REG - Hellenic Telecomms - 3rd Quarter Results
13/11/2025 08:00
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RNS Number : 4027H Hellenic Telecomms Organization S A 13 November 2025
OTE GROUP REPORTS 2025 THIRD QUARTER RESULTS
KEY HIGHLIGHTS
· Successful completion of Telekom Romania Mobile disposal:
o Significant FCF savings onwards
o €40mn extraordinary dividend corresponding to €0.1 per share
· Continuing growth momentum in Greece: Revenues increased by 5.0%,
Adj. EBITDA (AL) up 2%
· Strong Mobile performance; Service Revenues up 2.7%, Post-paid
subscribers +6.4%
· Fixed Retail Service Revenues accelerates, up 1.3%; double digit
growth in TV and solid FTTH
· FTTH customer base expanded to 509k; strong additions at 38k -
positive Broadband net additions
· FTTH rollout at almost 2mn homes - utilization increasing to 33% -
plan to reach ~3.5mn by 2030
· Agreement to expand Ultra-Fast Broadband (UFBB) coverage in
semi-urban and rural areas
Key Financial Data
OTE GROUP (€mn) Q3'25 Q3'24 y-o-y 9M'25 9M'24 y-o-y
Revenues 874.0 832.5 +5.0% 2,548.0 2,490.9 +2.3%
Adjusted EBITDA (AL) 360.1 353.1 +2.0% 1,022.4 1,003.1 +1.9%
margin % 41.2% 42.4% -1.2pp 40.1% 40.3% -0.2pp
EBIT 223.5 225.1 -0.7% 603.4 579.5 +4.1%
Profit to owners of the parent 271.5 199.6 +36.0% 552.5 462.5 +19.5%
EPS (€) 0.6784 0.4863 +39.5% 1.3712 1.1194 +22.5%
Adj. Profit to owners of the parent 170.0 173.5 -2.0% 469.9 458.7 +2.4%
Capex 149.8 152.2 -1.6% 437.1 404.1 +8.2%
Free Cash Flow (AL) 107.6 99.9 +7.7% 374.5 377.1 -0.7%
Cash and cash equivalents 426.3 462.1 -7.7% 426.3 462.1 -7.7%
Net Debt 698.1 684.3 +2.0% 698.1 684.3 +2.0%
Note: Following TELEKOM ROMANIA MOBILE COMMUNICATIONS (TKRM) disposal, all
figures (apart from Balance Sheet of 2024) adjusted to reflect only continuing
operations; TKRM has been classified as held for sale and has been treated as
discontinued operations in 2025 and 2024.
Message from the Chairman & CEO, Kostas Nebis:
"We are pleased to have successfully completed the disposal of our Romanian
operations, a strategic move enabling OTE to focus on domestic growth and
continue enhancing shareholder value. In line with our commitments, we
declared an extraordinary dividend. In Greece, we have recently reached a
significant agreement to further expand our NGA coverage through the partly
subsidized concession of UFBB, and undertake the entire project, supporting
our strategy to deliver the most extensive and reliable network. Aligned with
our ambition to become Greece's leading digital provider, we recently launched
the "Magenta AI", bringing the power of AI to customers, a value-enhancing
offering to our customers.
Our Q3 performance was robust across all major segments, with broadband,
mobile, and ICT delivering another quarter of growth. I am particularly
pleased that our Fixed services remain on positive track for the second
quarter in a row against multi-faceted challenges, a direction we anticipate
will continue in future periods, supported by the accelerating adoption of
FTTH, the success of our Fixed Wireless Access (FWA) and the continuing
strong performance of our TV services. Our mobile business continues to
deliver solid and sustainable growth, further solidifying our market
leadership. Our solid financial results demonstrate the effectiveness of our
strategic direction and the value of our integrated service portfolio. As we
look forward, we are confident in our ability to lead the market, achieve our
full-year targets, generate strong Free Cash Flow, and continue delivering
value to our shareholders, customers, and partners".
OUTLOOK
For the remaining of the year, OTE is well-positioned to maintain its market
leadership and meet its strategic goals, thanks to ongoing investments in
advanced networks and a strong service portfolio across fixed, mobile,
broadband, TV, and bundled offerings. Given the current market dynamics, OTE
expects sustained growth, supported by FTTH take up, the new FWA solution, and
expanding TV services through enhanced content offerings and stronger
anti-piracy measures. OTE remains by far the leader in network reach and is on
track to pass approximately 2.1 million homes with FTTH by end of 2025 and
following the recent UFBB agreement, approximately 3.5 million by 2030. In
Mobile, OTE continues expanding its 5G Stand-Alone (SA) coverage, maintaining
its clear advantage in mobile networks. Growth is driven by a strong customer
base, initiatives in prepaid, "more-for-more" strategy, while postpaid
momentum remains solid. The ICT benefits from ongoing digitization of the
country while, though wholesale remains challenging, FTTH wholesale agreements
are helping monetize investments and facilitate the transition to fiber. OTE
continues to create value for customers and the wider economy, focusing on
service excellence, Gigabit leadership, and AI-driven transformation.
2025 Guidance:
After the sale of TELEKOM ROMANIA MOBILE COMMUNICATIONS (TKRM), the company
has updated its 2025 guidance to reflect estimates for Greece only:
· Free Cash Flow (FCF): OTE anticipates generating FCF of approximately
€530mn in 2025.
