Slides
Page 2
Disclaimer This presentation is provided to persons who are entitled to receive it in accordance with the laws and regulationsof appropriatejurisdictions. This presentationis providedfor informationpurposes only and does not constitutean offeror an invitationto buy or sell or subscribeto any securitiesor a solicitationof an offerto buy or sell or subscribefor any securityor instrumentor to participatein any tradingstrategy. No part of this presentation may be construed as constituting investment advice or recommendationto enter into any transactionor as providingthe basis for any credit or other evaluation. No representationor warrantyis given with respect to the accuracyor completenessof the information,estimations,provisions,future expectations or other data, containedin this presentation,and no claim can be made that any transactionof any security will conform to any terms that may be containedherein. Under no circumstance,should OTE, or any of its directors,officersor employeesbe held liable for any direct,indirector consequentialloss or damagesuffered by any person as a result of relying on any informationcontainedin this presentation. Informationcontained hereinmay changewithoutnoticeand OTEundertakesno obligationto updateit. Beforeenteringinto any transaction,investorsshould determineany economic,tradingand financialrisks, restrictionsand benefits,as well as any legal,tax, accountingconsequencesof doing so, and their abilityto assume such risks, withoutrelianceon the informationcontainedin this presentation. Youshouldconsulta professionalfinancialadvisorbeforeenteringin any transactionsin securitiesmentionedherein. In additionto figures preparedin accordancewith IFRS, OTE also presentsalternativeperformancemeasures, including,among others, EBITDA, adjusted EBITDA, adjusted EBITDA (AL) , free cash flow, adjusted free cash flow, net debt, Capex and adjusted Capex. These alternativeperformance measures should be consideredin addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performancemeasures are not subject to IFRS or any other generally accepted accounting principles. The purpose and calculations of all ‘Adjusted’ data and the Alternative Performance Measures presented are detailedin the AlternativePerformanceMeasuresSectionin the QuarterlyPressReleases. https://www.cosmote.gr/fixed/en/corporate/ir/financial-results/financial-statements-of-ote-group-and-ote-sa Note: BroadbandKPI’sfor 2024periodhavebeenreclassified. 2 Following TELEKOM ROMANIA MOBILE COMMUNICATIONS(TKRM) disposal, all figures (apart from Balance Sheet of 2024) adjustedto reflectonly continuingoperations; TKRM has been classifiedas held for sale and has beentreatedas discontinuedoperationsin 2025and 2024.
Page 3
OTE 2030 Vision Become Europe’s leading Digital Telco elevating Greece to the forefront of digitalization in Europe, connecting customers to enjoy better lives & empowering businesses to grow, leveraging data/AI and Telekom group global scale, while fostering an inspiring workplace where our people thrive. 3
Page 4
Our Flywheel strategy empowers us to realize Vision 2030 Love brand Best employer Load reduction & digital deflection Transform to grow 3 Service Revenues/Margin EBITDA Cash Contribution 4 Unlock the Pay TV Accelerate businesses digitalization Grow beyond core CX @NPS- 40 2 Scale up Data / AI 5 Leverage T global scale6 Gigabit for All 5G for All 1 1 23 4 5 6 4
Page 5
