The OTE Group maintained its growth trajectory during the nine months of 2025, recording increases in turnover and operational profitability, in a milestone period marked by the successful completion of the sale of Telekom Romania Mobile. According to financial results, turnover reached €2.548 billion, marking a 2.3% year-on-year increase, while Adjusted EBITDA (AL) reached €1.022 billion, enhanced by 1.9%. The strategic focus on the Greek market, following the divestment from Romania, allows the Group to continue creating value for shareholders, announcing a special dividend distribution of €40 million. Growth momentum in Greece was supported by strong performance across all key sectors, with mobile services recording 2.7% growth in Q3 service revenues and 6.4% in contract customers, while FTTH subscribers reached 509,000. Additionally, the Group proceeded with an agreement to undertake the entire Ultra-Fast Broadband (UFBB) project, further strengthening its commitment to developing next-generation networks.
Message from OTE Chairman and CEO, Mr. Kostas Nebis
“During Q3, we successfully completed the sale of Telekom Romania Mobile, a strategic move that allows OTE to focus on the domestic market and continue creating further value for shareholders. Consistent with our commitments, we announced a special dividend. In Greece, we recently achieved a significant agreement to undertake the entire partially subsidized Ultra-Fast Broadband (UFBB) project, which will allow us to further increase the country’s coverage with next-generation networks (NGA), aiming to provide ultra-high and reliable connectivity according to our strategy. Consistent with our vision to evolve into Greece’s leading digital services provider, we recently introduced ‘Magenta AI’, a proposal that brings the power of artificial intelligence to our customers’ hands, enhancing the value of services we provide.
During the quarter, we recorded strong performance across all key sectors, with broadband services, mobile telephony, and ICT marking another quarter of growth. I am particularly satisfied with retail fixed services performance, where despite challenges, fixed services remain on a positive trajectory for the second consecutive quarter. We estimate that the growth trajectory will continue, leveraging increasing FTTH service adoption, Fixed Wireless Access service success, and continuing strong television service performance. The mobile sector continues to develop, further strengthening our market leadership position. Our strong financial performance demonstrates the effectiveness of our strategy and the value of our integrated service portfolio. Looking ahead, we believe we have all the guarantees to remain market leaders, committed to achieving our annual targets, generating strong free cash flows, and creating value for shareholders, customers, and all stakeholders.”
OTE prospects
For the remainder of the year, the OTE Group has all the guarantees to maintain its market leadership position and achieve its strategic goals, thanks to continuous investments in cutting-edge networks and a comprehensive service portfolio in fixed, mobile, broadband, television, and combined packages. Considering current market dynamics, the OTE Group expects growth supported by FTTH transition, the new FWA solution, television service expansion, and enhanced anti-piracy measures. OTE has by far the largest network and by the end of 2025, aims to bring FTTH to approximately 2.1 million households and businesses, and to approximately 3.5 million by 2030, following the UFBB agreement. In mobile, it further extends 5G Stand-Alone (SA) coverage, maintaining its clear advantage in mobile networks. Mobile growth is enhanced by the strong customer base and initiatives for transitioning customers to higher-value services, while contracts continue positive momentum. In the ICT sector, OTE continues to benefit from the country’s increasing digitalization, while in wholesale services, despite challenges, wholesale FTTH agreements facilitate the transition to fiber optic services and investment utilization. With commitment to providing high-quality services, cutting-edge networks, and emphasis on digital transformation using artificial intelligence, OTE continues creating value for its customers and the economy.
2025 Targets
Following the sale of TELEKOM ROMANIA MOBILE (TKRM), the company readjusted its 2025 targets to reflect forecasts for Greece only:
- Free Cash Flows (FCF): OTE expects approximately €530 million in free cash flows for 2025
- Investments (CAPEX): 2025 investments are expected at approximately €600 million as the Company continues FTTH infrastructure development and increasing 5G Stand Alone (SA) network coverage on which the Fixed Wireless Access (FWA) service is based.
- Adjusted EBITDA (AL): OTE estimates EBITDA will increase by approximately 2%, as it expects strong performance in core services (mobile, broadband services, and television), combined with effective cost management across various sectors.
Shareholder returns for 2025
Shareholder returns for 2025 have been set at €451 million, divided into a dividend worth €298 million and a Share Buyback Program worth approximately €153 million. This amount was initially determined based on expected Free Cash Flows of approximately €460 million for the year, including TELEKOM ROMANIA MOBILE’s estimated cash deficit, as the activity remained part of the Group. Shareholder returns for 2025 of approximately €451 million correspond to approximately 98% of initially expected 2025 free cash flows. The dividend per share reached €0.7216, while the final dividend of €0.7415 per share—increased by the amount corresponding to treasury shares at the dividend cut-off date—was paid on July 9, 2025. The 2025 Share Buyback Program is ongoing and to date, OTE has proceeded with treasury share repurchases worth €128 million.
