Interim report
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MAGYAR TELEKOM QUARTERLY FINANCIAL REPORT ANALYSIS OF THE FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2026
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2 Budapest – November 4, 2026 – Magyar Telekom (Reuters: MTEL.BU and Bloomberg: MTELEKOM HB, hereinafter: Company), the leading Hungarian telecommunications service provider, today reported its Consolidated financial results for the third quarter and first nine months of 2026, in accordance with IFRS Accounting Standards as endorsed by the EU (hereinafter: quarterly financial report). The quarterly financial report contains unaudited figures for each reporting period. TABLE OF CONTENTS 1. HIGHLIGHTS ................................ ................................ ................................ ................................ ................................ ................................ ....................... 3 2. MANAGEMENT REPORT ................................ ................................ ................................ ................................ ................................ ................................ . 5 2.1. Consolidated IFRS Group Results ................................ ................................ ................................ ................................ ................................ ... 5 2.1.1 Group Profit and Loss ................................ ................................ ................................ ................................ ................................ ................... 5 2.1.2 Group Cash Flows ................................ ................................ ................................ ................................ ................................ .......................... 7 2.1.3 Consolidated Statements of Financial Position ................................ ................................ ................................ ................................ ... 8 2.1.4 Related party transactions ................................ ................................ ................................ ................................ ................................ ......... 9 2.1.5 Contingencies and commitments ................................ ................................ ................................ ................................ ............................ 9 2.1.6 Material events ................................ ................................ ................................ ................................ ................................ .............................. 9 2.2. Segment reports ................................ ................................ ................................ ................................ ................................ ................................ 10 2.2.1 MT-Hungary ................................ ................................ ................................ ................................ ................................ ................................ .. 10 2.2.2 North Macedonia ................................ ................................ ................................ ................................ ................................ ......................... 12 3. APPENDIX................................ ................................ ................................ ................................ ................................ ................................ .......................... 14 3.1. Basis of preparation and initial application, interpretations and amendments of IFRS Accounting Standards ................... 14 3.2. Macroeconomic environment and critical accounting estimates ................................ ................................ ................................ ...... 15 3.3. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income – quarterly year-on-year comparison ................................ ................................ ................................ ................................ ................................ ................................ ............................ 16 3.4. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income –year-to-date comparison ............ 17 3.5. Revenue breakdown – quarterly year-on-year comparison ................................ ................................ ................................ ................. 18 3.6. Revenue breakdown – quarterly year-to-date comparison ................................ ................................ ................................ ................. 18 3.7. Operating expenses breakdown – quarterly year-on-year comparison ................................ ................................ ........................... 19 3.8. Operating expenses breakdown – quarterly year-to-date comparison ................................ ................................ ........................... 19 3.9. Interim Consolidated Statement of Financial Position - Assets ................................ ................................ ................................ .......... 20 3.10. Interim Consolidated Statement of Financial Position – Liabilities and Equity ................................ ................................ .............. 21 3.11. Interim Consolidated Statement of Cash Flows ................................ ................................ ................................ ................................ ...... 22 3.12. Net debt reconciliation to changes in Statement of Cash Flows ................................ ................................ ................................ ........ 23 3.13. Interim Consolidated Statement of Changes in Equity ................................ ................................ ................................ ......................... 24 3.14. Exchange rate information ................................ ................................ ................................ ................................ ................................ ............. 25 3.15. Segment information ................................ ................................ ................................ ................................ ................................ ....................... 25 3.16. Fair value of financial instruments – financial assets ................................ ................................ ................................ ............................. 26 3.17. Fair value of financial instruments – financial liabilities ................................ ................................ ................................ ........................ 26 3.18. EBITDA reconciliation ................................ ................................ ................................ ................................ ................................ ...................... 27 3.19. Adjusted profit attributable to owners of the parent reconciliation ................................ ................................ ................................ .. 27 3.20. Capex from Interim Consolidated Statement of Cash Flows ................................ ................................ ................................ ............... 27 3.21. Capex from Interim Consolidated Statement of Financial Position ................................ ................................ ................................ ... 28 4. DECLARATION ................................ ................................ ................................ ................................ ................................ ................................ ................. 29
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3 Company name: Magyar Telekom Plc. Company address: E-mail address: H-1097 Budapest Könyves Kálmán krt. 36. investor.relations@telekom.hu IR contacts: Position: Telephone: E-mail address: Diána Párkányi-Várkonyi Capital Market Relations Hub Lead +36-1-481-7676 varkonyi.diana.annamaria@telekom.hu Rita Walfisch Investor Relations manager +36-1-457-6084 walfisch.rita@telekom.hu Gabriella Pászti Investor Relations manager +36-1-458-0332 paszti.gabriella@telekom.hu 1. HIGHLIGHTS ▪ Group service revenue grew by 5.2% year -on-year in Q3 2026, reflecting continued strong demand for data and broadband services. The inflation-based fee adjustment implemented on July 1, 2026 also supported this growth. ▪ Total revenue rose by 7.4% year-on-year, as growth in telecommunication service revenue was complemented by a strong increase in IT and equipment sales. ▪ Gross profit increased by 6.0% year-on-year, supported by higher telecommunication service margins. ▪ EBITDA AL increased by 6.6% in Q3 2026, reflecting the strong commercial performance. ▪ Adjusted net income rose by 11.3%, as robust EBITDA growth more than offset higher financial expenses. ▪ Capex after lease (excluding spectrum licenses) rose by 5.2% year-on-year in Q3 2026, driven by higher network investments, partly offset by the absence of one-off costs related to asset retirement obligations. ▪ Free cash flow (excluding spectrum licenses) was HUF 146.3 billion in the first nine months of 2026, down 18.7% year -on- year, as the positive impact from improved profitability was more than offset by higher working capital requirements, increased capital expenditure and income tax payments, and the absence of proceeds from subsidiary sales. Q3 2025 Q3 2026 Change 1-9 months 2025 1-9 months 2026 Change (HUF millions, except ratios) (%) (%) Revenue 242,904 260,984 7.4% 725,827 742,353 2.3% Operating profit 73,117 78,705 7.6% 216,065 225,095 4.2% Profit attributable to: Owners of the parent 55,333 59,495 7.5% 165,537 174,679 5.5% Non-controlling interests 2,146 1,938 (9.7%) 5,336 5,234 (1.9%) 57,479 61,433 6.9% 170,873 179,913 5.3% Adjusted profit attributable to owners of the parent 55,202 61,423 11.3% 165,639 175,104 5.7% Gross profit 153,882 163,120 6.0% 457,776 474,084 3.6% EBITDA 108,380 115,024 6.1% 322,954 332,669 3.0% EBITDA AL 100,611 107,262 6.6% 299,645 309,508 3.3% Free cash flow 179,845 145,707 (19.0%) Free cash flow excl. spectrum licenses 179,845 146,257 (18.7%) Capex after lease 33,272 35,008 5.2% 82,455 103,058 25.0% Capex after lease excl. spectrum licenses 33,272 35,008 5.2% 82,455 87,970 6.7% Number of employees (closing full equivalent) 6,550 6,564 0.2% Dec 31, 2025 Sept 30, 2026 Change (%) Net debt 248,112 307,031 23.7% Net debt / EBITDA 0.59 0.72 n.a.
