Hellenic Telecommunications Organizations S.A.

HTO

Equity

ISIN GRS260333000 / Valor 449134

Athens Exchange S.A. Cash Market (2026-04-02)

EUR 17.47+1.22%

Hellenic Telecommunications Organizations S.A.
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About company

Hellenic Telecommunications Organization S.A. (OTE) is a prominent telecommunications provider headquartered in Maroussi, Greece. The company delivers a comprehensive range of services, including fixed and mobile telephony, broadband, and internet access via advanced 4G and 5G networks. Additionally, OTE offers satellite communication, television services, and develops telecom equipment. Through its subsidiaries, the company extends its offerings to include financing, e-commerce, retail, wholesale broadband and infrastructure services, electronic money services, ICT, Pay TV, and marketing services. OTE caters to both business and residential customers across several countries, including Belgium, the Netherlands, Greece, Romania, and the UK, thereby targeting a diverse array of markets. The company's strategic distribution through various subsidiaries enhances its presence and influence in the telecommunications sector.

Summarized from source with an LLMView SourceSector: Telecommunications

Revenue

Group H1 2024 revenues €1,788.3m (+7.9% YoY). Greece drove growth with €1,658.4m (+8.9%) supported by Mobile, TV, Broadband and ICT; Romania revenues €132.9m (-3.9%) affected by MTR cuts and competitive pressures.

Profitability

Adjusted EBITDA After Lease (AL) €652.7m (+0.6%), margin 36.5% (down ~2.6pp vs H1 2023) due to greater contribution from lower‑margin ICT and international wholesale. Operating profit before financial and investing activities €353.3m (+6.3%). Profit to owners €260.7m (+5.5%); adjusted profit €283.0m (+5.3%); EPS €0.6289 (+8.7%).

Cash flow & Capex

Adjusted CAPEX €273.6m (+10.9%) reflecting FTTH rollout. Free Cash Flow (AL) €248.3m (-32.9%) primarily from higher income tax outflows, timing differences in voluntary exit payments and increased capex. Management reiterates FY FCF target ≈€470m and FY CAPEX guidance €610–620m.

Balance sheet

Cash and cash equivalents €686.0m (down 16.5% YoY). Group net debt €457.0m (up 17% YoY); net‑debt/12‑month Adj. EBITDA ≈0.3x. No significant bond maturities before Sep 2026 (noted €500m 0.875% notes).

Greece performance

Greece revenues €1,658.4m (+8.9%); Adjusted EBITDA After Lease €650.0m (+1.5%), margin 39.2%. FTTH footprint continued to expand (homes passed ~1.46m; FTTH subscribers 324k, +67.5% YoY; utilization on homes passed 24%). Mobile postpaid growth, >99% 5G population coverage and strong ICT/B2B momentum (ICT revenue +43.6%).

Romania performance

Telekom Romania Mobile H1 revenues €132.9m (-3.9%). Mobile service revenue contraction and regulatory MTR cuts impacted results; Adjusted EBITDA After Lease only €2.7m (margin ~2.0%), also affected by a new revenue tax introduced in 2024. Postpaid subscribers increased, prepaid declined.

Capital returns & corporate actions

Management targets total shareholder remuneration ≈€450m (≈€297 dividend, ≈€153 buyback). AGM approved €0.71/share dividend (final €0.7216 paid July 10, 2024). Share buyback ongoing (H1 purchases: ~4.62m own shares at avg €13.83; cancellation of ~5.31m own shares completed July 24, 2024).

Guidance & outlook

Company expects continued Greek momentum from FTTH, 5G and ICT demand, while Romania remains challenging. Reiterated 2024 guidance: Free Cash Flow ≈€470m and CAPEX €610–620m. Key near‑term catalysts include Gigabit voucher rollout and the NOVA sports content agreement.

Key risks

Highlighted risks: macroeconomic/regulatory changes (including MTR and wholesale regulation), energy price volatility, liquidity/credit risk, cybersecurity and data protection, climate/physical risks to infrastructure, supply‑chain and pension fund exposures. Management reported no additional impairment needs as of June 30, 2024.

Summarized from source with an LLMView Source

Key figures

11.9%1Y

29.5%3Y

28.5%5Y

Performance

23.5%1Y

22.4%3Y

23.6%5Y

Volatility