Telekom Austria (TKA) Q4 2025 earnings summary

Executive summary

• Total revenues for FY 2025 grew by 3.0% year-over-year to €5,577 mn, with strong CEE and ICT growth, and Q4 revenues up 1.1%.

• EBITDA for FY 2025 reached up to €2,175 bn (adjusted), with reported EBITDA at €2,062 mn, up 2.0% year-over-year; Q4 EBITDA was €500 mn, down 3% due to one-offs.

• Free cash flow for FY 2025 was €596 mn, up 3.7% year-over-year, despite higher spectrum investments and a Q4 drop.

• Dividend proposal for FY 2025 is €0.42 per share, a 5% increase, subject to approval.

• Net income for FY 2025 was €613 mn, down 2.2% year-over-year.

Financial highlights

• Service revenues for FY 2025 were €4,588 mn, up 1.9% year-over-year; Q4 service revenues up 1.9%.

• EBITDA margin for FY 2025 was 37.0%, down 0.4pp year-over-year.

• EBIT for FY 2025 was €852 mn, down 1% year-over-year.

• CAPEX (excluding spectrum) for FY 2025 was €779 mn; spectrum investments, mainly in Serbia, totaled €100 mn.

• Net debt/EBITDA improved to 0.9x; net debt ex. leases/EBITDAAL at 0.0x.

Outlook and guidance

• FY 2026 revenue growth expected at 2–3%, with CAPEX (excluding spectrum) guidance around €750 mn.

• Dividend proposal for FY 2025 is €0.42 per share (+5%).

• Tariff indexation planned for 2026 in several markets, with expected increases of 2%-3%.

• Spectrum auctions planned in Austria and Slovenia in 2026.