OTE recorded significant increases in revenues and profits in the third quarter and nine months. Adjusted EBITDA for the nine-month period exceeded EUR 1 billion, and profit for the same period amounted to EUR 445.2 million.

In addition, a record number of additions to TV subscribers was recorded (+24 thousand), with the total number at 710 thousand, thanks to the recent agreement on the reciprocal distribution of sports content.

In Q3 2024, OTE Group's consolidated revenues increased by 1.8% to €897.2 million, thanks to a positive performance in Greece.

Strong performances in mobile, broadband, TV, and ICT projects were the primary drivers of Greece's 2.5% increase in revenues. Mobile services revenues appear up 3%, while the results show continued growth in the mobile subscriber base of 7%. FTTH subscribers reached 355 thousand (+65% y-o-y), with FTTH availability in 1.49 million homes and businesses and a penetration rate of 26%. The recently approved new subsidy voucher (Gigabit Voucher) for fiber optic connections, which will be available in Q2 2024, is expected to further encourage the adoption of FTTH connections. In addition, the group achieved record additions in TV subscribers (+24 thousand), with the total number at 710 thousand, thanks to the recent sports content reciprocal agreement.

In Romania, revenues declined by 6.6% in a highly competitive market, partly reflecting the impact of the reduction in fees
mobile termination rates. 

Total Group operating expenses rose by 2.7% to €528.9 million in Q4 2024 compared to Q3 2023. This was mostly due to higher energy costs and costs related to voluntary severance programs and reorganization. These costs were not included in depreciation, amortization, impairment charges, or charges related to a tax audit at TKRM.

The Group's adjusted EBITDA (AL) profitability came to €350.1 million, with pressure on profitability in Romania offsetting the 1.5% increase in Greece. Excluding the impact of items related to tax audit, the adjusted

EBITDA (AL) profitability would have increased by 0.4%. The Group's adjusted EBITDA (AL) margin in the quarter was 39.0% compared to 40.0% in Q3 2023 due to the high contribution of ICT revenue.

Adjusted investment in fixed assets amounted to €159.4 million, down 13.0% from Q3 2023, mainly due to lower investment in TV content compared to the same period a year ago, following the UEFA TV rights auction. Investments in Greece and mobile Romania amounted to €152.2 million and €7.2 million, respectively.

Free cash flow after leases was €95.2 million in Q3 2024, compared to €27.0 million in Q3 2023, primarily reflecting lower income tax payments, lower investments, and payments for voluntary redundancy program during the quarter.

The Group's net debt at September 30, 2024, was €684.3 million, equivalent to 0.5 times adjusted EBITDA (AL) on a twelve-month basis. The next bond repayment for the Group is set for September 2026 (€500m bond, 0.875%).