Hellenic Telecommunications Organization (HTO) investor relations material

Executive summary

• Q1 2026 delivered 4.9% revenue growth and 2.8% higher adjusted EBITDA (AL), with strong momentum in mobile, FTTH, TV, and ICT segments, supported by disciplined execution and digital transformation initiatives.

• Mobile service revenues rose 5.5% year-over-year, led by postpaid segment growth and migration from prepaid.

• FTTH customer base reached 625,000, with record net additions and coverage expanding to 2.1 million homes; FWA subscribers hit 100,000.

• System Solutions/ICT revenues surged 76% year-over-year, driven by digitalization projects and public sector demand.

• Transformation and AI adoption improved efficiency, reduced costs, and enhanced customer experience.

Financial highlights

• Q1 2026 revenues were €859.4 million, up 4.9% year-over-year; adjusted EBITDA (AL) was €338.4 million, up 2.8%, with margin at 39.4%.

• EBIT reached €188.9 million (+0.5% year-over-year); adjusted profit to owners was €153.6 million, down 5.4% due to prior-year tax effects.

• Free cash flow (AL) was €60.4 million, down 43.1% year-over-year, mainly due to tax payment timing; capex was €108.5 million, down 7.6%.

• Net debt stood at €519.1 million, with net debt/12-month adjusted EBITDA (AL) at 0.4x.

• Fixed retail service revenues grew 1.1% year-over-year, driven by FTTH and TV business strength.

Outlook and guidance

• 2026 guidance reaffirmed: ~3% adjusted EBITDA (AL) growth, capex at ~€600 million, and underlying free cash flow of €570–580 million.

• FTTH homes passed targeted at 2.4 million by end-2026 and 3.5 million by 2030.

• Anticipates continued mobile growth, ICT private sector ramp-up, and cost discipline.

• Shareholder remuneration policy targets ~100% FCF payout for 2026, combining dividends and share buybacks.