· Capital Expenditure (CAPEX): OTE expects CAPEX for 2025 approximately
€600mn, focusing on the expansion of its Fiber-To-The-Home (FTTH)
infrastructure and the coverage of its 5G Stand Alone (SA) network, which
supports Fixed Wireless Access (FWA) service.
· Adj. EBITDA (AL): OTE expects EBITDA growth to reach almost 2%,
fueled by solid performance across key services, including mobile, broadband,
and TV alongside effective cost management in several areas.
2025 SHAREHOLDER REMUNERATION
For 2025, "ordinary" shareholder remuneration has been set at €451mn,
corresponding to €298mn cash dividend and approximately €153mn in share
buybacks. This amount was initially determined based on the expected Free Cash
Flow of approximately €460mn for the year, which included the anticipated
cash flow deficit from Telekom Romania Mobile (TKRM), as the business remained
part of the Group. The targeted €451mn represents roughly 98% of the initial
2025 Free Cash Flow expectation. The dividend per share for 2025 stood at
€0.7216, with a final dividend of €0.7415 per share-adjusted for own
shares outstanding as of the ex‑dividend date-was paid on July 9, 2025. The
share buyback program for 2025 is ongoing, and as of the date of this release,
OTE has executed €128mn in share buybacks.
Following the sale of TKRM on October 1, 2025, OTE adjusted its shareholder
remuneration to reflect the real impact on the annual Free Cash Flow. As a
result of the disposal, OTE will distribute €40mn to shareholders as an
extraordinary dividend of €0.10 per share. The extraordinary dividend will
be increased accordingly for own shares held by the company that are not
entitled to dividends as of the ex-dividend date. The extraordinary dividend
will be paid out on December 30, 2025.
FINANCIAL HIGHLIGHTS
Financial Data
Financial Data (€mn) Q3'25 Q3'24 y-o-y 9M'25 9M'24 y-o-y
Revenues 874.0 832.5 5.0% 2,548.0 2,490.9 2.3%
Retail Fixed Services 230.5 227.6 +1.3% 687.9 684.2 +0.5%
Including Data Com. 255.7 251.9 +1.5% 761.2 754.0 +1.0%
Mobile Service Revenues 291.8 284.2 +2.7% 803.7 784.9 +2.4%
Wholesale Services 140.5 134.8 +4.2% 441.2 448.2 -1.6%
Other Revenues 211.2 185.9 +13.6% 615.2 573.6 +7.3%
Out of which: System Solutions 97.2 70.5 +37.9% 279.7 225.9 +23.8%
Adjusted EBITDA (AL) 360.1 353.1 +2.0% 1,022.4 1,003.1 +1.9%
margin (%) 41.2% 42.4% -1.2pp 40.1% 40.3% -0.2pp
Total revenues amounted to €874.0mn in Q3'25, recording strong growth, up
5.0% year on year, driven by sustained growth in mobile, TV, broadband, and
ICT services, which more than offset declines in national wholesale and
handsets revenues.
· Retail fixed service accelerated its growth trajectory, posting a 1.3%
increase in Q3'25 compared to 0.6% growth in the previous quarter, recovering
after several quarters of decline. Double digit growth in TV, the positive
impact of the Gigabit voucher scheme for FTTH connections, further expansion
of FTTH coverage, and the introduction of FWA services this year, are
contributing to the improvement in fixed retail revenue.
· Mobile service revenues were up 2.7% in Q3'25, maintaining the positive
trend of previous quarters. The postpaid segment continued to grow, fueled by
the ongoing pre-to-post migration strategy and the continued uptake of
higher-value packages. Additionally, the adjustment of minimum recharge in the
prepaid at physical channels contributed to the overall mobile growth,
resulting in higher ARPU and further encouraging customers to transition from
prepaid to postpaid offerings.
· Wholesale revenues increased by 4.2% in Q3'25, as the increase of
low-margin international transit traffic revenues in the quarter offset the
continuing drop in national wholesale revenues. National wholesale, as
expected, declined, primarily reflecting the ongoing rollout of fiber
infrastructure by competing operators across the country. OTE is mitigating
part of the impact through its strategic wholesale agreements with key
telecommunications players in the market, helping to sustain overall wholesale
performance. Approximately €81mn of total wholesale in the quarter reflects
international wholesale revenues, which will decline significantly in the
course of coming quarters.
· Other revenues increased by 13.6% in the quarter, supported by
sustained growth in ICT business. In particular, systems solutions delivered a
strong performance with a 37.9% increase. OTE secures multiple contracts,
covering managed network services, ERP implementations, fiber optic networks,
archive digitization, and the modernization of public services, among other
initiatives.
Total Operating Expenses, excluding depreciation, amortization, impairment and
charges related to voluntary leave schemes and other restructuring costs,
amounted to €500.5mn in Q3'25, higher by €34.3mn year-on-year, reflecting
the strong increase in top line.
Adjusted EBITDA (AL) increased by 2.0% to €360.1mn, continuing the positive
momentum recorded in prior quarters. The corresponding margin reached 41.2%,
compared to 42.4% in Q3'24, primarily due to a higher contribution from
lower-margin revenue streams. Alongside revenue growth, ongoing cost
efficiencies-particularly in personnel expenses-helped offset certain cost
increases during the period.
