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Hrvatski Telekom FY 2025 Results 26 February 2026
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DISCLAIMER 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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FY 2025 HIGHLIGHTS Sustained growth across segments Market leading Customer Experience (B2C & B2B) #1 telco brand FTTH coverage reached 1 million households Reaffirmed mobile network leadership: HAKOM recognition (3rd consecutive year) Completed passive mobile infrastructure separation, HT Towers operational from Q3 Secured exclusive HNL broadcasting rights for additional 5 seasons European Digital Connectivity Awards 2025 by European Commission (for Rijeka Gateway) NextGen5GAirports – selected for co-financing under EU’s Connecting Europe Facility Digital program BUSINESS DEVELOPMENT Energy intensity reduced by 15% YoY Launched national AI education program – ‘AI ti to možeš’ (eng. You Can Do AI Too) Croatian Sustainability Award – HRIO Index 2025 (5th consecutive year) Recognition for exemplary corporate governance by HANFA (2nd consecutive year) 2 ZSE awards in ‘Share of the Year’ and ‘Investor Relations’ categories (2nd consecutive year) ESG
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FY 2025 HIGHLIGHTS EUR 160m returned to shareholders through dividend and share buybacks, the highest capital allocation since 2013 Cancelled 1.9% of total shares Dividend to be announced on 24 March 2026 CAPITAL ALLOCATION Revenue up by 3.6% YoY, reflecting sustained commercial momentum Adjusted EBITDA AL up 3.3% YoY supported by top-line growth Net profit reached EUR 143m Market leading investments EUR 268m FINANCIALS
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DELIVERED ON 2025 OUTLOOK REVENUE ADJ. EBITDA AL CAPEX AL¹ REGIONAL EXPANSION Low single-digit increase Low single-digit increase Around 10% increase HT is monitoring and evaluating potential M&A opportunities 2025 RESULTS HT is monitoring and evaluating potential M&A opportunities +3.6% +3.3% +10.5% REVISED OUTLOOK 2025 vs. 2024 STATUS
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FIVE YEARS OF EBITDA GROWTH Service revenues growth sustained across both markets. REVENUE Adjusted EBITDA AL¹ NET PROFIT² Net profit increased, despite higher exceptional items related to severance payments. Solid operational performance and margin resilience amid salary investments and inflationary pressures. 89.3 1,012.3 FY 2024 92.6 1,049.1 FY 2025 1,101.6 1,141.7 +3.6% EUR m Margin EUR m 32.1 384.1 FY 2024 33.7 396.0 FY 2025 416.2 429.8 +3.3% 37.8% 37.6% FY 2024 FY 2025 141.9 143.0 +0.8% 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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CONTINUED INVESTMENT IN NETWORK LEADERSHIP Mostly driven by positive operating results. NET CASH FLOW FROM OPERATIONS Accelerated expansion of fiber infrastructure, continued investment in mobile and data center modernization. 34.9 366.1 FY 2024 33.3 374.2 FY 2025 401.0 407.5 +1.6% EUR m 20.8 222.2 FY 2024 18.7 249.8 FY 2025 242.9 268.4 +10.5% EUR m 1. Excluding SpectrumCT contribution HT Croatia CAPEX AL BOOKED¹
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REVENUE GROWTH ACROSS KEY SEGMENTS • Mobile service revenue supported by postpaid base expansion and price adjustments. • Mobile non-service revenue growth driven market dynamics and hardware promotions. • Fixed service revenue increased, reflecting migrations to higher value offers, capitalizing on investments in fiber and premium sport content. • Fixed non-service revenue broadly stable, reflecting ongoing migration of wholesale customer base from copper to fiber. • System Solutions revenue growth driven by demand for integrated ICT offerings, cloud and cybersecurity service. REVENUE BREAKDOWN 372.5 182.3 320.4 57.7 79.4 FY 2024 391.1 184.3 328.3 57.7 87.7 FY 2025 1,012.3 1,049.1 +3.6% EUR m Mobile service revenue Mobile non-service revenue Fixed service revenue Fixed non-service revenue System Solutions +1.1% +5.0% -0.1% +2.5% +10.5% HT CROATIA
