Hrvatski Telekom (HT) Q2 2025 earnings summary

Executive summary

• Revenue increased by 4.4% year-over-year in H1 2025, driven by strong service revenue and business momentum.

• Adjusted EBITDA AL rose 3.0% year-over-year, supported by top-line growth despite cost pressures.

• Net profit after non-controlling interests grew by 1.6% year-over-year, reflecting operational improvements.

• Investments reached €116.9 million, up 15.1% year-over-year, focused on fiber and 5G expansion.

• Maintained leadership in network quality, recognized as best mobile network for the third consecutive year.

Financial highlights

• H1 2025 revenue reached €544.5m, up from €521.6m in H1 2024.

• Adjusted EBITDA AL was €193.7m, up from €188.1m year-over-year.

• Net profit after non-controlling interests was €58.0m, up from €57.1m.

• CAPEX AL for H1 2025 was €116.9m, representing 21.5% of revenue.

• Cash and cash equivalents declined to €102.1m from €229.7m at year-end 2024.

Outlook and guidance

• 2025 outlook projects low single-digit increases in revenue, adjusted EBITDA AL, and CAPEX AL compared to 2024.

• Regional expansion and M&A opportunities are being actively monitored.