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OTE Group Q22026 Results OTE Group Q2 2026 Results July 2026
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Disclaimer Disclaimer This presentation is provided to persons who are entitled to receive it in accordance with the laws and regulations of appropriate jurisdictions. This presentation is provided for information purposes only and does not constitute an o er or an invitation to buy or sell or subscribe to any securities or a solicitation of an o er to buy or sell or subscribe for any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or recommendation to enter into any transaction or as providing the basis for any credit or other evaluation. No representation or warranty is given with respect to the accuracy or completeness of the information, estimations, provisions, future expectations or other data, contained in this presentation, and no claim can be made that any transaction of any security will conform to any terms that may be contained herein. Under no circumstance, should OTE, or any of its directors, o cers or employees be held liable for any direct, indirect or consequential loss or damage su ered by any person as a result of relying on any information contained in this presentation. Information contained herein may change without notice and OTE undertakes no obligation to update it. Before entering into any transaction, investors should determine any economic, trading and financial risks, restrictions and benefits, as well as any legal, tax, accounting consequences of doing so, and their ability to assume such risks, without reliance on the information contained in this presentation. You should consult a professional financial advisor before entering in any transactions in securities mentioned herein. Following TELEKOM ROMANIA MOBILE COMMUNICATIONS (TKRM) disposal, all figures for 2025 (apart from Balance Sheet of 2025) adjusted to reflect only continuing operations; TKRM has been treated as discontinued operations in 2025 (until the disposal date). Financial restatement Revenues from FMS customers previously reported under Mobile Service Revenues are now included in Retail Fixed Services. Q1’2 5 figures have been restated accordingly. Operational restatement FMS customers previously reported under mobile postpaid are now included in fixed, broadband and FWA, where 5G WiFi subscribers are also reported. 2025 figures have been restated accordingly.
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Our Vision - OTE 2030 Our Vision - OTE 2030 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.
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Our Flywheel strategy empowers us to realize our vision Our Flywheel strategy empowers us to realize our vision 06 Leverage T global scale 02 Unlock the Pay TV Accelerate businesses digitalization Grow beyond core CX @NPS- 40 01 Gigabit for All 5G for All Load reduction & 03 digital deflection Transform to grow Scale up 05Data / AI Service 04Revenues /Margin EBITDA Cash Contribution Love Brand Best employer
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Our Strategic Priorities 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.
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Wrapping up Q2’2026 : Solid Financial Operational Performance Wrapping up Q2’2026 : Solid Financial & Operational Performance Solid Profitability; Adj. EBITDA (AL) up +3.0% ,on track to deliver 2026 ΕBITDA growth of c.3% Strong Revenue growth continues, up +8%, adjusting for international wholesale rundown with zero margin effect Mobile Service Revenues continued to grow, up +2.3% Fixed Retail Service Revenues (Inc Data Com) up +1.4% Double digit growth in System Solutions, up +52.1% Final Dividend per share at €0.90214 up 21.7% S&P upgraded credit rating to A- from BBB+ Solid FTTH performance ; customer base at 687k – new record additions +62k Record Post-paid subscribers +8.0%; record net additions +62K FWA strong momentum: net additions +19k FTTH homes passed at 2.2mn Utilization increasing at 41.7% TV subs +7.9% at 793k UFBB network in rural & semi rural areas: continued expansion Advancing transformation through Data & AI → improving efficiency and reducing indirect costs ratio while also strengthening our propositions and further differentiating us in the market.
