Q3 revenues/adj EBITDA(L)/adj net income came in +5.0%/+2.0%/-2.0% yoy at E874m/E360m/E170m, with reported FCF at E108m (adj at E115m). The figures are without recently sold TRM. EBITDA growth is in line with OTE’s FY guidance, while the 2025 FCF target has been restated on a pro-forma basis to exclude TRM, now set at E530m (from €460m). The adjustment reflects…

Q2 results. The company reiterated 2025 reported FCFE target of E460m (incl. TRM) and its guidance for clean EBITDA(L) growth of +2% p.a. going forward. The TRM disposal is expected to close in Q3, with proceeds to be returned to shareholders. PPC’s fiber rollout is viewed as a manageable challenge.

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.

’If you cannot explain it simply, then you do not understand it well enough.’’ Testing ourselves, we share our understanding of each Greek investment case we cover within a few lines.
Conclusions: Our base case scenario is materializing, i.e., Mitsotakis administration renewing its mandate and Greece avoiding a recession. Equities have re-rated and are +36% YTD, so now…

What’s new? Q1 revenues/EBITDA(L)/net income stood at -2%/0%/+4% yoy. Results failed to improve our visibility on the investment case. It is positive that cash flow guidance was reiterated at E500m (and E425m remuneration). The same goes for competition hardening going forward. Q1 numbers do not reflect the impact from the 8%-26% price cuts last February, given the gradual re-pricing of the customer base. It is positive OTE is not losing market share, with postpaid subs and BB lines up qoq.