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EXPANDING MOBILE CUSTOMER BASE Postpaid base expanded, driven by prepaid-to-postpaid migration. ARPU increased, reflecting upsell to higher value tariffs and price adjustments. MOBILE POSTPAID Prepaid customer base stable amid migration to postpaid. ARPU contraction reflects migration to postpaid and M2M growth. MOBILE PREPAID POSTPAID CUSTOMERS (.000) POSTPAID ARPU (EUR) PREPAID CUSTOMERS (.000) PREPAID ARPU (EUR) FY 2024 FY 2025 1,551 1,606 +3.5% FY 2024 FY 2025 15.1 15.5 +2.8% 926 933 FY 2024 FY 2025 +0.8% FY 2024 FY 2025 5.0 4.5 -8.7% HT CROATIA
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F IBER EXPANSION SUPPORTS BROADBAND CUSTOMERS GROWTH HT CROATIA BB retail lines grew, reflecting ongoing FTTH expansion. Retail fiber customer base increased by 35% YoY. BROADBAND TV customer base broadly stable, supported by the best content offering. Fixed voice lines continued to contract in line with industry trends. Improving trend, fiber growth partially offsetting churn in copper wholesale customer base. RETAIL BROADBAND ACCESS LINES (.000) TV CUSTOMERS (.000) RETAIL FIXED VOICE MAINLINES (.000) WHOLESALE CUSTOMERS (.000) TV FIXED VOICE WHOLESALE¹ 669 674 FY 2024 FY 2025 +0.7% 554 555 FY 2024 FY 2025 +0.4% 717 709 FY 2024 FY 2025 -1.1% 171 165 FY 2024 FY 2025 -3.4% 1. Includes Naked Bitstream + Bitstream + ULL + FA + WLR wholesale rental
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STRONG PERFORMANCE IN MONTENEGRO CRNOGORSKI TELEKOM Growth supported by service revenue momentum. REVENUE EBITDA AL¹ NET PROFIT² Increase reflecting strong operational performance. Growth reflects top-line development. FY 2024 FY 2025 90.4 93.4 +3.4% EUR m Margin FY 2024 FY 2025 32.1 33.7 +4.9% EUR m 35.6% 36.1% FY 2024 FY 2025 5.8 7.7 +32.3% EUR m 1. EBITDA after leases adjusted for exceptional items 2. Net profit after non-controlling interests
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2026 OUTLOOK: RESILIENT GROWTH AND DISCIPLINED INVESTMENT REVENUE ADJ. EBITDA AL CAPEX AL¹ REGIONAL EXPANSION EUR 1,142 million EUR 430 million EUR 268 million HT is monitoring and evaluating potential M&A opportunities OUTLOOK 2026 vs. 2025 HT is monitoring and evaluating potential M&A opportunities Low-single-digit increase Low-single-digit increase Low-single-digit decrease 2025 RESULTS
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APPENDIX UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED INCOME STATEMENT in EUR million HT Group 2024 2025 % of change A25/A24 Q4 2024 Q4 2025 % of change A25/A24 Revenue 1,101.6 1,141.7 3.6% 288.3 296.1 2.7% Other operating income 12.6 10.0 -20.9% 4.3 4.9 15.2% Total operating revenue 1,114.2 1,151.6 3.4% 292.5 301.0 2.9% OPEX AL -713.8 -745.5 4.4% -191.4 -206.5 7.9% Material expenses -353.2 -350.7 -0.7% -109.2 -100.2 -8.3% Employee benefits expenses -194.3 -223.7 15.1% -50.9 -66.7 30.9% Work performed by the Group and capitalised 22.3 23.9 6.9% 11.6 10.7 -7.9% Other expenses -131.2 -132.8 1.2% -31.7 -34.1 7.9% Net impairment losses on trade receivables and contract assets -4.3 -6.2 43.2% 2.8 -1.3 147.4% LEASE Depreciation -47.8 -50.7 6.0% -12.6 -13.4 6.5% LEASE Interest -5.3 -5.3 -0.2% -1.4 -1.5 2.3% EBITDA AL 400.4 406.1 1.4% 101.1 94.5 -6.5% EBITDA AL margin 36.3% 35.6% -0.8 p.p. 35.1% 31.9% -3.1 p.p. Exceptional items* 15.8 23.6 49.7% 3.2 13.2 316.9% Adjusted EBITDA AL 416.2 429.8 3.3% 104.3 107.7 3.3% Adjusted EBITDA AL margin 37.8% 37.6% -0.1 p.p. 36.2% 36.4% 0.2 p.p. Depreciation (without leases) -226.1 -228.2 0.9% -59.3 -56.9 -4.1% EBIT 179.6 183.3 2.0% 43.2 39.1 -9.5% EBIT margin 16.3% 16.1% -0.3 p.p. 15.0% 13.2% -1.8 p.p. Net financial result (non IFRS 16 related) 2.9 -0.5 -118.9% 0.1 0.2 31.3% Financial income 9.8 5.7 -41.8% 3.0 1.4 -54.5% Income/loss from investment in joint ventures 0.0 1.0- 0.0 1.0- Financial expenses -7.0 -7.3 -4.4% -2.9 -2.2 22.9% Tax provisions -33.9 -32.8 -3.2% -6.4 -6.3 -2.0% Non controlling interests -1.3 -1.6 22.0% -0.3 -0.4 32.9% Net profit after non controlling interests 141.9 143.0 0.8% 35.2 31.1 -11.5% Net profit margin 12.9% 12.5% -0.4 p.p. 12.2% 10.5% -1.7 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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CONSOLIDATED BALANCE SHEET STATEMENT in EUR million At 31 Dec 2024 At 31 Dec 2025 % of change A25/A24 in EUR million At 31 Dec 2024 At 31 Dec 