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Financial Overview: EBITDA growth accelerates Financial Overview: EBITDA growth accelerates Fixed Retail Revenues (€m) Mobile Service Revenues (€m) Adjusted EBITDA AL (€m) Q4'25 Q1'26Q3'25Q2'25 Q4'25 Q1'26Q2'25 Q4'25 Q1'26Q3'25Q2'25 Q4'25 Q1'26Q3'25Q2'25 855 Q2'26 874 916 859 856 333 360 351 Q2'26 338 343 231 Q3'25 232 Q2'26 231234 233 264 Q2'26 270290 264 258 Reported FCF (€m) Q4'25 Q1'26Q3'25Q2'25 161 Q2'25 150 108 168 60 1.1% 5.0% Total Revenues (€m) 8.7% 4.9% 0.1% 1.2% 1.5% 2.3% 1.7% 3.2% 2.7% 5.2% 5.5% 2.3% 2.0% 2.0% 2.3% 2.8% 3.0% Adjusted Capex (€m) Q4'25 Q1'26Q3'25Q2'25 170 150 175 109 Q2'26 157 19.9% 17.1% 19.0% 12.6% 18.3% 1.4% 0.6% 1.3% 2.6% 1.1% 0.3% Retail incL data com Underlying* growth +8% in Q2’26 * adjusting for international wholesale rundown with zero margin effect - as of sales
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Fixed Retail - FTTH: Accelerated customer base growth Fixed Retail - FTTH: Accelerated customer base growth • Record high FTTH subscribers' additions • Ongoing FTTH Network expansion ◦ 2030 target: 3.5mn homes passed (>70% of GR lines) • Continued UFBB expansion >150k constructed homes passed • Rising utilization and penetration levels • New regulatory framework for stop- selling FTTC • Enhanced home connectivity ◦ WiFi Mesh Repeaters ◦ Fiber To The Room (FTTR) Robust FTTH growth Q4'25 Q1'26Q3'25Q2'25 40 38 58 58 Q2'26 62 Q4'25 Q1'26Q3'25Q2'25 470 509 567 625 Q2'26 687 FTTH Footprint (k) Q4'25 Q1'26 2030Q3'25Q2'25 1,875 1,962 2,113 Q2'26 2,138 2,221 3,500 >70% of GR lines ... FTTH Retail base (k) FTTH Retail net adds (k) FTTH Utilization* 31% 33% 35% 39% 42% Q1'26 Q2'26Q4'25Q2'25 Q3'25 FTTH Penetration on BB 20% 21% 24% 26% 29% Q4'25 Q1'26Q3'25 Q2'26Q2'25 54% Penetration among OTE customers with access to FTTH *Utilization: Total FTTH Subscribers rely on OTE’s infrastructure (OTE subs + Competition subs) divided by OTE FTTH total lines commercially available
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Market Leader in Fixed BB infrastructure UFBB Project 100% UFBB Project 250k constructed Rural & semi rural areas OTE Group: Market leader in FTTH infrastructure in Greece OTE ACCOUNTS FOR A SUBSTANTIAL SHARE OF THE COUNTRY’S INSTALLED FTTH LINES UFBB ONGOING CONSTRUCTION WORK OF THE ULTRA-FAST BROADBAND INFRASTRUCTURE Q2 2026 2.2m By the end of 2026 ~2.4m ~3.5m By 2030 FTTH Footprint (Homes Passed) 70% of country’s lines Greece +14 POSITIONS in Fixed BB speeds a year ago Ookla Speedtest Global Index 860k Households By the end of 2026 150k commercially available commercially available
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FWA Customer base (k) Total Fixed Broadband base (k) Fixed Retail – FWA : Supporting Broadband Growth and Base Resilience Fixed Retail – FWA : Supporting Broadband Growth and Base Resilience • 1st to launch 5G WiFi service in Greece • FWA gaining strong traction with 119k subscribers of which 95k on 5G WiFi • FWA supports overall broadband performance, enabling OTE to defend its market share. • Bridge technology - connectivity gaps in underserved areas • Competitive alternative to Satellite and FMS FWA gains solid momentum Fixed Wireless Access - FWA Q4'25 Q1'26Q3'25Q2'25 Q4'25 Q1'26Q3'25Q2'25 45 62 100 83 2,388 2,388 2,389 2,385 Q2'26 2,386 Q2'26 119 out of which 95k 5G WiFi
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Pay TV base (k) Pay TV net additions (k) Fixed Retail – Pay TV: A strong growth driver Fixed Retail – Pay TV: A strong growth driver • Solid growth in TV revenues +9.2% • Pay TV base + 7.9% • Sports content sharing agreement with NOVA • Stricter antipiracy legislation introduced during 2025 • Removal of 10% Pay TV tax (Jan 1, 2026) • Pay TV market penetration at 34% Strong Pay TV momentum Q4'25 Q1'26Q3'25Q2'25 735 758 777 792 Q2'26 793 Q4'25 Q1'26Q3'25Q2'25 2 Q2'26 1 23 19 15 7.1% 6.7% 7.1% 8.1% 7.9% TV Market Penetration Q1'26 Q2'26Q4'25Q2'25 Q3'25 32% 33% 34% 34% 34%
