United Group H1 revenue climbs 11% as OTT units surge 20%

The 20% surge in OTT units confirms that United Group is successfully migrating its customer base away from legacy DTH infrastructure toward IP-based delivery. By separating telecoms, media, and infrastructure into distinct business units, the company is positioning itself for targeted asset disposals to further reduce debt. This strategy reflects a broader European trend where multi-play operators are unbundling infrastructure to maximize valuation and focus on high-margin digital services. Watch for the completion of pending asset disposals in the second half of 2026 to see if net leverage continues its downward trajectory toward the group's long-term targets.

United Group has built one of the largest multi-play footprints in Southeastern Europe through a series of acquisitions across the Balkans. The company operates under brands including Nova Greece, Telemach Croatia, Telemach Slovenia, and Vivacom Bulgaria, serving a combined subscriber base that spans broadband, mobile, and pay-TV services. In early 2026, United Group completed the acquisition of Nova Greece's remaining minority stake, consolidating full ownership of the Greek operations, which strengthened its position in the Greek pay-TV market where it competes directly with Cosmote and Vodafone Greece. The consolidation aligns with the group's stated strategy of simplifying its corporate structure ahead of potential asset disposals.

On the regulatory and business front, United Group's portfolio management model reflects a broader European trend of infrastructure separation. The company's infrastructure unit, which includes tower and fiber assets, has attracted interest from infrastructure funds seeking exposure to Southeastern European connectivity. United Group's net leverage ratio fell to approximately 3.2x by mid-2026, down from over 4.5x at the time of its 2021 bond issuance, according to credit analysis that noted the company's deleveraging trajectory as a key factor in maintaining its B+ rating from S&P Global Ratings. The separation of infrastructure assets is expected to facilitate sale-and-leaseback transactions similar to those executed by peers such as Telenor Group and Deutsche Telekom in their respective tower divestitures.

From a technical and competitive standpoint, United Group's 20% growth in OTT units places it among the faster-growing streaming operators in the region. The company's EON platform, which aggregates live TV, on-demand content, and third-party streaming services, has become a central retention tool across its markets. EON surpassed 2 million registered users across Southeastern Europe by the end of 2025, according to industry tracking that noted the platform's integration of local sports rights as a key differentiator against global streamers like Netflix and Disney+ in the region. The shift from DTH to IP delivery also reduces United Group's satellite transponder costs, a margin improvement that supports the company's target of sustaining double-digit EBITDA growth through 2027.