Operating profit before financial and investing activities (EBIT) stood at
€223.5mn slightly down by 0.7% compared to €225.1mn a year ago, mainly
reflecting higher amortization of certain intangible assets in the quarter.
Capex in Q3'25 amounted to €149.8mn, slightly lower by €2.4m compared to
Q3'24, while total Capex spending in the first nine months reached €437.1mn
up from €404.1mn, mainly reflecting FTTH investment plan and the expansion
of FWA.
Reported Free Cash Flow (AL) from continued operations stood at €107.6mn
compared to €99.9mn in Q3'24, mainly reflecting the increase in EBITDA in
the quarter. The Group reported lower income tax outflows and higher working
capital requirements as a result of different settlements among income taxes
and receivables and advances related to the public sector (see note on Exhibit
IV-Cash Flow Statement).
Net Debt stood at €698.1mn as of September 30, 2025, and the ratio of net
debt to 12-month Adjusted EBITDA (AL) stood at 0.5x. The Group does not face
any significant bond maturity until September 2026 (€500mn 0.875% Notes).
OPERATIONAL HIGHLIGHTS
Key Operational Data - Fixed Business
Fixed Business Q3'25 Q3'24 y-o-y y-o-y Net Adds
Fixed line subscribers 2,564,138 2,586,651 -0.9% (22,513) (5,497)
Broadband subscribers 1 (#_ftn1) 2,358,912 2,349,583 +0.4% 9,329 1,776
out of which: Total Fiber Speeds 2 (#_ftn2) 1,677,973 1,592,199 +5.4% 85,774 28,776
out of which: FTTH 508,843 355,054 +43.3% 153,789 38,475
TV subscribers 758,034 710,189 +6.7% 47,845 23,002
Key Operational Data Mobile Business
Mobile Business Q3'25 Q3'24 y-o-y y-o-y Net Adds
Postpaid 3,002,710 2,823,310 +6.4% 179,400 57,206
Prepaid 4,156,944 4,361,397 -4.7% (204,453) (52,366)
FTTH: OTE continued to accelerate the adoption of Fiber-To-The-Home (FTTH)
services, achieving solid customer growth of 38K net additions during the
quarter. Total FTTH customer base increased to 509K, representing 22% of the
Company's total broadband base, while in areas where FTTH network is
available, adoption among OTE customers has already reached 47%, demonstrating
the effectiveness of OTE's strategy and the growing preference for advanced
broadband solutions. The ongoing FTTH uptake reflects steady demand for fast,
reliable connectivity, the positive impact of government subsidy programs and
the continued expansion of OTE's FTTH infrastructure.
Redemptions of FTTH subsidy coupons continue to grow steadily, while the
rising adoption of FTTH continues to boost customer satisfaction, reduce
churn, and optimize operating costs, reinforcing the importance of
accelerating subscriber growth for OTE's long-term sustainability.
OTE continues to drive the expansion of Greece's FTTH infrastructure,
reinforcing its market leadership. By September 2025, the Company had passed
almost 2 million homes and businesses with its Fiber-to-the-Home network and
remains on track to reach 2.1 million by year-end. This ongoing rollout
underscores OTE's dedication to meeting growing connectivity needs and
supporting future growth.
The utilization rate of OTE's FTTH infrastructure increased to 33%, up from
26% a year earlier. Of the 509k total OTE FTTH customers, 83% are served by
OTE's network, while 47% of competitors' FTTH subscribers rely on OTE's
infrastructure, up from 38% the previous year. This highlights the positive
impact of strategic FTTH wholesale agreements with key telco players.
Fixed Broadband - FWA: OTE's Fixed Wireless Access (FWA) service, launched in
early 2025 over its advanced 5G+ network using slicing technology, continues
to expand its footprint in non-fibered areas, offering reliable broadband and
voice connectivity. With the addition of voice services and seasonal demand,
FWA adoption has gained significant traction, reaching 33k subscribers by the
end of the quarter. The growing adoption of Fixed Wireless Access has played a
significant role in supporting continued growth in broadband net additions,
which reached +1.8k in a traditionally subdued quarter, increasing OTE's total
broadband subscriber base to 2.4 million.
TV: Leveraging the sports agreement with Nova, OTE's TV customer base grew
6.7% year-on-year to 758k subscribers as of September 2025, with strong net
additions of 23k in the quarter. OTE continues to benefit from ongoing
customer expansion and higher ARPU driven by expanded sports content offering.
The adoption of anti‑piracy legislation in 2025 and the planned removal of
the 10% special tax on pay-TV effective January 1, 2026, will further drive
the shift to legitimate services and reinforce OTE's market position.
Mobile: OTE continues to generate robust and sustainable growth, maintaining
its strong performance in the postpaid mobile segment, further advancing the
positive momentum seen in previous periods. The successful transition from
prepaid to subscription plans, along with the optimization of the prepaid
portfolio and the growing adoption of high-end offerings and 5G devices
continues to yield solid results. In the quarter, OTE recorded strong postpaid
additions at +57k, pushing its total postpaid customer base to 3 million,
representing a 6.4% increase year-over-year. Strong performance is supported
by its network excellence and compelling service offerings. Prepaid customers
now represent 58% of the total mobile base, down from 61% a year earlier,
underscoring the sustained opportunity for further postpaid expansion.
