TDF Infrastructure has reported another year of growth and investment in 2024, driven by expansion of its telecom infrastructure, including new tower deployments and advancements in 5G and private mobile networks.
Key Financial Highlights
Revenue increased by 2.8%, reaching €799.1 million.
Telecom infrastructure remains the largest revenue contributor, rising by 3.7% to €516.7 million.
EBITDAaL stood at €428.4 million, representing 53.6% of revenue.
€274.5 million was invested in infrastructure development, accounting for 34.4% of revenue.
The company's order backlog reached €4.7 billion, securing nearly six years of future revenue.
Significant Expansion in Tower Infrastructure
TDF continued its aggressive tower deployment strategy, adding over 200 new mobile telecom towers in 2024, bringing the total to more than 1,800 towers built since 2016. The company now operates a vast network of 8,800 active sites, including towers, rooftops, and key urban locations.
With mobile operators continuing to expand their network footprints, TDF has exceeded 22,000 PoPs across its infrastructure, reflecting a 3.1% overall increase, with 4.1% growth among the four major mobile network operators in France.
Accelerated Growth in Indoor Coverage and 5G Solutions
One of the standout achievements of 2024 was the 31.5% revenue increase in indoor mobile coverage solutions. TDF is actively expanding its presence in this sector by providing advanced connectivity solutions for businesses, public venues, and industrial sites.
In parallel, TDF is making strong progress in private 4G and 5G mobile networks, securing its first major contracts in this space. The company aims to further develop this segment in 2025, alongside an increased focus on edge computing and data centres.
5G and UHD Broadcasting Innovations
TDF played a crucial role in broadcasting the Paris 2024 Olympic Games, deploying Ultra High Definition (UHD) broadcasting on Digital Terrestrial Television (DTT).
The company also successfully conducted the first large-scale 5G Broadcast transmission tests, demonstrating its commitment to next-generation broadcasting technology. In addition, TDF saw an 89% revenue surge in digital radio DAB+, expanding national and local coverage.
Financial Strength and ESG Commitment
TDF strengthened its financial position in 2024 by issuing a €500 million bond, allowing the early repayment of debt maturing in 2026. The company also finalised the sale of its fibre business to Dutch investment fund CVC DIF, streamlining its focus on telecom and broadcast infrastructure.
On the ESG front, TDF earned a 96% rating from the Global Real Estate Sustainability Benchmark (GRESB), ranking first in Europe's telecom infrastructure sector.
Outlook for 2025
With a clear focus on indoor mobile coverage, 5G private networks, and continued tower deployments, TDF aims to solidify its position as a key enabler of digital connectivity in France. CEO Olivier Huart emphasised the company's ambition to drive future growth through innovation and strategic investments:
“Our results reflect the resilience of our activities in an uncertain context, showing growth supported by long-term capital expenditure in infrastructure and networks. In 2025, fifty years after TDF’s creation, our infrastructures, networks, and services are more essential than ever in the daily lives of people and businesses.”
“We face new challenges, with the ambition to develop the potential of indoor, edge, and private mobile network activities to ensure TDF’s future growth.”