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4 Tibor Rékasi, Magyar Telekom CEO, commented: “Our third-quarter performance demonstrates the strength of our networks and the value we deliver to customers through high- quality service and compelling offerings. Our subscriber base continued to expand, while the fee adjustment implemented in July further supported ARPU growth. Combined with higher IT revenues, this drove year-on-year revenue growth of 7.4% and EBITDA AL growth of 6.6%. Building on this momentum, we have initiated a comprehensive transformation of our customer service operations. Our renewed priorities include unlocking new growth opportunities, making service quality a defining competitive advantage, and turning customer insights into relevant, personalized offers delivered at the right moment. By bringing greater agility and efficiency to our operations, we aim to deepen customer relationships and build a more resilient business that can sustain its performance over time.” Guidance: 2025 Actual Guidance for 2026 Revenue HUF 983.9 billion low-single-digit growth EBITDA AL HUF 386.8 billion mid-single-digit growth Adjusted net income HUF 207.4 billion ca. 10% growth FCF1 HUF 220.9 billion at least HUF 200 billion 1 Excluding spectrum licenses
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5 2. MANAGEMENT REPORT 2.1. Consolidated IFRS Group Results 2.1.1 Group Profit and Loss Total revenue was up 7.4% year-on-year, amounting to HUF 261.0 billion in Q3 2026, thanks to the continued growth in Hungarian telecommunication service revenue coupled with YoY higher SI/IT and equipment sales revenues. These increases more than offset the unfavorable impact the forint strengthening had on the consolidated results of the North Macedonian subsidiary. ▪ Mobile revenue rose by 6.5% year-on-year, amounting to HUF 154.2 billion in Q3 2026, reflecting continued growth in mobile service revenue and positive fee adjustment impacts. – Voice retail revenue rose by 6.5% year-on-year to HUF 38.4 billion in Q3 2026, driven by the increase recorded in the Hungarian operation as a result of the repricing in the new portfolio structure coupled with fee adjustment effects. – Voice wholesale revenue declined by 5.3% year-on-year to HUF 1.7 billion in Q3 2026, reflecting lower incoming traffic volumes at both operations. – Data revenue rose by 8.3% year-on-year to HUF 69.1 billion in Q3 2026, driven by the continued uptake of the service. – SMS revenue was 19.6% lower year-on-year, amounting to HUF 5.8 billion in Q3 2026, mainly due to lower use of the service among the Hungarian residential customer base. – Mobile equipment revenue was up 12.6 % year -on-year, amounting to HUF 33.8 billion in Q 3 2026, reflecting the increase in revenues from Hungarian equipment sales as both transaction volumes and average handset prices were higher YoY. – Other mobile revenue decreased by 9.4% year-on-year to HUF 5.4 billion in Q3 2026, driven by lower visitor revenues and decline in late payment fees in the Hungarian operation. ▪ Fixed line revenue increased by 4.8% year-on-year, to HUF 81.2 billion in Q3 2026, in line with the increases in fixed broadband, TV and equipment sales revenues. – Voice retail revenue declined by 7.2% year-on-year to HUF 7.7 billion in Q3 2026, with reduction stemming from the erosion in the customer base and lower usage level, partly mitigated by the inflation-based fee adjustment in Hungary. – Broadband retail revenue increased by 7.5% year -on-year to HUF 32.2 billion in Q 3 2026, thanks to continued expansion of the customer base coupled with further increases in ARPU levels. Q3 2025 Q3 2026 Change Change 1-9 months 1-9 months Change Change (%) 2025 2026 (%) (HUF millions) Mobile revenue 144,806 154,170 9,364 6.5% 428,599 440,021 11,422 2.7% Fixed line revenue 77,517 81,207 3,690 4.8% 232,137 237,322 5,185 2.2% SI/IT revenue 20,581 25,607 5,026 24.4% 65,091 65,010 (81) (0.1%) Revenue 242,904 260,984 18,080 7.4% 725,827 742,353 16,526 2.3% Direct costs (89,022) (97,864) (8,842) (9.9%) (268,051) (268,269) (218) (0.1%) Gross profit 153,882 163,120 9,238 6.0% 457,776 474,084 16,308 3.6% Indirect costs (45,502) (48,096) (2,594) (5.7%) (134,822) (141,415) (6,593) (4.9%) EBITDA 108,380 115,024 6,644 6.1% 322,954 332,669 9,715 3.0% Depreciation and amortization (35,263) (36,319) (1,056) (3.0%) (106,889) (107,574) (685) (0.6%) Operating profit 73,117 78,705 5,588 7.6% 216,065 225,095 9,030 4.2% Net financial result (5,543) (7,177) (1,634) (29.5%) (16,350) (14,797) 1,553 9.5% Share of associates' and joint ventures' results - - - - - - - n.a. Profit before income tax 67,574 71,528 3,954 5.9% 199,715 210,298 10,583 5.3% Income tax (10,095) (10,095) - 0.0% (28,842) (30,385) (1,543) (5.3%) Profit for the period 57,479 61,433 3,954 6.9% 170,873 179,913 9,040 5.3% Profit attributable to non-controlling interests 2,146 1,938 (208) (9.7%) 5,336 5,234 (102) (1.9%) Profit attributable to owners of the parent 55,333 59,495 4,162 7.5% 165,537 174,679 9,142 5.5%
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6 – TV revenue was up 4.7% year-on-year, amounting to HUF 20.4 billion in Q3 2026, driven by the expanding user base and the fee adjustment impacts. – Fixed equipment revenue was up by 13.2% year-on-year, amounting to HUF 6.7 billion in Q3 2026, as a combined result of higher sales volumes and increased average prices at the Hungarian operation. – Data, wholesale and other fixed line revenues were up by 2.6% year-on-year to HUF 14.1 billion in Q3 2026, reflecting higher revenues related to the provided Shared Service Center services. ▪ System Integration and IT revenue increased by 24.4% year-on-year, amounting to HUF 25.6 billion in Q3 2026. Growth was primarily driven by a major asset delivery project, more than offsetting softer market conditions and limited contribution fr om other large-scale projects in Hungary; IT revenues in North Macedonia rose thanks to the completion of few major projects. Direct costs were up 9.9% year-on-year, at HUF 97.9 billion in Q 3 2026, in line with increases in SI/IT project volume and higher equipment sales. ▪ Interconnect costs were lower by 13.4% year-on-year, amounting to HUF 4.2 billion in Q3 2026, reflecting the lower outgoing voice and SMS traffic volumes. ▪ SI/IT service-related costs were up by 39.8% YoY, amounting to HUF 19.4 billion in Q 3 2026, reflecting higher SI/IT project activity and a shift in the project mix. ▪ Impairment losses and gains on financial assets and contract assets (b ad debt expenses) were higher by 12.9% YoY, at HUF 3.2 billion in Q3 2026, as the positive impact from more favorable aging of receivables was offset by increases stemming from higher equipment sales in installment. ▪ Telecom tax declined by 5.3% year-on-year, amounting to HUF 5.6 billion in Q3 2026, primarily due to lower mobile voice traffic generated by business customers. ▪ Other direct costs were higher by 6.4% year-on-year, amounting to HUF 65.4 billion in Q 3 2026, driven by the increase in equipment costs in line with higher sales volumes. Gross profit rose by 6.0% year-on-year, to HUF 163.1 billion in Q 3 2026, thanks to higher gross profit from telecommunication services. Indirect costs were up by 5.7% YoY, at HUF 48.1 billion in Q3 2026, reflecting general cost pressure. ▪ Employee-related expenses were higher by 7.2% year-on-year, amounting to HUF 26.0 billion in Q3 2026, reflecting primarily the wage increase implemented in March 2026 in the Hungarian operation. ▪ Other operating expenses were up 3.1% YoY, amounting to HUF 23.4 billion in Q3 2026, mostly reflecting increases related to subcontractor services, especially related to maintenance and repair works. ▪ Other operating income amounted to HUF 1.3 billion in Q3 2026. EBITDA rose by 6.1% year-on-year to HUF 115.0 billion in Q3 2026, as some of the gross profit increases were offset by the higher indirect costs; EBITDA AL was up by 6.6% year-on-year to HUF 107.3 billion in Q3 2026. Depreciation and amortization (‘D&A’) expenses increased by 3.0% year-on-year, to HUF 36.3 billion in Q3 2026, due to shortened useful life of some network elements. Profit for the period was up year-on-year by 6.9%, amounting to HUF 61.4 billion in Q3 2026, as more favorable operational results compensated for the increases in financial expense. ▪ Net financial result deteriorated from a loss of HUF 5.5 billion in Q3 2025 to a loss of HUF 7.2 billion in Q3 2026, driven primarily by higher other finance expenses. This increase was due to higher unrealized FX losses YoY, driven by the weakening of the HUF against the euro during Q3 2026, and which offset the unrealized gains related to derivate fair value changes. ▪ Income tax expenses was unchanged year-on-year at HUF 10.1 billion in Q3 2026. Profit attributable to non -controlling interests was lower by 9.7% YoY, at HUF 1.9 billion in Q 3 2026, as the impact of the moderately lower profitability at the North Macedonian operation was further amplified by the YoY weakening of the Macedonian denar against the forint. Adjusted net income ( adjusted profit attributable to owners of the parent) rose by 11.3% year-on-year, amounting to HUF 61.4 billion in Q 3 2026. Adjustment of HUF 1. 9 billion in Q 3 2026, was mostly related to unrealized financial losses driven by the weakening of the HUF during the period.