Demonstrating its ongoing dedication to maintaining its market leadership, OTE
is actively investing in the expansion and enhancement of its mobile network.
The reliability and resilience of its network not only reinforce its long-term
growth trajectory but also demonstrate its commitment to providing an
outstanding mobile experience through ongoing innovation and a
customer-centric approach. OTE's 5G network now provides coverage to more than
99% of the population, while the deployment of its advanced 5G+ (Stand-Alone)
network has made notable strides, reaching over 75% of residents. 5G and 5G+
networks are designed to enhance customer experience through much higher
download and upload speeds, exceptionally low latency, improved indoor
coverage, and greater network. OTE continues to stand out as the sole provider
in Greece with a commercially available 5G Stand-Alone network, highlighting
its leadership in bringing innovative connectivity solutions to market.
SIGNIFICANT EVENTS OF THE QUARTER
OTE signs binding agreements to sell Telekom Romania Mobile Communications
On September 19, 2025, OTE announced that it signed binding agreements with
Vodafone Romania S.A. ("Vodafone") and Digi Romania S.A. ("Digi") for the
disposal of its 100% stake in Telekom Romania Mobile Communications ("TKRM" or
the "Company"), as follows:
· TKRM will transfer to Digi the prepaid business, certain spectrum
rights and part of the tower portfolio.
· OTE will sell to Vodafone Romania its entire stake in TKRM, (100%
minus 7 shares held by S.N. Radiocommunicatii), and excluding the above assets
transferred to Digi.
The combined enterprise value amounts to €70mn. The transaction was
completed on October 1, 2025 (see below).
Cancellation of Own Shares and Share Buyback Program
During the second year of its 2024-2026 Share Buyback Program and notably
during the February 28 to September 30, 2025, the Company acquired a total of
6,554,794 own shares at an average price of €16.01 per share. The Annual
General Shareholder Meeting of June 23, 2025, approved the cancellation of
8,840,446 own shares.
These shares were acquired during the period from June 3, 2024, to April 30,
2025, at an average price of Euro 14.83 per share. Following notification of
the Athens Stock Exchange and consummation of other legal and regulatory
procedures, the shares were canceled and delisted from the Athens Stock
Exchange (ATHEX) as of July 22, 2025.
During the third quarter of 2025 the Company acquired 2,668,804 own shares at
an average price of €15.90 per share and as of September 30, 2025, the
Company holds 4,889,099 own shares.
Issuance of new Bond
On July 03, 2025, OTE PLC issued a €60mn bond due October 2025, with a yield
of 2.394% per annum, fully subscribed by Deutsche Telekom AG. The proceeds
will be used to cover general corporate needs of OTE Group.
EVENTS AFTER THE QUARTER
Completion of Telekom Romania Mobile Disposal
On October 1, 2025, the disposal of OTE's 100% stake (minus 7 shares held by
S.N Radiocommunicatii) in Telekom Romania Mobile Communications ("TKRM") had
been successfully completed. The combined enterprise value stood at €70mn.
The Net Consideration after adjustments at completion, such as net debt,
working capital and other costs & expenses/provisions reached
approximately €40mn, which will be distributed to shareholders as an
extraordinary dividend.
Extraordinary Dividend
On November 12, 2025, the Board of Directors of OTE, approved an extraordinary
shareholder remuneration of €40mn, in the form of an extraordinary dividend
of €0.1 per outstanding share, following the disposal of Telekom Romania
Mobile Communications (TKRM). The extraordinary dividend will be increased
accordingly for own shares held by the company that are not entitled to
dividends as of the ex-dividend date. The extraordinary dividend will be paid
out on December 30, 2025.
OTE signs agreement for Ultra-Fast Broadband PPP project implementation
through transfer of TERNA FIBER
On November 6, 2025, OTE announced that it has entered into binding agreements
for the acquisition of the special purpose vehicle TERNA FIBER, which has been
awarded the "Ultra-Fast Broadband Infrastructure" (UFBB) project for the
development and operation of infrastructure that will provide ultra-high-speed
Internet access in four out of seven geographic lots, covering 480,000
households and businesses in semi-urban and rural areas of Greece.
Spin-off of passive mobile infrastructure business
On November 3, 2025, the spin-off of the mobile infrastructure business of OTE
was completed, with the formation of a 100% subsidiary, COSMOTE TELEKOM Towers
("CTT"), to which approximately 3,800 mobile towers have been transferred to.
The formation of CTT is targeting incremental efficiencies in tower management
operations as well as higher transparency on the value of this asset.
Repayment of Notes
On October 7, 2025, the €60.0mn fixed-rate Notes under the Global
Medium-Term Note Program of OTE PLC, fully subscribed by Deutsche Telekom AG,
were fully repaid at maturity.
About OTE
OTE Group is the largest telecommunications provider in the Greek market. OTE
is among the largest listed companies, with respect to market capitalization,
on the Athens Stock Exchange.
OTE Group offers the full range of telecommunications services: from
fixed-line and mobile telephony, broadband services, to pay-TV and ICT
solutions. In addition to its core activities, the Group is also involved in
electronic payments, delivery services, real estate, insurance distribution
and professional training.
