Tele Columbus - comment

The numbers point to some progress in adding customers, with 2025 guidance pointing to additional, if slow, progress. The company forecasts flat revenue in 2025, which is around 4% ahead of our estimates. EBITDA guidance is 6.5% above our estimate of €187m. We are not changing our estimates but will update after today’s call. Q4 revenue was in line with our guidance, and EBITDA was slightly above.  The net Internet customers were 21k, shy of our forecast of 30k. Capex is running below expectations, which reflects a slower-than-anticipated roll-out.