Our Strategic Priorities Gigabit for All: Lead in Gigabit broadband experience (coverage and penetration) shifting our BB base to best in-home / office connectivity over FTTH / FWA. 5G for All: Accelerate 3.x GHz 5G rollout and drive mobile data monetisation based on extended 5G devices penetration & 5G SA innovative services. Unlock the Pay TV: Unlock the legal Pay TV market potential from <35% penetration aiming at increasing at European levels. Accelerate businesses digitalization: Grow B2B value based on innovative connectivity / cloud / security / digital services / vertical solutions & further exploitation of SyS capabilities, to expand the public sector & accelerate the private sector digitalization. Grow beyond core: Scale and expand the portfolio of beyond-core digital services to increase customer loyalty and create new pockets of growth. CX @ NPS-40: Step change in CX, moving from the best position in the Greek market, to the top positions within the European market. Load reduction & digital deflection: Radically reduce physical non-sales volumes, shift Sales & Care to digital and improve Customer Effort Score (CES). Transform to grow: Accelerate the transformation of our operating / production model via operational optimisation, simplification, NT/IT transformation & automation and legacy retirement. Scale up Data / AI: Scale up Data / AI initiatives, based on the established governance model including AI@T, integrating AI along the value chain i.e. Sales & Service, NT/IT, G&A, aiming to build a data-informed & digital-first company. Leverage T global scale: Leverage global scale, based on common products & platforms and combined operations (e.g. COME, CoE). Love brand: Capitalise on the power of the Telekom Brand to further differentiate in the Greek market moving from a Greek only brand to a top 10 global brand with Greek relevance. Best employer: Refresh & develop our management teams, build a leaner & more diverse organization, offer skills and performance based competitive remuneration, leverage career opportunities within Telekom (Greece & abroad), build an open-feedback & empowerment driven culture reducing hierarchical barriers & creating an inspiring workplace. 5
Page 6
Key Developments FTTH FTTH Gigabit Voucher • €200 maximum coupon • >= 250Mbps; 24 months • 400k vouchers FTTH Smart-Readiness • “In Building” coupon • 120k Buildings in 4 stages Removal of 5% Telco Tax in FTTH COSMOTE TV • OTE – NOVA TV Agreement:Cross-supply of sports channels • Remove of 10% TV Tax (Jan 2026) • Aadoption of anti-piracy law • Drive the growth of the total Pay-TV market ◦ Increase sports base ◦ ARPU upside FTTH Wholesale • Volume discounts in the FTTH wholesale market in place • Promote the transition towards fiber optic services • Enable all operators to grow the market. Fixed Wireless Access - FWA • The only operator in Greece with 5G stand- alone services • FWA over 5G+ network slicing • Speed of 200 Mbps • Bridge technology-to cover underserved areas COSMOTE TELEKOM • New Commercial Identity: COSMOTE joining forces with TELEKOM • Magenta Moments • Magenta AI Completion of Telekom Romania Mobile Disposal • On October 1, 2025, the disposal of OTE’s 100% in Telekom Romania Mobile Communications had been successfully completed. • 40mn extraordinary distribution to shareholders; €0.1 dividend per share 6 Agreement to expand Ultra-Fast Broadband (UFBB) coverage in semi-urban and rural areas
Page 7
OTE FTTH Rollout and 5G+ 7
Page 8
Mobile Network Superiority in Greece OOKLA: COSMOTE Telekom Fastest Mobile Network for 9th consecutive year Umlaut Best in Test certification, for 11th consecutive year, for its mobile internet and voice services in Greece 71.26 63.65 MEDIAN DOWNLOAD SPEED (MBPS) COSMOTE TELEKOM OPERATOR 2 OPERATOR 3 MEDIAN UPLOAD SPEED (MBPS) COSMOTE OPERATOR 2 OPERATOR 3 TEST COUNT COSMOTE OPERATOR 2 OPERATOR 3 59.76 5G coverage: Greece* has moved into the top 10 in Europe The only available in Greece Greece: leading country in Europe with the highest 5G Stand-alone download speed* *6th place in the rankings *OOKLA and OMDIA Global Evaluation 8
Page 9
Note: FollowingTELEKOMROMANIAMOBILECOMMUNICATIONS(TKRM)disposal,allfigures(apartfromBalanceSheetof2024) adjustedto reflectonlycontinuingoperations;TKRMhasbeenclassifiedasheldforsaleandhasbeentreatedasdiscontinuedoperationsin2025and2024.