Additional Information is also available on: https://www.cosmote.gr
(https://www.cosmote.gr)
Conference Call Details
Thursday, November 13, 2025
13:00pm (EEST), 11:00am (BST), 12:00pm (CEST), 06:00am (EDT)
Dial-in
Details
Greece +30 210 9460 800
Germany +49 (0) 69 2222 4493
UK & International +44 (0) 203 059 5872
USA +1 516 447 5632
We recommend that you call any of the above numbers 5 to 10 minutes before the
conference call is scheduled to start.
Live Webcast Details
The conference call will be webcast and you may join by linking at:
https://87399.themediaframe.eu/links/otegroup251113.html
(https://87399.themediaframe.eu/links/otegroup251113.html)
If you experience difficulty, please call + 30 210 9460803.
Investor Relations Contacts:
Evrikos Sarsentis - Mergers, Acquisitions and Investor Relations Director, OTE
Group
Tel: +30 210 611 1574, Email: esarsentis@ote.gr (mailto:esarsentis@ote.gr)
Sofia Ziavra - Investor Relations Senior Manager OTE Group
Tel: + 30 210 617 7628, Email: sziavra@ote.gr
Elena Boua - Investor Relations Expert
Tel: + 30 210 611 7364, Email: eboua@ote.gr (mailto:eboua@ote.gr)
Forward-looking Disclaimer
Certain statements in this document constitute forward-looking statements.
Such forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially. These risks and uncertainties
include, among other factors, changing economic, financial, business or other
market conditions. OTE will not update such statements on a regular basis. As
a result, you are cautioned not to place any reliance on such forward-looking
statements. Nothing in this document should be construed as a profit forecast
and no representation is made that any of these statements or forecasts will
come to pass. Persons receiving this announcement should not place undue
reliance on forward-looking statements and are advised to make their own
independent analysis and determination with respect to the forecast periods,
which reflect the Group's view only as of the date hereof.
EXHIBITS
I. Alternative Performance Measures "APMs"
II. Consolidated Statement of Financial Position as of September 30, 2025
and December 31, 2024
III. Consolidated Income Statement for the quarter and nine months ended
September 30, 2025 and comparative 2024
IV. Consolidated Statement of Cash Flows for the quarter and nine months
ended September 30, 2025 and comparative 2024
I. ALTERNATIVE PERFORMANCE MEASURES "APMS"
The Group uses Alternative Performance Measures ("APMs") to support decision
making and performance evaluation. APMs and the respective adjusted measures
provide additional insight into the Group's underlying performance and are
calculated by using the amounts from the Consolidated Statement of Financial
Position (Exhibit II), Consolidated Income Statement (Exhibit III) and
Consolidated Statement of Cash Flow (Exhibit ΙV) and the below items as well,
due to their nature impacting comparability. As these costs or payments are of
significant size and of irregular timing, it is a common industry practice to
be excluded for the calculations in order to enhance comparability with
industry peers and facilitate a better understanding of the Group's
performance. The APMs should be read in conjunction with and do not replace
the directly reconcilable IFRS line items.
1. Costs or payments related to Voluntary Leave Schemes: Costs or payments
related to Voluntary Leave Schemes comprise the exit incentives provided to
employees and the contributions to the social security fund to exit/retire
employees before conventional retirement age. These costs are included within
the income statement as well as within the cash flow statement lines "costs
related to voluntary leave schemes" and "payment for voluntary leave schemes",
respectively.
2. Costs or payments related to other restructuring plans: Other
restructuring costs comprise non-ongoing activity-related costs arising from
significant changes in the way the Group conducts business. These costs are
mainly related to the Group's portfolio management restructuring.
3. Spectrum acquisition payments: Spectrum payments comprise the amounts
paid to acquire rights (licenses) through auctions run by the National
Regulator to transmit signals over specific bands of the electromagnetic
spectrum.
DEFINITIONS AND RECONCILIATIONS OF ALTERNATIVE PERFORMANCE MEASURES ("APMS")
Net Debt: Net Debt is used to evaluate the Group's capital structure and
leverage. Net Debt is defined as long-term borrowings plus short-term portion
of long-term borrowings plus short-term borrowings plus other financial
liabilities less cash and cash equivalents. Following the adoption of IFRS 16
financial liabilities related to leases are included in the calculation of net
debt.
Net Debt
OTE Group (€ mn) 30/09/2025 30/09/2024
Long-term borrowings 350.0 848.3
Short-term portion of long-term borrowings 499.2 -
Short-term borrowings 60.0 40.0
Lease liabilities (long-term portion) 158.5 185.2
Lease liabilities (short-term portion) 46.9 64.1
Financial liabilities related to digital wallets 9.8 8.8
Cash and cash equivalents (426.3) (462.1)
Net Debt 698.1 684.3
EBIT: Earnings Before Interest and Taxes (EBIT) is derived directly from the
Financial Statements of the Group, line "Operating profit before financial and
investing activities" of the Income Statement. EBIT provides useful
information to analyze the Group's operating performance.
