- 2025 Financial results presentation

Preliminary financial results for the year ended December 31, 2025

3 2025 Preliminary Results overview

Revenue

and other income excluding extraordinary sale of assets

RGU

EBITDA

excl. IFRS 16

€ 2,221 million ( € 1,932 million in 2024)1

YoY increase up to 32.1 m (+ 4.3 m RGUs 2025/2024)

€ 585 million ( € 578 million in 2024)

Romania RGU

+9%

Mobile: 7.9m RGU (+ 20% YoY)

Pay TV: 6.0m RGU (+ 3% YoY)

Broadband: 5.2m RGU (+ 6% YoY)

Spain RGU

+28%

Mobile: 7.3m RGU (+ 24% YoY) Broadband: 2.6m RGU (+ 32% YoY) Fixed telephony: 0.8m RGU (+ 30% YoY)

Note: 1) The amount excludes the non-recurring gain arising from the sale of Digi Spain's Fiber-to-the-Home (FTTH) network (2025: EUR 53.3 million; 2024: EUR 399.3 million)

4 Continued strategy execution in 2025

Sustained RGU growth across core markets

• We continued the outstanding growth in Spain

• Sustained the very good growth results in Romania, Italy and Portugal

  • Romania RGUs +9%

  • Spain RGUs +28%

  • Italy RGUs +7%

  • Portugal RGUs +26%

Continued network expansion

• Romania: expanding the mobile network; rolling out equipment to service the newly acquired frequencies and increase in the 5G footprint

• Spain: continued development of fixed infrastructure and transition from MVNO to MNO

• Portugal: consolidating the mobile and fixed infrastructures

One year anniversary Portugal and Belgium

• Solid RGU results reported in the first year from the launch:

  • Portugal RGUs 850k

  • Belgium RGUs 91k

5 Key developments in Q4 2025

Completion of acquisition of Telekom Romania Mobile Communications'

prepaid business and certain assets

• On 1 October 2025, DIGI Romania S.A. completed the acquisition from Telekom Romania Mobile Communications S.A. of (i) certain assets including spectrum licenses and telecommunications towers as well as (ii) assets related to the prepaid mobile telecommunications services, for an aggregate effective consideration of EUR 40 million. In a concomitant transaction, Vodafone Romania S.A. acquired TKRM.

  Successful completion of the FTTH network investment in Andalusia, Spain

• On 1 October 2025, Digi Spain Telecom S.L.U., the Company's subsidiary in Spain has completed the fourth investment round for the roll out of a FTTH network covering 2,500,000 homes passed in Andalusia, Spain, which is part of the transaction concluded on 21 March 2023. Consequently, the entire investment in the Network in amount of EUR 300 million has been finalized.

  6 Key developments in Q4 2025 and after

  The successful closing and listing of senior secured notes due 2031 by Digi Romania and redemption of 2028 notes

• On 29 October 2025, DIGI Romania S.A., a Romanian subsidiary of the Company has successfully closed the offering of its EUR 600 million 4.625% senior secured notes due 2031. The new notes are listed as of 10 November on Euronext Dublin and traded on its regulated market.

• The conditional redemption notice in relation to the EUR 400 million 3.25% senior secured notes due 2028 issued by Digi Romania, dated 20 October 2025, has been satisfied, the 2028 Notes were redeemed in full on 30 October 2025.

  Proposal for distribution of bonus shares to shareholders

• On 6 February 2026, Digi Communications N.V. convened the EGMS scheduled for 20 March 2026, proposing the distribution of bonus shares (stock dividend) through the capitalization of reserves and past profits into share capital, with no cash contribution from investors. Under the proposal, the Company would issue up to two new Class A shares for each Class A share and up to two new Class B shares for each Class B share, for a total amount of up to EUR 13 million. Following the distribution, the total number of shares would increase from 100 million to up to a maximum of 300 million, supporting liquidity while preserving shareholders' proportional ownership.

