Slides
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28 October 2025
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These materials and the oral presentation do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor should they or any part of them or the fact of their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. In particular, these materials and the oral presentation are not an offer of securities for sale in the United States. The Company's securities have not been, and will not be, registered under the US Securities Act of 1933, as amended. The third-party information contained herein has been obtained from sources believed by the Company to be reliable. Whilst all reasonable care has been taken to ensure that the facts stated herein are complete and accurate and that opinions and expectations contained herein are fair and reasonable, no representation or warranty, expressed or implied, is made by the Group or its advisors, with respect to the completeness or accuracy of any information and opinions contained herein. These materials and the oral presentation contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Group. These forward-looking statements represent the Company's expectations or beliefs concerning future events and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Additional detailed information concerning important factors that could cause actual results to differ materially is available in the Group's Annual Report. These materials include non-IFRS measures, such as EBITDA. The Company believes that such measures serve as additional indicators of the Group's operating performance. However, such measures are not replacements for measures defined by and required under IFRS. In addition, some key performance indicators utilized by the Company may be calculated differently by other companies operating in the sector. Therefore, the non-IFRS measures and key performance indicators used in these materials may not be directly comparable to those of the Group's competitors. On 8 November 2023, HT and Iskon concluded the Merger Agreement of Iskon into HT. The merger was entered into the Court Register of the Commercial Court in Zagreb on 1 January 2024, by which the merged company Iskon ceased to exist as a separate legal entity. As the acquiring company, HT became the universal legal successor of Iskon, thus entering into all legal relationships of the merged company. Products and services previously offered by Iskon continue to be provided within HT but as a separate Iskon brand. On 1 January 2024, the technological unit Ericsson Nikola Tesla Servisi ltd. (hereinafter referred to as “ENTS”), responsible for the construction and maintenance of the HT network, which was initially outsourced to ENTS in September 2014, was integrated into HT Group. The now former technological unit of ENTS has been transferred together with the employees to HT Servisi ltd. (a subsidiary company established by HT on 15 November 2023, and fully owned by HT), based on the Agreement on the transfer of a part of the economic activity concluded with ENTS. Based on the Merger Agreement concluded on 5 November 2024 between Hrvatski Telekom ltd. and HT Servisi ltd. and the General Assembly of the merged company on approval for the merger on 2 January 2025, the merger has been entered into the Court Register of the Commercial Court in Zagreb. Upon entry of the merger the company HT Servisi ltd. ceased to exist and HT Inc. became the universal legal successor, thus entering into all legal relationships of the merged company. Hrvatski Telekom has established a new subsidiary – HT Towers, which officially started operations on 1 September 2025. The focus of HT Towers' operations is on managing passive mobile infrastructure – including towers, antennas and special structures.
