accept earning less and less per client
Digi Spain Telecom has completed its transformation from SL to SA, from a Limited Company to a Public Limited Company, as stated in the Official Gazette of the Commercial Registry. The change, approved on December 15, paves the way for an IPO in 2026 that seeks to raise up to 750 million euros by selling 30% of the Spanish subsidiary. The context. Spanish commercial legislation prevents a limited company from being listed on the stock market. Only public limited companies can issue securities that are freely traded in the markets, hence this change is essential to ring the bell. Why is it important. Behind this movement there is a radical strategic commitment. While the three large Spanish operators fight to increase the average income per customer… …Digi does exactly the opposite and is winning the game. In 2025 it has snatched 932,000 customers from its rivals, but its profitability per user has fallen from 8.7 to 7.8 euros, a decrease of 10% in an amount already much lower than that of competitors, closer to 20 euros. The bet. The Romanian operator has chosen a volume over margin strategy that goes against the traditional logic of the sector. He would rather have 10 million customers paying him very little than 5 million paying him little, and the numbers are proving him right, at least for now: It is already the fourth operator with 10.2 million users and it is hot on the heels of Vodafone. In figures. The results of this strategy are overwhelming: 1.5 million ports accumulated in 2025, 23% more than in 2024. 681 million euros of income, 19% more. 70 own stores in Spain, more than double that of the previous year. Average income per client of 7.8 euros, compared to figures that are around 15-20 euros in large operators. Between the lines. The IPO will be what definitively validates (or not) the model. If investors buy shares and validate that narrow margin strategy, Digi will have shown that in a saturated market like the Spanish one, the only way for a fourth operator is to be radically cheaper. And less profitable. But more massive. If this does not happen, Digi would see the sign that its growth model does not convince to finance itself under better conditions. The background. The move to SA is not the only move paving the way for going public. Yes, but. The question now is how far ARPU (average revenue per customer) can fall before the model stops working. With less than 8 euros per customer, Digi is in uncharted territory for an operator with its own infrastructure. In Xataka | The Government has had an idea so that the next blackout does not leave us without mobile data: let the operators pay Featured image | Xataka with Mockuuups Studio