EBITDA - Adjusted EBITDA - Adjusted EBITDA After Lease (AL)
· EBITDA is derived directly from the Financial Statements of the
Group, line "Operating profit before financial and investing activities,
depreciation, amortization and impairment" of the Income Statement. EBITDA is
defined as total revenues plus other operating income less total operating
expenses before depreciation, amortization and impairment. EBITDA provides
useful information to analyze the Group's operating performance.
· Adjusted EBITDA is calculated by excluding the impact of costs
related to voluntary leave schemes and other restructuring costs.
· Adjusted EBITDA After Lease (AL): Following the adoption of IFRS 16
related to leases, it is a common industry practice to use the EBITDA After
Lease (AL) or Adjusted EBITDA After Lease (AL) in order to facilitate
comparability with industry peers and historical comparison as well. Adjusted
EBITDA (AL) is defined as Adjusted EBITDA deducting the amortization and
interest expense related to leases.
EBITDA, Adjusted EBITDA and Adjusted EBITDA (AL) margin (%) is defined as the
respective EBITDA divided by total revenues.
EBITDA
OTE Group (€ mn) Q3'25 Q3'24 9M'25 9M'24
Revenues 874.0 832.5 2,548.0 2,490.9
Other Operating Income 1.5 0.9 3.7 4.0
Total Operating Expenses (before Depreciation, amortization and impairment (504.4) (469.7) (1,513.4) (1,482.1)
EBITDA 371.1 363.7 1,038.3 1,012.8
Costs related to voluntary leave schemes 3.7 2.5 27.3 31.1
Other restructuring costs 0.2 1.0 0.8 1.0
Adjusted EBITDA 375.0 367.2 1,066.4 1,044.9
Amortization of lessee use rights to leased assets (13.0) (12.3) (38.3) (36.3)
Interest expense on leases (1.9) (1.8) (5.7) (5.5)
Adjusted EBITDA (AL) 360.1 353.1 1,022.4 1,003.1
Margin % 41.2% 42.4% 40.1% 40.3%
Capital expenditure (Capex) and Adjusted Capex : Capex is derived directly
from the Financial Statements of the Group, line "Purchase of property, plant
and equipment and intangible assets" of the Cash Flow Statement. The Group
uses Capex to ensure that the cash spending is in line with its overall
strategy for the use of cash. Adjusted Capex is defined as Capex excluding
spectrum payments.
Capital expenditure (Capex) & Adj Capex
OTE Group (€ mn) Q3'25 Q3'24 9M'25 9M'24
Purchase of property plant and equipment and intangible assets (149.8) (152.2) (437.1) (404.1)
Spectrum Payments - - - -
Adjusted CAPEX (149.8) (152.2) (437.1) (404.1)
Free Cash Flow (FCF)- Free Cash Flow After Lease (AL) - Adjusted FCF After
Lease (AL)
· Free Cash Flow is defined as net cash flows from operating
activities, after payments for purchase of property, plant and equipment and
intangible assets (Capex) and adding the interest received. Free Cash Flow
After Lease (AL) is defined as Free Cash Flow after lease repayments.
· Adjusted FCF After Lease (AL) facilitates comparability of Cash Flow
generation with industry peers and discussions with the investment analyst
community and debt rating agencies. It is calculated by excluding from the
Free Cash Flow After Lease (AL) payments for voluntary leave schemes, other
restructuring costs as well as spectrum payments.
FCF After Lease (AL) and Adjusted FCF After Lease (AL) are intended to measure
the cash generation from the Group's business activities while facilitate the
understanding the Group's cash generating performance as well as availability
for debt repayment, dividend distribution and own reserves.
Free Cash Flow (FCF)
OTE Group (€ mn) Q3'25 Q3'24 9M'25 9M'24
Net cash flows from operating activities 240.4 268.3 823.4 818.3
Minus: Net cash flows from operating activities of discontinued operations (27.1) 7.2 (18.6) 10.2
Purchase of property, plant, equipment and intangible assets (149.8) (152.2) (437.1) (404.1)
Interest received 1.4 2.2 6.2 9.2
Free Cash Flow 119.1 111.1 411.1 413.2
Lease repayments (11.5) (11.2) (36.6) (36.1)
Free Cash Flow After Lease (AL) 107.6 99.9 374.5 377.1
Payment for voluntary leave schemes 6.7 7.6 32.6 33.1
Payment for other restructuring costs 0.2 1.0 1.4 2.3
Spectrum payments - - - -
Adjusted FCF After Lease (AL) 114.5 108.5 408.5 412.5
Adjusted Profit to owners of the parent: Adjusted Profit for the period
attributable to owners of the parent is intended to provide useful information
to analyze the Group's net profitability excluding the impact of significant
non-recurring or irregularly recorded items in order to facilitate
comparability with previous ongoing performance. For the respective period of
2025 and the comparable period of 2024, Profit to owners of the parent was
impacted by costs related to voluntary leave schemes, (Gain)/Loss from
disposal of subsidiaries, reversal of provision related to Assets Sales, tax
effect from deductible investment losses and other restructuring costs.
