Hellenic Telecommunications Organization (HTO) Q3 2026 earnings summary

Executive summary

• Q3 reported revenue rose 1.0% to €882.7m; underlying growth was 5% excluding the planned rundown of near-zero-margin international wholesale activities.

• Adjusted EBITDA after leases increased 3.1% to €371.4m, with FTTH, mobile postpaid, Pay TV and System Solutions supporting momentum.

• Brand evolution to Telekom and wider use of data and AI advanced the transformation agenda and efforts to improve customer experience and efficiency.

Financial highlights

• Q3 revenue was €882.7m, up 1.0% YoY; 9M revenue was €2,597.9m, up 2.0%. Underlying growth excluding wholesale rundown was 5% for Q3 and 8.4% for 9M.

• Q3 adjusted EBITDA AL rose 3.1% to €371.4m; 9M increased 3.0% to €1,053.1m. Q3 EBIT was €236.9m, up 6.0%.

• Q3 profit attributable to parent owners was €178.8m, down 39.7%; adjusted profit rose 7.4% to €182.5m. EPS was €0.4566, down 38.4%.

• Q3 free cash flow AL rose 27.7% to €137.4m; 9M was €347.4m, down 7.2%. Q3 CapEx increased 17.8% to €176.4m; 9M CapEx rose 1%.

Outlook and guidance

• 2026 guidance: adjusted EBITDA AL growth ~3%; FCF AL ~€750m and underlying FCF €570m–€580m, adjusted for specified one-off tax items; CapEx ~€600m.

• Strong Q4 FCF is expected, supported by lower working-capital needs as RRF projects complete and lower tax payments.

• Q4 faces a tougher YoY comparison after exceptional prior-year ICT growth and mobile tariff benefits; full-year System Solutions growth is expected to remain solid double digit.

• FTTH uptake, FWA and TV momentum, 5G Standalone coverage, postpaid migration, data usage, cost discipline and AI-enabled efficiencies support the outlook; similar EBITDA growth levels are expected in 2027.