What e& PPF Telecom Group does

e& PPF Telecom Group B.V. is a private Netherlands-domiciled telecommunications holding company operating as a joint venture between UAE-based e& (controlling shareholder, 50% plus one share) and Czech-based PPF Group (50% less one share) since October 2024. The Group provides mobile, fixed broadband, and Pay TV services to consumers and businesses across four CEE markets—Bulgaria, Hungary, Serbia, and Slovakia—operating under the Yettel brand in three countries and the O2 brand in Slovakia, with a wholesale infrastructure arm branded CETIN that supplies open-access fixed and mobile network services to all telecom operators on equal and transparent footing, with Yettel and O2 as anchor customers.

The Group serves approximately 12.2 million mobile subscribers and 1.1 million fixed broadband customers through a vertically integrated dual-engine model: retail brands monetize end-customer subscriptions across 180+ physical stores and digital channels, while CETIN monetizes shared infrastructure on a wholesale basis, including dedicated network-sharing arrangements with Magyar Telekom and Slovak Telekom. Revenue is generated almost entirely through recurring subscription contracts across consumer (mobile, broadband, Pay TV) and enterprise/government segments, supplemented by regulated wholesale infrastructure fees; pricing is not publicly disclosed at tariff level.

For FY2025 the Group reported consolidated revenues of EUR 2.413 billion, EBITDA of EUR 1.152 billion (44% margin), capex of EUR 702 million (18% of revenue), and 9,100 group-wide employees, with a 5G rollout target of 80% population coverage by 2027 across its four markets. The 2024 e& transaction carved out the legacy Czech businesses and was followed by two strategic acquisitions—Serbia Broadband (SBB) completed April 2025 and merged into Yettel Serbia in April 2026, and UPC Slovakia completed April 2026—to expand fixed broadband and Pay TV scale within existing geographies. Capital structure is supported by multi-tranche Eurobonds and a EUR 1.446 billion term/revolving facility, with post-transaction BBB-/BBB ratings from S&P and Fitch.

Name

e& PPF Telecom Group

Legal name

e& PPF Telecom Group B.V.

Website

https://eandppftelecom.eu

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

e& PPF Telecom Group B.V. is a Netherlands-domiciled CEE telecom operator jointly controlled by e& and PPF Group, providing mobile, fixed broadband, and Pay TV services to 13.3 million consumers and businesses across Bulgaria, Hungary, Serbia, and Slovakia under Yettel, O2, and CETIN brands.

Ownership category

akta.pro rank

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

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, Supply Chain

Revenue model

1. Mobile Services: Mobile voice, data, and broadband services provided to consumer and business customers across Hungary, Bulgaria, Serbia, and Slovakia under Yettel and O2 brands.
2. Fixed Broadband Services: Fixed broadband internet access provided to residential and business customers.
3. Pay TV Services: Television and entertainment services including Pay TV subscriptions for residential customers.
4. Wholesale Infrastructure Services: CETIN companies provide wholesale telecommunications infrastructure services to other telecom operators on equal and transparent basis. This includes mobile network services and tower/site infrastructure.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

e& PPF Telecom Group provides mobile telecommunications, fixed broadband internet, and Pay TV services to consumer and business customers across Bulgaria, Hungary, Serbia, and Slovakia through its Yettel and O2 retail brands. Through its CETIN companies, the Group also provides wholesale fixed and mobile telecommunications infrastructure services to all telecom operators on equal and transparent footing, with Yettel and O2 serving as anchor customers.

Differentiator

Problem solved

Functional benefit

Brands

• Yettel: Retail mobile, fixed broadband, and Pay TV brand operating in Hungary, Bulgaria, and Serbia
• O2
• CETIN

Products and services

• Yettel Mobile Services

Quantifiable outcome

• 99% population coverage in Bulgaria
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered strategic, minor and core.