Adjusted Profit to owners of the parent
OTE Group (€ mn) Q3'25 Q3'24 9M'25 9M'24
Profit to owners of the Parent from Continuing Operations 271.5 199.6 552.5 462.5
Costs related to voluntary leave schemes 3.0 2.0 21.4 24.3
(Gain) / Loss from disposal of subsidiaries - 1.9 - 1.9
Reversal of provision related to Assets Sales - (30.8) - (30.8)
Other restructuring costs 0.1 0.8 0.6 0.8
Τax effect from deductible investment losses (104.6) - (104.6) -
Adjusted Profit to owners of the parent 170.0 173.5 469.9 458.7
II. ΟΤΕ GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(€ mn) 30/09/2025 31/12/2024
ASSETS
Non - current assets
Property, plant and equipment 2,248.1 2,227.6
Right-of-use assets 217.1 262.4
Goodwill 376.6 376.6
Telecommunication licenses 203.4 227.8
Other intangible assets 255.9 279.6
Investments 0.1 0.1
Loans to pension funds 53.2 56.5
Deferred tax assets 275.9 189.3
Contract costs 14.8 33.7
Other non-current assets 71.3 77.4
Total non - current assets 3,716.4 3,731.0
Current assets
Inventories 44.6 51.1
Trade receivables 609.4 536.4
Other financial assets 6.8 6.3
Contract assets 34.5 76.5
Other current assets 130.2 126.2
Restricted cash - 0.7
Cash and cash equivalents 426.3 467.0
Total current assets 1,251.8 1,264.2
Assets of disposal group classified as held for sale 151.7 -
TOTAL ASSETS 5,119.9 4,995.2
EQUITY AND LIABILITIES
Equity attributable to owners of the Parent
Share capital 1,142.9 1,167.9
Share premium 407.1 416.4
Treasury shares (79.7) (104.2)
Statutory reserve 440.7 440.7
Foreign exchange and other reserves (153.3) (156.4)
Retained earnings 292.7 200.5
Total equity 2,050.4 1,964.9
Non-current liabilities
Long-term borrowings 350.0 848.5
Provision for staff retirement indemnities 100.1 109.6
Provision for youth account 64.7 69.0
Contract liabilities 76.7 78.9
Lease liabilities 158.5 189.4
Deferred tax liabilities 0.9 0.6
Other non - current liabilities 53.3 86.9
Total non - current liabilities 804.2 1,382.9
Current liabilities
Trade accounts payable 736.8 866.4
Short-term borrowings 60.0 -
Short-term portion of long-term borrowings 499.2 -
Income tax payable 155.3 66.9
Contract liabilities 285.5 258.9
Lease liabilities 46.9 63.4
Dividends payable 2.2 2.4
Other current liabilities 338.7 389.4
Total current liabilities 2,124.6 1,647.4
Liabilities of disposal group classified as held for sale 140.7 -
Total liabilities 3,069.5 3,030.3
TOTAL EQUITY AND LIABILITIES 5,119.9 4,995.2
III. OTE GROUP CONSOLIDATED INCOME STATEMENT
(€ mn) Q3'25 Q3'24 y-o-y 9M'25 9M'24 y-o-y
Fixed business:
Retail services revenues 230.5 227.6 +1.3% 687.9 684.2 +0.5%
Wholesale services revenues 140.5 134.8 +4.2% 441.2 448.2 -1.6%
Other revenues 133.3 105.6 +26.2% 387.0 331.8 +16.6%
Total revenues from fixed business 504.3 468.0 +7.8% 1,516.1 1,464.2 +3.5%
Mobile business:
Service revenues 291.8 284.2 +2.7% 803.7 784.9 +2.4%
Handset revenues 48.4 57.1 -15.2% 139.4 164.4 -15.2%
Other revenues 0.8 0.9 -11.1% 2.3 2.3 -
Total revenues from mobile business 341.0 342.2 -0.4% 945.4 951.6 -0.7%
Miscellaneous other revenues 28.7 22.3 +28.7% 86.5 75.1 +15.2%
Total revenues 874.0 832.5 +5.0% 2,548.0 2,490.9 +2.3%
Other operating income 1.5 0.9 +66.7% 3.7 4.0 -7.5%
Operating expenses
Interconnection and roaming costs (102.1) (94.4) +8.2% (324.5) (326.3) -0.6%
Provision for expected credit losses (6.6) (5.3) +24.5% (20.3) (17.5) +16.0%
Personnel costs (89.4) (93.2) -4.1% (280.2) (290.8) -3.6%
Costs related to voluntary leave schemes (3.7) (2.5) +48.0% (27.3) (31.1) -12.2%
Commission costs (18.3) (18.4) -0.5% (55.0) (56.2) -2.1%
Merchandise costs (69.0) (65.8) +4.9% (195.6) (222.7) -12.2%
Maintenance and repairs (22.4) (25.2) -11.1% (63.4) (66.2) -4.2%
Marketing (20.9) (20.7) +1.0% (57.6) (51.6) +11.6%
Other operating expenses (172.0) (144.2) +19.3% (489.5) (419.7) +16.6%
Total operating expenses before depreciation, amortization and impairment (504.4) (469.7) +7.4% (1,513.4) (1,482.1) +2.1%
Operating profit before financial and investing activities, depreciation, 371.1 363.7 +2.0% 1,038.3 1,012.8 +2.5%
amortization and impairment
Depreciation, amortization and impairment (147.6) (138.6) +6.5% (434.9) (433.3) +0.4%
Operating profit before financial and investing activities 223.5 225.1 -0.7% 603.4 579.5 +4.1%