2025 % of change A25/A24 Intangible assets 394.9 386.2 -2.2% Subscribed share capital 1,359.7 1,340.8 -1.4% Property, plant and equipment 868.4 916.8 5.6% Reserves 96.9 93.1 -3.9% Non-current financial assets 31.9 32.9 3.2% Revaluation reserves 0.0 0.0 -54.5% Non-current receivables 46.9 54.0 15.2% Cash flow hedge reserves -8.6 -7.3 15.2% Prepayments and accrued income due > 1 year 17.2 8.8 -48.6% Treasury shares -29.7 -6.0 79.9% Right-of-use assets 81.4 88.7 9.0% Retained earnings 83.5 68.6 -17.9% Contract assets due > 1 year 10.2 11.2 10.0% Net profit for the period 141.9 143.0 0.8% Contract costs due > 1 year 34.6 43.5 25.7% Non controlling interest 32.7 30.0 -8.5% Deferred tax asset 20.0 20.2 0.6% Total issued capital and reserves 1,676.6 1,662.1 -0.9% Total non-current assets 1,505.3 1,562.2 3.8% Provisions 17.4 18.8 7.6% Inventories 44.5 49.3 10.8% Non-current liabilities 32.2 29.4 -8.8% Assets held for sale 0.0 0.0 - Lease liabilities due > 1 year 55.4 61.6 11.3% Current receivables 249.2 263.0 5.5% Contract liabilities due > 1 year 0.0 0.0 - Current financial assets 0.0 0.0 - Deferred tax liability 4.4 3.4 -23.1% Contract assets due <= 1 year 39.2 47.6 21.4% Total non-current liabilities 109.4 113.1 3.4% Contract costs due <= 1 year 13.7 15.8 15.5% Current liabilities 259.3 290.3 11.9% Cash and cash equivalents 229.7 173.1 -24.6% Lease liabilities due <= 1 year 21.2 23.0 8.7% Prepayments and accrued income due <= 1 year 15.5 14.5 -6.9% Contract liabilities due <= 1 year 16.6 15.7 -5.6% Total current assets 591.8 563.2 -4.8% Accrued expenses and deferred income 12.1 12.0 -0.9% TOTAL ASSETS 2,097.1 2,125.4 1.3% Provisions for redundancy 2.0 9.1 366.7% Total current liabilities 311.2 350.1 12.5% Total liabilities 420.5 463.2 10.2% TOTAL EQUITY AND LIABILITIES 2,097.1 2,125.4 1.3% Note: Reclassification of share in HT Mostar from assets classified as held for sale to non-current assets; investment accounted for using the equity method, based on IAS 28
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CONSOLIDATED CASH FLOW STATEMENT in EUR million 2024 2025 % of change A25/A24 Q4 2024 Q4 2025 % of change A25/A24 Profit before tax 177.1 177.4 0.2% 41.9 37.8 -9.8% Depreciation and amortization 274.0 278.9 1.8% 71.9 70.3 -2.3% Increase / decrease of current liabilities 21.5 16.0 -25.6% 9.3 13.5 45.9% Increase / decrease of current receivables -8.0 -14.3 -79.9% -2.9 8.2 384.5% Increase / decrease of inventories -11.4 -4.8 57.8% -3.1 6.1 295.0% Other cash flow increases / decreases -52.3 -45.7 12.6% -15.8 -13.4 14.9% Net cash inflow/outflow from operating activities 401.0 407.5 1.6% 101.2 122.5 21.0% Proceeds from sale of non-current assets 5.2 2.1 -59.2% 0.0 0.1 573.9% Proceeds from sale of non-current financial assets 0.1 0.0 -62.2% 0.0 0.0 -24.6% Interest received 7.6 2.8 -62.9% 1.7 0.4 -79.2% Dividend received 0.0 0.0 - 0.0 0.0 - Other cash inflows from investing activities 29.5 0.0 -100.0% 19.3 0.3 -98.4% Total increase of cash flow from investing activities 42.3 5.0 -88.3% 21.0 0.8 -96.4% Purchase of non-current assets -207.8 -215.9 -3.9% -55.6 -50.2 9.7% Purchase of non-current financial assets -0.1 -0.1 18.7% 0.0 0.0 12.6% Other cash outflows from investing activities 0.0 -0.1 - 1.0 -0.1 -109.2% Total decrease of cash flow from investing activities -207.8 -216.1 -4.0% -54.6 -50.2 7.9% Net cash inflow/outflow from investing activities -165.5 -211.1 -27.6% -33.6 -49.5 -47.2% Total increase of cash flow from financing activities 0.0 0.0 - 0.0 0.0 - Dividends paid -120.3 -126.5 -5.2% -1.1 -0.1 93.0% Repayment of lease -47.2 -49.8 -5.5% -13.2 -14.6 -10.9% Other cash outflows from financing activities -71.5 -76.6 -7.2% -33.3 -7.0 79.1% Total decrease in cash flow from financing activities -239.0 -253.0 -5.9% -47.6 -21.7 54.5% Net cash inflow/outflow from financing activities -239.0 -253.0 -5.9% -47.6 -21.7 54.5% 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% 209.6 121.7 -42.0% Net cash (outflow) / inflow -3.4 -56.6 -1554.9% 20.0 51.4 156.6% Cash and cash equivalents at the end of period 229.7 173.1 -24.6% 229.7 173.1 -24.6%
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INVESTOR RELATIONS CONTACTS 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