Magyar Telekom (MTELEKOM) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 7.4% YoY to HUF 261.0bn; EBITDA AL increased 6.6% to HUF 107.3bn.

• Q3 adjusted profit attributable to owners grew 11.3% to HUF 61.4bn; stronger operating results offset higher financial expenses.

• Q3 growth reflected Hungarian service demand and July fee adjustments, customer gains, higher equipment sales and a major SI/IT delivery project.

Financial highlights

• Q3 gross profit increased 6.0% to HUF 163.1bn and operating profit rose 7.6% to HUF 78.7bn.

• Q3 reported profit was HUF 59.5bn; adjusted profit attributable to owners was HUF 61.4bn, up 11.3% YoY.

• 9M revenue was HUF 742.4bn (+2.3%), EBITDA AL HUF 309.5bn (+3.3%) and adjusted net income HUF 175.1bn (+5.7%).

• 9M FCF was HUF 145.7bn, down 19.0%; excluding spectrum licenses, it was HUF 146.3bn, down 18.7%.

• Employee costs rose 7.2% YoY, or HUF 1.7bn; efficiency measures largely offset wage and subcontractor cost pressure.

Outlook and guidance

• FY2026 guidance was confirmed: low-single-digit revenue growth, mid-single-digit EBITDA AL growth, ~10% adjusted net income growth and FCF of at least HUF 200bn excluding spectrum licenses.

• EBITDA AL growth is expected to accelerate in Q4, supported by gross profit growth, margin improvement and softer indirect-cost development.

• 2026 adjusted net income is expected to benefit from higher EBITDA and lower financial expenses, more than offsetting higher income tax.

• Proposed tax changes could raise income tax expense; their final impact depends on enacted legislation.