United Group continues to deliver strong growth in the third quarter of 2025

United Group, a leading telecommunications and media company in Southeastern Europe, today reports its financial results for the nine months ended 30 September 2025 (9M 2025): year-on-year growth in both revenue and adjusted EBITDA.

Following the sale of its Serbian assets earlier this year, the Group is now more clearly focused on its core EU operations and growth businesses in telecommunications, media and technology. The portfolio has been simplified, and management attention is concentrated on the key portfolio companies in Greece, Bulgaria, Croatia and Slovenia.

In parallel, the Group has continued to strengthen its leadership and governance framework. Recent senior appointments - including Dr. Kim Kyllesbech Larsen as Chief Technology and Information Officer and Dejan Kocić as Interim CEO of United Cloud - support the execution of United Group’s technology and innovation agenda.

Our Q3 performance shows strong organic growth and confirms that our activities are delivering. We have successfully focused the Group on our core portfolio, empowering local teams to achieve exceptional results. As we continue to drive value across our telecommunications, media, and technology businesses, our priority remains laser focused on capital allocation, accelerating cash conversion, and generating long-term value for all stakeholders", Stan Miller, CEO of United Group, commented.

Key Performance Highlights

United Group’s financial performance in 9M 2025 reflects a combination of sustained top-line growth, stronger earnings progression and continued balance sheet strengthening. Revenue increased by 3% year-on-year to €2 billion, primarily driven by organic growth of the subscriber base, increased customer up-selling and cross-selling, inflation linked price increases, and ICT projects. Last-twelve-month Revenue reached €2.7 billion, a 4% year-on-year increase.

Adjusted EBITDA grew 7% to approximately €680 million, outpacing revenue as result of continued cost control offsetting wage inflation suffered in most markets. Last-twelve-month Adjusted EBITDA reached €909 million, a 9% year-on-year increase.

Capital expenditure excluding capitalised leases increased to approximately €550 million, mainly as a result of increased fixed network investments (particularly fibre roll out in Greece), investments in mobile infrastructure and energy projects.

The Group further strengthened its balance sheet: as at 30 September 2025, net leverage decreased to 4.27x, compared to 4.70x as at 30 June 2025, while gross leverage decreased to 4.44x, from 4.80x over the same period.*

*Leverage is calculated based on Annualised Last Two Quarter Adjusted EBITDA. For definitions of Adjusted EBITDAal and Annualised Last Two Quarter Adjusted EBITDAal, net leverage and other measures, please refer to United Group’s financial reports.