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7 2.1.2 Group Cash Flows Free cash flow (FCF) amounted to HUF 145.7 billion cash inflow in the first nine months of 2026 (the first nine months of 202 5: HUF 179.8 billion cash inflow) mainly due to the reasons described below. Operating cash flow Net cash generated from operating activities deteriorated to a cash inflow of HUF 261.5 billion in the first nine months of 2026 , compared to cash inflow of HUF 271.3 billion in the first nine months of 2025, attributable to the reasons outlined as follow s: ▪ HUF 9.7 billion positive impact due to higher EBITDA in the first nine months of 2026. ▪ HUF 23.2 billion negative change in active working capital, mainly as a result of: – lower level of decline in net portfolio of installment receivables in the first nine months of 2026 compared to the first nine months of 2025 (negative impact ca. HUF 8.5 billion) as a result of increase in domestic handset sales in 2026, – increase in SI/IT trade receivables in Hungary in the first nine months of 2026 compared to the first nine months of 2025 (negative impact: ca. HUF 8.5 billion) mainly driven by a major asset delivery project, – unfavorable seasonal impact in trade receivable balances of some major partners in Hungary (negative impact: ca. HUF 3.2 billion) in the first nine months of 2026 compared to the first nine months of 2025. ▪ HUF 11.4 billion positive change in passive working capital, primarily driven by: – favorable change in balance of taxes not related to income taxes (positive impact: ca. HUF 9.9 billion) mainly driven by the final payment of supplementary telecommunication tax in the first nine months of 2025 for year 2024. Since 2025 supplementary telecommunication tax was eliminated, – favorable change in the balances of SI/IT creditors (positive impact: ca. HUF 7.0 billion) primarily driven by a major asset delivery project in Hungary, – favorable change in liabilities to employees (positive impact: ca. HUF 4.4 billion) driven by different timing of monthly wag e transfer in the first nine months of 2026 compared to the first nine months of 2025, – unfavorable change in the balances of invoiced and non-invoiced trade creditors mainly in Hungary (negative impact: ca. HUF 7.7 billion) due to different seasonality in the first nine months of 2026 compared to the first nine months of 2025, – unfavorable change in the balances of handset creditors in Hungary (negative impact: ca. HUF 4.0 billion) due to within-year seasonality in the first nine months of 2026 compared to the first nine months of 2025. ▪ HUF 8.2 billion increase in income taxes paid in the first nine months of 2026 compared to the first nine months of 2025, driven by higher corporate income tax payment due to improving profit figures in previous periods partially offset by lower local business tax payment. HUF millions 1-9 months 2025 1-9 months 2026 Change Net cash generated from operating activities 271,313 261,479 (9,834) Net cash used in investing activities (70,765) (93,792) (23,027) Less: (Payments for) / Proceeds from other financial assets 4,530 1,339 (3,191) Investing cash flow excluding Payments for / Proceeds from other financial assets - net (66,235) (92,453) (26,218) Repayment of lease and other financial liabilities (25,233) (23,319) 1,914 Free cash flow 179,845 145,707 (34,138) (Payments for) / Proceeds from other financial assets - net (4,530) (1,339) 3,191 Proceeds from / (Repayment of) loans and other borrowings - net (46,654) 39,339 85,993 Dividends paid to Owners of the parent and Non-controlling interests (97,397) (142,814) (45,417) Proceeds from corporate bonds - - - Treasury share purchase (40,789) (46,315) (5,526) Exchange differences on cash and cash equivalents (536) (457) 79 Change in cash and cash equivalents (10,061) (5,879) 4,182
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8 ▪ No material YoY changes in other non-cash items, as the significant foreign exchange rate movements leading to lower FX gains in 2026 versus 2025 counterbalanced the absence of one -off gain on the sale of subsidiary, ViDaNet in the first nine months of 2025. Investing cash flow excluding payments for / proceeds from other financial assets – net Net cash used in investing activities amounted to HUF 92.5 billion in the first nine months of 2026, compared to HUF 66.2 billion in the first nine months of 2025. ▪ Payment for property plant and equipment and intangible assets increased by HUF 16.1 billion YoY mainly driven by higher investments in data centers, mobile network development and fiber rollout in Hungary. ▪ Payments for subsidiaries and business units increased by HUF 1.7 billion YoY reflecting acquisition of telecommunications networks and their associated customer contracts in the first nine months of 2026. ▪ Proceeds from disposal of property, plant and equipment (PPE) and intangible assets decreased by HUF 0.7 billion as a result of a decline in the volume of real-estate sales in the first nine months of 2026 compared to the first nine months of 2025. ▪ HUF 7.6 billion negative effect in proceeds from disposal of subsidiaries and business units reflecting the absence of the proceeds from the sale of subsidiary ViDaNet during the first nine months of 2025. Repayment of lease and other financial liabilities Repayment of lease and other financial liabilities improved to HUF 23.3 billion in the first nine months of 2026 from HUF 25.2 billion in the first nine months of 2025, primarily driven by different dynamics of lease payments . Cash and cash equivalents improved by HUF 4.2 billion in the first nine months of 2026 compared to the first nine months of 2025. Besides the deterioration in FCF of HUF 34.1 billion year-on-year, the favorable change in Cash and cash equivalents was supported mainly by the followings: ▪ Proceeds from loans and other borrowings increased by HUF 47.9 billion due to the increase of proceeds from inhouse DT Group funds in the first nine months of 2026 compared to the first nine months of 2025. ▪ Repayments of loans and other borrowings were lower by HUF 38.1 billion year -on-year due to lower level of repayments of inhouse DT Group funds in the first nine months of 2026 compared to the first nine months of 2025. ▪ HUF 5.5 billion higher cash outflow related to treasury share purchase in the first nine months of 2026 compared to the first nine months of 2025. ▪ HUF 45.4 billion higher dividend was paid in the first nine months of 2026 compared to the first nine months of 2025. The financial and operating statistics are available on the following website: http://www.telekom.hu/about_us/investor_relations/financial 2.1.3 Consolidated Statements of Financial Position The most significant changes in the balances of the Consolidated Statements of Financial Position from December 31, 2025 to September 30, 2026 (see Appendix 3.9 and 3.10) can be observed in the following lines: Assets: Trade receivables within one year increased by HUF 13.4 billion from December 31, 2025 to September 30, 2026 mainly driven by growth in SI/IT receivables related to a major asset delivery project and increase in balances of telecommunication customer related trade receivables mainly reflecting the impact of the inflation-based fee adjustment implemented in July 2026. Other current financial assets decreased by HUF 41.0 billion from December 31, 2025 to September 30, 2026 mainly as a result of decrease in cash pool receivables. Liabilities: Derivative financial instruments contracted with related parties (current and non-current combined) increased by HUF 4.1 billion from December 31, 2025 to September 30, 2026 reflecting the changes in fair value of cross-currency interest rate swaps, primarily due to the strengthening of the forint against the euro coup led with a decrease in the Hungarian interest rates. Trade payables decreased by HUF 24.7 billion from December 31, 2025 to September 30, 2026, reflecting a decrease in outstanding balances to handset, Capex and OPEX suppliers due to seasonality partially offset by growth in SI/IT vendor balances due to a major asset delivery project.
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9 Other financial liabilities (current and non-current combined) increased by HUF 11.2 billion from December 31, 2025 to September 30, 2026, mainly due to the recognition of the present value of the one -time fee and future band fee of renewed radio spectrum usage right. Equity: Common stock decreased by HUF 4.4 billion from December 31, 2025 to September 30, 2026 as a result of the cancellation of 44,021,580 dematerialized series "A" ordinary shares, owned by the Company (treasury shares), each with the face value of HUF 100. Treasury stock decreased by HUF 16.8 billion from December 31, 2025 to September 30, 2026 as the combined result of purchase of 17,132,346 Magyar Telekom ordinary shares in the value of HUF 46.3 billion and the capital decrease through cancellation of treasury shares amounting to HUF 63.1 billion. There has not been any other material change in the items of the Consolidated Statement of Financial Position in the period f rom December 31, 2025 to September 30, 2026. The less significant changes in balances of the Consolidated Statements of Financial Position are largely explained by the items of the Consolidated Statement of Cash Flows for 2026 and the related explanations provided above in section 2.1.2 Group Cash Flows. The changes in Equity are disclosed in the Equity movement table in section 3.13 Consolidated Statements of Changes in Equity. 2.1.4 Related party transactions The significant changes in the volume of related party transactions have been disclosed in sections 2.1.2 Group Cash Flows and 2.1.3 Consolidated Statement of Financial Position. There have not been any other significant changes in related party transactio ns since the most recent annual financial report. 2.1.5 Contingencies and commitments Contingent assets A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurre nce of uncertain future events not within the control of the Group. These assets are not recognized in the statement of financial p osition. The Group has no contingencies where the inflow of economic benefits would be probable and material. Contingent liabilities No provision has been recognized for these cases as management estimates that it is unlikely that these claims originating from past events would result in any material economic outflows from the Group, or the amount of the obligation cannot be measured wi th sufficient reliability. The Group has no contingencies where the outflow of economic benefits would be probable and material. Guarantees Magyar Telekom is also exposed to risks that arise from the possible drawdown of guarantees that in aggregation amounted to a nominal amount of HUF 15.3 billion as at December 31, 2025. The guarantees were issued as collateral to secure the fulfillmen t of the Group’s certain contractual or tender-related obligations. The Group has been doing its utmost to deliver on its contractual obligations and expects to continue to do so in the future. Even so disputes may emerge from time to time with our partners and sometimes these can result in the drawdown of the guarantees. These utilizations of the guarantees are not related and have no significant effect on the solvency of the Group. Commitments There has been no material change in the nature and amount of our commitments in 2026. 2.1.6 Material events For any material event that occurred between the end of the period (September 30, 2026) and the date of publishing this repor t, please see our Investor Relations website: http://www.telekom.hu/about_us/investor_relations/investor_news
