OTE reported its nine-month financial results:
- Profitability continued to grow, with adjusted EBITDA (AL) up 3.1% in the quarter – in line with the target of growth of around 3% for 2026
- Strong revenue growth of 5% continued, excluding the impact of the gradual phase-out of zero-margin international wholesale; total revenue increased by 1%
- Mobile service revenue maintained its momentum, rising 2.0% in the quarter – with strong net additions of contract subscribers (+49,000)
- Retail fixed-line revenue remained positive, up 2.9% including Data Com services
- FTTH continued to gain strong momentum, with strong net customer additions in the quarter (+52,000) and the customer base reaching 739,000
- FTTH available to 3 million homes, or 2.3 million homes with an active connection
- Brand evolution to Telekom: leveraging global reach, technology and innovation to create even greater value
Key Financial Highlights
| (€ million) | Q3'26 | Q3'25 | y-o-y | 9M'26 | 9M'25 | y-o-y |
|---|
| Revenue | 882.7 | 874.0 | +1.0% | 2,597.9 | 2,548.0 | +2.0% |
| Adjusted EBITDA (AL) | 371.4 | 360.1 | +3.1% | 1,053.1 | 1,022.4 | +3.0% |
| Margin (%) | 42.1% | 41.2% | +0.9pp | 40.5% | 40.1% | +0.4pp |
| EBIT | 236.9 | 223.5 | +6.0% | 629.1 | 603.4 | +4.3% |
| Profit attributable to the Company's shareholders | 178.8 | 296.6 | -39.7% | 462.0 | 577.6 | -20.0% |
| Basic earnings per share (€) | 0.4566 | 0.7412 | -38.4% | 1.1736 | 1.4335 | -18.1% |
| Adjusted profit attributable to the Company's shareholders | 182.5 | 169.9 | +7.4% | 488.9 | 469.8 | +4.1% |
| Capital expenditure | 176.4 | 149.8 | +17.8% | 441.8 | 437.1 | +1.1% |
| Free cash flow (AL) | 137.4 | 107.6 | +27.7% | 347.4 | 374.5 | -7.2% |
| Cash and cash equivalents | 334.2 | 426.3 | -21.6% | 334.2 | 426.3 | -21.6% |
| Net debt | 683.0 | 698.1 | -2.2% | 683.0 | 698.1 | -2.2% |
Note: Following the sale of TELEKOM ROMANIA MOBILE COMMUNICATIONS (TKRM), all 2025 figures have been adjusted to reflect continuing operations only. Its operating activities have been treated as discontinued operations for 2025 (up to and including the sale date).
Message from OTE Group Chairman and Chief Executive Officer Kostas Nebis:
“The nine-month results confirm our strong conviction that we will meet the targets we have set for 2026. In the third quarter, EBITDA profitability grew again, driven by strong momentum across our businesses and the ongoing transformation of our operating model, while organic revenue also remained strong.
At the same time, we strengthened our position in key areas: fibre network penetration increased further, while the continued expansion of our infrastructure maintains our leading position in delivering high-quality connectivity in both urban and rural areas of Greece.
In mobile, growth in contract subscribers and demand for higher-value data services contributed to an increase in ARPU. The quality and coverage of our 5G and 5G+ networks remain key competitive advantages and important drivers of value for our customers.
As Recovery and Resilience Facility (RRF) projects come to an end, we are ready to seize new opportunities in Systems Solutions, delivering digital transformation projects for the private and public sectors and international organisations, as well as artificial intelligence solutions for businesses.
At the same time, we are integrating the use of data and artificial intelligence across all our activities, with the aim of improving the customer experience, boosting efficiency and creating new growth opportunities.
The evolution of our commercial brand to Telekom combines our strong Greek roots with the reach, expertise and innovation of a global leader. By consistently implementing our strategy and investing decisively in our networks and services, we remain focused on meeting our targets and creating long-term value for our customers, our shareholders and the country.”
Outlook
For the rest of the year, OTE is well positioned to continue its transformation and achieve its targets despite a highly competitive environment. Its leading position in fibre, mobile, television and ICT, combined with its diversified service portfolio and efficiency improvements, underpin its outlook. Q4 2026 is expected to be affected by a high comparison base, as the corresponding quarter of 2025 benefited from exceptional ICT performance and mobile pricing.
In fixed-line, performance is supported by the growing adoption of FTTH services, momentum in Fixed Wireless Access (FWA), steady growth in television and the further expansion of the fibre network in both urban and rural areas.
In mobile, further expansion of 5G Stand Alone network coverage and the network’s technological superiority are expected to support both customers’ migration from prepaid to contract services and increased data usage.