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Growth momentum continues Expanding the largest FTTH network in Croatia by +20% YoY Towers separation completed; HT Towers Ltd. become operational European Commission’s European Digital Connectivity Awards 2025 (Rijeka Gateway 5G Campus Network) Recognition for exemplary corporate governance by HANFA (2nd year in a row) BUSINESS DEVELOPMENT Revenue up by 4.0% YoY, supported by sustained service revenue momentum Adjusted EBITDA AL up 3.2% YoY driven by top line development Net profit increased by 4.8% YoY FINANCIALS EUR 158.0m returned to shareholders through combination of dividend and share buybacks CAPITAL ALLOCATION
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Continued service revenues growth in both markets. REVENUE Adjusted EBITDA AL¹ NET PROFIT² Net profit reflects operating profitability development. Top-line development and transformation of operating model, offsetting persistent inflationary and salary pressures. 66.6 746.8 9M 2024 69.2 776.5 9M 2025 813.3 845.6 +4.0% EUR m Margin EUR m 24.6 287.4 9M 2024 26.0 296.0 9M 2025 312.0 322.1 +3.2% 38.4% 38.1% 9M 2024 9M 2025 106.7 111.9 +4.8% EUR m 1. EBITDA after leases adjusted for exceptional items 2. Net profit after non-controlling interests CT contribution HT Croatia
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Positive operating results offset by working capital movements due to attractive commercial propositions. NET CASH FLOW FROM OPERATIONS The growth in CAPEX reflects the continued expansion of fiber and mobile infrastructure. 21.4 278.4 9M 2024 22.2 262.8 9M 2025 299.8 284.9 -5.0% EUR m 15.5 145.5 9M 2024 13.4 168.3 9M 2025 161.0 181.7 +12.9% EUR m 1. Excluding SpectrumCT contribution HT Croatia CAPEX AL BOOKED¹
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• Mobile service revenue supported by postpaid growth, prepaid-to-postpaid migration and price adjustments. • Mobile non-service revenue growth driven by increased market dynamics and hardware promotions. • Fixed service revenue increased driven by customer migrations to higher value propositions, capitalizing on investments in fiber and premium sport content and price adjustments. • Fixed non-service revenue decreased due to lower customer base on copper, partly offset by growth of customer base on fiber. • System Solutions revenue increased, driven by demand for integrated ICT offerings with focus on cloud and cybersecurity. REVENUE BREAKDOWN 282.4 127.4 238.3 43.1 55.5 9M 2024 297.7 129.2 247.4 42.7 59.5 9M 2025 746.8 776.5 +4.0% EUR m Mobile service revenue Mobile non-service revenue Fixed service revenue Fixed non-service revenue System Solutions +1.4% +5.4% -1.0% +3.8% +7.2% HT CROATIA
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Postpaid customers growth supported by prepaid-to- postpaid migration. ARPU increase reflects upselling to higher value tariffs and price adjustments. MOBILE POSTPAID Prepaid customer base stable, growth in attractive visitors’ propositions and M2M SIMs offset migration to postpaid. ARPU contracted due to migration of high value customers to postpaid propositions and M2M. MOBILE PREPAID POSTPAID CUSTOMERS (.000) POSTPAID ARPU (EUR) PREPAID CUSTOMERS (.000) PREPAID ARPU (EUR) 9M 2024 9M 2025 1,529 1,594 +4.2% 9M 2024 9M 2025 15.0 15.5 +3.5% 9M 2024 9M 2025 1,060 1,060 0.0% 9M 2024 9M 2025 5.2 4.6 -10.0% HT CROATIA
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HT CROATIA BB retail lines grew due to ongoing FTTH expansion. Retail fiber customer base up by 34% YoY. BROADBAND Growth in high-value customers did not fully offset contraction of low-end TV services. Fixed voice lines continued to contract at a modest pace. Improving trend, still growth of fiber did not fully offset churn of copper infrastructure customers. RETAIL BROADBAND ACCESS LINES (.000) TV CUSTOMERS (.000) RETAIL FIXED VOICE MAINLINES (.000) WHOLESALE CUSTOMERS (.000) TV FIXED VOICE WHOLESALE¹ 669 672 9M 2024 9M 2025 +0.5% 554 553 9M 2024 9M 2025 -0.3% 718 711 9M 2024 9M 2025 -1.0% 172 166 9M 2024 9M 2025 -3.0% 1. Includes Naked Bitstream + Bitstream + ULL + FA + WLR wholesale rental