Following TKRM’s sale on October 1, 2025, OTE adjusted shareholder returns to reflect the actual impact on annual Free Cash Flows. Upon completion of the sale, OTE will distribute €40 million to shareholders as a special dividend, corresponding to €0.10 per share. The special dividend will be proportionally increased for treasury shares held by the Company at the cut-off date, which are not entitled to dividends. The special dividend payment will be made on December 30, 2025.
Detailed OTE financial results for 9M 2025:
Revenues in Q3 2025 reached €874.0 million, recording strong 5% year-on-year growth, as positive momentum in mobile, television services, broadband services, and ICT projects offset declines in wholesale services and device revenues.
- Retail fixed service revenues continue growing dynamically, by 1.3% compared to 0.6% the previous quarter, after several quarters of decline or stagnation. Double-digit growth in television services, positive impact from the Gigabit Voucher for FTTH connections combined with accelerating FTTH infrastructure expansion, and the FWA service launched early in the year support retail fixed service revenues.
- Mobile service revenues increased 2.7% in Q3 2025, maintaining positive momentum from previous quarters. The contract sector continues strengthening, mainly thanks to prepaid customer migration to contract services, as well as customer migration to higher-value services. Additionally, the Company has modified its prepaid service portfolio in physical channels, offering higher-value proposals that further support mobile growth. This initiative enhances average revenue per user (ARPU) while facilitating gradual customer migration to contract services.
- Wholesale service revenues recorded 4.2% quarterly growth, as international traffic revenue increases offset the continuing decline in domestic wholesale flows related to other providers’ network infrastructures across the country. The wholesale FTTH market agreement with key telecommunications providers allows OTE to mitigate negative impact. Of total wholesale service revenues in the quarter, approximately €81 million corresponds to international wholesale service revenues, which are expected to decrease significantly during upcoming quarters.
- Other revenues increased 13.6% in the quarter, supported mainly by strong ICT market momentum. Specifically, system solutions revenues recorded strong 37.9% quarterly growth. OTE has undertaken several projects providing network infrastructure services, ERP systems, fiber optic infrastructure, file digitization, and public service transformation among others.
Total operating expenses, excluding depreciation, impairments, and charges related to Voluntary Departure Programs and other reorganization expenses, reached €500.5 million in the quarter, increased by €34.3 million year-on-year, reflecting significant revenue growth.
Adjusted EBITDA (AL) increased 2.0% to €360.1 million, continuing positive momentum from previous quarters. The corresponding margin reached 41.2%, versus 42.4% in Q3 2024, mainly due to greater revenue contribution from lower-margin activities. Alongside revenue growth, continuing cost savings, particularly in personnel costs, helped offset certain cost increases during the period.
Operating profit before financial and investment activities (EBIT) reached €223.5 million, slightly decreased 0.7% compared to €225.1 million a year ago, mainly due to higher depreciation of certain intangible assets during the quarter.
Fixed asset investments reached €149.8 million in Q3 2025, slightly decreased by €2.4 million from Q3 2024, while total nine-month investments reached €437.1 million from €404.1 million last year, mainly due to continued FTTH network development and FWA expansion.
Free cash flows after leases from continuing operations reached €107.6 million in Q3 2025, compared to €99.9 million in Q3 2024, mainly reflecting EBITDA growth. The Group recorded lower income tax outflows and increased working capital needs, resulting from different offsets between income taxes and public sector-related receivables or advances.
The Group’s net debt as of September 30, 2025, reached €698.1 million and corresponds to 0.5 times adjusted EBITDA (AL) on a twelve-month basis. The next significant bond repayment for the Group is in September 2026 (€500 million Bond, 0.875%).
FTTH: OTE continued strengthening its FTTH customer base recording strong net new quarterly connections of 38 thousand. FTTH subscribers reach 509 thousand, representing 22% of total broadband connections, while the penetration rate among OTE customers with access to OTE FTTH infrastructure has already reached 47%, confirming OTE’s strategy effectiveness and demand for high-quality connectivity services. The continuous increase in FTTH connections reflects steady demand for ultra-high and reliable connection speeds, positive subsidy program effects, and OTE’s continuing FTTH infrastructure expansion.
