United Group, a leading telecommunications and media company in Southeastern Europe, today reports its financial results for the three months ended 31 March 2026 (Q1 2026): delivering year-on-year growth in both revenue and Adjusted EBITDAal.

The Group continues to build strong momentum, underpinned by its sustained operational focus on its core telco markets. Robust revenue growth in the quarter was driven by organic growth of the subscriber base, particularly in mobile post-paid and cable Pay-TV, alongside price increases and customer up-selling and contributions from ICT projects. The Group maintained a resilient, recurring revenue base and robust market positions across Bulgaria, Croatia, Greece and Slovenia.

Stan Miller, CEO of United Group, said:

“We are pleased to report another strong quarter, with revenue and EBITDAal growth across all of our core markets. Our strong cash conversion underscores the strength of our operating model and the discipline of our capital allocation.

“We remain focused on investing in our networks and maintaining a considered approach to our capital structure, while continuing to drive innovation and create long-term value for all our stakeholders.”

Key Performance Highlights

United Group’s financial performance in Q1 2026 reflects sustained top-line growth and strong earnings progression. Revenue increased by 14% year-on-year to €717.7 million, driven by organic growth of the subscriber base, customer up-selling, inflation-linked price increases and ICT projects. ARPU across the fixed-line footprint grew 7% to €18.0. Last-twelve-month revenue reached €2.8 billion, a 7% year-on-year increase.

Adjusted EBITDAal grew 13% to €232.5 million, maintaining a 32.4% margin, with growth delivered across all key segments. Last-twelve-month Adjusted EBITDAal reached €950 million, an 8% year-on-year increase.

Capital expenditure excluding capitalised leases declined to €139.5 million, primarily reflecting lower mobile-related investment following spectrum acquisitions in the prior year. Strong earnings growth combined with lower capital expenditure drove a 165% increase in cash conversion.

The Group continued to strengthen its capital structure, executing a €1.13 billion refinancing in January 2026 and a further €625 million refinancing subsequent to the period, both extending maturities to 2033.