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Mobile: Strong momentum continues Mobile: Strong momentum continues Pre to post migrations and mobile data upsells driving growth • Post-paid subscribers up 8,0%, a record growth level • Record Post-paid net additions +62k • Pre to post migration delivering ARPU uplift • Upgrading customers to higher value data tariffs and increasing 5G devices penetration • ~56% on prepaid – still above EU average - ample space for further blended ARPU growth Q4'25 Q1'26Q3'25Q2'25 Q4'25 Q1'26 Q2'26Q3'25Q2'25Q4'25 Q1'26Q3'25Q2'25 Split (%)Post paid Subs (k) Post paid Adds (k) Q4'25 Q1'26Q3'25Q2'25 Q4'25 Q1'26Q3'25Q2'25 Q4'25 Q1'26Q3'25Q2'25 2,915 2,974 3,035 3,086 5.7% 6.4% 7.4% 7.6% 8.0% 59% 58% 57% 56% 47 58 62 51 32% 33% 34% 35% 41% 42% 43% 44% 56% 44% Prepaid Postpaid 39% 41% 44% 47% 17.5 20.5 19.3 19.3 Q2'26Q2'26 Q2'26 Q2'26 Q2'26 3,148 62 36% 49% 21.0 Unlimited Penetration (%) +4pp 5G Device Penetration (%) +10pp Avg. Data Usage (GΒ) +20%
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Mobile Network Superiority Mobile Network Superiority NATIONWIDE POPULATION COVERAGE GREECE 5G+ 1st in Europe 4th Globally Umlaut Best in Test certification, for 11th consecutive year Best NW performance Overall Experience Ookla Global 5G SA Footprint Fastest Mobile Network for 10th consecutive year COSMOTE TELEKOM is the first mobile network worldwide to achieve this distinction for 10th consecutive years ~84% The first commercially 5G Stand –Alone network available in Greece
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Differentiation Non-core and partner services offers to increase loyalty and boosting customer experience Differentiation Non-core and partner services offers to increase loyalty and boosting customer experience Registered Users 1.2m Youth Segment 46% App Rating 4.6 Stores 17k Customer Base 139k New Contracts 8.4k 5.9k new business Renewals 80% Registered Users >469k Value of Payments Q2 2026 €80m BOX: Food delivery platform Insurtech platform “Payzy”, e-payment and transaction solutions via mobile
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SyS Evolution (€m) SyS Revenues (€m) System Solutions Business: Strong momentum System Solutions Business: Strong momentum Strong growth in Greek/ EU Public sector & increasing focus in Private sector Private Sector Growth Cloud Security Connectivity Messaging AI GPU EU & International Growth Healthcare & Civil Protection EU Defense NATO & UN 235 314 419 20252023 2024 9% 34% 33% Q4'25 Q1'26Q3'25Q2'25 91 97 139 Q2'26 138 162 • Systems Solutions +52.1% • RRF termination in Q3 2026 • Increasing focus on Private Sector and International Presence (NATO, UN etc.) • High-growth areas: Cloud, Cybersecurity, AI • Innovative services launch, o GPU-as-a-Service (AI workloads) o AI agents for procurement, finance and HR processes
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IDC on Service Revenues Q4'25 Q1'26Q3'25Q2'25 31% 30% 28% Personnel Costs (€m) Headcount • IDC ratio reduced to 28% • Simplification & Automation • Digital first operating model • Data and AI data productivity and operational efficiency • Headcount reduced to 8.6k • Voluntary Exit Schemes and other HR initiatives support personnel cost savings Cost discipline & transformation Opex and Transformation Significant opportunities for increased productivity and efficiencies Opex and Transformation Significant opportunities for increased productivity and efficiencies Q4'25 Q1'26Q3'25Q2'25 94 89 86 95 Q4'25 Q1'26Q3'25Q2'25 9,010 8,897 8,827 8,694 Q2'26 28% 28% Q2'26 92 Q2'26 8,579