7 2025 Market highlights

(€m)

December 31, 2025 Romania Spain Portugal Italy and Group

operations1

Source: Company data

Notes: 1) In this Report, unless otherwise stated, as part of our "Other" segment we only present the results of our Italian operations, for revenue, and the results of our Italian and Dutch operations for operating expenses;

1. Total Group revenues excluding intersegment revenues;

2. Revenues per country include intersegment revenues in total amount of € 3.2 million for 2025, as well as the non-recurring gain resulting from the sale of assets (2025: EUR 53.3 million; 2024: EUR 399.3 million);

3. Adjusted EBITDA excluding IFRS 16 is computed as Adjusted EBITDA decreased by the rental expense recognized in line with IFRS as in effect at 31 December 2018

8 2025 Financial highlights

CAPEX

Revenues & other income2

Q4 2024 Q4 2025

Adj. EBITDA1

2025

2024

237

187

170

317

577

518

+7%

798

714

+12%

+4%

885

680

1,933

+15%

2,221

(€m)

41%

61%

% Capex / Revenues

46% 36%

Key considerations

• Revenues and other income up 15% YoY based on strong customer growth in Spain and Romania. While the revenues in Spain grew by 18% and in Romania grew by 7%

• EBITDA excluding IFRS 16 increased by 1% YoY primarily as a result of expansion to new territories

• CAPEX amounting to EUR 798 million represents the group's commitments to invest in Spain, Romania and Portugal. Includes acquisitions of spectrum and TKRM assets. CAPEX decreased in line with expectations compared to 2024.

Group Revenues and other income (€m)2

2025

2024

Romania

1,194

7%

1,111

Spain

18%

Italy

Portugal

2,221

34

70

927

10%

15%

1,933

31

12

783

Group adjusted EBITDA (€m)1 and margin (%)

2025

2024

EBITDA

excluding IFRS16

585

1%

578

IFRS 16

impact

709

124

22%

680

102

32%

35%

Source: Company data

Notes: 1) Adjusted EBITDA is defined as EBITDA adjusted for the effect of extraordinary or one-off/non-recurring items; 2) Revenues per country include intersegment revenues in total amount of € 3.2 million for 2025

9 2025 RGU growth

RGUs ('000) per business line RGUs ('000) per market

Broadband

2025

2024

6,317

5,989

Pay TV

+5%

7,899

+13%

6,966

+15%

Mobile services

+22%

13,252

16,148

Fixed-line

telephony

+8%

27,789

1,582

32,069

1,705

2025

2024

Romania

19,856

+9%

18,183

Spain

Portugal

+28%

Italy

8,440

10,839

+26%

676

+7%

32,069

524

850

27,789

490

+15%

10 Portability 2025

Romania

+782.975 mobile portability amounting to 53.85% of transfers made

nationally in 2025

Spain

+1.422.883 mobile portability Jan-Dec 2025; Net portability gain 783.557

+250.238 fixed portability Jan-Dec 2025; Net

portability gain 210.720

11 DIGI Spain SMART footprint shows rising penetration across all cohorts and sets the ground for structural growth

Penetration rate of SMART footprint by cohort (as of Q4 2025)

FBB SMART customers / SMART BUPs1

5 years to reach

penetration rates of 25%

>25% penetration rate for initial cohorts

25.0%

20.0%

Increasing day-1 penetration growing over time driven by the competitive offer, door-to-door sales team focus and increased brand awareness

15.0%

10.0%

5.0%

0.0%

Year 1

From 3-4% in initial cohorts to 6-7% in newer cohorts

2019A-0.2m BUPs

2020A-1.0m BUPs

2021A-1.8m BUPs

2022A-2.2m BUPs

2023A-2.8m BUPs

2024A-3.0m BUPs

2025A-2.7m BUPs

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

4.0%

6.2%

8.6%

11.4%

13.5%

15.8%

2020 - Year 2

2021 - Year 3

2022 - Year 4

2023 - Year 5

2024 - Year 6

2025 - Year 7

2020

3.3%

2021

4.2%

2022

4.9%

2023

5.9%

2024

6.1%

2025

6.9%

Key considerations

• FTTH SMART Footprint roll-out:

  • 13.7m BUPs, out of which 2.7m BUPs deployed in 2025 and 3.0m BUPs in 2024

  • Objective to reach a 21m BUPs

    SMART footprint by 2030

  • SMART Footprint roll-out with own personnel has enabled a very competitive average FTTH deployment cost of €49/BUP

• Penetration & technology

  • Newer cohorts start with higher take-up and ramp-up faster (2025 at 6.9% average penetration rate in first year), with all cohorts converging to similar take-up levels over time

  • Initial cohorts 2019 and 2020 reached levels of penetration of 25% and 27%

  • Take-up continues to grow in all cohorts, even in the initial ones

  • XGS-PON coverage at 93%, supporting high-quality penetration ramp-up

• Delivery milestones:

  • SOTA roll-out ahead of plan with

5.45m BUPs already delivered

• SOTA final delivery for the 6m BUPPs objective by Dec 26

• DIGI Andalucía final delivery completed on 1 October

Source: Company information

Notes: 1) SMART BUPs: refers to all business units passed available commercially for subscription that were deployed by DIGI in Spain for which the SMART commercial offer is available; 2) customers

on SMART footprint / total active SMART BUP

Q4 2025

Other FBB

Q2 2025 Q3 2025

FBB blended ARPU (€) SMART FBB

Q1 2025

Quarterly net adds (k)

Q4 2024

Market share1 (%)

152

2.6

0.4

2.2

2.4

0.4

2.0

2.3

0.4

1.8

2.1

0.4

1.7

2.0

0.4

1.5

143

13.1%

13.3

12.4%

14.6

165

11.7%

15.0

151

11.1%

15.4

163

# of FBB subscribers (m)

10.4%

15.8

12 DIGI Spain accelerated growth momentum sustained into Q4 2025

Key considerations

• Increased commercial traction - 2025 marks DIGI Spain's strongest growth year ever both for:

  • fixed broadband (more than

    630k net gain) and

  • mobile (more than 1.4m net gain)

• Fixed Broadband remains the

structural growth engine:

• 100% of FBB net growth in the last 2 years driven by SMART footprint

• ~ 25% of new FBB customers were not previously connected, meaning DIGI is also creating significant new demand and expanding the FBB market

• FBB SMART churn at 14.3% and blended churn at 15.8% (2025)

• Mobile:

  • 75% of mobile net adds achieved in the last 24 months from convergent mobile services

  • Market leader on mobile portability net gains since Q3 2020

• ARPU dilution related to transition to MNO commercial offer model and by larger customer base of SMART customers overall

Mobile

Q4 2025

Pre-paid

Q2 2025 Q3 2025

Mobile blended ARPU (€) Post-paid

Q1 2025

Quarterly net adds (k)

Q4 2024

Market share1 (%)

5.4

5.0

4.7

7.3

1.9

6.9

1.9

6.6

1.9

6.2

1.8

4.4

5.9

1.8

4.1

11.5%

6.4

338

11.1%

6.6

343

10.7%

7.0

350

10.2%

7.1

374

# of Mobile subscribers (m)

9.7%

7.5

313

Note: 1) Based on data reported by the CNMC quarterly up to Sep 25 and monthly for Dec 2025

13 DIGI Spain structural margin expansion driven by owner-economics network model and MNO transition further blending into Q4 2025

Key considerations

• Quarterly revenue increased to

  €249m in Q4 2025, reflecting continued customer growth and convergent traction

• Revenue growth supported by SMART footprint expansion and commercial offer improvement despite short-term erosion in ARPU due to improved offer

• Fixed Broadband margins

  structurally expanding:

  • FBB gross margin increased to 54% in Q4 2025, reflecting scale benefits of the owner economics model

  • Margin uplift driven by increase in penetration of the SMART footprint and operating leverage as rollout advances

• Mobile margins reflecting MNO transition dynamics:

  • MNO economics started to apply from July 2025, improving mobile costs structure and increasing cost visibility

  • This results in H2 2025 fully impacted by this new mobile infra economics

  • Q4 2025 margin evolution reflects short term effects from commercial adjustments in Q3 2025

Quarterly revenue evolution per product (€m) *)