In Systems Solutions, despite the completion of Recovery and Resilience Facility (RRF) projects and a particularly high comparison base in the previous year, the Company expects to achieve strong double-digit growth for the full year.
In wholesale services, OTE expects the decline in near-zero-margin international wholesale to continue, while domestic trends are expected to remain broadly unchanged.
OTE will continue to manage costs prudently and pursue efficiency initiatives, making increasing use of artificial intelligence in IT, network management and customer service.
2026 Targets – Maintained
| Targets | 2026 | Comments |
|---|
| Free cash flow | ~€750 million
Adjusted free cash flow: €570–580 million | Excluding the impact of certain positive one-off tax items, arising mainly from the divestment of the Romanian operations, free cash flow is expected to range between €570 million and €580 million. |
| Investment | ~€600 million | The Company continues to develop its FTTH infrastructure and expand 5G Stand Alone (SA) network coverage. |
| Adjusted EBITDA (AL) | ~3% | Supported by revenue growth and effective cost management |
Financial Results
| Financial Results (€ million) | Q3'26 | Q3'25 | y-o-y | 9M'26 | 9M'25 | y-o-y |
|---|
| Revenue | 882.7 | 874.0 | +1.0% | 2,597.9 | 2,548.0 | +2.0% |
| Retail fixed-line revenue (incl. Data Com) | 264.9 | 257.4 | +2.9% | 781.6 | 766.4 | +2.0% |
| of which: retail fixed-line revenue | 230.7 | 232.2 | -0.6% | 694.9 | 693.1 | +0.3% |
| Mobile service revenue | 296.0 | 290.1 | +2.0% | 823.9 | 798.5 | +3.2% |
| Wholesale revenue | 106.6 | 140.5 | -24.1% | 286.9 | 441.2 | -35.0% |
| Other revenue (excluding Data Com) | 215.2 | 186.0 | +15.7% | 705.5 | 541.9 | +30.2% |
| of which: Systems Solutions | 105.9 | 97.2 | +9.0% | 405.7 | 279.7 | +45.0% |
| Adjusted EBITDA (AL) | 371.4 | 360.1 | +3.1% | 1,053.1 | 1,022.4 | +3.0% |
| Margin (%) | 42.1% | 41.2% | +0.9pp | 40.5% | 40.1% | +0.4pp |
| Capital expenditure | 176.4 | 149.8 | +17.8% | 441.8 | 437.1 | +1.1% |
| Free cash flow (AL) | 137.4 | 107.6 | +27.7% | 347.4 | 374.5 | -7.2% |
Revenue in Q3 2026 was €882.7 million, up 1% year on year. Significant growth in revenue from Systems Solutions and Data Communications services, combined with continued growth in mobile, offset the decline in international wholesale service revenue as a result of the planned gradual phase-out of certain activities. Excluding the near-zero-margin impact of this factor, revenue rose 5% in the quarter and 8% in the nine-month period.
Adjusted EBITDA (AL) continued its positive momentum in the quarter, rising 3.1% year on year to €371.4 million. The corresponding margin was 42.1%, compared with 41.2% in Q3 2025, an improvement of 90 basis points. This performance reflects continued growth in service revenue, combined with prudent cost management. Savings in personnel costs and lower indirect costs offset higher energy costs during the quarter.
Operating profit before financial and investment activities (EBIT) was €236.9 million, up 6.0% from a year earlier, mainly reflecting higher operating profitability (EBITDA) in the quarter.
Income tax expense was €53.3 million in Q3 2026, compared with a positive amount of €77.8 million in Q3 2025. The income tax line in the prior-year period (Q3 2025) included a one-off positive impact of €129.8 million related to losses on the investment in TELEKOM ROMANIA MOBILE.
Capital expenditure was €176.4 million in Q3 2026, up 17.8% compared with Q3 2025. The increase was mainly due to higher payments for television content in the quarter. The Company is also continuing to expand its FTTH network and develop its 5G Stand Alone (SA) network, which supports the 5G WiFi (FWA) service.
Free cash flow after leases was €137.4 million in Q3 2026, up 27.7% from €107.6 million in the same period last year, as lower income tax payments, higher profitability and an improvement in working capital were offset by higher investment.
Group net debt stood at €683.0 million on 30 September 2026, equivalent to 0.5 times trailing 12-month adjusted EBITDA (AL). On 22 September 2026, OTE S.A. issued a €350 million bond maturing in September 2029, with an annual yield of 3.853%. Proceeds from the new bond were used to refinance part of the €500 million bond that matured on 24 September 2026. The remaining €150 million was repaid.
* See the accompanying material column for further details.