FTTH subsidy voucher utilization continues increasing steadily. Increasing FTTH penetration leads to improved customer experience, lower subscriber churn, and reduced operational costs, elements ensuring long-term growth.
Dynamically expanding fiber optic infrastructure, OTE strengthens its market leadership position. At the end of September 2025, approximately 2 million homes and businesses had access to OTE’s FTTH network, targeting approximately 2.1 million households and businesses by end-2025, aiming to reach approximately 3.5 million by 2030 following the UFBB agreement.
At the end of September 2025, penetration in OTE’s FTTH infrastructures (total market FTTH customer percentage over available OTE lines) reached 33%, from 26% a year ago. Of the total 509 thousand FTTH subscribers, 83% use OTE’s infrastructure. Additionally, 47% of competitive FTTH subscribers rely on OTE’s infrastructures, compared to 38% a year ago, an increase mainly due to volume discount agreements in the wholesale FTTH market among key market providers.
Fixed Wireless Access (FWA) technology: In early 2025, leveraging the 5G network and advanced Network Slicing technological capability provided by the 5G Stand Alone (SA) network, OTE launched FWA services (COSMOTE 5G WiFi), a reliable fixed solution for areas where fiber optic infrastructure is not yet available. With voice service addition and seasonal demand, FWA service adoption has shown significant momentum, reaching 33 thousand subscribers by quarter-end. Increasing FWA adoption contributed significantly to broadband net connection growth (+1.8 thousand) in a traditionally subdued quarter, increasing OTE’s total broadband subscriber base to 2.4 million.
Television services: The Company continues leveraging benefits from the OTE-NOVA mutual sports content availability agreement. As a result, television services continue developing with 23 thousand net additions, with the customer base reaching 758 thousand at end-September, marking 6.7% annual growth. As subscribers enjoy the complete menu of combined sports content, the company continues attracting new customers and increasing average revenue. The 2025 anti-piracy law approval and planned 10% subscription television special tax abolition, effective January 1, 2026, will facilitate migration to legal services, further strengthening OTE’s market position.
In mobile, OTE achieved another quarter of contract customer growth, continuing the trend from previous quarters. Targeted implementation of prepaid-to-contract customer migration strategy, combined with prepaid adjustments and increasing adoption of high-value services and 5G devices, continues bearing fruit. In the quarter, the company attracted 57 thousand contract customers, increasing the subscriber base to 3 million, corresponding to 6.4% annual growth. This growth is supported by network superiority and attractive services. Prepaid customers now represent 58% of the total mobile subscriber base, from 61% a year ago, showing room for further contract upgrades.
Consistent with its commitment to maintaining market leadership, OTE actively invests in mobile network expansion and upgrades. Its network reliability and strength not only enhance long-term growth trajectory but also demonstrate the company’s commitment to delivering excellent customer experience through innovation and customer-centric approach. 5G network population coverage exceeds 99%, while 5G+ (5G Stand-Alone) reaches 75%. 5G and 5G Stand-Alone (SA) networks will further enhance customer experience, providing even higher download and upload speeds, extremely low latency, and improved indoor coverage. OTE remains the only provider in Greece with a commercial 5G Stand-Alone network, emphasizing its role as a pioneer in providing advanced connectivity.
Q3 results: OTE signed binding agreements for Telekom Romania Mobile Communications sale
On September 19, 2025, OTE announced signing binding agreements with Vodafone Romania S.A. (“Vodafone”) and Digi Romania S.A. (“Digi”) for the sale of its 100% subsidiary, Telekom Romania Mobile Communications (“TKRM” or “Company”), as follows:
- TKRM will transfer to Digi the prepaid sector, certain spectrum rights, and part of the mobile base station portfolio.
- OTE will sell to Vodafone Romania its TKRM stake (TKRM’s entire share capital minus 7 shares held by S.N. Radiocomunicații), excluding the above assets to be transferred to Digi.
The total consideration amounts to €70 million. The transaction was completed on October 1, 2025.
Treasury Share Cancellation and Share Buyback Program
During the second year of the 2024-2026 Share Repurchase Program, specifically from February 28 to September 30, 2025, the Company acquired a total of 6,554,794 treasury shares at an average price of €16.01 per share. The Annual General Meeting of June 23, 2025, approved the cancellation of 8,840,446 treasury shares. These shares were acquired from June 3, 2024, to April 30, 2025, at an average price of €14.83 per share. Following Athens Stock Exchange notification and completion of other legal procedures, the shares were cancelled and delisted from the Athens Stock Exchange on July 22, 2025. During Q3 2025, the Company acquired 2,668,804 treasury shares
