Magyar Telekom (MTELEKOM) Q4 2025 earnings summary

Executive summary

• Achieved 2025 financial targets with revenue up 1.7% year-over-year to HUF 983.9 bn and EBITDA AL up 16.1% to HUF 386.8 bn, supported by digital transformation and operational resilience.

• Adjusted net income rose 27.5% to HUF 207.4 bn, and free cash flow increased to HUF 220.9 bn, aided by ViDaNet sale and operational improvements.

• Expanded fixed network by 250,000–300,000 gigabit-capable access points, reaching over 4 million by year-end.

• Eliminated supplementary telecommunication tax as of January 1, 2025, supporting EBITDA AL and net income growth.

• Proposed record-high shareholder remuneration: HUF 136.4 bn dividend and up to HUF 50 bn share buyback.

Financial highlights

• Revenue for FY 2025 reached HUF 983.9 bn (+1.7% year-over-year); Q4 revenue up 0.6–0.8% year-over-year.

• EBITDA AL for FY 2025 was HUF 386.8 bn (+16.1% year-over-year), driven by gross profit growth and expiry of supplementary tax.

• Adjusted net income for FY 2025 was HUF 207.4 bn (+27.5% year-over-year); Q4 up 20.8%.

• Free cash flow for FY 2025 was HUF 220.9 bn (+32.8–33.8% year-over-year), benefiting from one-off proceeds and ViDaNet sale.

• Capex AL increased 19.2% to HUF 135.1 bn, reflecting higher network investments.

Outlook and guidance

• 2026 guidance targets low single-digit growth in revenue and EBITDA AL, mid-single-digit growth in adjusted net income, and at least HUF 200 bn in free cash flow.

• Plans include 300,000 new fiber access points, further operational improvements, and simplification of the offer portfolio.

• Strategic priorities for 2026 remain unchanged, with continued focus on digital transformation and value creation.