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OTE Group Q3 2026 Results OTE Group Q3 2026 Results October 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 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. Q1’25 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 03Load reduction & digital deflection Transform to grow 05Scale up Data / AI 04Service Revenues /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 Q3’2026 : Solid Financial Operational Performance Wrapping up Q3’2026 : Solid Financial & Operational Performance Sustained profitability; Adj. EBITDA (AL) growth accelerated to +3.1%; on track to deliver 2026 ΕBITDA growth of c.3% Strong underlying revenue growth continued, up 5% excluding the zero-margin international wholesale rundown; Reported Revenues up +1% Mobile Service Revenues maintained solid momentum, up +2.0%; Positive momentum in Fixed Retail service revenues (Including Data Com) with solid growth of +2.9% TV Revenues increase, up +8.9% €350m bond , partially refinancing the €500m bond (September 2026) Robust FTTH performance ; customer base at 739k – strong net additions +52k Strong Post-paid net additions +49K FWA net additions +15k at 134k Expansion of FTTH network coverage at 3 million total homes passed or 2.3 million homes with active line TV subs +5.9% at 802k Brand evolution to Telekom: leveraging global scale, technology and innovation to deliver greater value 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 Q1'26Q3'25 Q4'25 Q1'26 Q4'25 Q1'26Q3'25 Q4'25 Q1'26Q3'25 Q2'26 856 Q3'26 883874 916 859 360 351 338 Q2'26 343 Q3'26 371 Q3'25 232 Q2'26 231 Q3'26 231234 233 Q2'26 270 Q3'26 296290 264 258 Reported FCF (€m) Q4'25 Q1'26Q3'25 Q2'26 150 Q3'26 137 108 168 60 5.0% Total Revenues (€m) 8.7% 4.9% 0.1% 1.0% 1.5% 2.3% 1.7% 2.7% 5.2% 5.5% 2.3% 2.0% 2.0% 2.3% 2.8% 3.0% 3.1% Adjusted Capex (€m) Q4'25 Q1'26Q3'25 150 175 109 Q2'26 157 Q3'26 176 17.1% 19.0% 12.6% 18.3% 20% 1.4% 2.9% 1.3% 2.6% 1.1% 0.3% -0.6% As % of sales yoy changeyoy change yoy change Underlying* growth +5% in Q3’26 * adjusting for international wholesale rundown with zero margin effect Retail incl. data com yoy change
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Fixed Retail - FTTH: Accelerated customer base growth Fixed Retail - FTTH: Accelerated customer base growth • Strong FTTHsubscribers’ net additions • Ongoing FTTH Network expansion • 2030 target: 4.6mn homes passed (new definition) • Continued UFBB expansion >217k constructed homes passed • Higher adoption– customer experience– lower churn • Enhanced home connectivity ◦ WiFi Mesh Repeaters ◦ Fiber To The Room (FTTR) Robust FTTH growth Q4'25 Q1'26Q3'25 38 58 58 Q2'26 62 Q3'26 Q4'25 Q1'26Q3'25 Q2'26 Q3'26 2030 52 Q4'25 Q1'26Q3'25 509 567 625 Q2'26 687 Q3'26 739 FTTH Retail base (k) FTTH Retail net adds (k) FTTH Footprint (k) FTTH Utilization* 33% 35% 39% 42% Q1'26 Q2'26 44% Q3'26Q4'25Q3'25 FTTH Penetration on BB 21% 24% 26% 29% Q4'25 Q1'26Q3'25 Q2'26 31% Q3'26 56% Penetration among OTE customers with access to FTTH 2,5 2,0 2,7 2,1 2,8 2,1 2,9 2,2 3,0 2,3 4,6 3,5 FTTH Homes passed* FTTH Homes passed with access lines ... 32% new definition *Utilization: Total FTTH Subscribers rely on OTE’s infrastructure (OTE subs + Competition subs) divided by OTE FTTH total lines commercially available *FTTH homes passed (new definition) : FTTH coverage includes all homes passed, irrespective of whether there is an active fixed-line connection, any other alternative technology (FWA, satellite, mobile, etc.) or these are empty.
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Market Leader in Fixed BB infrastructure 100% UFBB Project UFBB Project 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 >2.9m Q3 2026 By the end of 2026 ~3.1m By 2030 ~4.6m FTTH Footprint (Homes Passed new definition*) 70% of country’s lines *FTTH homes passed (new definition) : FTTH coverage includes all homes passed, irrespective of whether there is an active fixed-line connection, any other alternativetechnology (FWA, satellite, mobile, etc.) or these are empty.
