Organic growth in key EU markets helps the telco group put its leadership and governance issues in the rear view mirror for now
Southeastern Europe-focused telco United Group, seems to have shrugged off its recent leadership dramas after posting solid financial results for the nine months ended 30 September 2025. The service provider posted year-on-year growth in both revenue and adjusted EBITDAal.
Following the sale of its Serbian assets earlier this year, the group said it is now more clearly focused on its core EU operations and growth businesses in telecommunications, media and technology. The portfolio has been simplified, and management attention is concentrated on the key portfolio companies in Greece, Bulgaria, Croatia and Slovenia.
In parallel, the group emphasised it has continued to “strengthen its leadership and governance framework”. Recent senior appointments, including Dr. Kim Kyllesbech Larsen as chief technology and information officer and Dejan Kocić as interim CEO of United Cloud, are part of the operator’s efforts to move on from its recent fraught ownership battles.
Last month, the ousted founder of BC Partners LLP-owned United Group BV, Dragan Šolak, failed to convince Dutch judges he could bring an unfair dismissal lawsuit. He had asked an Amsterdam court to investigate the policy and conduct of United Group over allegations that BC Partners had abused the group’s governance when it dismissed Šolak in June.
The dispute between tycoon Šolak and United Group, which he founded and is now majority-owned by BC Partners, began after he was dismissed as board adviser. He initially sued United in the UK over a promised bonus from asset sales. Last month, United Group agreed to pay him €250 million, ending the lawsuit.
Šolak had alleged a “serious governance crisis” after Stan Miller was abruptly appointed CEO to lead United Group “as it strategically refocuses its business on EU markets following successful sale of non-EU operations,” a United Statement said at the time, adding that Founder Dragan Šolak and CEO Victoriya Boklag were to step down from their current positions.
United Group welcomed the Dutch Enterprise Chamber’s decision to dismiss the petition, stating it confirmed that the dispute was not a genuine governance issue but a personal campaign by Šolak after losing influence and income. The company said the process was misdirected and time-consuming. It emphasised that United Group is now operating effectively under new leadership, with proper governance, clear reporting lines, and focus on business performance and stakeholder value.
Organic growth
United Group’s 9M 2025 revenue increased by 3% year-on-year to €2 billion, primarily driven by organic growth of the subscriber base, increased customer up-selling and cross-selling, inflation linked price increases, and ICT projects. Last-twelve-month revenue reached €2.7 billion (up 4% YoY). Adjusted EBITDAal grew 7% to approximately €680 million, outpacing revenue as result of continued cost control offsetting wage inflation suffered in most markets. Last-twelve-month Adjusted EBITDAal reached €909 million (up 9% YoY).
Capital expenditure excluding capitalised leases increased to approximately €550 million, mainly as a result of increased fixed network investments – particularly its fibre roll out in Greece – investments in mobile infrastructure and energy projects.
“Our Q3 performance shows strong organic growth and confirms that our activities are delivering. We have successfully focused the Group on our core portfolio, empowering local teams to achieve exceptional results,” said United Group CEO Stan Miller. “As we continue to drive value across our telecommunications, media, and technology businesses, our priority remains laser focussed on capital allocation, accelerating cash conversion, and generating long-term value for all stakeholders.”
