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, supported by FTTH and 5G+ investments.

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

• New COSMOTE TELEKOM brand launched to reinforce market presence and innovation.

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%.

• TV revenues up 14–14.5% y-o-y; TV customer base grew 7% to 733k with 8,000 net additions.

• FTTH customer base reached 430,000, up 50.1% y-o-y; FTTH now 18% of broadband base.

• Free cash flow (AL) at €96.7m for Q1 2025, down 23.9% y-o-y.

Outlook and guidance

• 2025 FCF guidance: ~€460m, including potential Romania deficit if not disposed.

• Capex guidance for 2025: €610–620m, focused on FTTH and 5G+ expansion.

• Adjusted EBITDA (AL) in Greece expected to grow around 2% in 2025.

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

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