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FWA Customer base (k) FWA net additions (k) Fixed Retail – FWA : Support Broadband Reach Fixed Retail – FWA : Support Broadband Reach • 1st to launch 5G WiFi service in Greece • Bridge technology - connectivity gaps in underserved areas • Competitive alternative to Satellite and FMS • FWA: Voice and Broadband service • FWA gaining strong traction with 134k subscribers • FWA supports overall broadband performance, enabling OTE to safeguard its market share ands trenghetn its competitive position. FWA gains solid momentum Q4'25 Q1'26Q3'25 Q4'25 Q1'26Q3'25 62 83 100 17 21 17 Q2'26 19 Q3'26 15 Q2'26 119 Q3'26 134 Fixed Wireless Access / FWA out of which 112k 5G WiFi Fixed Wireless Access / FWA out of which 112k 5G WiFi
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Magenta TV base (k) Magenta TV net additions (k) Fixed Retail – Magenta TV: Sustained momentum Fixed Retail – Magenta TV: Sustained momentum • Strong growth in Pay TV revenues +8.9% • Pay TV base + 5.9% surpassing the 800k mileston brinking TV base at 802k • Sports content sharing agreement with NOVA • Netflix and Disney+ available through our services, with the convenience of a single bill • Stricter antipiracy legislation introduced during 2025 • Removal of 10% Pay TV tax (Jan 1, 2026) • Pay TV market penetration at 35% Strong Pay TV momentum Q4'25 Q1'26Q3'25 758 777 792 Q2'26 793 Q3'26 802 Q4'25 Q1'26Q3'25 Q2'26 1 23 19 15 Q3'26 9 6.7% 7.1% 8.1% 7.9% 5.9% TV Market Penetration Q1'26 Q2'26Q4'25Q3'25 33% 34% 34% 34% Q3'26 35%
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Mobile: Positive momentum continues Mobile: Positive momentum continues • Post-paid subscribers up 7,5%, • Strong Post-paid net additions +49k • Pre to post migration delivering ARPU uplift • Upgrading customers to higher value data tariffs and increasing 5G devices penetration • Increasing adoption of unlimited packages at 37% • ~55% on prepaid – still above EU average - room for further blended ARPU growth • CPI implemented in December 2025 Pre to post migrations and mobile data upsells driving growth Q4'25 Q1'26Q3'25 Q4'25Q3'25Q4'25 Q1'26Q3'25 Split (%)Post paid Adds (k) Unlimited Penetration (%) Q4'25 Q1'26Q3'25 Q4'25 Q1'26Q3'25 Q4'25 Q1'26Q3'25 2,974 3,035 3,086 6.4% 7.4% 7.5%7.6% Post paid Subs (k) 8.0% 58% 57% 56%58 62 51 33% 34% 35% 42% 43% 44% 56% 44% 55% 45% Prepaid Postpaid Q1'26 Q2'26 41% 44% 47% 20.5 19.3 19.3 Q2'26Q2'26 Q2'26 Q2'26 Q2'26 3,148 62 49% 21.0 Q3'26 Q3'26Q3'26 Q3'26 36% 37% Q3'26 Q3'26 3,197 49 51% 5G Device Penetration (%) +10pp 24.2 Avg. Data Usage (GΒ) +18%+4pp
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Mobile Network Superiority The only commercially available in Greece 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 Telekom Greece is the first mobile network worldwide to achieve this distinction for ten consecutive years Telekom 5G Telekom 5G+ Greece 5G+ >99% Nationwide Population Coverage 85% Nationwide Population Coverage Telekom 5G+ The first commercially available 5G Stand-Alone network in Greece 1st in Europe 4th Globally
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SyS Evolution (€m) SyS Revenues (€m) System Solutions Business: Strong top line growth System Solutions Business: Strong top line growth System Solutions +9% Revenues continued to grow • At a more moderate pace following completion of RRF • Expected to remain strong throughout 2026 Solid foundation for future growth: • Strong project backlog • Continued public sector digitalization opportunities Expanding beyond the RRF cycle • Cloud, Cybersecurity and AI • GPU-based workloads • First AI agents implemented for B2B customers • Expanding international presence, NATO fixed data center project Strong Performance and Beyond the RRF Cycle 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 Q1'26Q3'25 97 139 Q2'26 138 Q3'26 106 162
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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 Customer Base 142k New Contracts 7.1k 4.8k new business Renewals 79% Insurtech platform Registered Users >475k Value of Payments Q3 2026 €69m e-payment and transaction solutions via mobile Registered Users 1.1m Youth Segment 46% App Rating 4.6 Stores 17k Food delivery platform
