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Finance

Greece's OTE posts 3.1% rise in third-quarter adjusted core earnings

Published by Global Banking & Finance Review

Posted on October 30, 2026

2 min read

· Last updated: October 30, 2026

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OTE Posts 3.1% Growth in Q3 2023 Core Earnings Driven by Fibre and Mobile

OTE Q3 2023 Financial Performance Overview

Year-on-Year Earnings Growth

Oct 30 (Reuters) - Greek telecoms operator OTE reported a 3.1% year-on-year rise in third-quarter adjusted core earnings on Friday, helped by growth in mobile services and fibre broadband.

EBITDA and Revenue Highlights

OTE, Greece's biggest telecoms provider, posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) after leases of €371.4 million ($414.7 million) in the July-September period, up from €360.1 million a year earlier.

Mobile Services Performance

Mobile service revenue rose 2.0% year-on-year to €296 million, supported by the continued migration of customers to higher-value postpaid contracts, while OTE added a net 48,744 postpaid subscribers during the quarter, taking its subscriber base to 3.2 million, up 7.5% year-on-year. 

Fibre Network Expansion

The group also continued to expand its fibre network, adding a net 52,250 fibre-to-the-home (FTTH) customers in the quarter, with its FTTH subscriber base reaching 739,081, up 45.2% from a year earlier.

Management Commentary and Outlook

CEO Statement

"Our performance in the first nine months reinforces our confidence in delivering our 2026 growth ambition," Chairman and Chief Executive Kostas Nebis said, adding that EBITDA growth accelerated further in the third quarter amid continued business momentum and progress in the group's transformation programme.

2026 Guidance and Projections

The group reiterated its 2026 guidance for adjusted EBITDA growth of about 3%, capital expenditure of around €600 million and free cash flow after leases of approximately €750 million, including certain one-off tax-related gains. Underlying free cash flow is expected at €570-€580 million.

Challenges and Division Performance

OTE warned though that fourth-quarter comparisons would be more challenging after exceptionally strong information and communications technology growth and mobile tariff increases in the same period last year, but maintained confidence in achieving solid double-digit growth for its Systems Solutions division for the full year.

Additional Information

($1 = 0.8957 euros)

(Reporting by Antonis Pothitos; Editing by Joe Bavier, Kirsten Donovan)

Key Takeaways

  • Adjusted EBITDA (after leases) rose to €371.4 m in Q3 2026, up from €360.1 m a year earlier, reflecting a 3.1% increase.
  • Mobile service revenue grew 2.0% to €296 m, boosted by migration to higher‑value post‑paid plans, with net additions of 48,744 new post‑paid subscribers.
  • The FTTH customer base expanded strongly, adding 52,250 subscribers to reach 739,081, a 45.2% year‑on‑year increase; OTE reiterated full‑year 2026 guidance of ~3% EBITDA growth, ~€600 m CAPEX, and ~€750 m free cash flow.

Frequently Asked Questions

What was OTE's adjusted EBITDA for Q3 2023?
OTE reported adjusted EBITDA after leases of €371.4 million for Q3 2023, up from €360.1 million a year earlier.
How did OTE's fibre broadband subscriber base change?
OTE's FTTH subscriber base reached 739,081 in Q3 2023, up 45.2% year-on-year after adding 52,250 new customers.
What factors contributed to OTE's earnings growth?
Growth in mobile services, fibre broadband expansion, and an increase in postpaid subscribers contributed to the earnings rise.
What is OTE's guidance for 2026?
OTE reiterated its 2026 guidance with adjusted EBITDA growth of about 3%, capital expenditure around €600 million, and free cash flow after leases of about €750 million.
What challenges does OTE anticipate for Q4?
OTE warned Q4 comparisons will be more challenging due to last year's strong ICT growth and mobile tariff increases.

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