Hellenic Telecommunications Organization (HTO) Q4 2024 earnings summary

Executive summary

• Achieved 3.5% year-over-year revenue growth to €3,590.8m in 2024, driven by strong performance in Greece, especially in mobile, pay-TV, and ICT, reinforcing leadership in the Greek telco market.

• Adjusted EBITDA (AL) grew 0.4% to €1,347.3m, with margin at 37.5%; Greek operations saw 1.6% growth and margin above 40%.

• FTTH homes passed reached 1.7m, with utilization exceeding 26% and record 140,000 net adds in 2024; government demand coupons and new programs expected to accelerate FTTH transition in 2025.

• Pay-TV growth driven by sports content partnership, anti-piracy legislation, and OTE-NOVA TV agreement; B2B segment saw substantial growth from System Solutions.

• Continued digital transformation, cost optimization, and operational efficiency initiatives to support future growth.

Financial highlights

• Q4 2024 revenues down 2.7% year-over-year to €905.3m, mainly due to lower international wholesale and Romanian revenues.

• Adjusted EBITDA (AL) in Q4 up 1.0% to €344.5m; full-year adjusted EBITDA up 0.4% to €1,347.3m, with a 40% margin in Greece.

• Free cash flow after leases €101m in Q4; full-year FCF €444.2m, or €478m adjusting for Romanian one-offs.

• CapEx for 2024 at €599.7m, down 3.5% year-over-year; Q4 CapEx at €166.7m, down 13%.

• System Solutions revenues up 34% for the full year.

Outlook and guidance

• 2025 guidance: adjusted EBITDA (AL) in Greece expected to grow by about 2%; group FCF ~€460m; CapEx €610–620m.

• FTTH coverage to reach 2.1m homes and businesses in 2025, with a target to pass an additional 400,000 homes.

• Shareholder remuneration targeted at ~98% of FCF, with €451m in 2025 (dividend per share €0.7216) and €153m for share buybacks; may be adjusted if Telekom Romania Mobile is disposed.

• 2025 guidance assumes Romania remains part of the group, with a negative FCF impact of about €70m.

• If Romanian mobile disposal is finalized, shareholder remuneration may be adjusted upward.