The OTE group entered 2024 “on the right foot”, registering strong operational and financial performances in the first quarter.

In more detail, according to the announcement of the company’s financial results, the consolidated revenues of the group increased by 9.2% and amounted to 877.6 million euros, due to strong performances in Greece.

Adjusted EBITDA (AL) profitability of the group increased by 1.2% to €326.0 million, with a margin of 37.1%. Adjusted investments in fixed assets amounted to €117.5 million, up 47.1% from the same period last year, reflecting the strategic focus on FTTH development, the implementation of which in 2023 was intensified towards the end of the year.

In Greece, revenues reached €812.3 million, registering a strong 10.3% year-on-year growth, mainly thanks to strong performances in mobile, TV services, broadband services and especially ICT projects. Adjusted EBITDA (AL) profitability increased by 1.5% to €323.2 million, with a strong EBITDA margin of 39.8%. Retail fixed income rose 0.5% including data com services in the quarter. Revenue from mobile services increased by 3.3%, continuing the positive trend of recent quarters. ICT project revenue increased by 56.1% in the quarter, regaining momentum after a temporary decline in the previous period due to the national elections, but also continued demand for ICT projects.

OTE continues to focus on its investment plan for the development of the FTTH network. As of March 31, 2024, 1.375 million homes and businesses had access to the FTTH network, while the company is expected to reach around 1.8 million homes and businesses by the end of 2024. OTE remains the largest fiber optic network provider in Greece , having installed over 80% of the country’s FTTH lines. In the quarter, OTE’s FTTH subscriber base grew by a record 36k in the quarter to 287k, and OTE’s FTTH infrastructure penetration rate (percentage of customers on available OTE lines) rose to 22% from 18% a year ago before.

OTE continues to expand its 5G network, with nationwide population coverage exceeding 95% and speeds exceeding 1Gbps in some areas. The company has even completed the upgrade of the 5th generation mobile network infrastructure to 5G Stand-Alone (SA), which will provide even higher download and upload speed, extremely low response (latency), improved coverage in closed spaces and even greater reliability in communications . Its commercial availability is expected soon. According to the announcement, the total number of TV subscribers reached 688 thousand, up 6% year-on-year, thanks to COSMOTE TV’s streaming service and rich exclusive TV content.

OTE intends to distribute approximately 95% of the free cash flows. The total Remuneration to Shareholders for 2024 will amount to approximately 450 million euros and will be divided into a proposed dividend, worth 297 million euros, and a Share Purchase Program, amounting to approximately 153 million euros. The proposed dividend, which corresponds to 0.71 euros per share, is increased by 23% compared to 2023 and will be paid on July 10, 2024, following its approval by the General Meeting of Shareholders on June 28, 2024.

Chamaz leaves

The president and CEO of the OTE group, Mr. Michalis Chamaz, said: “2024 started strongly for OTE. I am pleased to report strong operational and financial performance as my tenure with the group comes to an end. We achieved strong revenue growth, driven by ICT projects, international wholesale and mobile services, while continuing to expand our FTTH and mobile network, and increased group profitability.”

And he added: “Since 2010, when I took over as president and CEO of the OTE group, we have achieved many important achievements, despite the great challenges we faced. Having transformed the company together, we have laid the foundations for building a sustainable digital services provider. I feel proud of OTE’s progress over the years and of its contribution to the digital transformation of the country, society and businesses.

I am confident that both in 2024 and in the following years, under the guidance of my successor, Mr. Costas Nebi, OTE is able to continue to grow, generate significant cash flows, invest in the country’s infrastructure and deliver value to its subscribers, partners and shareholders”.