Hellenic Telecommunications Organization (HTO) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €878.8m, up 0.1% year-over-year, with Greece up 0.8% and Romania down 8.0%.

• Adjusted EBITDA (AL) increased 1.0% to €329.1m, with Greece up 1.8% and Romania mobile at zero.

• Mobile, TV, broadband, and ICT segments drove Greek growth, with FTTH and TV showing strong expansion.

• Net profit attributable to owners rose 10.5% to €148.9m; EPS increased 13.3% to €0.3673.

• Continued significant investments in FTTH and 5G+ networks, maintaining network leadership.

Financial highlights

• Group revenues: €878.8m (+0.1% y-o-y); Greece: €818.9m (+0.8%); Romania: €60.9m (-8.0%).

• Adjusted EBITDA (AL): €329.1m (+1.0%); margin 37.4% (+0.3pp y-o-y); Greece margin at 40.2%.

• Free cash flow after leases at €96.7m, down 23.9% year-over-year; Capex up 6.8% to €125.5m, driven by FTTH and TV content investments.

• FTTH customer base grew 50% year-over-year to 430,000, now 18% of broadband base.

• TV revenues up 14–14.5% year-over-year, with a 7% increase in customer base.

Outlook and guidance

• 2025 targets reiterated: adjusted EBITDA (AL) in Greece to grow ~2%, FCF guidance at ~€460m, and Capex at €610–620m.

• Confident in positive broadband net adds and FTTH expansion for the remainder of the year.

• FTTH coverage to reach 2.1m homes by year-end; 5G SA coverage to expand further.

• Shareholder remuneration policy targets 70–100% FCF payout, with at least 50% as dividends.

• OTE aims to distribute ~98% of 2025 FCF (~€451m) via €298m dividend and €153m buybacks.