94

Q4 2025

100

128

128

134

134

136

Q4 2024

Q1 2025

Mobile

Q2 2025

Fixed Broadband

Q3 2025

Other

89

84

79

12

7

6

4

3

249

236

228

216

210

Quarterly gross margin evolution per product (% of sales)

Effect of Sep 25 improvement of commercial offer

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

29%

MNO economics model

starts to apply

27%

29%

34%

Mobile

37%

54%

54%

52%

50%

FBB

52%

*)Revenues in this slide are presented at Spanish group level (contain intragroup revenues)

14 DIGI Spain owner-economics model translating into structural EBITDA uplift

Adjusted EBITDA exc. operating leases (€m) and margin (%)

17.0% 15.9% 15.8%

23.1%

20.2%

15.8%

21.6%

104.8

35.8 34.4 36.0

54.5 50.4

70.4

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 H1 2025 H2 2025

Q4 2024 to Q3 2025 Q3 2025 to Q4 2025

High % of RGUs, with better gross margin

13.7

71%

21.0

2025

Owned FTTH Network1

Mid Term

SOTA Network

Penetration today at

c.25% in initial cohorts

15.8%

SMART Network Penetration

7.3

2.2

2025

SMART FTTH RGUs 2

2030 and Beyond

Mobile RGUs

15 DIGI Spain has a Clear Path Forward with future sustainable returns…

Clear path to achieve 21m BUPs for the SMART Footprint

SMART RGUs are expected to grow in line with footprint expansion & maturing penetration rates

Mobile also expected to increase as a result of higher FTTH penetration

Similar convergence levels expected in mid-term

Source: Company information

Note: 1) Includes BUPs owned by DIGI Spain and DIGI Andalucia; 2) Represents the FBB RGUs served through the SMART Footprint

16 … which supports DIGI SPAIN 2026 and forward-looking guidance

Source: Company information

Expectation of further improvement beyond mid-term as newer cohorts penetration rate will grow towards more mature levels

Once deployment targets achieved, capex intensity to normalize, subject to new growth opportunities

17 2025 Financial profile

Maturity profile long-term loans & notes (€m)

600

351

262

213

94

51

81

2026

2027

2028

2029

Leverage2

2030

2031

2032

3.25x

2.46x

3.19x

2.35x

2024

Gross Leverage

2025

Net Leverage

Financial liabilities as of December 31, 20251

Senior Secured Notes 600.0

Senior Facility 822.0

Export Credit Arrangements (ECA) 189.3

Financial leases 68.6

Other long-term debt

109.9

Other short-term debt 120.8

Cash on BS 38.4

Notes: 1) Indebtedness as per Notes requirements. As per the Notes Covenants, debt is presented under IFRS available at the signing date, therefore excludes IFRS 16 implications and long-term payables for spectrum licenses; 2) The Net Leverage and Gross Leverage are computed using EBITDA ex-operating leases as per the Notes Covenants. Covenant's computation for the Net Leverage from the Senior Secured Notes uses EBITDA adjusted as per Indenture requirements, which is different from the Adjusted EBITDA in this presentation

18 2025 Prospects

Continuous growth in core markets New markets launched

Portugal and Belgium

Priority for Portugal to continue to expand customer base, improve

customer experience, and to integrate Nowo to unlock synergies, ensuring

a stronger market position and sustainable growth

In Belgium, DIGI will continue network expansion and customer growth.

Spain

Spain remains DIGI's primary growth engine, driven by the three-pillar strategy, continued network expansion, strong subscriber growth, and a sharp focus on operational efficiency to reinforce its market position.

In 2025, DIGI Spain started benefiting from the transition from a mobile virtual network operator (MVNO) to a mobile network operator (MNO), marking a significant step forward in its longterm development.

Romania

In Romania, we continue to improve mobile network performance and enhance the overall customer experience.

We also maintain a strong and stable position in fixed services

Our strategy is firmly centered around the customer, with a clear focus on both quality and affordability.

We remain committed to

delivering reliable, high-performance connectivity at competitive prices.

investor.relations@digi-communications.ro https://www.digi-communications.ro