Hrvatski Telekom (HT) Q3 2025 earnings summary

Executive summary

• Revenue increased by 4.0% year-over-year for the first nine months of 2025, driven by service revenue momentum, network expansion, and operating model transformation.

• Adjusted EBITDA AL rose 3.2% year-over-year, reflecting top-line growth and operational transformation despite inflationary and salary pressures.

• Net profit after non-controlling interests grew by 4.8% year-over-year, supported by improved operating profitability.

• Investments reached EUR 181.7 million, up 12.9% year-over-year, expanding the largest FTTH network in Croatia by over 20% and advancing 5G capabilities.

• EUR 158.0 million was returned to shareholders through dividends and share buybacks, reflecting robust capital management.

Financial highlights

• Group revenue reached EUR 845.6 million for 9M 2025, up from EUR 813.3 million in 9M 2024.

• Adjusted EBITDA AL was EUR 322.1 million, up from EUR 312.0 million year-over-year.

• Net profit after non-controlling interests was EUR 111.9 million, up from EUR 106.7 million.

• EBIT increased by 5.7% year-over-year to EUR 144.2 million.

• Net cash flow from operations was EUR 284.9 million, a 5.0% decrease year-over-year; cash and cash equivalents fell 47.0% to EUR 121.7 million.

Outlook and guidance

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

• CAPEX AL is expected to increase by around 10% year-over-year, targeting 1 million households and businesses covered by year-end.

• The group continues to monitor and evaluate potential M&A opportunities.