Hellenic Telecommunications Organization S.A.

Ladies and gentlemen, thank you for standing by. I am Mina, your Chorus Call Operator. Welcome and thank you for joining the Tech Conference Call and Live Webcast to present and discuss the third quarter and nine months 2024 financial results. All participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Kortas Nebis, CEO, OTEC Group, Mr. Babis Mazarakis, Chief Financial Officer, Mr. Panagiotis Gavrilidis, Chief Marketing Officer, Consumer Segment, OTEC Group, and Mr. Evriko Sarsendis, Head of IR and M&A. Mr. Nebis, you may now proceed.

Thank you, Nina. So greetings to all of you and welcome to our results call for the third quarter of 2024. Starting with Greece, we reported this morning a solid quarter of operations pretty much across the board, with revenues upping the most relevant activities and higher BDA, all achieved without benefit from the various initiatives and revenue drivers we discussed during our last quorum. The sports content selling agreement we signed with NOVA is boosting total subscriptions for the whole industry. We registered a sharp rise in subscriber numbers in the third quarter, with record net additions in September. And as we move into 2025, this will start contributing to our growth. We also expect stricter government measures against piracy to be adopted by the end of the year, facilitating a transition to legitimate TV offerings, and resulting in a higher market penetration. The too-much-talked-about gigabit voucher schemes, aiming at subsidizing take-up of high-speed connections and in building fiber cabling, were approved by the Greek government last week and will be implemented most probably before the end of this month. The two coupons will further boost FTTH take-up and at the same time cover part of FTTH's cabling costs. In conjunction with the government's decision to move the 5% broadband tax on FTTH connections of 100 Mbps and above, starting January 2025, as well as the fiber wholesale agreements recently signed with Vodafone and Nova, they will all contribute to the stronger monetization of our extended fiber infrastructure, and of course, to advancing the country's digitization. Speaking about the wholesale agreements, they have already started to speed up the pace of wholesale monetization of our infrastructure, a development that will become more evident in the coming periods. The developments, along with the ongoing mobile service revenue growth, pays fuel by more for more data tariff upselling and pre to post migration, as well as a rich pipeline of profitable system solution projects set the foundation for accelerating growth momentum moving into next year. In the meantime, we have started pushing harder at reducing non-sales physical volumes throughout our channels, accelerating the digitization of our sales and care transactions, and transforming our operating and production model. Our goal is to increase productivity and efficiency levels while we keep investing in our fixed and mobile networks to make sure they reach all potential customers and provide them with the very best customer experience available. Babis will go over some of our achievements of the last period. Since July, when I assumed this role at OTE, we conducted, along with the rest of the management team, a thorough review of our strategy, reflected on our current position, existing and upcoming challenges. We formulated a refreshed vision, restating our ambition and strategic priorities for OTE, looking towards 2030. We clearly want to transform OTE from the undisputed leader in the Greek telecommunications market into one of the top European digital telcos. putting Greece among the most digital developed countries in Europe and providing the best available infrastructure to all. And we aim to pursue our goals by focusing on our customers and on our people, creating an inspiring work environment for our teams to grow. It would be premature to present a strategic framework at this stage, but we are determined to do so in due time. Our plans are ambitious and deal with every aspect of our business. with every customer category, with the careers and well-being of our workforce and with the sustainability of our operations. They intend to leverage our membership within the larger Deutsche Telekom family and create even more value for our stakeholders. We are confident that our strategic plans represent the most effective means to leverage our strengths for the benefit of all. Before passing the mic to Babis for an overview of the third quarter, I want to say a few words about our operations in Romania. As you know, they have been facing challenges for a few years now. This is why we are satisfied to have reached a preliminary agreement with the two established market participants. This agreement should assure the future of the operations while allowing us to focus on our key strengths in Greece, where we enjoy a strong competitive advantage. Mavis, the floor is yours.

Thank you, Kostas. Our momentum continued in the third quarter as well. The pace of growth was slightly more moderate than in the first half of the year, reflecting lower wholesale revenues as well as the continued challenges in Romania.