Romania's telco Digi reportedly ponders listing Spanish subsidiary

Telecommunications operator Digi Communications (stock symbol DIGI) has hired investment bank Rothschild to evaluate a possible listing on the Madrid stock exchange of its Spanish business, the publication Expansión wrote on September 12, citing anonymous market sources, according to Ziarul Financiar.

The Spanish division could be valued at around EUR 2.5 billion, according to estimates of the Spanish newspaper.

Digi's expansion in this market accelerated after taking over assets sold by operators Orange and MasMovil following their merger last year. The company currently has around 10 million customers in Spain.

The shares of Digi Communications surged by 9.3% on September 12. The company's capitalisation topped RON 9 billion (EUR 1.8 billion) after the price of its shares rose by 39% y/y. The dividend paid from last year's profit resulted in a dividend yield of only 1.4%.

Privately managed pension fund NN owns 20.5% of Digi's share capital.

Digi ended the first half of 2025 with consolidated revenues and other earnings of EUR 1.1 billion, up 21% compared to the same period last year, while net profit decreased by 81%, to EUR 10.3 million. During this period, the company intensified its operations in Portugal, which required high initial investments to support the expansion of the customer base and services in this market, according to the financial report.

In Spain, the number of fixed, internet, and mobile users increased by 29% in Q2/2025 compared to Q2/2024, to 9.7 million active revenue-generating units (RGUs). The number of mobile users increased by 24%, reaching 6.6 million RGUs, and the number of fixed internet customers increased by 35%, to 2.3 million.

(Photo source: Digi)