Page 10
Overview OTE Group is the largest telecommunications provider in the Greek market. OTE is among the largest listed companies in the Athens Stock Exchange. Q3 2025 Operational Highlights €874.0m REVENUES €149.8m ADJ. CAPEX (YOY -1.6%) €360.1m ADJ. EBITDA (AL) €107.6m FCF (YOY +7.7%) +1.3% FIXED RETAIL SERVICE REVENUES +2.7% MOBILE SERVICE REVENUES +16.7% TV REVENUES +37.9% SYSTEM SOLUTION GROWTH +38k FTTH SUBSCRIBERS' ADDITIONS +6.4% POST PAID SUBSCRIBERS 509k FTTH SUBSCRIBER BASE +33% UTILIZATION 9M 2025 €2,548.0m REVENUES €437.1m ADJ. CAPEX (YOY +8.2%) 40.1% MARGIN €1,022.4m ADJ. EBITDA (AL) €374.5m FCF (YOY -0.7 %) DT, 54.62% Hellenic State, 1.20% E-EFKA* 6.71% Freefloat, 35.92% Own Shares, 1.56% *The stake of e-E.F.K.A includes 19,606,015 shares transferred by Hellenic Republic in 2009 +5.0% +2.0% ADJ. EBITDA (AL) 2025: ~ +2% REPORTED FCF 2025:~ 530m ADJ. CAPEX 2025:~600m +2.3% +1.9% SHAREHOLDERS as of Nov 07, 2025 10 Guidance
Page 11
Debt and Liquidity Profile Debt Maturity Profile (€m) (Nominal amounts) S&P rating on OTE: “BBB+” with stable outlook S&P credit rating on Greece “BBB” with stable outlook Gross Debt Cash Net Debt/EBITDA Net Debt at €698m Net Debt/Adj.EBITDA (AL) at 0.5x 500 200 2026 2028 1502030 Bonds Loans Bonds €500m 2026 Bond (Sep) 0.875% €200m 2028 Bond (May) 0.627% €60m* 2025 Bond (Oct) 2.394% Loans €150m EBRD LOAN (2030 Jul) 1.561% 0.5x Q3'24 Q4'24 1,146 (462) 684 0.5x 1,110 (467) 643 Q1'25 0.4x 1,111 (550) 562 Q2'25 Net Debt 0.3x 1,107 (658) 449 0.5x Q3'25 1,124 (426) 698 *On October 7, 2025 fully repaid at maturity 11
Page 12
Financial Overview 1,326 FY 2023 FY 2024 41.6% 40.4% 1,346 Margin % yoy change %Adj. EBITDA (AL) 3,189 3,334 - 15. 0% - 5. 0% - 10. 0% 0. 0% 5. 0% 10. 0% 20. 0% 15. 0% 25. 0% 30. 0% 340 840 1, 340 1, 840 2, 340 2, 840 3, 340 FY 2023 FY 2024 Total Revenues (€m) Adj. EBITDA (AL) (€m) Reported FCF (€m) Adjusted Capex (€m) 563 584 16.9%18.3% FY 2023 FY 2024 as % of sales yoy change % 42.4% 40.7% 40.2% 39.0% 41.2% 150 17.1% Q3'25 874 5.0% Q3'25 360 2.0% Q3'25 523 542 FY2024FY 2023 Reported FCF 108 Q3'25 833 2.5% Q3'24 843 -1.4% Q4'24 819 0.8% Q1'25 855 1.1% Q2'25 152 18.3% Q3'24 158 18.8% Q4'24 117 14.3% Q1'25 170 19.9% Q2'25 353 1.5% Q3'23 343 1.8% Q4'24 329 1.8% Q1'25 333 2.0% Q2'25 161 Q2'25 100 Q3'24 106 Q1'25 145 Q4'24 12
Page 13
• Double digit growth in TV , driven by sports content agreement • Strong FTTH subscribers' additions • Launch of FWA services supporting Broadband trends (33k) • Further Expansion of FTTH Network • Gigabit Vouchers for FTTH Financial Overview Mobile Service Revenues (€m) Retail Fixed Revenues (€m) 915 911 FY 2023 FY 2024 yoy change % 1,009 1,037 FY 2023 FY 2024 Retail fixed service revenues up by +1.3% • Ongoing migration from Prepaid to Postpaid • Continued positive momentum in Postpaid customer additions • Customers increasingly transitioning to higher-value services • Prepaid still represents a high base of 58% • Prepaid portfolio optimized across physical channels Mobile Service Revenues grew by 2.7% Q3'25 231 1.3% 292 2.7% Q3'25 yoy change % Q1'25 229 -0.2% Q3'24 228 -0.3% Q4'24 227 -1.4% Q2'25 229 0.6% 284 Q3'24 252 1.4% Q4'24 2.9% 246 1.2% Q1'25 266 3.2% Q2'25 13
Page 14
