Hellenic Telecommunications Organization S.A. (OTE Group) released its financial results for the third quarter of 2024, highlighting steady progress and strong momentum in the Greek market. The company reported a 2.5% increase in revenues and a 1.5% rise in Adjusted EBITDA for its Greek operations. Key drivers included growth in mobile, broadband, TV, and ICT services. OTE Groups total consolidated revenues increased by 1.8% to €897.2 million. The companys focus on FTTH deployment resulted in a total of 1.49 million homes passed by the end of September, with OTE leading the Greek market in FTTH infrastructure.
The companys TV segment reached 710k subscribers, a 7% increase year-on-year, while mobile network coverage and performance continued to excel, with OTE recognized as "the Fastest Mobile Network in Greece" for the eighth consecutive year. OTEs 5G+ network population coverage has exceeded 50% and is expected to reach 60% by the end of 2024.
In terms of financials, OTE Groups Adjusted EBITDA (AL) stood at €350.1 million, with growth in Greek operations offset by challenges in Romania. Capex for the quarter amounted to €159.4 million, a 13.0% decrease year-on-year, primarily due to lower spending on TV sports content. Free Cash Flow (AL) was €95.2 million, compared to €27.0 million in Q323, reflecting lower income tax payments, Capex, and voluntary leave scheme payments.
The company intends to allocate approximately €450 million for shareholder remuneration in 2024 and has already paid out €297 million in cash dividends. The approved dividend per share stands at €0.71, a 23% increase compared to 2023. OTEs share buyback program is also ongoing, with 80% of the amount earmarked for 2024 already disbursed.
Looking <mark style="background-coloryellow">ahead</mark>, OTE expects to continue strengthening its leadership in Greeces network infrastructure, capitalizing on its competitive advantage in FTTH and 5G coverage. The company aims to pass over 1.7 million homes and businesses with FTTH by the end of 2024 while also investing in 5G mobile networks and digitalization.