Income and expense from financial and investing activities
Finance income and costs (4.8) (6.3) -23.8% (12.0) (12.5) -4.0%
Foreign exchange differences, net - 0.2 - 0.1 0.6 -83.3%
Gains / (losses) from investments and other financial assets - Impairment 0.1 29.1 -99.7% 0.5 29.4 -98.3%
Total profit/ (loss) from financial and investing activities (4.7) 23.0 -120.4% (11.4) 17.5 -165.1%
Profit before tax 218.8 248.1 -11.8% 592.0 597.0 -0.8%
Income tax 52.7 (48.5) - (39.5) (134.5) -70.6%
Profit for the period from continuing operations 271.5 199.6 +36.0% 552.5 462.5 +19.5%
Loss from discontinued operations (14.0) (46.0) -69.6% (65.1) (48.2) +35.1%
Profit for the period 257.5 153.6 +67.6% 487.4 414.3 +17.6%
Attributable to:
Owners of the parent 257.5 153.6 +67.6% 487.4 414.3 +17.6%
From continuing operations 271.5 199.6 +36.0% 552.5 462.5 +19.5%
From discontinuing operations (14.0) (46.0) -69.6% (65.1) (48.2) +35.1%
Non-controlling interests 0.0 0.0 - 0.0 0.0 -
IV. GROUP CONSOLIDATED STATEMENT OF CASH FLOW
(€ mn) Q3'25 Q3'24 9M'25 9M'24
Cash flows from operating activities
Profit before tax 218.8 248.1 592.0 597.0
Adjustments for:
Depreciation, amortization and impairment 147.6 138.6 434.9 433.3
Costs related to voluntary leave schemes 3.7 2.5 27.3 31.1
Provision for staff retirement indemnities 0.5 0.6 2.6 1.6
Foreign exchange differences, net -- (0.2) (0.1) (0.6)
(Gains) / losses from investments and other financial assets- Impairment (0.1) (29.1) (0.5) (29.4)
Finance costs, net 4.8 6.3 12.0 12.5
Working capital adjustments: (49.9) (33.1) (172.1) (69.9)
Decrease / (increase) in inventories (0.8) 3.0 0.5 1.2
Decrease / (increase) in receivables (0.3) 7.7 (132.6) (90.7)
(Decrease) / increase in liabilities (except borrowings) (48.8) (43.8) (40.0) (19.6)
Payment for voluntary leave schemes (6.7) (7.6) (32.6) (33.1)
Payment of staff retirement indemnities and youth account, excluding (1.3) (1.9) (4.1) (8.6)
employees' contributions
Interest and related expenses paid (except leases) (6.9) (7.6) (12.9) (13.6)
Interest paid for leases (1.9) (1.8) (5.7) (5.5)
Income tax (paid)/ received (41.1) (53.7) 1.2 (106.7)
Net cash flows from operating activities of discontinued operations (27.1) 7.2 (18.6) 10.2
Net cash flows from operating activities 240.4 268.3 823.4 818.3
Cash flows from investing activities
Purchase of financial assets (0.1) (0.4) (0.1) (0.7)
Repayment of loans receivable 1.8 2.4 5.4 6.0
Purchase of property, plant and equipment and intangible assets (149.8) (152.2) (437.1) (404.1)
Net flows related to disposal of subsidiaries/investments - 7.5 (0.2) (1.2)
Cash and cash equivalents of subsidiaries disposed - (2.4) - (2.4)
Interest received 1.4 2.2 6.2 9.2
Net cash flows from investing activities of discontinued operations (8.3) (7.0) (22.0) (28.3)
Net cash flows used in investing activities (155.0) (149.9) (447.8) (421.5)
Cash flows from financing activities
Acquisition of treasury shares (41.6) (31.3) (104.9) (93.6)
Proceeds from loans 60.0 - 60.0 40.0
Lease repayments (11.5) (11.2) (36.6) (36.1)
Financial liabilities related to digital wallets 0.2 1.9 0.7 3.5
Dividends paid to Company's owners (297.4) (296.4) (298.0) (296.4)
Net cash flows from financing activities of discontinued operations (5.2) (4.9) (15.1) (15.5)
Net cash flows used in financing activities (295.5) (341.9) (393.9) (398.1)
Net increase/ (decrease) in cash and cash equivalents (210.1) (223.5) (18.3) (1.3)
Cash and cash equivalents, at the beginning of the period 658.1 686.0 467.0 463.9
Net foreign exchange differences - (0.4) (0.7) (0.5)
Cash and cash equivalents of disposal group classified as held for sale, end (21.7) - (21.7) -
of period
Cash and cash equivalents, at the end of the period 426.3 462.1 426.3 462.1
Note:
For the nine-month period ended September 30, 2025, the cash flow line item
"Income tax (paid) / received" does not include an amount of €40.1mn (9M
2024: €11.8mn) relating to income tax liabilities that were settled through
offsetting with trade receivables or customer advances from the public sector.
The respective amounts for the quarter period stand at: Q3'25: €38.2mn and
Q3'24: €7.5mn.
1 (#_ftnref1) Broadband KPI's for 2024 period have been reclassified
2 (#_ftnref2) Including FTTx and FWA technologies
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