Fixed & Broadband KPIs FMC B2C* Penetration (000) OTE FWA Subs* Q3’24 Q4’24 69% 70% 70% Q1’25 Q2’25 71% 72% Q3’25 OTE Fixed Lines (000) Additions OTE Broadband lines- incl. FWA (000) Additions *B2C Broadband lines Q3'25 2,359 2 Q3'25 2,564 -5 2,587 -15 Q3'24 Q4'24 2,581 -6 Q1'25 2,571 -9 Q2'25 2,570 -2 Q3'24 2,350 Q4'24 2,352 -7 Q2'25 2,357 6 3 Q1'25 Q3'25Q3'24 Q4'24 Q2'25Q1'25 2,351 33 0 0 14 3 -1 11 19 14 Additions 3 *launch in Q1’25
Page 15
FTTH FTTH Retail Subscribers (000) FTTH Homes passed (000) Utilization on homes passed by OTE’s infrastructure (%) Additions Q3'24 Q4'24 26% 26% Q1'25 29% Q2'25 31% 33% Q3'25 Total market FTTH subscribers on OTE’s infrastructure Total OTE FTTH subscribers at 509k 83% of OTE retail subscribers 47% of competition retail subscribers • FTTH subscibers on total BB: 21.6% • FTTH penetration among OTE customers with access to OTE’s FTTH infrastructure: 47% Q3'25 87 Q3’25 Additions 509 38 Q3'24 1,512 52 Q4'24 1,717 205 Q1'25 1,774 56 Q2'25 1,962 1,875 101 Q3'24 355 31 Q4'24 394 39 Q1’25 430 36 Q2’25 470 40 15
Page 16
COSMOTE TV TV Market Pay TV Penetration Q3‘25 TV Subscribers (000) TV net additions c.33% • Sports content sharing agreement with NOVA • Positive additions of 23k in Q3’25 same as Q3’24, despite running the 2nd year of content sharing agreement. • Antipiracy legislation in place • Removal of 10% TV Tax (Jan 1, 2026) Q3’25: +6.7% yoy • UEFA Champions League, Europa League and Conference League TV rights for 2024-2027 • Broadcasting rights of Key Greek football teams • 8/14 Greek Superleague football teams • Italian Lega Serie A rights • Partnership with NETFLIX 758 23 Q3'25 710 24 Q3'24 726 15 Q4'24 733 8 Q1'25 735 2 Q2'25 16
Page 17
*Handsets Internet Data Usage/GB of use per HI subscriber Mobile KPIs Avg.Data usage* (GB) Total Subscribers (000) +33% in Data Traffic of Handset Internet 15.9 Q3'24 15.3 Q4'24 15.8 Q1'25 17.5 Q2'25 20.5 Q3'25 +29% 58% 42% Prepaid Postpaid Average data usage up +29% at 20.5GB per subscriber Postpaid Prepaid 7,185 7,143 7,137 7,155 7,160 4,361 4,286 4,238 4,209 4,157 2,823 2,857 2,900 2,946 3,003 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 7.0% 6.5% 6.1% Q1'25 Q2'25 Postpaid yoy change % 5.8% 6.4% Q3'25 17
Page 18
*Penetration as % of Smartphone users Digitalization Q1'25 Smartphone penetration (%) 82% 82% Q3'24 82% Q2'25 83% Q4'24 Q3'25 83% The push towards digitalization is driving a new wave of transformation and increasing operational efficiencies +1pp “Payzy”, e-payment and transaction solutions via mobile 441 Q3'25 “BOX”, food delivery platform Registered Users ~1.3m Youth Segment 60% App Rating 4.7 Stores ~15.0k Q3'24 Payzy Users (000) 404 418 Q3'24 425 Q1'25 432 Q2'25 18
Page 19
0.68 0.68 0.56 0.58 0.71 0.7216 2020 2021 2022 2023 2024 2025 Shareholder Remuneration Policy €451m + €40m • €298m Dividends; €0.7415 final dividend/share(adjusted for own shares) was paid on July 9, 2025 • €40m Extraordinary Dividend;€0.1 dividend/share will be paid on December 30, 2025 • €153m in Share Buybacks Dividend per Share (€) €451m Shareholders payout for 2025 Dividend per share for 2025 at €0.7216 €40m Extraordinary distribution following the sale of Telekom Romania Mobile Communications (TKRM) Extraordinary dividend per share €0.1 FCF payout % 85% ~95% 19 98% 2025 Shareholder Remuneration 1. Excluding the TKRM tax audit 2017 -2021 payment of €33.5m. 1 Shareholder Remuneration Policy 70%-100% payout FCF distribution through a combination of dividends and share buybacks starting from 2023 - the cash dividend will account for at least 50% of total shareholder remuneration and the remaining part will be allocated to share buybacks. +