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10 2.2. Segment reports From 2020 the Chief Executive Officer (CEO) and the other Chief Officers together (Chief Officers) fulfill the chief operating decision maker (CODM) function in the Group. The Group’s segments are reported in a manner consistent with the internal reporting provided to the CODMs, the key management of Magyar Telekom Plc. The Chief Officers assess the performance of the Group and make their decisions. Magyar Telekom’s operating segments are: MT -Hungary and North Macedonia. The MT-Hungary segment operates in Hungary, providing mobile and fixed line telecommunications, TV distribution, information communication and system integration services to millions of residential and business customers under the Telekom brand. Residential, Small and Medium sized business as well as business customers (corporate and public sector customers) are now served by the unified Telekom brand. The MT-Hungary segment is also responsible for the wholesale of mobile and fixed line services within Hungary, and performs strategic and cross -divisional management, as well as support functions on behalf of the Group, including Procurement, Treasury, Real Estate, Accounting, Tax, Legal and Internal Audit. This segment is also responsible for the Group’s points of presence in Bulgaria and Romania, where it primarily provides wholesale services to local companies and operators. The North Macedonia segment is responsible for the Group’s full-scale mobile and fixed line telecommunications operations in North Macedonia. The following tables present financial information related to these reportable segments. Such information is regularly provid ed to the Company’s Management and reconciled with the corresponding Group numbers. This information includes several key indicators of profitability that are considered for the purposes of assessing performance and allocating resources. It is the Management’s belief that Revenue, EBITDA, EBITDA AL and Capex, Capex AL are the most appropriate indicators for monitoring each segment’s performance and are most consistent with how the Group’s results are reported in the statutory financial statements . 2.2.1 MT-Hungary Q3 2025 Q3 2026 Change Change 1-9 months 1-9 months Change Change (%) 2025 2026 (%) HUF millions Voice 33,785 36,417 2,632 7.8% 100,343 104,721 4,378 4.4% Non-voice 65,105 68,891 3,786 5.8% 191,163 200,277 9,114 4.8% Equipment 27,160 30,870 3,710 13.7% 83,985 83,531 (454) (0.5%) Other mobile revenue 5,138 4,482 (656) (12.8%) 13,914 12,889 (1,025) (7.4%) Mobile revenue 131,188 140,660 9,472 7.2% 389,405 401,418 12,013 3.1% Voice retail 7,068 6,559 (509) (7.2%) 21,748 19,870 (1,878) (8.6%) Broadband retail 27,977 30,193 2,216 7.9% 83,883 88,652 4,769 5.7% TV 18,040 18,989 949 5.3% 54,744 55,760 1,016 1.9% Equipment 5,938 6,730 792 13.3% 16,163 18,830 2,667 16.5% Other 11,458 12,153 695 6.1% 34,939 34,922 (17) (0.0%) Fixed line revenue 70,481 74,624 4,143 5.9% 211,477 218,034 6,557 3.1% SI/IT revenue 20,138 24,922 4,784 23.8% 63,680 63,550 (130) (0.2%) Revenue 221,807 240,206 18,399 8.3% 664,562 683,002 18,440 2.8% Direct costs (82,993) (91,698) (8,705) (10.5%) (249,716) (250,188) (472) (0.2%) Gross profit 138,814 148,508 9,694 7.0% 414,846 432,814 17,968 4.3% Indirect costs (40,231) (42,560) (2,329) (5.8%) (118,541) (125,971) (7,430) (6.3%) EBITDA 98,583 105,948 7,365 7.5% 296,305 306,843 10,538 3.6% EBITDA AL 91,116 98,495 7,379 8.1% 273,904 284,621 10,717 3.9% Segment Capex AL excl. spectrum licenses 30,570 30,793 223 0.7% 72,474 78,929 6,455 8.9% Spectrum licenses - - - - - 15,088 15,088 -
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11 Total revenue for the MT -Hungary segment increased by 8.3% year-on-year to HUF 240.2 billion in Q 3 2026, driven by strong growth in service revenues coupled with increases in SI/IT and equipment revenues. ▪ Mobile revenue increased by 7.2% year-on-year in Q 3 2026, resulting from the continued service revenue growth and the increased revenues from equipment sales. Higher service revenues were equally attributable to increased voice revenues triggered by the new portfolio structure introduced in April 2025 , continuous rise in mobile data usage a s well as the annual inflation-based fee adjustment effective from July 2026. The decline in SMS revenue was also driven by the new portfolio structure, as text messages are no longer automatic bundles but are optional add -ons at all current packages. Higher equipment sales YoY reflects both elevated transaction volumes and the increase in average prices; whilst revenues from third-party export sales were flat YoY. ▪ Fixed line revenue was up 5.9% year-on-year in Q 3 2026 thanks to the increases in broadband and TV revenues – also amplified by the impact of the fee adjustment - and higher equipment sales. Broadband revenue growth continued to be driven by the further uptake of the fiber broadband service parallel to the expansion of the network reach. TV revenue increase resulted from the higher customer base and ARPU level uplift YoY. Equipment revenue showed positive development in line with higher average handset prices and increased sales volumes. ▪ SI/IT revenue rose by 23.8% year-on-year in Q3 2026, which was primarily driven by a major asset delivery project, more than offsetting softer market conditions and limited contribution from other large -scale projects in Hungary. Gross profit was up by 7.0% year-on-year in Q3 2026, thanks to the strong increase in telecommunication service revenue. EBITDA increased by 7.5 % year -on-year and EBITDA AL was up 8.1% year -on-year in Q 3 2026, with some of the gross profit increases offset by higher employee-related and maintenance and repair expenses. Capex AL excluding spectrum licenses was broadly on the same level in Q3 2026 vs Q3 202 5, amounting to HUF 30.8 billion. Higher investments towards both fixed and mobile network s were counterbalanced by the absence of one-off increase in asset retirement obligation recorded in the base period. Outlook: The global economic outlook remains uncertain, while the Hungarian economic, business and competitive environment continues to evolve. Based on the recently announced Hungarian budget plans, the country is expected to embark on a path of fiscal consolidati on in the coming years, which could have a positive impact on economic development. However, a potential increase in the corporate income tax rate may also form part of the forthcoming measures, which could result in a higher inco me tax expense for the Group. September 30 September 30 Change 2025 2026 (%) Number of SIM cards 6,568,925 6,653,761 1.3% Postpaid share in total 57.4% 57.2% n.a. Total fixed voice access 1,134,225 1,068,048 (5.8%) Total retail fixed broadband customers 1,648,872 1,706,546 3.5% Total TV customers 1,389,733 1,427,288 2.7% Operational statistics – ARPU (HUF) Q3 2025 Q3 2026 Change 1-9 months 1-9 months Change (%) 2025 2026 (%) Blended mobile ARPU 5,017 5,299 5.6% 4,974 5,133 3.2% Postpaid ARPU 8,080 8,589 6.3% 7,971 8,326 4.5% Prepaid ARPU 1,607 1,719 7.0% 1,515 1,621 7.0% M2M ARPU 284 251 (11.6%) 258 252 (2.6%) Blended fixed voice ARPU 2,060 2,030 (1.4%) 2,071 2,017 (2.6%) Blended fixed broadband ARPU 5,631 5,866 4.2% 5,595 5,786 3.4% Blended TV ARPU 4,342 4,453 2.6% 4,333 4,385 1.2% Operational statistics – access numbers
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12 2.2.2 North Macedonia Total revenue in North Macedonia was down moderately year-on-year to HUF 20.6 billion in Q3 2026 in forint terms, whilst in local currency revenues increased by 8.5% YoY, with difference arising from the average 8.7% strengthening of the forint against the Macedonian denar year-on-year. Underlying revenue growth was the result of higher service revenues, coupled with an increase in both SI/IT and mobile equipment sales. ▪ Mobile revenue was down 0.8% year-on-year in forint terms in Q3 2026, whilst was up by 8.4% in denar, driven primarily by the continued increase in data revenue thanks to the further expansion of the user base, and further increases in equipment sales. Voice revenue decline reflects lower average voice traffic amongst both postpaid and prepaid user base. ▪ Fixed line revenue was down by 4.0% year -on-year in forint terms in Q3 2026, whilst it increased by 4.9% YoY in local currency. The underlying improvement was driven by growth in both fixed broadband and TV revenues, in line with the expansion of their respective customer bases, but this was partly mitigated by the reduction in wholesale revenue because of the lower international incoming traffic volumes. ▪ SI/IT revenue was up by 54.6% year-on-year in forint terms in Q3 2026, reflecting different yearly seasonality and the completion of some major projects. Gross profit was down by 1.7% year-on-year in forint terms in Q3 2026, but rose by 7.3% year-on-year in Macedonian denar, thanks to higher telecommunication service contribution, which more than offset the increase in equipment costs. EBITDA was down 8.0% year-on-year and EBITDA AL 8.3% year-on-year in Q3 2026 in forint terms, whilst improved moderately in local currency. Gross profit improvement was mostly offset by higher employee-related and maintenance expenses YoY. Q3 2025 Q3 2026 Change Change 1-9 months 1-9 months Change Change (%) 2025 2026 (%) HUF millions Voice 4,109 3,725 (384) (9.3%) 11,702 10,565 (1,137) (9.7%) Non-voice 5,819 5,936 117 2.0% 16,400 16,738 338 2.1% Equipment 2,841 2,906 65 2.3% 8,852 9,001 149 1.7% Other mobile revenue 850 946 96 11.3% 2,243 2,306 63 2.8% Mobile revenue 13,619 13,513 (106) (0.8%) 39,197 38,610 (587) (1.5%) Voice retail 1,280 1,186 (94) (7.3%) 3,896 3,596 (300) (7.7%) Broadband retail 1,978 1,995 17 0.9% 5,813 5,867 54 0.9% TV 1,472 1,444 (28) (1.9%) 4,378 4,352 (26) (0.6%) Equipment 22 17 (5) (22.7%) 67 54 (13) (19.4%) Other 1,910 1,754 (156) (8.2%) 5,332 4,919 (413) (7.7%) Fixed line revenue 6,662 6,396 (266) (4.0%) 19,486 18,788 (698) (3.6%) SI/IT revenue 443 685 242 54.6% 1,587 1,460 (127) (8.0%) Revenue 20,724 20,594 (130) (0.6%) 60,270 58,858 (1,412) (2.3%) Direct costs (6,067) (6,184) (117) (1.9%) (18,406) (18,171) 235 1.3% Gross profit 14,657 14,410 (247) (1.7%) 41,864 40,687 (1,177) (2.8%) Indirect costs (4,843) (5,377) (534) (11.0%) (15,069) (14,866) 203 1.3% EBITDA 9,814 9,033 (781) (8.0%) 26,795 25,821 (974) (3.6%) EBITDA AL 9,512 8,724 (788) (8.3%) 25,887 24,882 (1,005) (3.9%) Segment Capex AL excl. spectrum licenses 2,702 3,235 533 19.7% 9,981 8,056 (1,925) (19.3%) Spectrum licenses - - - - - - - - September 30 September 30 Change 2025 2026 (%) Number of mobile SIMs 1,336,256 1,348,009 0.9% Postpaid share in total 46.0% 47.2% n.a. Total fixed voice access 237,525 242,601 2.1% Total fixed retail broadband customers 223,997 230,929 3.1% Total TV customers 165,882 174,651 5.3% Operational statistics – access numbers
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13 CAPEX AL was up 19.7% YoY in Q 3 2026 in forint terms , reflecting higher investment towards both the fixed and the mobile networks. Outlook: Looking ahead, competition may intensify further with the possible entrance of a new operator to the North Macedonian telecommunication market which may exert pressure on the profitability.