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IDC on Service Revenues Q4'25 Q1'26Q3'25 30% 28% 28% Personnel Costs (€m) Headcount • IDC ratio declines reflecting cost effectiveness • Voluntary Exit Schemes and other HR initiatives support personnel cost savings • Transformation agenda driving structural efficiency (simplification, automation, digitalization) in front line, network mgt, IT, G&As • Positive efficiency trajectory expected to continue through further operation / production model transformation • Leveraging also Data & AI capabilities to improve effectiveness / efficiency 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 Q1'26Q3'25 89 86 95 Q4'25 Q1'26Q3'25 8,897 8,827 8,694 Q2'26 28% Q2'26 92 Q2'26 8,579 Q3'26 28% Q3'26 87 Q3'26 8,491
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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 Digital Deflection – Steady progress E-top upΕ-paymentsE-sales Share 9M 202620252024 Q3 202620252024 23% 32% 37% 38% 40% 44% 48% 51% 53% 2024 2025 Q3 2026 % of gross adds & renewals implemented via online channels (app+web) over total % of bill payments executed via online channels % of prepaid top up done via online channels over total
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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) • ML/AI based Mobile Access Network Energy Efficiency Tool • Advanced Gen AI Application transforms with video analytics the in-building construction quality assurance for fiber (FTTH) • AI-powered intelligence on network performance data, enabling smarter network optimization, superior performance, and greater operational efficiency 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 • New Voice Services will be launched in the next few months • Live Translation/ Call Assistant / Call Summary CUSTOMERS Conversational AI across Voice and Chat—resolving requests faster and connecting customers seamlessly with our people whenever they need human support 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 IT IMS AIEDP OneApp Caller A Caller B ElevenLabs
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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 Adj. EBITDA AL Free Cash Flow (FCF) Underlying Free Cash Flow Capex 2026 Guidance ~3% ~€750m 570m - 580m / +5.5% to +6% ~€600m +2% €543m €612m 2025
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Appendix Appendix
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Revenues Adjusted EBITDA (AL) margin% EBIT Profit to owners of the parent EPS (€) Adj. Profit to owners of the parent Capex Free Cash Flow (AL) Cash and cash equivalents Net Debt OTE Group (€m) Q3 882.7 874.0 +1.0% 2,597.9 2,548.0 +2.0% 371.4 360.1 +3.1% 1,053.1 1,022.4 +3.0% 42.1% 41.2% +0.9pp 40.5% 40.1% +0.4pp 236.9 223.5 +6.0% 629.1 603.4 +4.3% 178.8 296.6 -39.7% 462.0 577.6 -20.0% 0.4566 0.7412 -38.4% 1.1736 1.4335 -18.1% 182.5 169.9 +7.4% 488.9 469.8 +4.1% 176.4 149.8 +17.8% 441.8 437.1 +1.1% 137.4 107.6 +27.7% 347.4 374.5 -7.2% 334.2 426.3 -21.6% 334.2 426.3 -21.6% 683.0 698.1 -2.2% 683.0 698.1 -2.2% Key Financial Data Key Financial Data 2026 2025 Change 9m 2025 Change2026
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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% 101% 98% 0.71 0.7216 2024 2025 ~100% 0.877 2026 0.577 2023 2024 2025 20262023 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 % 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 Opportunities in the Workplace 30% women at top and middle management positions5 by 2027 Digital Society 3 mil. cumulative beneficiaries from digital society initiatives by 2027, from 2025 • 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 managed2 (2,296 t) Take back schemes: • 264,610 pcs of fixed devices3 collected for refurbishment • 70,282 pcs of mobile devices4 collected for recycling/refurbishment Sustainable packaging: • 100% of own branded devices • 97% of sold 3rd party smartphones 1.1 mil. beneficiariesfrom digital society initiatives 27% women at top and middle management positions 1. At least 90% reduction of Scope 1, 2 & 3 emissions. The remaining up to 10% of emissions are to be removed from the atmospher e in the long-term using high -quality carbon removal measures. 2. Waste generated from telecom & retail network, buildings and data centers were forwarded for proper waste management (eg recycling) 3. Routers, repeaters & mesh devices, media receivers/ TV decoders and TV sticks, fixed line phones & smart home base stations. 4. Smartphones & Feature phones, Tablets, Wearables, Chargers, Powerbanks , Accessories, Mobile Routers. 5. MG1-MG4 Almost completely circular in technology and devices by 2030