• UPC SlovakiastrategicStrategic or Co-development Partner · 30 April 2026e& PPF Telecom Group acquired UPC Slovakia, expanding fixed broadband and cable services in Slovakia market.
• 4iGminorStrategic or Co-development Partner · 19 February 2026e& PPF Telecom Group explores non-binding cooperation with 4iG, announced February 2026.
• SBB (Serbia Broadband)strategicStrategic or Co-development Partner · 2 April 2025e& PPF Telecom Group acquired SBB, a leading fixed broadband and Pay TV provider in Serbia, expanding fixed services portfolio. SBB merged with Yettel Serbia on April 1, 2026.
• 4iGminorStrategic or Co-development Partner · 1 August 20234iG Hungary purchased Telenor Montenegro from PPF Telecom Group in December 2021 as part of portfolio optimization.
• Magyar TelekomcoreStrategic or Co-development PartnerCETIN Hungary operates a mobile network sharing scheme with Magyar Telekom, enabling operational efficiencies through infrastructure sharing.
• Slovak TelekomcoreStrategic or Co-development PartnerCETIN Networks Slovakia operates a mobile network sharing scheme with Slovak Telekom, enabling operational efficiencies through infrastructure sharing.

Scale indicators12 records

Recent moves15 records

Expansion highlights6 records

Direct peers

• United Group: United Group is a leading CEE cable, broadband, and mobile operator with operations in Serbia, Slovenia, Bosnia, Croatia, and other markets. United Group was reportedly involved in competing bids for SBB and shares a quad-play playbook overlapping with e& PPF Telecom Group's expanded Serbian footprint.
• Digi Communications (RCS & RDS): Digi Communications operates fixed broadband, cable TV, and mobile services across Romania and other CEE markets, with a similar quad-play strategy and value-oriented positioning to e& PPF Telecom Group. Comparable on subscriber scale, capex intensity, and exposure to CEE macro and regulatory dynamics.
• Slovak Telekom: Slovak Telekom is the incumbent mobile, fixed, and Pay TV operator in Slovakia, competing directly with O2 Slovakia and CETIN Networks Slovakia. As with Magyar Telekom, the two operate a mobile network sharing scheme, making Slovak Telekom the most direct competitor in the Slovak market.
• Magyar Telekom: Magyar Telekom is the incumbent mobile and fixed operator in Hungary, competing head-to-head with Yettel Hungary in both consumer and enterprise segments. The companies also share mobile network infrastructure under a CETIN-Magyar Telekom network-sharing agreement, making Magyar Telekom the most direct strategic peer in the Group's largest market.
• A1 Telekom Austria Group: A1 Telekom Austria Group operates mobile and fixed networks across multiple CEE markets including Bulgaria (A1 Bulgaria) and Serbia (A1 Serbia), directly competing with Yettel in both consumer and enterprise segments. A1's regional footprint and converged service strategy make it the closest pan-CEE competitor to e& PPF Telecom Group.
• Vivacom Bulgaria: Vivacom is one of the three main mobile operators in Bulgaria (alongside Yettel Bulgaria and A1 Bulgaria) and provides fixed broadband and Pay TV services. As a directly competing quad-play operator in the Group's home Bulgarian market, Vivacom is a core comparable for both retail and wholesale dynamics.

Broad incumbents

• Vodafone Group: Vodafone operates mobile and fixed networks across Europe and is a competitor in multiple CEE markets via partnerships and subsidiaries. Several of e& PPF Telecom Group's senior leaders (including CEO Balesh Sharma) are Vodafone alumni, and Vodafone's converged carrier strategy offers a benchmark for how the Group could evolve.
• Turkcell: Turkcell is the leading mobile operator in Turkey and an emerging regional carrier across CEE/CIS markets, with comparable subscriber scale, ARPU dynamics, and emerging-market operating profile. CFO Murat Kirkgöz previously served as Group CFO at Turk Telekom, and the company offers a useful international benchmark for mobile-first growth strategies.
• Deutsche Telekom AG: Deutsche Telekom is the parent of Magyar Telekom and Slovak Telekom, the two incumbents e& PPF Telecom Group competes against in Hungary and Slovakia. As one of Europe's largest telecom groups, Deutsche Telekom provides a benchmark for capital structure, converged service economics, and the regulatory dynamics of structural separation that CETIN embodies.
• Cellnex Telecom: Cellnex is Europe's largest independent operator of wireless telecommunications and broadcasting infrastructures, providing wholesale tower and connectivity services to operators across multiple countries. Comparable to CETIN's wholesale infrastructure business model, though operating at much larger scale and in Western Europe.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat7 records

Key risks7 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/e-and-ppf-telecom-group

Compliance4 records

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&A

Investments

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

Frequently asked questions about e& PPF Telecom Group