United Group (UG), a leading telecommunications and media company in Southeastern Europe, announced its financial results for the three months ended 31 March 2026 (Q1 2026): delivering year-on-year growth in both revenue and Adjusted EBITDAal.
According to UG, 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,” UG said in a press release.
Stan Miller, CEO of United Group, expressed his satisfaction that the Group achieved another strong quarter, with revenue and EBITDAal (earnings before interest, tax, depreciation, amortization, after leases – N1 note) growth across all of the Group’s 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,” Miller said.
According to the press release, United Group’s financial performance in Q1 2026 reflects sustained top-line growth and strong earnings progression. Revenue increased by 14 percent year-on-year to 717.7 million euros, driven by organic growth of the subscriber base, customer up-selling, inflation-linked price increases and ICT projects.
ARPU (average revenue per user – N1 note) across the fixed-line footprint grew seven percent to 18.0 euros. Last-twelve-month revenue reached 2.8 billion euros, a seven percent year-on-year increase.
Adjusted EBITDAal grew 13 percent to 232.5 million euros, maintaining a 32.4 percent margin, with growth delivered across all key segments. Last-twelve-month Adjusted EBITDAal reached 950 million euros, an eight percent year-on-year increase.
Capital expenditure excluding capitalised leases declined to 139.5 million euros, primarily reflecting lower mobile-related investment following spectrum acquisitions in the prior year. Strong earnings growth combined with lower capital expenditure drove a 165 percent increase in cash conversion.
The Group continued to strengthen its capital structure, executing a 1.13 billion euro refinancing in January 2026 and a further 625 million euro refinancing subsequent to the period, both extending maturities to 2033.
N1 is part of United Group.
Source: N1
