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United Group reports record year

April 25, 2024

United Group (UG), the multi-play telecommunications and media company in Southeastern Europe, has achieved record financial results for the financial year 2023. The group delivered 7 per cent growth in both revenues and EBITDAal to €2.79 billion and €988 million respectively. Adjusting for the impact of the sale of the group’s tower portfolio in August 2023, the group delivered 10 per cent like-for-like organic EBITDAal growth in 2023.

Overall, all business units delivered strong organic revenue growth.

The company noted that performance particularly benefitted from:
1) the continued expansion of the mobile post-paid subscriber base across the group’s key markets;
2) strong demand for B2B IT solutions and equipment, particularly in Greece; and
3) growth in United Media supported by increasing advertising and media sales. EBITDAal benefitted from both those same drivers supporting strong revenue growth and proactive cost management that allowed the group to maintain EBITDAal margins at 35 per cent, despite inflationary pressure.

“2023 was really a year of strategic integrations of our acquisitions in Greece, Bulgaria, and Croatia, with all the major initiatives, included cost synergies, completed by the year end. Additionally, our further investments in fiber and 5G technology, as well as pivotal spectrum acquisitions, contributed to our solidified position across all major markets,” said Victoriya Boklag, CEO of the United Group. “In a challenging environment, we continued to drive strong growth by consistently pursuing our strategy of providing superior products and services on modern and robust infrastructure.”

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