Good morning from Vienna. Today, we are here to talk about the Q1 results. Thanks very much already for joining. As you know, you can raise questions. Please press the question mark and enter your question. We will come to that later on. Today, I'm here with Ivo and Lars, and I will now hand over to Ivo for guiding us through.
Thank you, Moritz. Good morning from my side, and welcome to the Q1 results from EuroTeleSites. Happy to report that we had another solid quarter. You will see the presentation on your screens, but we will go quickly through the numbers, and we will allow for more questions. Typically, in the first quarter and the second quarter, our rollout process is a little bit slower because we're working on the permitting, we're working on the locations, and then Q3 and Q4 ramps up. That will be visible on the CapEx spending. Let's go to the first slide. Revenue, we were up 7.1% year-over-year or EUR 4.8 million. Good development on the third-party revenue as well. The EBITDA after leases was up 10.6%, so EUR 4.3 million year-over-year. The CapEx is EUR 8.2 million, which is a little bit under the Q1 in 2025.
Again, this is something that is seasonal and for us is normal the first two quarters to have a little less CapEx on the growth, and then we accelerate later in the year. If we look at the last 12 months, the net adds of macro sites were 175. That comes to total sites of 13,837. On the third party, which we must say that we are very proud and I have to congratulate to everybody in the team that we reached 171 net adds. 3,475 third-party tenants. The row below, which you see on the first slide, is only the comparison from the 2025. If you look at the next slide, we will see the rollout of actual sites. 42 new sites were built, 17 were net adds. Some are dismantled and in the process of relocation.
On the third-party tenants, we onboarded 40. Almost on par with the new sites, we bring equal third-party tenants. It's a nice development, and hopefully we will continue with this trend until the end of the year in the markets where we are growing very well. If we look on the tables below, we can see the net tenants development from Q1 of 2025 till the end of the year. Comparing to the Q1 2026, we see that we had 24 third-party net adds, and now we have 40. We are being more and more visible in the markets. That for us is a solid statement that we deliver quality of services, and we will continue. On the number of sites, we go to 175 number of sites, as I mentioned, and 346 total sites.
Something that is very important that we also announced in the press release yesterday, we signed the agreement with Point One, which is a non-MNO. It's a Global Positioning System. They have selected the EuroTeleSites across the footprint where we are in the countries, and this will add a nice number of non-MNO tenants. We briefly discussed this Point One in the previous quarter, in the full-year results, but now the contract is officially signed, and now we will continue to roll out. This is what we are focusing even more that we attract also non-MNOs that we continue to grow. In our tenancy, one reminder, disclaimer, we are not showing non-MNOs. That is something that we are in preparation to take a decision how to proceed going forward since all of our peers are reporting MNOs and non-MNOs in their tenancy ratio. Next slide, please.
I will stop after this slide. We have just briefly on the CapEx. You can see the development in Q1 to Q1 2026. The rollout was almost identical. When we look at the growth CapEx, near EUR 3 million, and the mandatory upgrades, which are preparation of the sites for 5G or the anchor tenant or preparation of the site for a third-party tenant. It's very visible from this graph what I mentioned at the beginning that Q3 and Q4 is when it's really for us rollout process. With this, I will stop here, and I will hand it to my colleague, Lars.
Thank you, Ivo. Warm welcome from my side. Good morning. I briefly walk you through the results of Q1. Let's start with the revenue, as Ivo has already mentioned. We compare our current revenue, of course, with Q1 2025. In Q1 2025, we achieved EUR 67.7 million. In this quarter, Q1 2026, we achieved EUR 72.5 million, which is an absolute increase of EUR 4.8 million, equaling 7.1%, which is a very strong first quarter, and we're happy to see the development is proceeding.
Switching to the EBITDA, you can see that this trend from the revenue is more or less trickling down completely to EBITDA as well, which means that on the OpEx side, we're very stable. If you look at our published data book, you can see that the OpEx has only very slightly increased from EUR 8.1 million to EUR 8.2 million in the same period comparing and saying that we had an increase in Q1 2025 to Q1 2026 in the amount of EUR 59.6 million up to EUR 64.3 million. You all know and realize that, of course, the one driver is what Ivo has mentioned, so additional tenants and also the growth itself. One triggering point was also the contractual indexation that we implemented in April. It's always implemented in April, so this effect is, of course, seen there as well.
Maybe going back to our cost discipline, I think it's important to mention that looking at the quarter Q1 2026, we developed or we gained actually a margin of 88.7% on the EBITDA level, which is compared to the previous quarter 2025. On a similar level, on average, you might have in mind that we are reaching 85.45%, which is already on a very high level. Jumping to the next slide, Q1 2026 group results number two, which means we talk about EBITDA after leases. There we see a similar trend. We're jumping from EUR 40.2 million up to EUR 44.5 million, which is an increase of EUR 4.3 million. Also there we can see a very high margin. Of course, leases is always a topic on our side. We try to monitor and manage them very strictly as well.
If we lastly look on the cash flow itself, you can see that compared to Q4 2025 and Q1 2026, there is a slight deviation, which means that this is what Ivo has explained. This is mainly linked to the CapEx paid, because in the last quarter, we pay a lot of projects, we finalize a lot of projects, and in the first quarter, the ramp-up is actually just starting, and that's what is exactly reflected in the cash flow.
If you look in the overall cash flow, I think it's important to mention that our overall cash position is very strong in the meantime, which means that also the overall trend to deleverage, to continue to deleverage is one of our main financial targets and we will continue and we're optimistic that talking about the guidance until the end of the year, we will also keep track as expected. Having said so, the jump to the guidance, it's slide number nine, and we marked it with unchanged. Of course, it's just the first quarter, and we stick to what we have told you last quarter for the full year. Therefore, I think I don't need to mention any highlights here. It's like we have seen also coming from the back half last year. We keep track on those numbers, of course, as well.
