Q4 revenues/adj EBITDA(L)/adj net income came in +8.7%/+2.3%/+1.8% yoy with reported FCF at E168m (adj at E172m and +9% vs RGe). Adj EBITDA(L) in line with our estimate (E351m vs E350m) while revenues +6% higher on stronger fixed revenues.

Q4 results were in line, with adj EBITDAL +1.0% yoy (Greece +1.8% yoy). FY cash flow came in slightly better (E440m from E435m guided). Guidance for 2025 was rather uninspiring:  Greek adj EBITDA +2.0% yoy, reported FCFE at E460m, distribution at E451m (E298m/E153m cash/buyback). TRM is burning E70m of cash p.a.

This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.

Q3 Greek clean EBITDAL grew by +1.5% yoy, in line with the rate witnessed in the previous quarters. Romania remains operationally bad. Management sounded upbeat for FTTH thanks to the E80m/2YR subsidy scheme just launched, the 5% tax duty abolishment for speeds >100MBPS and the pay TV take up driven by sharing sports content with rival platform Nova (+E3 ARPU).

There was nothing particularly noteworthy in Q2 numbers. The same trends from Q1 continued, but with a significantly weaker Romania. As a result, adjusted EBITDAL did not grow yoy, despite a 1.5% increase in Greece. Lower depreciation and financial costs helped adjusted net income to grow by +5.6% yoy. The new CEO made a positive impression when describing the initiatives around FTTH and pay TV. Cash flow guidance for the year was maintained at E470m.