Digi Communications Q3 revenue up 14% as subscriber base climbs to more than 30 million across Europe

Digi’s nine-month revenues rise 16% to €1.64bn while EBITDA growth slows amid network expansion

• Digi Communications added 4.4 million RGUs year on year, bringing its total customer base to 30.8 million (+16.9%).
• Mobile RGUs grew 22% across Europe, reaching 15.1 million.
• Spain and Portugal remained the strongest growth drivers, with continued high double-digit subscriber gains.
• Q3 revenues reached €561 million, contributing to €1.64 billion for the first nine months of 2025.
• Adjusted EBITDA increased to €188 million in Q3, though profitability trailed revenue growth.
• The company completed a €600 million refinancing to strengthen its capital structure during its expansion phase.

(NEWS) BUCHAREST, Romania, 14-Nov-2025 — /EuropaWire/ — Digi Communications N.V., one of the leading European telecommunications companies, has reported another quarter of double-digit revenue growth, underpinned by rapid customer additions in Spain and the continued ramp-up of its Portuguese operations, while profitability grew more slowly and the group completed a major bond refinancing. This is according to the Company’s official press release published on EuropaWire today (14-Nov-2025). 

According to the company’s Q3 2025 press announcement as well as its financial report, consolidated revenues and other income rose 14% year on year in the third quarter to €561 million, taking the total for the first nine months of the year to €1.643 billion, up 16% versus the same period in 2024. Adjusted EBITDA increased at a more modest pace, up 6% in Q3 to €188 million and 3% for the nine months to €527 million. Net profit for the quarter came in at about €16.7 million. 

The results highlight the tension between Digi’s rapid commercial expansion and the cost of building out networks in several European markets. Revenue growth continues to outpace earnings, implying some pressure on margins as the group absorbs higher operating and investment costs tied to its multi-country rollout. Still, management described the performance as in line with expectations for 2025 to date.

Customer metrics remain a central driver of the top line. The group’s total revenue-generating units (RGUs) reached roughly 30.7–30.8 million at the end of September, an increase of about 4.4 million, or 16.9%, compared with a year earlier – the strongest absolute quarterly gain Digi has reported so far. Mobile services now account for just under half of all RGUs, with 15.1 million mobile lines, up 22% year on year across Romania, Spain, Italy and Portugal. 

Romania, Digi’s original and still largest market, delivered incremental growth across most service lines, though at lower rates than the newer operations. Mobile RGUs in Romania rose 13% to around 7.2 million, broadband lines increased 6% to about 5 million and pay-TV subscriptions edged up 3% to roughly 6 million. Fixed telephony continued its gradual decline, falling 5% year on year. In total, Digi counted about 19 million RGUs in Romania at the end of Q3, up 7% from 2024. 

Spain remains the main engine of growth. The company reported 10.3 million RGUs in the Spanish market, a jump of roughly 29% versus Q3 2024. Within that, mobile lines increased 25% to 7 million and broadband customers 34% to 2.4 million, reflecting Digi’s aggressive pricing and ongoing fibre build-out. The company also reported the emergence of a pay-TV base in Spain from a standing start. 

Portugal, where Digi launched commercial operations only in November 2024, is emerging as a meaningful contributor to growth. By the end of Q3 2025 the business had reached 813,000 RGUs, including 443,000 mobile customers and 150,000 broadband lines, alongside nascent pay-TV and fixed-line telephony services. Italy remains a smaller but steadily expanding market, with mobile RGUs up 10% year on year to 521,000. 

Management has framed the rising RGU base as evidence that Digi’s low-cost, high-capacity fibre and mobile model can be replicated beyond its home market.

DIGI CEO Serghei Bulgac

“We have now surpassed well over 30 million RGUs at Group level, including more than 15 million mobile RGUs,” chief executive Serghei Bulgac said, pointing in particular to the “double-digit expansion in Spain” and continued growth in Romania, Portugal and Italy. 

Alongside the operational performance, Digi moved to strengthen its balance sheet. On 29 October 2025, its Romanian subsidiary Digi Romania S.A. completed an upsized €600 million offering of senior secured notes due 2031, priced with a 4.625% coupon. The bond, initially launched at €500 million, was increased following strong demand from institutional investors, according to company filings.

The proceeds are being used to redeem in full the existing €400 million 3.25% senior secured notes due 2028, partially prepay bank facilities and other secured short-term debt, and fund ongoing operations and investments. The 2028 notes were fully redeemed on 30 October 2025, and the new 2031 issue is now listed on the official list of Euronext Dublin and trades on its regulated market.

Taken together, the Q3 figures depict a company still in a high-growth phase, leaning on network expansion and promotional offers to build scale in Western and Southern Europe. The trade-off is visible in the slower growth of adjusted EBITDA relative to revenues and in modest quarterly net profit, even as customer numbers rise sharply. Whether the current investment cycle translates into higher margins and stronger free cash flow over the medium term will depend on Digi’s ability to sustain subscriber growth while normalising costs in markets where it is still gaining critical mass.

The full Q3 2025 financial report and investor presentation are available on Digi’s website and through the Bucharest Stock Exchange’s disclosures platform.