Page 21
2024 Sustainability Commitments - Performance 2024 PERFORMANCE • 100% Renewable Electricity: 444 GWh • Scope 1&2: 20.8 kt CO2 • Total emissions scope 1-3: 480.1 kt CO2 Zero ICT waste: 100% of ICT waste sustainably managed- >2,568 t Take back schemes of mobile devices: • 12.2% mobile devices collected vs sold in 2024- >153,300 pcs • 117.7% of 2024 target (of pcs) achieved- ~471,000p pcs collected (2022- 2024) CIRCULAR ECONOMY CLIMATE NEUTRALITY OTE Group contributes to DT Group Climate Targets: • 100% Renewable electricity, from 2021 onwards • Climate neutral in terms of own emissions (Scope 1&2) by 2025, including up to 95% reduction by 2025, compared to 2017 • 55% reduction of emissions across the value chain (scopes 1-3 emissions) by 2030, with respect to 2020 levels • Climate-neutral (“net zero”) along the entire value chain – across all three scopes, by 2040 at the latest Sustainable Packaging • Own branded newly launched devices (by mid 2022) • 3rd Party smartphones sold by the company by 2025 INCLUSION & EQUAL OPPORTUNITIES IN THE WORKPLACE • At least 30% women at top management positions (Directors, Chief Officers) by the end of 2025* DIGITAL SOCIETY • Development of new digital inclusion initiative for seniors Sustainable packaging: • 100% of own brandeddevices- >721,000 pcs • 91% of sold 3rd party smartphones ~26%* womenat top management positions • Reprioritization of focus audience • Strengthening initiatives for children & young people 21 SustainableWaste Management • Zero ICT wasteto landfill(2022 onwards) • Takeback schemesof mobile devices: - Ratio (%) of mobile devices collected vs sold in 2024: 12% by 2024 - Reach approx. 400,000 pcs of mobile devices (2022-2024) *Target & Data refer to OTE Group Greece Zeroplastic • Retain single use plastic culture in major buildings in 2024 Zeroplastic: > 1.2 mil. pcs of single-use plastic avoided
Page 22
*Target refer to OTE Group Greece Sustainability Strategic Priorities: Commitments 2025 onwards CIRCULAR ECONOMY CLIMATE NEUTRALITY OTE Group contributes to DTGroup Climate Targets: • 100% Renewable electricity, from 2021 onwards • Climate neutral in terms of own emissions (Scope 1&2) by 2025, including up to 95% reduction by 2025, compared to 2017 • 55% reduction of emissions across the value chain (scopes 1-3 emissions) by 2030, with respect to 2020 levels • Climate-neutral (“net zero”) along the entire value chain – across all three scopes, by 2040 at the latest. Sustainable Packaging • Own branded newly launched devices5 (since mid 2022) • 3rd Party smartphones sold by the company by 2025 DIGITAL SOCIETY 3 mil. cumulative beneficiaries from digital society initiatives by 2027, from 2025 22 INCLUSION& EQUAL OPPORTUNITIES IN THE WORKPLACE At least 30% women at top management positions (Directors, Chief Officers) by the end of 2025* Strive to being fully circular around networks and devices by 2030