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14 3. APPENDIX 3.1. Basis of preparation and initial application, interpretations and amendments of IFRS Accounting Standards This condensed consolidated financial information was prepared in accordance with IAS 34 (Interim Financial Reporting) and should be read in conjunction with the Consolidated financial statements for the year ended December 31, 2025, which were prepared i n accordance with IFRS Accounting Standards as endorsed by the European Union. This consolidated interim financial information has not been audited. The Consolidated and Separate financial statements of Magyar Telekom for December 31, 2025 were audited and the audit reports were unqualified. They were approved by the shareholders at the Annual General Meeting on April 8, 2026 and have been published electronically on the sites required by the relevant laws and regulations. The principal accounting policies followed by the Group and the critical accounting estimates in applying accounting policies are consistent with those disclosed in the consolidated annual financial statements for the year ended December 31, 2025 with the following exception: Pronouncement Title To be applied from Changes Expected impact on the Group’s financial statement IFRS Accounting Standards endorsed by the EU Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Jan 1, 2026 The amendments of IFRS 7 and IFRS 9 mainly clarify the requirements for classifying and measuring financial instruments to make financial reporting more consistent and transparent. The changes in IFRS 9 relate to derecognition to simplify the process for derecognizing financial liabilities settled electronically and to classification providing more guidance on classifying financial assets with non -recourse features and contractually linked instruments. Changes of IFRS 7 enhance disclosure requirements for fair value through other comprehensive income and contractual terms impacting cash flows. No material impact. Annual Improvements Volume 11 Jan 1, 2026 The IASB issued narrow amendments to IFRS Accounting Standards as part of its regular maintenance of the Standards. These amendments include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. No material impact.
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15 Pronouncement Title To be applied from Changes Expected impact on the Group’s financial statement IFRS Accounting Standards endorsed by the EU Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature- dependent Electricity Jan 1, 2026 Amendments to IFRS 9 Financial Instruments: ▪ the own -use requirements in IFRS 9 are amended to include the factors an entity is required to consider when applying IFRS 9 2.4 to contracts to buy and take delivery of renewable electricity for which the source of production of electricity is nature-dependent; and ▪ the hedge accounting requirements in IFRS 9 are amended: • to permit an entity using a contract for nature-dependent renewable electricity with specified characteristics as a hedging instrument • regarding the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 19 Subsidiaries without Public Accountability: Disclosures: ▪ The IASB amends IFRS 7 and IFRS 19 to introduce disclosure requirements about contracts for nature -dependent electricity with specified characteristics. No material impact. 3.2. Macroeconomic environment and critical accounting estimates Management continuously monitors the progress in the Hungarian economic environment, as well as the effects of the wars and other global developments, particularly on macroeconomic trends and current market conditions. The intensification of global conflicts may lead to further increases in energy prices and more disruption to supply chains and more limited availability of memory cards, which may have a n indirect negative impact on Magyar Telekom. The associated risks are monitored and assessed by the Group through the quarterly risk reporting process with risk owners. In Hungary, the economic, business, and competitive landscape is currently undergoing transformation, supported by various measures anticipated to foster economic growth. Prospective regulatory developments, notably a potential increase in the corporate income tax rate, could adversely affect the Group’s tax expenses. In preparing the interim financial report, management has made judgments and estimates about the future: ▪ During the updating of the goodwill impairment test the management has taken into account the period -end book values, EUR/HUF exchange rate, and weighted average cost of capital and as a result of that, no impairment was needed to be recognized. ▪ Considering the general economic factors, the solvency of customers has been assessed and management concluded that there was no need to recognize further allowance for bad debts in the third quarter of 2026. ▪ No further material impairment needed to be recognized in the third quarter of 2026. Altogether, the Group continues to meet the increased demand for connectivity through its network and has not identified any events which could jeopardize the going concern of its operation, furthermore, based on the management’s assessment of future cash flows, no underperformance is expected in the long term.
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16 3.3. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income – quarterly year-on-year comparison Q3 2025 Q3 2026 Change Change (unaudited) (unaudited) (%) (HUF millions, except per share amounts) Mobile revenue 144,806 154,170 9,364 6.5% Fixed line revenue 77,517 81,207 3,690 4.8% SI/IT revenue 20,581 25,607 5,026 24.4% Revenue 242,904 260,984 18,080 7.4% Interconnect costs (4,888) (4,234) 654 13.4% SI/IT service related costs (13,865) (19,378) (5,513) (39.8%) Impairment losses and gains on financial assets and contract assets (2,813) (3,177) (364) (12.9%) Telecom tax (5,944) (5,629) 315 5.3% Other direct costs (61,512) (65,446) (3,934) (6.4%) Direct costs (89,022) (97,864) (8,842) (9.9%) Employee-related expenses (24,264) (26,001) (1,737) (7.2%) Depreciation and amortization (35,263) (36,319) (1,056) (3.0%) Other operating expenses (22,695) (23,408) (713) (3.1%) Operating expenses (171,244) (183,592) (12,348) (7.2%) Other operating income 1,457 1,313 (144) (9.9%) Operating profit 73,117 78,705 5,588 7.6% Interest income 1,412 1,079 (333) (23.6%) Interest expense (4,692) (4,464) 228 4.9% Other finance expense - net (2,263) (3,792) (1,529) (67.6%) Net financial result (5,543) (7,177) (1,634) (29.5%) Share of associates' and joint ventures' results - - - - Profit before income tax 67,574 71,528 3,954 5.9% Income tax (10,095) (10,095) - 0.0% Profit for the period 57,479 61,433 3,954 6.9% Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods: Exchange differences on translating foreign operations (2,666) 3,149 5,815 n.m. Items not to be reclassified to profit or loss in subsequent periods: Revaluation of financial assets at FV OCI (55) (68) (13) (23.6%) Other comprehensive income for the year, net of tax (2,721) 3,081 5,802 n.m. Total comprehensive income for the period 54,758 64,514 9,756 17.8% Profit attributable to: Owners of the parent 55,333 59,495 4,162 7.5% Non-controlling interests 2,146 1,938 (208) (9.7%) 57,479 61,433 3,954 6.9% Total comprehensive income attributable to: Owners of the parent 53,573 61,425 7,852 14.7% Non-controlling interests 1,185 3,089 1,904 160.7% 54,758 64,514 9,756 17.8% Earnings per share (EPS) information: Profit attributable to the owners of the Company 55,333 59,495 Weighted average number of common stock outstanding used for basic/diluted EPS 885,759,569 868,627,223 Basic / diluted earnings per share (HUF) 62.47 68.49 6.02 9.6%
