United Group, a telco and media company in Southeastern Europe, has reported its financial results for the nine months ended September 30th: year-on-year growth in both revenue and adjusted EBITDAal.

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 telco, 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.

Stan Miller, CEO of United Group, said: “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.”

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 per cent 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 per cent year-on-year increase.

Adjusted EBITDAal grew 7 per cent to approximately €680 million, outpacing revenue as result of continued cost control offsetting wage inflation suffered in most markets. Last-twelve-month Adjusted EBITDAal reached €909 million, a 9 per cent 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 September 30th, net leverage decreased to 4.27x, compared to 4.70x as at June 30th, while gross leverage decreased to 4.44x, from 4.80x over the same period.

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Categories: Articles, Business, Results

Tags: telco, United Group