New Street Research - Hellenic Telecommunications Organization SA (HTO) OTE (Neutral, TP: €16, +0%) Q2 25: Mixed results, but Romania sale means extra cash returns coming

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New Street Research

Russell Waller

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OTE (Neutral, TP: €16, +0%) Q2 25: Mixed results, but Romania sale means extra cash returns coming

OTE has reported a mixed set of results; Greek MSR trends are much better sequentially and FSR growth is also a bit better, but EBITDA growth is actually slower sequentially due to elevated sales and marketing costs, which may be a warning sign of the future impact from PPC in the fixed market.

06/08/2025 1 EN

Underlying

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

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GRS260333000 Greece

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New Street Research

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Analysts

Russell Waller

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OTE has reported an uninspiring set of 2Q25 results, with sales flat yoy, at EUR 913m (in line with our forecast) and the adjusted EBITDA up 1% yoy, to EUR 349m (in line with our estimate), due to Greek segment expansion offsetting the 67% yoy decline in the Romanian segment operating result. We see OTE’s 2Q25 results as neutral, as the adjusted EBITDA was in line with our expectations, while the company reiterated its 2025E outlook. The miss on the bottom line was driven primarily by the write-down recorded at the Telekom Romania Mobile; however, considering that the Romanian segment sale sho...

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OTE (Hellenic Telecoms) | First thoughts: tepid group Q2 weighed down by Romania, but GR EBITDAaL +2%

Q2 group EBITDAaL +0.6% yoy, a bit softer than expected due to Romania (RO); GR growth in sync with FY25 guidance – Q2 group adj. numbers look a tad below our forecasts, with the underlying pattern remaining largely unchanged: strong mobile (service rev. +3.2%), tepid but positive retail fixed (+0.6%), and RO weighing on group metrics (EBITDAaL loss €4.6m). Overall, group sales rose 0.3% yoy to €913m, with GR +1.1%. GR EBITDAaL advanced 2% to €333m, in sync with mgt FY guidance, while group EBITDAaL grew by a mere 0.6% to €329m (below EEe €332m) due to continued dilution from RO. Reported net ...

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OTE (Neutral, TP: €16, +0%) Q2 25: Mixed results, but Romania sale means extra cash returns coming

WOOD Flash – OTE: 2Q25 results review – adjusted EBITDA 1% up yoy, in line with expectations; 2025E guidance reiterated

OTE (Hellenic Telecoms) | First thoughts: tepid group Q2 weighed down by Romania, but GR EBITDAaL +2%

NTT (Buy, TP: ¥215, +40%) Q1 FY25 Quick Take: Soft start; awaiting for Mobile inflection as Fixed gains ground

SK Telecom (Neutral, KRW 78,000, +39%) Q2 25 Quick Take: Heavier hit expected in H2

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