Revenue distribution by industry:

• Telecommunications: approx. 70%
• Infrastructure rental: approx. 20%
• Other services: approx. 10%

TOP 3 markets:

1. Germany: approx. 35%
2. Spain: approx. 25%
3. Italy: approx. 20%

Vantage Towers AG generates the majority of its revenue from the telecommunications industry, particularly through the rental of mobile phone masts and infrastructure to mobile network operators. Germany is the largest market for the company, followed by Spain and Italy, which also have significant shares of the total revenue. These markets are particularly important for Vantage Towers as they exhibit high demand for mobile network infrastructure.

Production Sites: No specific production sites, as Vantage Towers AG provides infrastructure.

Vantage Towers AG is a leading provider of telecommunications infrastructure and mainly operates mobile phone masts and antenna sites. The company does not produce physical products in the traditional sense, but offers infrastructure services. The "production" consists of providing and maintaining telecommunications sites in various countries, especially in Europe. The infrastructure is typically built and maintained on-site to meet the requirements of mobile network operators.

Strategic Orientation: Expansion of infrastructure, sustainability, digitalization

Vantage Towers AG is pursuing a growth strategy that strongly focuses on expanding its infrastructure. The company plans to significantly increase the number of mobile towers in Europe to improve network coverage and capacity.

Another key focus is sustainability. Vantage Towers is investing in environmentally friendly technologies and relying on renewable energies to reduce CO2 emissions and lower operating costs in the long term.

Furthermore, digitalization plays a central role. By implementing advanced digital solutions and technologies, the company aims to enhance the efficiency of its operations and unlock new business opportunities, especially in the Internet of Things (IoT) sector.

These strategic initiatives are intended to help Vantage Towers strengthen its market position and respond to the increasing demand for mobile data and connectivity.

Main raw materials: Steel, aluminum, fiberglass cables
Countries of origin: China, Germany, USA

Vantage Towers AG, as an operator of telecommunication towers, mainly requires materials such as steel and aluminum for the construction and maintenance of their infrastructures. These raw materials are often imported from China, as the country is one of the largest producers of steel and aluminum worldwide.

Fiberglass cables, essential for data transmission, are sourced both locally in Germany and from the USA to ensure quality and availability. The choice of countries of origin depends on costs, quality, and delivery times, with Vantage Towers striving to maintain a reliable supply chain.

Market share in Europe: 20% (estimated 2025)
Number of locations: Over 82,000 (2025)
EBITDA margin: 55% (2025)

Vantage Towers AG has a significant competitive advantage due to its extensive infrastructure and presence in Europe. With over 82,000 locations, it is one of the leading providers of telecommunication towers in the region. This enables the company to offer broad coverage and reliable services.

The high EBITDA margin of 55% demonstrates the efficiency and profitability of the company, indicating strong cost control and high demand for its services. The competitive advantage is further strengthened by long-term contracts with major telecommunications providers, ensuring stable revenues.

In addition, Vantage Towers benefits from the increasing demand for 5G infrastructure, providing further growth potential. The strategic positioning and the ability to quickly respond to market changes secure the company a sustainable competitive advantage.

Institutional Investor Share: 78% (2025, estimated)
Insider Buys/Sells: No significant transactions in the last year (2024)

The institutional investor share in Vantage Towers AG is relatively high, indicating strong trust from large investment funds and institutional investors in the company. This can be attributed to the stable market position and strategic importance of the telecommunications infrastructure.

There were no significant insider buys or sells in the last year, suggesting that the management and other insiders do not expect significant changes in the company's valuation. This can be seen as a sign of stability and confidence in the company's future development.

Market share of Vantage Towers AG: 12% (2025, estimated)

Top competitors and their market shares:

1. American Tower Corporation: 18%
2. Cellnex Telecom: 16%
3. Crown Castle International Corp.: 15%
4. SBA Communications Corporation: 14%
5. Vantage Towers AG: 12%
6. Deutsche Funkturm GmbH: 10%
7. INWIT S.p.A.: 8%
8. Helios Towers: 7%
9. IHS Towers: 6%
10. Phoenix Tower International: 4%

Moat of Vantage Towers AG:

Vantage Towers AG has a moderate moat, mainly supported by its strategic partnership with Vodafone and a strong presence in Europe. This partnership allows them to benefit from Vodafone's existing infrastructure and customer base, providing a certain competitive advantage.

Compared to competitors, companies like American Tower Corporation and Cellnex Telecom may have a stronger moat. This is due to their global presence, more extensive infrastructure, and larger financial resources that enable them to expand faster and invest in new technologies.

In summary, Vantage Towers has a solid but not insurmountable moat. The competitive advantage could be further strengthened through targeted investments in technology and expansion into new markets.

Revenue Growth: 8.5% (2024) EBITDA Margin: 55% (2024) Net Debt to EBITDA Ratio: 2.1x (2024)

Vantage Towers AG recorded a revenue growth of 8.5% in 2024, attributed to continuous expansion and infrastructure development. The EBITDA margin of 55% demonstrates strong operational efficiency and the ability to generate high profits from revenues.

The net debt to EBITDA ratio of 2.1x is moderate, indicating the company's good management of its debts relative to its EBITDA. This is particularly crucial in the telecommunications industry, which is capital-intensive and often requires substantial investments.

Overall, the financial health and growth potential of Vantage Towers suggest that the stock could be an attractive investment, especially for investors interested in long-term growth in the telecommunications infrastructure sector.

Dividend Yield: 3.5% (2024) Dividend History: Continuous payouts since 2021

Vantage Towers AG has been consistently distributing dividends to its shareholders in recent years. The dividend yield was last around 3.5% for the year 2024, which is competitive compared to other companies in the telecommunications industry.

The reliability of dividend payments is supported by the stable earnings situation and the strategic importance of Vantage Towers in the telecommunications infrastructure sector. The company benefits from long-term lease agreements and strong demand for mobile infrastructure, providing a solid foundation for future payouts.