Vantage Towers reports €246m in Q122 revenues

Vantage Towers reports €246m in Q122 revenues

22 July 2021 | Natalie Bannerman

Cover

Vantage Towers has published its first quarter 2022 report reporting revenues of €246 million representing a year-on-year (YoY) growth of 2.1%.

Comparatively group revenues in Q1 FY21 showed pro forma revenues of €241 million.

Q122 reporting also showed that the company secured more than 200 new tenancies for the period, which indicates a tenancy ratio of 1.41x, meaning the company is well on its way to achieving its medium-term target of more than 1.5x.

Specifically, 250 agreements commercially agreed or signed in Spain, 80 contracts agreed in Germany and roughly 60 agreements across the rest of Europe.

Macro site revenue reached €233 million an increase of 1.8% compared to Q1 FY21 pro forma revenue of €229 million. Overall, macro site revenue makes up 93.8% of total revenue with growth largely driven by new tenancies and macro sites.

Geographically, Germany is Vantage's highest earning segment with total revenues of €120 million for the period. Following shortly behind is Spain, which saw revenue increase by 7.4% during the quarter to €42 million and Greece generated total revenue of €32 million which increased by 0.8% from €32 million.

Additionally, the company was listed on the SDAX, the Frankfurt Stock Exchange, with shares at the time priced at approximately €24.00 each, bringing the total value of the company to €12.1 billion ($14.5 billion).

"After an exciting first year launching our company, activity in FY22 has continued at pace. In the first quarter, we were able to further advance the commercialisation of our business by signing promising new partnerships, which will bring us new tenancies," said Vivek Badrinath (pictured), CEO of Vantage Towers AG.

"We recorded revenues (ex. pass through) of €246m in Q1 FY22 and continue to remain on track to deliver our guidance and our medium-term targets."

Looking ahead, the company's full year 2022 guidance has revenues at between €995 million - €1,01 billion, with FY22 revenue growth is "expected to generate a broadly stable  Earnings Before Interest, Taxes, Depreciation, Amortization and Special Losses (EBITDAaL) margin" and recurring free cash flow of between €390 - €400 million.