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CRNOGORSKI TELEKOM Growth driven mostly by mobile and fixed services. REVENUE EBITDA AL¹ NET PROFIT² Driven by strong operational performance. Growth reflects top-line development. 9M 2024 9M 2025 67.3 69.7 +3.6% EUR m Margin 9M 2024 9M 2025 24.6 26.0 +5.9% EUR m 36.5% 37.3% 9M 2024 9M 2025 4.4 5.9 +35.7% EUR m 1. EBITDA after leases adjusted for exceptional items 2. Net profit after non-controlling interests
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REVENUE ADJ. EBITDA AL CAPEX AL¹ REGIONAL EXPANSION EUR 1,102 million EUR 416 million EUR 243 million HT is monitoring and evaluating potential M&A opportunities OUTLOOK 2025 vs. 2024 HT is monitoring and evaluating potential M&A opportunities Low single-digit increase Low single-digit increase Low single-digit increase 2024 RESULTS REVISED OUTLOOK HT is monitoring and evaluating potential M&A opportunities Low single-digit increase Low single-digit increase Around 10% increase
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UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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in EUR million HT Group 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Revenue 813.3 845.6 4.0% 291.7 301.1 3.2% Other operating income 8.3 5.0 -39.5% 0.7 1.7 153.9% Total operating revenue 821.6 850.6 3.5% 292.4 302.8 3.6% OPEX AL -522.3 -539.0 3.2% -173.8 -176.4 1.5% Material expenses -243.9 -250.6 2.7% -82.2 -83.6 1.7% Employee benefits expenses -143.4 -157.0 9.5% -49.7 -51.5 3.6% Work performed by the Group and capitalised 10.7 13.2 22.8% 6.5 6.0 -7.5% Other expenses -99.5 -98.6 -0.9% -33.3 -31.9 -4.4% Net impairment losses on trade receivables and contract assets -7.1 -4.8 -31.8% -1.8 -1.1 -38.9% LEASE Depreciation -35.3 -37.3 5.9% -12.0 -13.1 9.4% LEASE Interest -3.9 -3.8 -1.1% -1.3 -1.3 -5.0% EBITDA AL 299.3 311.6 4.1% 118.6 126.4 6.6% EBITDA AL margin 36.8% 36.9% 0.0 p.p. 40.6% 42.0% 1.3 p.p. Exceptional items* 12.6 10.4 -17.4% 5.3 1.9 -64.2% Adjusted EBITDA AL 312.0 322.1 3.2% 123.8 128.3 3.6% Adjusted EBITDA AL margin 38.4% 38.1% -0.3 p.p. 42.4% 42.6% 0.2 p.p. Depreciation (without leases) -166.8 -171.3 2.7% -56.4 -58.6 3.8% EBIT 136.4 144.2 5.7% 63.4 69.1 8.9% EBIT margin 16.8% 17.0% 0.3 p.p. 21.7% 22.9% 1.2 p.p. Net financial result (non IFRS 16 related) 2.7 -0.7 -125.3% 0.7 -0.7 -206.6% Financial income 6.8 4.3 -36.2% 2.2 1.3 -40.1% Income/loss from investment in joint ventures 0.0 0.0- 0.0 0.0- Financial expenses -4.1 -5.0 -24.0% -1.5 -2.0 -39.4% Tax provisions -27.5 -26.5 -3.5% -12.6 -12.7 0.3% Non controlling interests -1.0 -1.2 19.1% -0.5 -0.5 -5.2% Net profit after non controlling interests 106.7 111.9 4.8% 49.7 53.9 8.6% Net profit margin 13.1% 13.2% 0.1 p.p. 17.0% 17.9% 0.9 p.p. * Exceptional items mainly relate to restructuring redundancy costs and legal cases Note: Lease Depreciation and Lease Interest is shown separately within OPEX AL.
