Vantage Towers : Earnings Document

C2 General

Key data

Vantage Towers

Financial results summary

		FY 2023			FY 2022		Change
		€m			€m	%
Macro sites (in thousand units)1		46.1	45.7		-
Tenancy ratio (number of tenancies/
number of macro sites)		1.46x			1.44x		-
Group revenue (ex. pass through)		1,075.1			1,010.9		6.4
Adjusted EBITDA		908.3			865.2		5.0
Adjusted EBITDA margin		83%			85%		-
Capex recharge revenue		(20.2)			(12.4)		-
Ground lease expense		(323.7)			(310.2)		4.4
Adjusted EBITDAaL		564.3			542.6		4.0
Adjusted EBITDAaL margin		53%			54%		-
Recurring free cash flow (RFCF)		438.2			414.8		5.6
Leverage (net debt/adjusted EBITDAaL)		3.6x			3.5x		0.1x

1 Excluding the associate INWIT in Italy and the joint venture Cornerstone in the UK.

FY 2023 Highlights

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• On 22 March 2023, the voluntary public takeover offer of Oak Holdings GmbH ("Oak Holdings"), which is a joint venture between Vodafone GmbH, Global Infrastructure Partners and KKR, was completed. The consideration per share was €32.00 per share. After completion, Oak Holdings held approxi- mately 89.26% of the shares in Vantage Towers AG.
• On 5 May 2023, Vantage Towers held an Extraordinary General Meeting and the Domination and Profit and Loss Transfer Agreement between Oak Holdings and Vantage Towers was approved
•  The revocation of the admission of the shares of Vantage Towers AG to trading on the regulated market of the Frankfurt Stock Exchange (Prime Stand- ard), as applied for by Vantage Towers AG, became effective as of 9 May 2023. Prior to the revocation of the admission, Oak Holdings GmbH made a public delisting offer of €32.00 per share to all other shareholders of Vantage Towers AG.
• Successful commercialisation of business continues:
• • In FY23, we added 1,750 net new tenancies in total across our footprint with 1,440 non-VF net additions and a closing tenancy ratio of 1.46x
  • We have increased our commercial footprint with ancillary revenue op- portunities providing indoor coverage solutions, high speed broadband internet, fixed wireless access and fibre networks
• New build programme continues to progress in FY 2023 with 910 new macro sites across our footprint, of which 490 built in Germany
• FY 2023 guidance achieved with:
  FY 2023 Group Revenue (ex. pass through) up 6.4% YoY at €1,075.1 million and above the guidance range of 3-5% YOY
• • FY 2023 EBITDAaL up 4.0 % at €564.3 million, at upper end of FY 2023 guidance of €550 million-€570 million

RFCF increased by 5.6% YOY to €438.2 million, above guidance range of €405 million-€425 million

C2 General

Who we are

As a leading European towers infrastructure- company, we serve mobile network operators (MNOs), federal agencies and customers from the utilities and technology sector. We are at the heart of the 5G rollout and enable new applications for the Internet of Things. Benefiting from strong and resilient underlying demand within a growing towers market, we have a clear focus on strategic growth. Our experi- enced, independent and commercially-driven management team is dedicated to powering Europe's digital transformation.

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4 To our Shareholders

4 Letter from our CEO

1. Our Management Team
2. Report of the Supervisory Board

1. Our Supervisory Board

19 Combined Management Report

74 Consolidated Financial State- ments

139 Further Information