Good morning, everyone, from the headquarter of EuroTeleSites. Today, we are here to discuss the Q2 and half-year results, and I'm here with Ivo and Lars who will guide you through the presentation.

Once again, the reminder: you see the question mark on your screen, please, if you want to raise a question, you can already type in your question, and we will come to that after the Q&A session. Just one information upfront again also here, this is the last conference call for this year because, as we will have the next conference call in 2027, but, of course, as we will publish all the information which you are used to get in the same condition as we have it, and this will take place, of course, in October.

With that introduction, I would like to hand over to Ivo to give us the first highlights.

Thank you, Moritz. Good morning from my side, and thank you for joining on this call.

We are very pleased to report that the first half of 2026 we have delivered solid numbers. You are seeing on the screen that revenues were much higher than predicted, and then if we adjust those numbers compared to the reported year-over-year which were 7.8% higher versus the adjusted which are 6.1% higher for the first half of 2026 compared to the first half of 2025, we are pleased to report that we've grown very well on the third-party revenue, over 30%, and we had one customer project that was of €2.4 million that was completed in this first half a year of 2026.

Overall, solid performance in every country. We have done very well on the third-party revenue.

The rollout for the anchor tenant is according to the plan, and what you're seeing on the screen is that year-over-year on the macro sites, we've had 177 sites, but 196 net adds of third-party tenants. If we go on the next screen, we can see breakdown quarter-by-quarter how we are progressing with the rollout of sites and the third-party tenants.

On the bottom left side, we have the total number of sites, and to the bottom right, we have the total number of tenants. For Q2 alone, we have a rollout of 58 sites, but net adds of 40 sites and 64 third-party tenants.

It's almost close to double versus the Q2 of 2025, and we are doing very well in Croatia as far as third-party tenant growth and Bulgaria on the absolute locations. On the revenue side, we have done very well in Austria in this period, and then de facto in Croatia and Bulgaria, since the number of third-party tenants has grown and some of the contracts were renegotiated last year, the end of last year, which is positively impacted this half a year results of 2026.

Next, please. Coming to the capex, as usual, usually the first two quarters of the year our capex utilization is lower.

Q3 and Q4 especially are the quarters where all the projects are coming to alive because the permitting process have mostly likely been completed. We are a little bit behind the plan of six months if you compare versus 2025, but if we see how many sites we built in Q2 versus Q2 of 2025, we are even ahead of that.

The mandatory upgrades is consuming again a large sum of this capex. This is to upgrade the existing sites for the anchor tenant to be able to put 5G, for example, C-band antennas, and at the same time to be ready for third-party tenants, and this strategy has proven to be delivering solid results, as you can see, that third-party tenants are coming on existing network and, as well, on the new sites that we are rolling out.

Next, please. Now I hand it to Lars.

Thank you, Ivo. Good morning from my side, and I'm anchoring to say that, as Ivo has mentioned, we can present solid numbers.

I will start with Q2. In the later presentation, we also will see the half-year results.

I think we can say and emphasize that we are actually glad to report that we are slightly ahead of what we will present later also in the guidance. We will stick to the guidance until the year-end, we have refreshed our forecast until year-end that strengthens actually the numbers that we have presented to you also at beginning of this year.

Having said that, let's start with Q2. Let's start with the revenues.

As mentioned by Ivo, we have a one-time non-recurring revenue contribution effect of €2.4 million. If you look at both adjusted and not adjusted numbers, they are very promising.

We have increased our revenues by 5-- 3-- sorry, by €5.9 million or 8.4% up to €75.9 million. Adjusted, this is still an increase of 5% and an increase of €3.5 million in comparison to Q2 2025.

You can see, and this is very important that we emphasize this again and again, whatever we gain on the revenue side, the biggest portion of this directly impacts our operational results. In this case, the EBITDA has increased from 80-- €58.8 million in Q2 '25 to €64 million in Q2 2026, which again is an increase of 8.9% or €5.3 million.

