**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results**
**Key Highlights**
**Revenue Growth** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services.
**Mobile Service Revenues** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**.
**Fixed Retail Service Revenues** Grew by **2.6%** in Q4, maintaining upward momentum.
**FTTH Expansion** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**.
**Shareholder Remuneration** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**.
**EBITDA Guidance** Raised to **~3%** for 2026, reflecting strong operational and financial performance.
**Financial Performance**
**Adjusted EBITDA (AL)** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**.
**Profit to Owners of the Parent** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**.
**Free Cash Flow (AL)** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**.
**Net Debt** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025.
**Operational Highlights**
**FTTH Adoption** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier.
**Mobile Performance** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base.
**TV Subscribers** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures.
**Outlook for 2026**
**Fixed Services** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion.
**Mobile Services** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum.
**ICT Sector** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down.
**Wholesale** Anticipated decline in international near-zero-margin segment, offset by domestic growth.
**EBITDA Growth** Projected to accelerate to **~3%** in 2026.
**Shareholder Remuneration Policy**
New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility.
For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks.
**Significant Events**
**TERNA FIBER Acquisition** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas.
**Mobile Infrastructure Spin-off** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**.
**Telekom Romania Mobile Disposal** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend.
**Sustainability**
Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects.
Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion.
**Conclusion**
OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
| Metric | Q4'25 (€mn) | Q4'24 (€mn) | y-o-y Change | 12M'25 (€mn) | 12M'24 (€mn) | y-o-y Change |
|---|---|---|---|---|---|---|
| Revenues | 916.3 | 843.1 | +8.7% | 3,464.3 | 3,334.0 | +3.9% |
| Adjusted EBITDA (AL) | 351.1 | 343.1 | +2.3% | 1,373.5 | 1,346.2 | +2.0% |
| EBIT | 217.6 | 205.3 | +6.0% | 821.0 | 784.8 | +4.6% |
| Profit to Owners of the Parent | 148.4 | 154.0 | -3.6% | 726.0 | 616.5 | +17.8% |
| Capex | 174.5 | 158.4 | +10.2% | 611.6 | 562.5 | +8.7% |
| Free Cash Flow (AL) | 168.3 | 145.4 | +15.7% | 542.8 | 522.5 | +3.9% |
| Net Debt | 553.3 | 643.4 | -14.0% | 553.3 | 643.4 | -14.0% |