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17 3.4. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income –year-to-date comparison 1-9 months 2025 1-9 months 2026 Change Change (unaudited) (unaudited) (%) (HUF millions, except per share amounts) Mobile revenue 428,599 440,021 11,422 2.7% Fixed line revenue 232,137 237,322 5,185 2.2% SI/IT revenue 65,091 65,010 (81) (0.1%) Revenue 725,827 742,353 16,526 2.3% Interconnect costs (14,429) (12,681) 1,748 12.1% SI/IT service related costs (44,699) (46,492) (1,793) (4.0%) Impairment losses and gains on financial assets and contract assets (8,548) (8,506) 42 0.5% Telecom tax (18,079) (17,223) 856 4.7% Other direct costs (182,296) (183,367) (1,071) (0.6%) Direct costs (268,051) (268,269) (218) (0.1%) Employee-related expenses (75,882) (79,052) (3,170) (4.2%) Depreciation and amortization (106,889) (107,574) (685) (0.6%) Other operating expenses (64,972) (65,845) (873) (1.3%) Operating expenses (515,794) (520,740) (4,946) (1.0%) Other operating income 6,032 3,482 (2,550) (42.3%) Operating profit 216,065 225,095 9,030 4.2% Interest income 5,055 5,606 551 10.9% Interest expense (13,625) (13,502) 123 0.9% Other finance expense - net (7,780) (6,901) 879 11.3% Net financial result (16,350) (14,797) 1,553 9.5% Share of associates' and joint ventures' results - - - n.a. Profit before income tax 199,715 210,298 10,583 5.3% Income tax (28,842) (30,385) (1,543) (5.3%) Profit for the period 170,873 179,913 9,040 5.3% Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods: Exchange differences on translating foreign operations (6,342) (6,875) (533) (8.4%) Items not to be reclassified to profit or loss in subsequent periods: Revaluation of financial assets at FV OCI (59) (233) (174) 294.9% Other comprehensive income for the year, net of tax (6,401) (7,108) (707) (11.0%) Total comprehensive income for the period 164,472 172,805 8,333 5.1% Profit attributable to: Owners of the parent 165,537 174,679 9,142 5.5% Non-controlling interests 5,336 5,234 (102) (1.9%) 170,873 179,913 9,040 5.3% Total comprehensive income attributable to: Owners of the parent 161,352 170,226 8,874 5.5% Non-controlling interests 3,120 2,579 (541) (17.3%) 164,472 172,805 8,333 5.1% Earnings per share (EPS) information: Profit attributable to the owners of the Company 165,537 174,679 Weighted average number of common stock outstanding used for basic/diluted EPS 898,440,575 878,415,548 Basic / diluted earnings per share (HUF) 184.25 198.86 14.61 7.9%
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18 3.5. Revenue breakdown – quarterly year-on-year comparison 3.6. Revenue breakdown – quarterly year-to-date comparison Q3 2025 Q3 2026 Change Change (HUF millions) (%) Voice retail 36,092 38,436 2,344 6.5% Voice wholesale 1,802 1,706 (96) (5.3%) Data 63,747 69,059 5,312 8.3% SMS 7,177 5,768 (1,409) (19.6%) Equipment 30,001 33,776 3,775 12.6% Other mobile revenue 5,987 5,425 (562) (9.4%) Mobile revenue 144,806 154,170 9,364 6.5% Voice retail 8,348 7,745 (603) (7.2%) Broadband retail 29,955 32,188 2,233 7.5% TV 19,512 20,433 921 4.7% Equipment 5,960 6,747 787 13.2% Data, wholesale and other fixed line revenue 13,742 14,094 352 2.6% Fixed line revenue 77,517 81,207 3,690 4.8% SI/IT revenue 20,581 25,607 5,026 24.4% Revenue 242,904 260,984 18,080 7.4% 1-9 months 2025 1-9 months 2026 Change Change (HUF millions) (%) Voice retail 106,416 110,053 3,637 3.4% Voice wholesale 5,629 5,233 (396) (7.0%) Data 185,535 198,519 12,984 7.0% SMS 22,028 18,496 (3,532) (16.0%) Equipment 92,837 92,532 (305) (0.3%) Other mobile revenue 16,154 15,188 (966) (6.0%) Mobile revenue 428,599 440,021 11,422 2.7% Voice retail 25,644 23,466 (2,178) (8.5%) Broadband retail 89,696 94,519 4,823 5.4% TV 59,122 60,112 990 1.7% Equipment 16,230 18,884 2,654 16.4% Data, wholesale and other fixed line revenue 41,445 40,341 (1,104) (2.7%) Fixed line revenue 232,137 237,322 5,185 2.2% SI/IT revenue 65,091 65,010 (81) (0.1%) Revenue 725,827 742,353 16,526 2.3%
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19 3.7. Operating expenses breakdown – quarterly year-on-year comparison 3.8. Operating expenses breakdown – quarterly year-to-date comparison Q3 2025 Q3 2026 Change Change (HUF millions) (%) Direct costs (89,022) (97,864) (8,842) (9.9%) Employee-related expenses (24,264) (26,001) (1,737) (7.2%) Depreciation and amortization (35,263) (36,319) (1,056) (3.0%) Other operating expenses (22,695) (23,408) (713) (3.1%) Operating expenses (171,244) (183,592) (12,348) (7.2%) 1-9 months 2025 1-9 months 2026 Change Change (HUF millions) (%) Direct costs (268,051) (268,269) (218) (0.1%) Employee-related expenses (75,882) (79,052) (3,170) (4.2%) Depreciation and amortization (106,889) (107,574) (685) (0.6%) Other operating expenses (64,972) (65,845) (873) (1.3%) Operating expenses (515,794) (520,740) (4,946) (1.0%)
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20 3.9. Interim Consolidated Statement of Financial Position - Assets Dec 31, 2025 Sept 30, 2026 Change Change (unaudited) (unaudited) (%) (HUF millions) ASSETS Cash and cash equivalents 14,429 8,550 (5,879) (40.7%) Trade receivables within one year 210,272 223,655 13,383 6.4% Other current assets 9,354 10,211 857 9.2% Derivative financial instruments contracted with related parties 63 82 19 30.2% Other current financial assets 106,847 65,835 (41,012) (38.4%) Contract assets 18,313 19,286 973 5.3% Current income tax receivable 107 2,806 2,699 n.m. Inventories 29,620 23,643 (5,977) (20.2%) 389,005 354,068 (34,937) (9.0%) Assets held for sale 712 235 (477) (67.0%) Total current assets 389,717 354,303 (35,414) (9.1%) Property, plant and equipment 528,344 543,293 14,949 2.8% Right-of-use assets 128,551 128,049 (502) (0.4%) Goodwill 211,958 211,958 - 0.0% Other intangible assets 268,891 264,609 (4,282) (1.6%) Investments in associates and joint ventures - - - - Deferred tax assets 201 219 18 9.0% Trade receivables over one year 26,513 23,908 (2,605) (9.8%) Derivative financial instruments contracted with related parties 969 - (969) n.a. Other non-current financial assets 5,616 5,011 (605) (10.8%) Contract assets 4,657 4,379 (278) (6.0%) Other non-current assets 12,733 13,307 574 4.5% Total non-current assets 1,188,433 1,194,733 6,300 0.5% Total assets 1,578,150 1,549,036 (29,114) (1.8%)
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21 3.10. Interim Consolidated Statement of Financial Position – Liabilities and Equity Dec 31, 2025 Sept 30, 2026 Change Change (unaudited) (unaudited) (%) (HUF millions) LIABILITIES Financial liabilities to related parties 614 840 226 36.8% Derivative financial instruments contracted with related parties 59 44 (15) (25.4%) Lease liabilities 26,672 29,520 2,848 10.7% Corporate bonds 34,843 34,974 131 0.4% Trade payables 165,816 141,128 (24,688) (14.9%) Other financial liabilities 10,291 13,974 3,683 35.8% Current income tax payable 16,821 10,479 (6,342) (37.7%) Provisions 6,647 3,869 (2,778) (41.8%) Contract liabilities 14,814 16,042 1,228 8.3% Other current liabilities 16,727 21,549 4,822 28.8% 293,304 272,419 (20,885) (7.1%) Liabilities held for sale - - - n.a. Total current liabilities 293,304 272,419 (20,885) (7.1%) Financial liabilities to related parties 57,756 55,865 (1,891) (3.3%) Derivative financial instruments contracted with related parties - 4,080 4,080 n.a. Lease liabilities 116,138 111,501 (4,637) (4.0%) Corporate bonds 34,676 34,801 125 0.4% Other financial liabilities 88,402 95,899 7,497 8.5% Deferred tax liabilities 18,430 19,116 686 3.7% Provisions 30,850 33,106 2,256 7.3% Contract liabilities 276 288 12 4.3% Other non-current liabilities 450 276 (174) (38.7%) Total non-current liabilities 346,978 354,932 7,954 2.3% Total liabilities 640,282 627,351 (12,931) (2.0%) EQUITY Common stock 93,862 89,460 (4,402) (4.7%) Capital reserves 24,644 23,488 (1,156) (4.7%) Treasury stock (67,143) (50,306) 16,837 25.1% Retained earnings 809,234 789,899 (19,335) (2.4%) Accumulated other comprehensive income 34,268 29,815 (4,453) (13.0%) Total equity of the owners of the parent 894,865 882,356 (12,509) (1.4%) Non-controlling interests 43,003 39,329 (3,674) (8.5%) Total equity 937,868 921,685 (16,183) (1.7%) Total liabilities and equity 1,578,150 1,549,036 (29,114) (1.8%)