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in EUR million At 31 Dec 2024 At 30 Sep 2025 % of change A25/A24 in EUR million At 31 Dec 2024 At 30 Sep 2025 % of change A25/A24 Intangible assets 394.9 379.8 -3.8% Subscribed share capital 1,359.7 1,359.7 0.0% Property, plant and equipment 868.4 893.5 2.9% Reserves 96.9 128.7 32.9% Non-current financial assets 0.3 0.3 -0.5% Revaluation reserves 0.0 0.0 -7.5% Non-current receivables 46.9 48.4 3.4% Cash flow hedge reserves -8.6 -7.2 15.7% Prepayments and accrued income due > 1 year 17.2 14.4 -15.9% Treasury shares -29.7 -60.5 -103.9% Right-of-use assets 81.4 79.4 -2.4% Retained earnings 83.5 67.0 -19.7% Contract assets due > 1 year 10.2 11.6 13.9% Net profit for the period 141.9 111.9 -21.2% Contract costs due > 1 year 34.6 41.7 20.6% Non controlling interest 32.7 32.8 0.2% Deferred tax asset 20.0 21.1 5.1% Total issued capital and reserves 1,676.6 1,632.5 -2.6% Total non-current assets 1,473.8 1,490.2 1.1% Provisions 17.4 17.8 2.2% Inventories 44.5 55.4 24.6% Non-current liabilities 32.2 30.6 -4.9% Assets held for sale 31.6 31.6 0.0% Lease liabilities due > 1 year 55.4 55.5 0.1% Current receivables 249.2 269.8 8.2% Contract liabilities due > 1 year 0.0 0.0 - Current financial assets 0.0 0.0 - Deferred tax liability 4.4 2.7 -38.1% Contract assets due <= 1 year 39.2 47.5 21.1% Total non-current liabilities 109.4 106.6 -2.6% Contract costs due <= 1 year 13.7 15.3 12.4% Current liabilities 259.3 256.5 -1.1% Cash and cash equivalents 229.7 121.7 -47.0% Lease liabilities due <= 1 year 21.2 21.2 0.3% Prepayments and accrued income due <= 1 year 15.5 11.0 -28.9% Contract liabilities due <= 1 year 16.6 13.4 -18.9% Total current assets 623.4 552.3 -11.4% Accrued expenses and deferred income 12.1 12.0 -0.8% TOTAL ASSETS 2,097.1 2,042.5 -2.6% Provisions for redundancy 2.0 0.2 -88.2% Total current liabilities 311.2 303.4 -2.5% Total liabilities 420.5 410.0 -2.5% TOTAL EQUITY AND LIABILITIES 2,097.1 2,042.5 -2.6%
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in EUR million 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Profit before tax 135.3 139.6 3.2% 62.8 67.1 6.8% Depreciation and amortization 202.1 208.6 3.2% 68.4 71.7 4.8% Increase / decrease of current liabilities 12.2 2.5 -79.8% 0.2 -15.0 -6423.6% Increase / decrease of current receivables -5.1 -22.6 -346.4% -8.7 -16.6 -91.5% Increase / decrease of inventories -8.2 -10.9 -32.7% -0.6 -1.7 -166.7% Other cash flow increases / decreases -36.5 -32.3 11.5% -12.2 -10.2 16.3% Net cash inflow/outflow from operating activities 299.8 284.9 -5.0% 110.0 95.3 -13.3% Proceeds from sale of non-current assets 5.2 2.0 -60.9% 0.1 0.4 237.1% Proceeds from sale of non-current financial assets 0.0 0.0 -68.9% 0.0 -0.1 -1316.0% Interest received 5.9 2.5 -58.1% 1.8 0.4 -78.0% Dividend received 0.0 0.0 - 0.0 0.0 - Other cash inflows from investing activities 10.2 -0.3 -103.1% 10.0 0.1 -98.9% Total increase of cash flow from investing activities 21.4 4.2 -80.4% 11.9 0.8 -93.5% Purchase of non-current assets -152.2 -165.8 -8.9% -51.9 -55.1 -6.1% Purchase of non-current financial assets -0.1 -0.1 18.2% 0.0 0.0 697.9% Other cash outflows from investing activities -1.0 0.0 100.0% 2.6 0.0 -100.0% Total decrease of cash flow from investing activities -153.2 -165.8 -8.2% -49.3 -55.1 -11.7% Net cash inflow/outflow from investing activities -131.9 -161.6 -22.6% -37.4 -54.3 -45.1% Total increase of cash flow from financing activities 0.0 0.0 - 0.0 0.0 - Dividends paid -119.2 -126.5 -6.1% 0.0 -0.1 - Repayment of lease -34.0 -35.2 -3.4% -10.3 -9.8 4.8% Other cash outflows from financing activities -38.1 -69.7 -82.6% -16.4 -11.5 29.7% Total decrease in cash flow from financing activities -191.4 -231.3 -20.9% -26.7 -21.4 19.6% Net cash inflow/outflow from financing activities -191.4 -231.3 -20.9% -26.7 -21.4 19.6% Exchange gains/losses on cash and cash equivalents 0.0 0.0 - 0.0 0.0 - Cash and cash equivalents at the beginning of period* 233.1 229.7 -1.5% 163.8 102.1 -37.7% Net cash (outflow) / inflow -23.5 -108.0 -360.5% 45.9 19.6 -57.3% Cash and cash equivalents at the end of period 209.6 121.7 -42.0% 209.6 121.7 -42.0%
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IR Phone + 385 1 4911 114 ir@t.ht.hr www.t.ht.hr/en/investor-relations Hrvatski Telekom d.d Radnička cesta 21 10000 Zagreb IR E-mail IR Webpage Corporate Contact