Same and similar aspect you can see in the adjusted numbers. By the way, as always, you can also find more details in our data book that has been published in the Investor Relations section of our homepage.

The driver behind the increase of our revenue is, as we also report regularly, the indexation that we have implemented. The second one, Ivo mentioned it, and we're very happy to report that we even can see a 32.5% increase of our third-party tenant growth.

Last but not least, also the expansion, building new sites for our infrastructure. Next page, we will briefly look at the EBITDAaL where we see similar effects, increasing from €39.4 million in Q2 2025 up to €44 million in Q2 2026.

As well, the positive effect can be seen in the cash flow in Q2 2026, which increased up to €49.5 million. We have to keep in mind, what Ivo mentioned as well, that our current capex spend is, of course, on the way, we will expect until the year-end some effects also on the cash flow, but then at the same time an increase in the capex as we have planned.

Having said so, let's have a brief look into the half year, the first six months of 2026. We can see a positive effect increasing the overall revenues year-to-date up to €148.4 million, which is an increase of 7.8% or €10.7 million.

On the EBITDA, also year-to-date, we can see an increase up to €128.3 million, which is also an increase of around €10 million. Again, very direct impact of the generated revenues into the results of our business plan, which is considered to be very positive.

On the next slide, you can see the EBITDAaL for the half year coming from €79.7 million in six months 2025 up to €88.6 million in 2026 for the first half year. Again, we show here the adjusted values also to be aligned with the expectations of our guidance, which we will present again later.

Having said that, I think we can be glad to see that the progress is ongoing, and this is maybe also reflected in the fact, on the next page, please, Moritz, the fact that we have had our yearly meetings with Fitch and Moody's, and we are very glad to report that Fitch has, after the discussion, decided to upgrade our rating from BBB- to BBB. This is a very positive development that we can see here.

Same or similar situation we can see with Moody's. They keep the investment-grade rating on their side, but they have lately also increased the outlook from stable to positive.

Also a good sign for us in that respect. If you look at the overall share price and the performance 2025, you can see quite stable, slightly negative decrease of our share price, but please keep in mind that the industry itself, if you look at our major peers, the major stock-listed peers, they have sometimes suffered double-digit decreases.

Therefore, I think we can at least show that the share price is quite stable. With the new rating, of course, we expect that we will further continue to work on Investor Relations and investor exchanges.

We will also be on the road, shown a bit later, until the end of the year. If you have a chance to meet us somewhere, please let us know or directly, of course, contact us.

Having said so, I'm handing back to Ivo, because Ivo will talk about the guidance until the year-end.

Thank you, Lars. Regarding the guidance, the growth will be around 4% to 5%.

As you've seen the results today, we are well on that track to be on the upper end. Regarding the rollout of sites, we mentioned at the beginning of this year that we have a very nice size of projects in Austria to support our anchor tenant with the coverage obligation for the 5G rollout, and this will be an ongoing project for '26, '27, and partly of '28.

On the part of the capex utilization, this is why the '26 and '27 capex will be a little bit higher than the normal when you compare versus the revenue. Path to stay on the investment-grade ratings with Moody's and Fitch has already been achieved.

We are doing very well, and we believe that by the end of the year, we will achieve solid results. On the financial guidance, yes, you see on the right side there are no dividend commitments in the near future unless we reach leverage of 5 times, and after that, we will observe and take a decision what would be the best way moving forward and use the free cash flow.

We have one more slide that Lars hinted since this is the last investor call for this year. There are many opportunities to meet with us.

We are always available on the digital channels, of course. Moritz and his team hopefully are doing a great job responding to your inquiries.

We hear every once in a while, and we try to support them. Then also the roadshows that Lars and his team are doing very active, and we trying to be as much as we can present closer to you.

We appreciate all the support that you have given to us and your belief in EuroTeleSites. I would like to thank once again the full team of EuroTeleSites and around all the countries for the excellent results that we've done the half a year, and we will continue to deliver for the second half of 2026.