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22 3.11. Interim Consolidated Statement of Cash Flows 1-9 months 2025 1-9 months 2026 Change Change (HUF millions) (unaudited) (unaudited) (%) Cash flows from operating activities Profit for the period 170,873 179,913 9,040 5.3% Depreciation and amortization 106,889 107,574 685 0.6% Income tax expense 28,842 30,385 1,543 5.3% Net financial result 16,350 14,797 (1,553) (9.5%) Share of associates’ and joint ventures’ result - - - - Change in assets carried as working capital 16,408 (6,769) (23,177) n.m. Change in provisions (1,696) (2,475) (779) (45.9%) Change in liabilities carried as working capital (24,035) (12,615) 11,420 47.5% Income tax paid (31,315) (39,500) (8,185) (26.1%) Dividend received 155 140 (15) (9.7%) Interest and other financial charges paid (15,720) (15,176) 544 3.5% Interest received 4,900 5,471 571 11.7% Other non-cash items (338) (266) 72 21.3% Net cash generated from operating activities 271,313 261,479 (9,834) (3.6%) Cash flows from investing activities Payments for property plant and equipment (PPE) and intangible assets (75,589) (91,711) (16,122) (21.3%) Proceeds from disposal of PPE and intangible assets 2,062 1,322 (740) (35.9%) Payments for subsidiaries and business units (322) (2,064) (1,742) n.m. Cash acquired through business combinations - - - - Proceeds from disposal of subsidiaries and business units 7,614 - (7,614) (100.0%) Payments for other financial assets (4,698) (1,480) 3,218 68.5% Proceeds from other financial assets 168 141 (27) (16.1%) Payments for interests in associates and joint ventures - - - - Net cash used in investing activities (70,765) (93,792) (23,027) (32.5%) Cash flows from financing activities Dividends paid to Owners of the parent and Non-controlling interests (97,397) (142,814) (45,417) (46.6%) Proceeds from loans and other borrowings 115,866 163,718 47,852 41.3% Repayment of loans and other borrowings (162,520) (124,379) 38,141 23.5% Proceeds from corporate bonds - - - - Repayment of lease and other financial liabilities (25,233) (23,319) 1,914 7.6% Treasury share purchase (40,789) (46,315) (5,526) (13.5%) Net cash used in financing activities (210,073) (173,109) 36,964 17.6% Exchange differences on cash and cash equivalents (536) (457) 79 14.7% Change in cash and cash equivalents (10,061) (5,879) 4,182 41.6% Cash and cash equivalents, beginning of period 18,010 14,429 (3,581) (19.9%) Cash and cash equivalents, end of period 7,949 8,550 601 7.6%
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23 3.12. Net debt reconciliation to changes in Statement of Cash Flows Proceeds from loans and borrowings Repayment of loans and other borrowings Repayment of lease and other financial liabilities Other Related party loans 58,370 - 407 (1,705) - 124,012 (124,379) - - 56,705 Derivatives from related parties 59 - - 6,485 (2,420) - - - - 4,124 Spectrum fee payable 91,118 - (2,662) 17,823 - - - (3,842) - 102,437 Bonds 69,519 - (96) 352 - - - - - 69,775 Lease liabilities 142,810 - (5,528) 22,014 - - - (18,275) - 141,021 Debtors overpayment 1,387 - (37) - - - - - - 1,350 Other financial liabilities 6,188 - (256) 1,356 - - - (1,202) - 6,086 - Less cash and cash equivalent (14,429) 5,879 - - - - - - - (8,550) - Less other current financial assets and derivative financial instruments (106,910) - (607) (284) 2,178 39,706 - - - (65,917) Net debt 248,112 5,879 (8,779) 46,041 (242) 163,718 (124,379) (23,319) - 307,031 Treasury share purchase (46,315) Dividends paid to Owners of the parent and Non- controlling interest (142,814) Net Cash used in financing activities (173,109) Changes affecting cash flows from investing activities Changes affecting cash flows from financing activities Closing Balance at September 30, 2026 HUF millions Opening Balance at January 1, 2026 Changes in cash and cash equivalents Changes affecting cash flows from operating activities Changes in financial liabilities without cash movement
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24 3.13. Interim Consolidated Statement of Changes in Equity pieces Shares of common stock Common stock Capital reserves Treasury stock Retained earnings Cumulative translation adjustment Revaluation reserve for FVOCI financial assets – net of tax Equity of the owners of the parent Non- controlling interests Total Equity Balance at January 1, 2025 938,617,497 93,862 24,644 (26,354) 691,652 37,915 1,438 823,157 45,353 868,510 Dividend declared to Owners of the parent - - - - (90,858) - - (90,858) - (90,858) Dividend declared to Non-controlling interests - - - - - - - - (6,772) (6,772) Treasury share purchase - - - (40,789) - - - (40,789) - (40,789) Capital decrease with cancellation of treasury share - - - - - - - - - - Transactions with owners in their capacity as owners - - - (40,789) (90,858) - - (131,647) (6,772) (138,419) Other comprehensive income - - - - - (4,149) (36) (4,185) (2,216) (6,401) Profit or loss - - - - 165,537 - - 165,537 5,336 170,873 Total comprehensive income - - - - 165,537 (4,149) (36) 161,352 3,120 164,472 Balance at September 30, 2025 938,617,497 93,862 24,644 (67,143) 766,331 33,766 1,402 852,862 41,701 894,563 Dividend declared to Owners of the parent - - - - - - - - - - Dividend declared to Non-controlling interests - - - - - - - - - - Treasury share purchase - - - - - - - - - - Capital decrease with cancellation of treasury share - - - - - - - - - - Transactions with owners in their capacity as owners - - - - - - - - - - Other comprehensive income - - - - - (911) 11 (900) (473) (1,373) Profit or loss - - - - 42,903 - - 42,903 1,775 44,678 Total comprehensive income - - - - 42,903 (911) 11 42,003 1,302 43,305 Balance at December 31, 2025 938,617,497 93,862 24,644 (67,143) 809,234 32,855 1,413 894,865 43,003 937,868 Dividend declared to Owners of the parent - - - - (136,420) - - (136,420) - (136,420) Dividend declared to Non-controlling interests - - - - - - - - (6,253) (6,253) Treasury share purchase - - - (46,315) - - - (46,315) - (46,315) Capital decrease with cancellation of treasury share (44,021,580) (4,402) (1,156) 63,152 (57,594) - - - - - Transactions with owners in their capacity as owners (44,021,580) (4,402) (1,156) 16,837 (194,014) - - (182,735) (6,253) (188,988) Other comprehensive income - - - - - (4,319) (134) (4,453) (2,655) (7,108) Profit or loss - - - - 174,679 - - 174,679 5,234 179,913 Total comprehensive income - - - - 174,679 (4,319) (134) 170,226 2,579 172,805 Balance at September 30, 2026 894,595,917 89,460 23,488 (50,306) 789,899 28,536 1,279 882,356 39,329 921,685 Of which treasury stock (25,968,694) Shares of common stock outstanding 868,627,223 Accumulated Other Comprehensive Income HUF millions
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25 3.14. Exchange rate information 3.15. Segment information Q3 2025 Q3 2026 Change 1-9 months 2025 1-9 months 2026 Change (%) (%) HUF/EUR beginning of period 399.30 355.05 (11.1%) 410.09 385.40 (6.0%) HUF/EUR period-end 391.11 366.31 (6.3%) 391.11 366.31 (6.3%) HUF/EUR cumulative monthly average 397.31 362.62 (8.7%) 401.73 369.12 (8.1%) HUF/MKD beginning of period 6.48 5.76 (11.1%) 6.67 6.27 (6.0%) HUF/MKD period-end 6.34 5.94 (6.3%) 6.34 5.94 (6.3%) HUF/MKD cumulative monthly average 6.45 5.89 (8.7%) 6.52 5.99 (8.1%) Q3 2025 Q3 2026 1-9 months 2025 1-9 months 2026 HUF millions Total MT-Hungary revenue 221,807 240,206 664,562 683,002 Less: MT-Hungary revenue from other segments (30) (8) (89) (62) MT-Hungary revenue from external customers 221,777 240,198 664,473 682,940 Total North Macedonia revenue 20,724 20,594 60,270 58,858 Less: North Macedonia revenue from other segments (11) (11) (31) (31) North Macedonia revenue from external customers 20,713 20,583 60,239 58,827 Total consolidated revenue of the segments 242,490 260,781 724,712 741,767 Measurement differences to Group revenue 414 203 1,115 586 Total revenue of the Group 242,904 260,984 725,827 742,353 Segment results (EBITDA) Hungary 98,583 105,948 296,305 306,843 North Macedonia 9,814 9,033 26,795 25,821 Total EBITDA of the segments 108,397 114,981 323,100 332,664 Measurement differences to Group EBITDA (17) 43 (146) 5 Total EBITDA of the Group 108,380 115,024 322,954 332,669 Segment Capex AL excl. spectrum licenses Hungary 30,570 30,793 72,474 78,929 North Macedonia 2,702 3,235 9,981 8,056 Total Segment Capex AL excl. spectrum licenses 33,272 34,028 82,455 86,985 Measurement differences to Group Capex AL excl. spectrum licenses - 980 - 985 Total Capex AL excl. spectrum licenses of the Group 33,272 35,008 82,455 87,970