To finalize this short quarterly updated presentation, I would like to highlight two things. I'm now on slide number 10. First of all, I would like to emphasize that we have enlarged our market making possibilities at the Vienna Stock Exchange. This is something that you as potential investor might profit from, which means that the scope of the market making increases the liquidity potentially. Whoever is interested in that, we can have an exchange afterwards as well. Secondly, we are now in year three of the company since the spin-off 2023, and we're very glad that you're interested in our presentations, interested in EuroTeleSites, and we're happy to see that the reporting that we've done so far was very stable.
We made an analysis to see how the participation of the questions are in our video calls, and we would like to suggest that we slightly shift the reporting in that sense that we stick and we continue to stick to the quarterly reporting. We will publish all the numbers as you are aware of, as you have seen in the past. We continue to do this every quarter, every quarter after each quarter. We also saw that in Q1 and Q3, the participation as well as actually the questions were a little bit less, and that's why we would like to propose that we do this video round every year for the half year results and also for the full year results. Starting Q3 2026, we will actually only publish the numbers, which does not mean that we are not fully accessible.
For any questions, please reach out to us. We're happy to report, of course, also on a bilateral level. Secondly, Moritz, myself, and Ivo, we will continue to be present at roadshows and some conferences. There are many ways to continue to exchange. That slight change in the reporting line, we also would like to announce today. Thank you very much. I think now we open the floor for the questions.
Thank you, Ivo. Thank you, Lars. Again, now is the time for your question if you would like to ask anything. We already got one question, which I would read out in the first place, and then hand over to Ivo. What is your opinion on the current situation in Italy? Do you think anchor tenant fees are at risk? Do you expect consolidation in the European tower space given the telecoms companies will keep consolidating?
Thank you, Moritz. Thank you, Monica, for the questions. Yes, we're definitely closely following what's happening in Italy with the INWIT case. I believe from the pricing issue that became between the two anchor tenants, Vodafone, TSB, and the team now, they got into more of a governance and ownership transaction story to see when they can break out from their leases. I believe that is not a risk for us. If you're asking the anchor fees for EuroTeleSites from day one, we believe that our Master Service Agreement is very balanced, which has a transparent indexation, and it has fair terms for both sides. What we do believe that the outcome of this case will be very instructive of what's going to happen on the European tower markets, especially how the anchor tenant relationship will develop and will be structured moving forward.
I can only say that this case, it reinforces our conviction that fair escalators, transparent pricing to be balanced contractual terms is the best long-term way to go forward to be as a protection for the shareholder value for both sides of the table. We do follow it, and we'll see how that will be the outcome.
Thank you, Ivo. The next one comes from Nora. I will split up the questions because we see three questions here from your side. Good morning. Thank you for the presentation. Three questions from my side. Can we expect the EBITDA after leases margin to remain above 60% in the coming quarters?
Thank you, Nora. If you look at the data book, and if you look at the quarters of our previous years, you can see that indeed, as well, the EBITDA, as also the EBITDA after leases margin is actually going up and down a little bit according to the different, I would say, measures within the different quarters. I would be cautious and careful to indicate that the margin stays on that level. Last year, for the full year, we had an EBITDA after leases margin of around 57%, and I expect a similar trend for the EBITDA after leases margin structurally for this year as well.
Thank you. Lars, the second part of the question, could you please share the magnitude of indexation in Austria and on a group level in 2026?
Very briefly, last year, according to our contractual framework, we were allowed to pass through approximately close to 3% of indexation, 2.8%, and for 2026, we expect for the group level around 2.17%.
Thank you. The third question, what additional changes did the anchor tenants request in connection with the investments?
I'm not sure what are you referring to. What additional changes?
Maybe you can clarify.
Can you clarify, Nora, please? We'll come back to you.
We take the next question in the meantime. Can you indicate the amount of debt you are planning to repay in 2026?
We always said from the beginning after the spin-off that we will use our full available free cash flow at the end of the year to repay debt within the first four years, and we're still on this track. Let's assume that the growth comes as expected with the 4.6% until year-end. The available free cash flow is then fully used to repay a portion of the debt.
Thank you, Lars. We have one more question. You are deleveraging well, but also increase CapEx in percentage of sales. When do you think you will be able to pay a dividend?
That's a question that comes almost every quarter, and it's fully understandable that this question pops up. We always said that in the first four years, we are not paying dividends due to the fact that we would like to deleverage, which I think brings the company into a very strong financial situation, and we are still within this track, so please be a bit more patient about the dividend discussion.
At the moment, I don't see any further questions. There is the question from Nora. Thanks. I read in the press release, [organic] low CapEx amounted to EUR 8.2 million, 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 tenants' requests.
Oh, thank you, Nora. Thank you for clarifying. Yes. This is part of the other revenue that we have in our reporting, and if we have already upgraded the site to be 5G ready, so for the mandatory upgrades, and then the anchor tenant requests additional modification to the sites, then we have to invest, but then we charge it to the anchor tenant. These are typically requests that they have, whether it's maybe the relocation of the 5G where there's additional equipment, replacing one module with another module or adding additional microwave sites, for example. Thank you for clarifying.
Wonderful. Thank you. Thank you very much for your participation today. In case there are any further questions, please just reach out to me, and I will come back to you. Thank you.
Thank you, everybody.
Thank you. Bye-bye