Hellenic Telecommunications Organization (HTO) investor relations material

Executive summary

• Revenues grew 8.7% year-over-year in Q4 2025 and 3.9% for the full year, with strong momentum in fixed, mobile, FTTH, and TV segments.

• Adjusted EBITDA (AL) rose 2.3% in Q4 2025 and 2.0% for the year, with margin at 39.6% for 2025.

• Record FTTH subscriber additions (+58k in Q4), reaching 567k, and homes passed at 2.1 million.

• Mobile service revenues grew 5.2% in Q4 2025, driven by postpaid growth and 5G adoption.

• Announced a new shareholder remuneration policy with a proposed €532 million payout for 2026, including a 22% dividend increase and 16% buyback increase.

Financial highlights

• Q4 2025 revenues: €916.3 million (+8.7% y-o-y); full year: €3,464.3 million (+3.9% y-o-y).

• Adjusted EBITDA (AL): €351.1 million in Q4 2025 (+2.3% y-o-y); €1,373.5 million for 2025 (+2.0% y-o-y).

• Free cash flow after leases from continuing operations reached €168.3 million in Q4, up 15.7% year-over-year; full-year FCF at €542.8 million.

• CapEx for 2025 totaled €611.6 million, up 8.7% year-over-year.

• Net debt at €553 million, with Net Debt/Adj. EBITDA (AL) at 0.4x.

Outlook and guidance

• 2026 guidance: underlying FCF of €570–580 million, CapEx around €600 million, and Adj. EBITDA (AL) growth of ~3%.

• Shareholder payout policy targets 70–100% of actual FCF, with at least 50% as cash dividend.

• FTTH homes passed target: 2.4 million by end-2026, 3.5 million by 2030.

• 2026 free cash flow guidance at €750 million, including one-offs.