Thank you so much, Ivo and Lars. We are coming right now to the Q&A section, let me take a look at the questions.

Before the call, we already received a question, to be here transparent, I will read it out loudly, but I think Ivo already answered that question: "Assuming that at the end of 2026 the leverage ratio will be below 5 times, could we expect dividend payment for year 2026?"

I think the short answer is no for 2026.

Thank you so much. Then the second question is: "Please share what are the exact support services ETS is getting from A1 and at what level?

Which services are fully outsourced to or provided by the parent? In which areas there are also own employees to cover the field: HR, IT, procurement, O&M, fleet management?"

Just to be clear, there are no free services. We are two separate companies, and all the services are with arms-length, and we have services that we provide for A1, and they also provide some services for us.

After the spinoff, mainly there were human services related to human resources and the finance teams that are part of their CDC, which we still have intercompany service agreement. There are IT services that we use from them, which for the whole infrastructure, with exceptions to the latest HR system that we have separate HR system from A1, and previous year, this large asset management system, the Site Tracker.

The rest of the systems are still within the framework of the A1 Group.

Thank you so much, Ivo. Then the second, the next question what I can see: "Despite very solid results and given the constant depressed trading equity multiple of the company, as well as its very low liquidity, does the board consider the business would be more valuable within a public listing context or under a full private ownership?"

Very short answer: we don't see any changes appearing on a structural situation for EuroTeleSites. We're a listed company.

We are aware of the low liquidity and also the small free float from the beginning. We don't expect any changes in the near future about this structure.

Thank you, Lars. Then there is another question popping in: "What progress have you made on deleveraging in H1 from 5.5 at the end of 2025?"

As Ivo has presented on the revenue side, we're progressing very well, which also, of course, filters all the way through into the free float that you can see. Because of the issue that, of course, we have different capex spend and payments, for example, for the bond throughout the year, we don't publish half-year leverage numbers, but we do it once a year.

Expect an updated number towards the end of this year 2026. Nevertheless, the numbers, of course, go in the right direction.

Maybe just to add here, all the available information is available, of course, in the data book, you can maybe calculate by your own. The next question is: "What is the plan to refinance the €255 million in November '26?

Will you reduce the sign of the debt, term loan, or bond?"

Good question, Peter. Thank you.

As we have mentioned from the beginning, the focus is on deleveraging. Yes, we expect until the year-end that a portion of the 255 will be used from the existing liquidity that we generated this year and that will help us actually to reduce the debt, and the remaining part of the 255 will then be placed on a private placement again.

This is ongoing. The bond will not be touched in the near future.

Thank you, Lars. Then one more: "Can you share more background on the €2.5 million one-time effect?"

€2.4 million.

Yeah.

This is customer projects that has been going on for a while now. As you might recall, we also do work for not just on our towers, but also in other towers, whether it's indoor solutions or towers for equipment on other tower companies, and this is just a revenue that we are receiving for this work.

Thank you, Ivo. Then another one in terms of the dividend: "Your leverage is already at near 5 times.

Why would you exclude the dividend for 2026? It wouldn't be paid until summer '27, giving plenty of time for free cash flow to cover a dividend."

We are aware that you ask for your patience about dividend payments. Ivo clearly has stated we also from the beginning said for the first four years, we will not pay dividends, and the focus is on deleveraging.

Of course, we hear your suggestion, but as Ivo has mentioned, at a later stage, we will discuss dividends as promised and predicted, but for now, we use any available free cash to deleverage.

Perfect. Thank you so much.

For the moment, I don't see any further questions. If there is anything else, as please just reach out directly to myself, and we will get back to you, of course.

Thanks again, and we will see you again in this setup in February 2027, and if there is anything else, again, just reach out to us.

Thank you, everybody. Thanks, Moritz.

Thank you. Bye-bye.

Have a good day.