What PPF Telecom Group does

e& PPF Telecom Group (legally e& PPF Telecom Group B.V., headquartered in Amsterdam, Netherlands) is a 50/50 joint venture between UAE state-linked e& (Emirates Telecommunications Group Company) and Czech conglomerate PPF Group, formed in October 2024 when e& acquired a controlling 50% plus one share for EUR 2.15 billion. The company operates as a mid-sized telecommunications holding company across four Central and Eastern European markets: Bulgaria, Hungary, Serbia, and Slovakia. It delivers mobile, fixed-line broadband, data, Pay TV, and digital services to 12.2 million mobile subscribers and 1.1 million fixed broadband users, generating EUR 2.4 billion in FY2025 revenue with EUR 1.2 billion EBITDA (44% margin).

The group's operations are structured through two vertically aligned layers. Retail services are delivered under the Yettel brand in Bulgaria, Hungary, and Serbia, and under the O2 brand in Slovakia, distributed via 180+ branded retail stores, digital channels, and direct B2B field sales teams. Fixed-mobile convergence has been deepened through acquisitions of Serbia Broadband (SBB) in 2025 and UPC Broadband Slovakia in 2026. Wholesale network infrastructure is managed separately through CETIN entities in each country, operating as an open-access infrastructure platform providing tower, fiber, and mobile network services to all telecom operators on equal and non-discriminatory terms, following structural separation principles implemented in 2020 (Bulgaria, Hungary, Serbia) and 2022 (Slovakia).

Revenue is generated primarily through subscription-based recurring mobile and fixed-line services, complemented by managed-services wholesale infrastructure contracts. The business model combines consumer/SMB retail volume (prepaid and postpaid plans at EUR 12.5-16.2 monthly ARPU) with enterprise and government connectivity, cybersecurity, and IoT services, plus B2B wholesale infrastructure revenue. The company invests aggressively in 5G rollout and fixed network expansion (EUR 702 million FY2025 CAPEX, 18% of revenue), with CETIN Networks Slovakia achieving 99.8% 5G population coverage and Yettel Bulgaria receiving nine Best in Test certifications from umlaut independent benchmarking.

Name

PPF Telecom Group

Legal name

e& PPF Telecom Group B.V.

Website

https://ppftelecom.eu

Company type

Private

Founded year

2020

Operating status

Operating

Short description

e& PPF Telecom Group is a 50/50 joint venture between e& and PPF Group operating mobile, fixed broadband, and Pay TV services in Bulgaria, Hungary, Serbia, and Slovakia under the Yettel and O2 brands, alongside CETIN wholesale network infrastructure, serving 12.2 million mobile subscribers and 1.1 million fixed broadband customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Prague

HQ country

Czechia

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Mobile Telecom Services: Recurring mobile voice, data, and messaging services to retail consumers and business customers under Yettel (Bulgaria, Hungary, Serbia) and O2 (Slovakia) brands, on prepaid and postpaid contract bases.
2. Fixed Broadband and Pay TV: Fixed-line internet and pay television services to residential customers following the acquisitions of Serbia Broadband (SBB) and UPC Slovakia, providing converged service portfolios.
3. Wholesale Infrastructure Services: CETIN companies provide mobile network services and infrastructure (tower, fiber, sites) to anchor customers within the group and to third-party telecom operators on equal, transparent terms, generating recurring wholesale revenues.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

PPF Telecom Group provides mobile, fixed broadband, and Pay TV services to retail consumers and SMBs in Bulgaria, Hungary, Serbia, and Slovakia through the Yettel and O2 retail brands. It also operates a wholesale telecommunications infrastructure platform (CETIN) supplying mobile network, tower, and fiber assets to anchor operators within the group and to third-party telecom operators on open, transparent terms. Enterprise connectivity, cybersecurity, cloud, and IoT solutions round out the offering.

Product overview

e& PPF Telecom Group operates as a telecommunications holding company with a dual-brand retail strategy across four Central and Eastern European markets (Bulgaria, Hungary, Serbia, Slovakia). The company provides mobile, fixed broadband, and Pay TV services to consumers and businesses through Yettel (Hungary, Bulgaria, Serbia) and O2 (Slovakia) retail brands. Infrastructure operations are managed separately through CETIN entities in each country, providing wholesale network access to all telecom operators on an open-access basis. This structure separates retail operations from network infrastructure, following structural separation principles. The portfolio includes 12.2 million mobile subscribers, 1.1 million fixed broadband customers, and generated EUR 2.4 billion in revenues in 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Yettel: Mobile telecommunications brand operating in Hungary, Bulgaria, and Serbia
• O2
• CETIN

Products and services

• Yettel (retail mobile services) Retail mobile telecommunications brand offering mobile voice, data, and messaging services on prepaid and postpaid plans to consumers and SMBs in Hungary, Bulgaria, and Serbia.
• O2 Slovakia (retail mobile and fixed services) Retail telecommunications brand operating mobile, fixed broadband, and Pay TV services under the O2 brand in Slovakia; offers prepaid and postpaid mobile plans with a simple and transparent product portfolio.
• CETIN Wholesale Network Infrastructure Wholesale fixed and mobile telecommunications infrastructure provider operating under separate entities in Slovakia, Hungary, Bulgaria, and Serbia, offering tower, fiber, and mobile network services to all telecom operators on an equal and transparent basis.
• Serbia Broadband (SBB) fixed broadband and Pay TV services Fixed broadband and Pay TV services for residential and business customers in Serbia, integrated with Yettel Serbia's mobile operations to deliver converged services.
• UPC Slovakia fixed broadband and Pay TV services Fixed broadband and Pay TV services for residential and business customers in Slovakia, integrated with O2 Slovakia's mobile operations to deliver converged services.

