The value that the summer deal between Cosmote TV and Nova has brought has been highlighted by OTE CEO Costas Nembis during the analysts' briefing on OTE's figures. Nebis said that the deal increased Cosmote TV's subscribers in the third quarter, with the number of new subscribers setting a new record in September.

He estimated that this upward trend will continue until the end of this year, while 2025 will also give a boost to the company's figures. However, he stressed that he expects even stricter measures against pirated content from the Greek government. 

THE NOVEMBER MILESTONE

He noted that the promotional period, during which Cosmote subscribers had free access to Nova's sports content, ended at the end of October, while the implementation of the €3 monthly surcharge started at the beginning of this month. Something that will be reflected in the group's revenue in the figures it will announce in Q1 2025.
Nebis stressed that piracy is on the decline, but there are still many steps to be taken. The penetration of legal pay-TV in the country is 30%, much lower compared to the average of European countries. 

NEW OPTICAL FIBRES

Mr. Nebis stressed that the dynamic investments in optical fibres will continue, while regarding the Gigabit Voucher subsidy programme, which starts immediately, he noted that it will intensify competition and improve the telecommunications infrastructure. 

Mr. Nebis said, "Our goal is for OTE to evolve into one of Europe's leading digital telecom providers, while also leading Greece towards the top digitalization positions in Europe. To increase value for our shareholders and enhance their reward." 

RENUMERATION

For 2024, OTE's total remuneration to shareholders will amount to approximately €450 million and will be divided into a dividend of €297 million and an Equity Share Acquisition Programme of approximately €153 million. The dividend, which has already been paid to shareholders, corresponds to €0.71 per share and is an increase of 23% compared to 2023.

INVESTMENTS AND TARGETS

For the remainder of the year, OTE will continue to strengthen its technological superiority in Greece, leveraging its competitive advantage in FTTH infrastructure and 5G coverage. The company aims to cover over 1.7 million homes and businesses with FTTH by the end of 2024, while remaining committed to its investment plan in 5G mobile networks and the digitisation of operations and all customer touch points. At the same time, it is set to take on even more ICT projects. 

FIGURES FOR THE YEAR

For the full current financial year, as mentioned in the conference call, the target is for free cash flow to remain at €470 m. However, the recent completion of the tax audit in Romania resulted in the imposition of one-off additional charges of €33.5 million, which will impact cash flow accordingly. As a result, the expected amount for free cash flow is €435 million.

Group capital expenditure for this year is expected to be between €600 million and €610 million as the company continues to roll out its FTTH infrastructure. In Greece, for the remainder of 2024 and based on current market trends, OTE expects profitability trends to remain roughly at the same level as in the first nine months of the year.