank you very much, everybody.
Thank you very much. Bye-bye.
Bye.