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Shift activities to digital as a key lever to drive efficiencies improve CX Shift activities to digital as a key lever to drive efficiencies & improve CX • Leveraging the App/Web to shift sales and care transaction to the digital channels • Optimize / enhance e-sales and e-care customer journeys • Deflecting care transactions to more efficient and higher NPS digital channels • Engaging front line to train / assist customers complete physical transaction in the digital channels E-top upΕ-paymentsE-sales Share 6M 202620252024 Q2 202620252024 23% 32% 35.8% 38% 40% 43% 48% 51% 53% 2024 2025 Q2 2026 % of gross adds & renewals implemented via online channels (app+web) over total % of bill payments executed via online channels & bank transfers over total % of prepaid top up done via online channels over total Digital Deflection – Steady progress
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G&A Employee AI Assistants boosting operational efficiency built in AskT ecosystem by Telekom. Use cases include Legal, Procurement, Reporting and General Employee assistants with Strong adoption. Network • Increasing automation in Network management (NOC workflows) • Fiber Implementation Quality AI/VLM check (15% end 25, 100% end of 2026) • ML/AI based Mobile Access Network Energy Efficiency Tool (3-4% on-top savings) • FTTH Experience tracker / copilot PoC (full integration: end of 2026) IT AI driven software development across IT accelerating application transformation based on Agentic AI frameworks across the software development lifecycle. Specific AI solutions already minimizing parts of the development and operations, i.e. User Acceptance Test Preparation Agent, Requirements Analysis Agent and the Customer Issues routing agent with more than strong efficiency. AI use cases gaining traction across key functions aiming for productivity and operational efficiencies AI use cases gaining traction across key functions aiming for productivity and operational efficiencies
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AI use cases gaining traction across key functions strengthening market propositions and lifting customer experience AI use cases gaining traction across key functions strengthening market propositions and lifting customer experience Sales & Service / Customers CUSTOMERS AI voice bot to enhance interaction deflection across channels AI-powered front line agent assistant embedded in the CRM ecosystem, reducing order capture time while improving service consistency and resolution speed. AI-augmented solutions for internal processes B2B GPU as a Service for businesses and public sector to efficiently develop and scale AI applications within a secure, EU-compliant environment, supporting innovation and strengthening national digital sovereignty. AI agents for procurement AI agents for finance and HR processes AI CALLING • New Voice Services will be launched in the next few months • Live Translation / Call Assistant / Call Summary
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Adj. EBITDA AL +2.0% ~3% Free Cash Flow (FCF) €543m ~€750m Underlying Free Cash Flow 570m- 580m / +5.5% to +6% Capex €612m ~€600m 2025 2026 Guidance 2026 Guidance Raising our growth ambition, based on top line growth and transformation drivers 2026 Guidance Raising our growth ambition, based on top line growth and transformation drivers
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Appendix Appendix
