Hellenic Telecommunications Organization (HTO) Q2 2025 earnings summary

Executive summary

• Revenues increased 0.3% year-over-year to €913.3mn in Q2 2025, with Greek operations up 1.1% and Romania down 7.9%.

• Adjusted EBITDA (AL) rose 0.6% to €328.6mn, driven by 2.0% growth in Greece; EBIT declined 14.8% due to a €40mn write-down in Romania.

• Free Cash Flow (AL) increased 28% to €155.1mn, aided by lower tax payments; net debt reduced to €449.1mn.

• Disposal of Telekom Romania Mobile approved, expected to close in Q3 2025, with proceeds to be distributed to shareholders.

• Strategic focus in Greece is yielding results, with strong commercial momentum in fixed, mobile, TV, and ICT segments, supported by network leadership and operational discipline.

Financial highlights

• Q2 2025 revenues: €913.3mn (+0.3% y-o-y); Greece revenues up 1.1%, Romania down 7.9%.

• Adjusted EBITDA (AL): €328.6mn (+0.6% y-o-y); margin 36.0%.

• Capex: €175.7mn (+12.6% y-o-y), mainly for FTTH rollout and TV content payments.

• Free Cash Flow (AL): €155.1mn (+28.0% y-o-y), supported by lower tax payments.

• Net debt reduced to €449.1mn; Net Debt/Adj. EBITDA (AL) at 0.3x.

Outlook and guidance

• 2025 guidance unchanged: FCF ~€460mn, Capex €610–620mn, Greek Adj. EBITDA (AL) growth ~2%.

• Retail fixed revenues expected to remain positive through 2025 and into 2026, supported by FTTH and pay-TV growth.

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

• Plans to pass 2.1mn homes with FTTH by end-2025 and expand 5G Stand-Alone coverage.

• Net proceeds from Romania Mobile sale to be distributed to shareholders post-transaction.