OTE achieves 8.7% increase in revenues in Q4 2025

Total revenues reached €916.3 million, reflecting an increase of 8.7% year-on-year. The growth was primarily driven by strong ICT activity performance and positive trends in telecommunications services.

Specifically, revenues from fixed retail services increased by 2.6%, attributed to the rising adoption of Fiber-to-the-Home (FTTH) services, network expansion, double-digit growth in television services, and greater use of Fixed Wireless Access (FWA).

In mobile services, revenues rose by 5.2%, achieving the strongest performance of the year. The increase was mainly due to customers transitioning from prepaid to contract plans and the selection of higher-value services, which increased the average revenue per user (ARPU). Prepaid mobile also showed improved trends, supported by targeted pricing interventions.

Conversely, wholesale revenues declined by 5%, reflecting the anticipated decrease in low-margin international traffic as certain activities were gradually phased out. This effect was partially offset by the increased use of OTE’s FTTH infrastructure by other providers.

Other revenues contributed particularly strongly, rising by 26.7%, with System Solutions revenues recording an increase of 57.8%. During 2025, the Group strengthened its position as a leading system integrator, implementing digital transformation projects for both businesses and the public sector, including the National Health Record, e-learning platforms, public cloud, telemedicine, and smart infrastructure. At a European level, OTE collaborates with organizations such as the European Patent Office, NATO, and the UN, while securing new contracts with the European Commission and the European Parliament.

Profitability
Adjusted EBITDA (AL) increased by 2.3% to €351.1 million, with the margin at 38.3%, compared to 40.7% in the previous year, primarily due to the higher contribution of lower-margin activities such as System Solutions. Operating profit (EBIT) amounted to €217.6 million, representing a 6% increase year-on-year.

Capital expenditures reached €174.5 million in Q4 and €611.6 million for the full year, up from 2024, mainly due to FTTH network expansion to more than 2.1 million homes and businesses, as well as the development of the 5G Stand Alone (SA) network supporting FWA services.

Free cash flow after leases amounted to €168.3 million in the fourth quarter, up from the previous year, and €542.8 million on an annual basis. Net debt at the end of 2025 was €553.3 million, corresponding to just 0.4x adjusted EBITDA on a twelve-month basis, confirming the Group’s low leverage. A bond of €500 million with a 0.875% interest rate matures in September 2026.

Message from the Chairman and CEO, Mr. Kostas Nebis
“During 2025, we achieved our targets, recording strong operational and financial performance, demonstrating that we have built on solid foundations. We significantly increased both our revenues and EBITDA, thanks to robust performance across all core activities—fixed, mobile, and ICT—as well as notable improvements in operational efficiency. In fixed retail, the previous downward trend reversed, returning to growth after four years. This performance is primarily attributable to the rapid expansion of the FTTH network, record new FTTH subscriber additions, sustained demand for high-connectivity services, and strong television service performance.

In mobile, we continued to consolidate our market leadership through excellent contract-service results and the superior quality of our network. In ICT, we recorded double-digit growth while expanding our international presence, further strengthening OTE’s leadership in digital transformation. Consistent with our commitments, in 2025 we continued investing in customer experience and advanced networks, aiming to deliver innovative solutions and maintain our competitive advantage.

Looking ahead to 2026, we remain committed to our OTE 2030 vision. Our goals are to accelerate growth, lead digital transformation leveraging the power of artificial intelligence, and remain the leading Gigabit network provider, positioning OTE as Europe’s top digital telecom provider. At the same time, we reinforce our commitment to shareholder returns by significantly increasing dividends and enhancing our share buyback program, reflecting our strong performance, resilient business model, and ongoing dedication to creating shareholder value.”

In 2026, OTE expects to maintain its market leadership and implement its strategic priorities, leveraging ongoing investments in advanced networks and a comprehensive portfolio of fixed, broadband, television, and bundled services. Growth in fixed services is expected to continue, supported by increased FTTH adoption, the dynamism of FWA services, further fiber network expansion, and sustained television growth due to content partnerships, anti-piracy measures, and the abolition of the special tax. Additionally, the new regulatory framework for discontinuing FTTC in buildings already connected to FTTH is expected to further boost FTTH adoption. OTE targets FTTH deployment to approximately 2.4 million homes and businesses by the end of 2026 and 3.5 million by 2030.

In mobile, strong growth is expected to continue as OTE expands 5G SA coverage, with positive dynamics in contract services remaining strong. In ICT, System Solutions revenues are expected to continue benefiting from strong demand for digital transformation solutions, while EU-funded projects will gradually decline, with private-sector projects taking an increasingly larger share.

In wholesale services, OTE anticipates a decline in nearly zero-margin international wholesale activities as certain operations are gradually phased out, while domestic trends observed in 2025 are expected to continue due to network infrastructure development by other providers. OTE will continue rational cost management to achieve further efficiencies, particularly in transforming operations. Based on these initiatives and expected operational trends, OTE expects to accelerate EBITDA growth to approximately 3% in 2026.

Service Highlights

• FTTH: OTE continued to expand the FTTH customer base, achieving a record 58,000 net new connections in Q4. FTTH subscribers reached 567,000, representing 24% of total broadband connections, up from 17% the previous year. FTTH penetration among OTE-accessible customers reached 49%, confirming the effectiveness of OTE’s strategy and ongoing demand for advanced connectivity. Growth was further supported by high-speed demand, FTTH subsidy vouchers, and continued network expansion. The recently launched COSMOTE Fiber To The Room (FTTR) service brings fiber to every room, offering seamless connectivity solutions even when moving within premises.
• Fixed Wireless Access (FWA): The COSMOTE 5G WiFi service, leveraging FWA via OTE’s advanced 5G and 5G+ networks, continued strong adoption, with 55,000 subscribers by year-end 2025, contributing to an overall broadband base of 2.4 million.
• Television Services: At year-end, OTE had 777,000 TV subscribers, up 7.1% YoY. Q4 additions totaled 19,000, with 52,000 for the full year. Growth was supported by premium sports content, stricter anti-piracy legislation implemented mid-2025, and the abolition of the 10% special subscription TV tax as of January 1, 2026.
• Mobile: OTE continued to increase its contract subscriber base, adding 60,000 new contract customers in Q4, bringing the total to 3.1 million (+7.2% YoY). Prepaid subscribers now represent 57% of the total mobile base, down from 60% a year earlier. Average monthly data usage reached 18.3 GB (+30% YoY). 5G device penetration increased by 10.7 percentage points to 44.2%, with 85% of device sales being 5G-enabled. Network coverage: 5G >99%, 5G SA ~78%. OTE remains the sole provider in Greece with a commercial 5G Stand-Alone network, reinforcing its position as a pioneer in advanced connectivity.