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Key Financial Data Key Financial Data Revenues 855.8 855.1 +0.1% 1,715.2 1,674.0 +2.5% Adjusted EBITDA (AL) 343.3 333.2 +3.0% 681.7 662.3 +2.9% margin % 40.1% 39.0% +1.1pp 39.7% 39.6% +0.1pp EBIT 203.3 191.9 +5.9% 392,2 379,9 +3.2% Profit to owners of the parent 145.0 129.2 12.2% 283.2 281.0 +0.8% EPS (€) 0.3683 0.3204 +15.0% 0.7174 0.6950 +3.2% Capex 156.9 169.9 -7.7% 265.4 287.3 -7.6% Free Cash Flow (AL) 149.6 160.7 -6.9% 210.0 266.9 -21.3% Cash and cash equivalents 762.3 658.1 15.8% 762.3 658.1 +15.8% Net Debt 405.3 449.1 -9.8% 405.3 449.1 -9.8% Q2 ‘26 Q2 ‘25 y.o.y. 6M ‘26 6M ‘25 y.o.y.OTE Group (€m)
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New Shareholder Remuneration Policy Based on actual FCF of previous year distribution [70-100% payout] through a combination of dividends and share buybacks - the cash dividend will account for at least 50% of total shareholder remuneration and the remaining part will be allocated to share buybacks. 85% 0.71 0.7216 2024 2025 ~100% 0.8777 2026 0.577 2023 2026 Proposed 2023 2024 2025 20262023 Note: 2025 amounts exclude €40m extraordinary dividend (€0.10/share) 427 450 451 532 250 177 297 153 298 153 354 177 €532m Shareholders payout for 2026 Dividend +22% Share buy back +16% FCF Payout % 101% 98% 2024 2025 Dividend SBB SHR: Increasing payout dividend, new policy enhancing transparency SHR: Increasing payout & dividend, new policy enhancing transparency Dividend per Share (€) Total Payout (€m) €0.90214 Final Dividend/share
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Sustainability- Priorities Key Commitments Sustainability- Priorities & Key Commitments 2025 Performance Climate OTE Group contributes to Telekom Group Climate Targets: • 100% Renewable electricity, from 2021 onwards • Greenhouse gas neutrality in own operations (Scope 1&2) from 2025 onwards, including up to 95% reduction compared to 2017 (neutralization of remaining emissions through high quality carbon removal projects) • 55% reduction of emissions across the value chain (scopes 1, scope 2 and scope 3 emissions) by 2030, with respect to 2020 levels • Net Zero emissions across the value chain by 20401 Circular Economy OTE Group contributes to Telekom Group Circularity Goal: Inclusion& Equal Opportunitiesin the Workplace 30% womenat top and middlemanagement positions4 by 2027 Digital Society 3 mil. cumulative beneficiaries from digital society initiatives by 2027, from 2025 27% women at top and middle management positions 1.1 mil. Beneficiaries from digital society initiatives 1. At least 90% reduction of Scope 1, 2 & 3 emissions. The remaining up to 10% of emissions are to be removed from the atmosphere in the long-term using high quality carbon removal measures. 2. Routers, repeaters & mesh devices, media receivers/ TV decoders and TV sticks, fixed line phones & smart home base stations. 3. Smartphones & Feature phones, Tablets, Wearables, Chargers, Powerbanks, Accessories, Mobile Routers. 4. MG1-MG4 5. Waste generated from telecom & retail network, buildings and data centers were forwarded for proper waste management (eg recycling) • 100% Renewable Electricity: 425.2 GWh • Scope 1&2: Greenhouse gas neutrality; through emissions’ reduction & neutralization of remaining emissions with carbon removal projects (18 kt CO2) • Total emissions scope 1-3: 463.7 kt CO2 Zero ICT waste to landfill: 100% of ICT waste sustainably managed5 (2,296 t) Takeback schemes: • 264,610 pcs of fixed devices2 collected for refurbishment • 70,282 pcs of mobile devices3 collected for recycling/refurbishment Sustainable packaging: • 100% of own branded devices • 97% of sold 3rd party smartphones Almostfully circularin technologyand devicesby 2030
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Thank you Thank you