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26 3.16. Fair value of financial instruments – financial assets 3.17. Fair value of financial instruments – financial liabilities Amortized cost FVOCI (Level 1) FVTPL (Level 2) FVTPL (Level 3) Cash and cash equivalents 8,550 - - - 8,550 8,550 Bank deposits with original maturities over 3 months - - - - - - Cash-pool receivables 64,163 - - - 64,163 64,163 Trade receivables within one year 223,655 - - - 223,655 223,655 Trade receivables over one year 23,908 - - - 23,908 22,428 Derivative financial instruments contracted with related parties - - 82 - 82 82 Finance lease receivable 1,374 - - - 1,374 1,335 Equity instruments - 2,766 - 1,400 4,166 4,166 Other current financial receivables 960 - - - 960 960 Other non-current financial receivables 183 - - - 183 181 Total 322,793 2,766 82 1,400 327,041 325,520 Amortized cost FVOCI (Level 1) FVTPL (Level 2) FVTPL (Level 3) Cash and cash equivalents 14,429 - - - 14,429 14,429 Bank deposits with original maturities over 3 months 1,928 - - - 1,928 1,928 Cash-pool receivables 103,869 - - - 103,869 103,869 Trade receivables within one year 210,272 - - - 210,272 210,272 Trade receivables over one year 26,513 - - - 26,513 24,791 Derivative financial instruments contracted with related parties - - 1,032 - 1,032 1,032 Finance lease receivable 1,288 - - - 1,288 1,232 Equity instruments - 3,194 - 1,400 4,594 4,594 Other current financial receivables 608 - - - 608 608 Other non-current financial receivables 176 - - - 176 173 Total 359,083 3,194 1,032 1,400 364,709 362,929 September 30, 2026 HUF millions Financial assets Carrying amount Fair value December 31, 2025 HUF millions Financial assets Carrying amount Fair value Measured at amortized cost FVTPL (Level 2) FVTPL (Level 3) Financial liabilities to related parties 56,705 - - 56,705 57,927 Derivative financial instruments contracted with related parties - 4,124 - 4,124 4,124 Trade payables 141,128 - - 141,128 141,128 Frequency fee payable 102,437 - - 102,437 85,702 Bonds 69,775 - - 69,775 68,826 Lease liabilities 141,021 - - 141,021 130,439 Debtors' overpayment 1,350 - - 1,350 1,350 Other current financial liabilities 5,435 - - 5,435 5,435 Other non-current financial liabilities 651 - - 651 636 Total 518,502 4,124 - 522,626 495,567 Measured at amortized cost FVTPL (Level 2) FVTPL (Level 3) Financial liabilities to related parties 58,370 - - 58,370 61,800 Derivative financial instruments contracted with related parties - 59 - 59 59 Trade payables 165,816 - - 165,816 165,816 Frequency fee payable 91,118 - - 91,118 69,708 Bonds 69,519 - - 69,519 65,231 Lease liabilities 142,810 - - 142,810 127,633 Debtors' overpayment 1,387 - - 1,387 1,387 Other current financial liabilities 3,753 - - 3,753 3,753 Other non-current financial liabilities 2,435 - - 2,435 2,406 Total 535,208 59 - 535,267 497,793 September 30, 2026 HUF millions Financial liabilities Carrying amount Fair value December 31, 2025 HUF millions Financial liabilities Carrying amount Fair value
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27 3.18. EBITDA reconciliation 3.19. Adjusted profit attributable to owners of the parent reconciliation 3.20. Capex from Interim Consolidated Statement of Cash Flows Q3 2025 Q3 2025 Q3 2025 Q3 2026 Q3 2026 Q3 2026 (HUF millions) MT Group MT-Hungary North Macedonia MT Group MT-Hungary North Macedonia EBITDA 108,380 98,583 9,814 115,024 105,948 9,033 IFRS 16 related D&A (5,832) (5,568) (264) (5,960) (5,695) (265) IFRS 16 related Interest (1,937) (1,899) (38) (1,802) (1,758) (44) EBITDA after lease 100,611 91,116 9,512 107,262 98,495 8,724 Other D&A (unallocated) (29,431) n.a. n.a. (30,359) n.a. n.a. Other Financial result (unallocated) (3,606) n.a. n.a. (5,375) n.a. n.a. Profit before tax 67,574 n.a. n.a. 71,528 n.a. n.a. 1-9 months 2025 1-9 months 2025 1-9 months 2025 1-9 months 2026 1-9 months 2026 1-9 months 2026 (HUF millions) MT Group MT-Hungary North Macedonia MT Group MT-Hungary North Macedonia EBITDA 322,954 296,305 26,795 332,669 306,843 25,821 IFRS 16 related D&A (17,733) (16,945) (788) (17,633) (16,829) (804) IFRS 16 related Interest (5,576) (5,456) (120) (5,528) (5,393) (135) EBITDA after lease 299,645 273,904 25,887 309,508 284,621 24,882 Other D&A (unallocated) (89,156) n.a. n.a. (89,941) n.a. n.a. Other Financial result (unallocated) (10,774) n.a. n.a. (9,269) n.a. n.a. Profit before tax 199,715 n.a. n.a. 210,298 n.a. n.a. Q3 2025 Q3 2026 Change Change 1-9 months 2025 1-9 months 2026 Change Change (HUF millions) (%) (%) Profit attributable to the owners of the parent 55,333 59,495 4,162 7.5% 165,537 174,679 9,142 5.5% Changes in depreciation and amortization - - - - - - - - Changes in net financial result* (131) 1,928 2,059 n.m. 102 425 323 316.7% Changes in income tax - - - - - - - - Total adjusting factors (131) 1,928 2,059 n.m. 102 425 323 316.7% Adjusted profit attributable to owners of the parent 55,202 61,423 6,221 11.3% 165,639 175,104 9,465 5.7% * Related to unrealized FX gains and losses and derivative fair value changes 1-9 months 2025 1-9 months 2026 (HUF millions) MT Group MT Group Payments for PPE and intangible assets 75,589 91,711 Less spectrum payments - (550) Payments for PPE and intangible assets excl. spectrum payments 75,589 91,161 +/- Cash adjustments 6,866 (3,191) Capex AL excl. spectrum 82,455 87,970 ROU capex 19,273 19,313 Spectrum capex - 15,088 Capex 101,728 122,371
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28 3.21. Capex from Interim Consolidated Statement of Financial Position *Deviation versus segment Capex values may occur due to measurement differences. Q3 2025 Q3 2025 Q3 2025 Q3 2026 Q3 2026 Q3 2026 (HUF millions) MT Group MT-Hungary* North Macedonia* MT Group MT-Hungary* North Macedonia* Capex AL excl. spectrum licenses 33,272 30,570 2,702 35,008 31,773 3,235 ROU capex 7,607 7,371 236 8,778 8,583 195 Spectrum capex - - - - - - Capex 40,879 37,941 2,938 43,786 40,356 3,430 1-9 months 2025 1-9 months 2025 1-9 months 2025 1-9 months 2026 1-9 months 2026 1-9 months 2026 (HUF millions) MT Group MT-Hungary* North Macedonia* MT Group MT-Hungary* North Macedonia* Capex AL excl. spectrum licenses 82,455 72,474 9,981 87,970 79,914 8,056 ROU capex 19,273 18,673 600 19,313 18,535 778 Spectrum capex - - - 15,088 15,088 - Capex 101,728 91,147 10,581 122,371 113,537 8,834
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29 4. DECLARATION We the undersigned declare that to the best of our knowledge this report prepared in accordance with IFRS Accounting Standards as endorsed by the EU, gives a true and fair view of the assets, liabilities, financial position and profit or loss of Magyar Telekom Plc. and its consolidated undertakings. In addition, the report gives a fair view of the position, development and performanc e of Magyar Telekom Plc. and its consolidated undertakings and contains risk factors and uncertainties. Independent Auditor’s Report was not prepared on the quarterly financial report. Tibor Rékasi André Lenz Chief Executive Officer, member of the Board Chief Financial Officer, member of the Board Budapest, November 4, 2026 This investor news contains forward -looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projection s, and therefore should not have undue reliance placed upon them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward -looking statement. Such factors are described in, amo ng other things, our annual financial statements for the year ended December 31, 2025, available on our website at http://www.telekom.hu which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union.