OTE’s Consolidated Revenues rose 5.9% in Q3’22 to €904.8mn, sustaining the positive momentum achieved in prior quarters. In Greece, Revenues were up 6.1% to €830.0mn, mainly reflecting strong Mobile and ICT performances, while TV and Broadband also extended their positive trajectory.
In Romania, revenues were down 5.0% at €76.8mn, mainly reflecting certain ICT revenues recorded in the comparable 2021 quarter as well as the impact of mobile termination rate (MTR) cuts. Total Operating Expenses, excluding depreciation, amortization, impairment, and charges related to restructuring costs (primarily voluntary leave schemes) and non-recurring litigation, amounted to €527.1mn in Q3’22, up 9.6% compared to Q3’21, reflecting the revenue increase in certain lower-margin segments, as well as certain seasonality adjustments, particularly related to personnel provisions. As a result, Group Adjusted EBITDA (AL) rose 1.6% to €358.1mn, resulting in a margin of 39.6%.
In Greece, Adjusted EBITDA (AL) rose by 1.0% to €345.5mn, and the margin stood at 41.6%. Romania Mobile operations recorded an Adjusted EBITDA (AL) of €12.6mn, reflecting savings in operating expenses and the reversal of certain provisions. Group profit before tax amounted to €205.6mn, down 27.0% from the comparable 2021 quarter.
In Q3’21,
Group profit before tax had benefited from a €134mn one-off reversal related to OTE’s pension fund for
voluntary leave schemes of earlier years. As a result, the Income Tax charge recorded by the Group in Q3’22
was €45.3mn, down 36.3% from Q3’21.
Adjusted Capex amounted to €178.1mn, up 10.3% from Q3’21 on ongoing FTTH and 5G rollout as well as
higher TV content investments. Capex in Greece and Romania mobile stood at €168.1mn and €10.0mn,
respectively.
Group Adjusted Free Cash Flow (AL) reached €113.9mn in Q3’22, down 1.6% year-on-year, while reported
Free Cash Flow stood at €80.3mn, down 25.6% versus Q3’21, as payments for Voluntary Exit Schemes and
higher Capex offset higher EBITDA and lower income tax payments.
