OTE Group, Greece’s leading telecommunications provider, announced a 1% increase in adjusted core earnings for the fourth quarter of 2024, driven by robust growth in its Greek mobile operations and effective cost management. Adjusted EBITDA reached €344.5 million, up from €341.1 million in the previous year.
The group’s strategic focus on network expansion is evident in its ambitious goal of connecting 2.1 million homes with Fiber-to-the-Home (FTTH) by the end of 2025. This initiative is supported by a planned capital expenditure of €610-€620 million, primarily directed towards FTTH infrastructure. OTE anticipates nearly 2% EBITDA growth in Greece through strong service performance and disciplined cost control.
Kostas Nebis, Chairman & CEO at OTE Group (Credit: OTE)
“As we progress into 2025, I am confident that we will continue to build on our achievements, aiming for accelerated growth in the upcoming years. We have shaped a new vision for OTE, with the aim of becoming one of Europe’s leading digital telecommunications operators and positioning Greece at the forefront of digitalization in Europe. We have established ambitious targets that will guide our path and enable us to create more value for our shareholders” said Kostas Nebis, Chairman & CEO.
In a significant strategic move, OTE has entered negotiations for the sale of Telekom Romania Mobile (TKRM) to Digi Romania S.A. and Vodafone Romania S.A. A Memorandum of Understanding (MoU) has been signed, and the proposed transaction is under review by Romanian regulatory authorities. The transaction is structured to split the TKRM assets between Digi and Vodafone Romania.
While overall group revenues for the fourth quarter were €905.3 million, a 2.7% decrease, the company experienced a 17.4% revenue decline in Romania due to market challenges and a 50% mobile termination rate cut.
OTE, a majority-owned subsidiary of Deutsche Telekom, is a prominent listed company on the Athens Stock Exchange, demonstrating its strong market position. Deutsche Telekom holds 53.45% of OTE’s share capital and the Greek State holds 7.75%. In 2023, OTE Group employed 10,590 people.
OTE Group at a Glance
Year founded: 1949 Headquarters: Athens, Greece Employees: 10,590 Revenues: €905.3 million (Q4 2024)
