Hellenic Telecommunications Organization (HTO) investor relations material

Executive summary

• Achieved strong revenue and profitability growth in 2025, with Q4 revenues up 8.7% year-over-year to €916.3m and full-year revenues at €3,464.3m, up 3.9% year-over-year, driven by fixed, mobile, and TV segments.

• Adjusted EBITDA (AL) for Q4 2025 was €351.1m (+2.3% y-o-y); full-year 2025 at €1,373.5m (+2.0% y-o-y), with margin at 39.6%.

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

• Mobile service revenues grew 5.2% in Q4 2025, with postpaid base up 7.2% year-over-year and 60k net additions.

• Streamlined portfolio with Romanian operations sale, enhancing cash flow and enabling increased shareholder returns.

Financial highlights

• Q4 2025 free cash flow (FCF) was €168.3m, up 15.7% year-over-year; full-year FCF at €542.8m, up 3.9%.

• Adjusted CAPEX for Q4 2025 was €174.5m (+10.2% y-o-y); full-year 2025 CAPEX at €611.6m (+8.7%).

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

• Dividend per share for 2025 at €0.8777, up 22% year-over-year; share buybacks up 16%.

• Adjusted EBITDA (AL) margin at 39.6% for FY 2025.

Outlook and guidance

• 2026 guidance: targeting ~3% EBITDA growth, underlying FCF of €570–580m, and total FCF at ~€750m (including one-offs).

• CapEx for 2026 guided at around €600m, focused on FTTH and 5G expansion.

• Shareholder remuneration policy now based on actual free cash flow, targeting 70–100% payout, with virtually 100% payout for 2026.

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