United Group H1 revenue up 11%
August 28, 2026


United Group, the Southeastern European telecommunications and media company, has reported its financial results for the six months ended June 30th, delivering double-digit year-on-year growth in both revenue and Adjusted EBITDAal. Revenue grew 11 per cent year-on-year to €1.45 billion and Adjusted EBITDAal grew 12 per cent to €487.5 million.
The results reflect the continued implementation of the strategy the Group set out in 2025, which moved United Group from a single group model to portfolio management. Under that strategy, the Group is run in three parts: telecoms, media, and infrastructure & ventures. Telecoms and media are managed as separate businesses, each with its own model, and each business is measured against its own metrics and against the best in its field.

All four telco markets grew revenue: Nova Greece by 23 per cent to €531.6 million, Telemach Croatia by 7 per cent to €161.7 million, Vivacom Bulgaria by 4 per cent to €392.3 million and Telemach Slovenia by 4 per cent to €148.5 million. External revenue at United Media rose 3 per cent to €172.4 million. Adjusted EBITDAal grew in each of the four telecoms markets: Nova Greece by 31 per cent, Telemach Croatia by 12 per cent to €45.8 million, Telemach Slovenia by 6 per cent to €42.7 million and Vivacom Bulgaria by 3 per cent to €163.7 million.

Total revenue-generating units reached 14 million, with mobile up 3 per cent to 8 million, cable pay-TV up 3 per cent to 1 million and OTT up 20 per cent, offsetting the expected decline in DTH, down 11 per cent, and out-of-footprint services, down 5 per cent. Continued network buildout, mainly in Bulgaria, Greece and Croatia, drove the increase in homes passed. Blended footprint ARPU rose in every market, by 13 per cent at Nova Greece, 8 per cent at Telemach Croatia, 6 per cent at Telemach Slovenia and 4 per cent at Vivacom Bulgaria.

United Group also strengthened its capital structure, executing €2.06 billion of senior secured note refinancing across three transactions in January, May and June, all maturing in 2033. In August, it redeemed €300 million of notes due 2028 using the proceeds of the June issuance. Net leverage fell to 4.59x as at 30 June 2026, from 4.67x at 31 March 2026, and gross leverage to 4.74x from 4.81x, consistent with the Group’s aim of reducing leverage steadily as its businesses grow.

Stan Miller, CEO of United Group, commented: “In the first half of this year, we continued to implement our strategy, and it is delivering solid results. We said in 2025 that we would run United Group as a portfolio rather than as a single group, with telecoms, media, and infrastructure and ventures each managed separately. Where we are not the best owner of a business and it takes away from the value of the group and management focus, we sell it, and we have acted on that again this half. Our priorities for the rest of the year are unchanged: profitable growth of our telecoms and media businesses, disciplined capital allocation and completion of the disposals now under way. We remain confident in the Group’s prospects and in the teams delivering them.”