Quantifiable outcome

• 12.2 million mobile subscribers across 4 CEE markets as of FY2025
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor, flagship and core.

• 4iG GroupminorStrategic or Co-development Partner · 19 February 20264iG Group (owner of One telecommunications brand in Hungary) and e& PPF Telecom Group signed a non-binding term sheet to explore network-sharing partnership in Hungary. Potential transactions include sale of a minority stake in 4iG's fixed-line network and 2Connect, and acquisition of up to 49% stake in mobile infrastructure company CETIN Hungary by 4iG. Completion subject to shareholder and regulatory approvals, expected by early 2027. The transactions could unlock value of up to EUR 1 billion.
• e& (Emirates Telecommunication Group Company PJSC)flagshipStrategic or Co-development Partner · 24 October 2024e& acquired a controlling stake (50% plus one share) in PPF Telecom Group's telecom assets in Bulgaria, Hungary, Serbia, and Slovakia in October 2024 for EUR 2.15 billion, forming the e& PPF Telecom Group joint venture. e& holds majority control while PPF retains 50% less one share. The transaction included a potential earn-out of EUR 350 million. e& is a UAE state-linked global technology group with Moody’s Aa3 credit rating.
• PPF Group a.s.coreStrategic or Co-development Partner · 24 October 2024PPF Group sold a majority stake in its telecom assets in Bulgaria, Hungary, Serbia, and Slovakia to e& for EUR 2.15 billion in October 2024, retaining 50% less one share in the resulting e& PPF Telecom Group joint venture. PPF Group operates across 25 countries in sectors including financial services, telecommunications, media, and biotechnology, with EUR 42.6 billion in assets and 37,000 employees globally.

Scale indicators9 records

Recent moves14 records

Expansion highlights4 records

Direct peers

• Magyar Telekom: Deutsche Telekom's Hungarian mobile and fixed operator and the incumbent competitor to Yettel Hungary in both mobile and broadband. Operates a network sharing arrangement with CETIN Hungary, making it a direct infrastructure and retail competitor.
• Slovak Telekom: Deutsche Telekom subsidiary and the incumbent fixed-mobile operator in Slovakia, directly competing with O2 Slovakia and sharing network infrastructure with CETIN Networks Slovakia.
• A1 Telekom Austria Group: Telecommunications operator operating across CEE (Austria, Bulgaria, Croatia, Slovenia, Serbia, North Macedonia) under the A1 brand, directly competing with Yettel Bulgaria/Serbia in mobile and increasingly in fixed broadband.
• 4iG Group: Hungarian telecom and IT group that owns the 'One' mobile brand and is a direct competitor to Yettel Hungary. Currently negotiating a network-sharing partnership with e& PPF Telecom Group involving minority stakes in CETIN Hungary and 4iG's fixed-line network.

Broad incumbents

• VEON: Global digital operator providing mobile and fixed services across emerging markets (Russia, Pakistan, Ukraine, Bangladesh, etc.). Highly comparable to e& PPF Telecom Group in CEE-focused telecom operator profile, scale, and emerging-market positioning; several former e& PPF executives (e.g., CFO Murat Kirkgöz) came from VEON.
• United Group: Leading Southeast European telecom and media operator focused on fixed broadband, Pay TV, and mobile across Serbia, Slovenia, Croatia, Bulgaria, and Greece. Sold SBB to e& PPF Telecom Group in 2025 and remains a key converged-services competitor in Serbia.
• Liberty Global: International cable and broadband operator across Europe; sold UPC Broadband Slovakia to e& PPF Telecom Group for EUR 95 million in 2026. Operates competing fixed broadband and Pay TV platforms across CEE under the UPC brand.
• Telia Company: Nordic and Baltic telecom operator with historical European footprint. Jaap van der Vlies, e& PPF Telecom Group Managing Director, previously held senior positions at Telia Company (Sonera Holding), making it a comparable European telecom governance reference.
• Vodafone Group: Global telecom operator with historical CEE presence (sold to e& PPF predecessors and others). Many e& PPF executives (e.g., CEO Balesh Sharma) held senior roles at Vodafone Group, and Vodafone remains a competitor/peer in European mobile markets.

Emerging players

• Turkcell: Turkey's leading mobile operator with operations in CEE-adjacent markets (Ukraine LifeCell, Belarus, Northern Cyprus). Comparable to e& PPF Telecom Group in mid-sized emerging-market mobile operator profile, scale, and convergence strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PPF Telecom Group