Hellenic Telecommunications Organization S.A.

Ladies and gentlemen, thank you for standing by. I am Yota Yokoro's call operator. Welcome and thank you for joining the OTE conference call and live webcast to present and discuss the first quarter 2025 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. Costas Nebis, CEO, OTEC Group, Mr. Babis Mazarakis, Chief Financial Officer, Mr. Panagiotis Gavrilidis, Chief Marketing Officer, Consumer Segment, OTEC Group, and Mr. Evrikos Arsentis, Head of IR and M&A. Mr. Nebis, you may now proceed.

Thank you and good morning or good afternoon to all of you. Thank you for joining us today for OTEA's first quarter results for 2025. I'm pleased to report that we have made a solid start to the year 2025. Our first quarter results reflect the positive momentum we have been building as our strategy unfolds and we focus on accelerating our growth. In our home market, Greece, both revenues and EBITDA both showed increases year over year. with positive contribution across our core segments, mobile, TV, broadband and ICT. We are particularly encouraged by the sustained momentum in our mobile business. We continue to strengthen our market leadership, supported by solid trends in service revenues and postpaid customer growth. Our prepaid customers offer a substantial pool that we can grow from. At the same time, our efforts to enhance the prepaid offering are supporting the ARPU and long-term growth in the mobile business. In our fixed retail business, there are encouraging signs of stabilization this quarter after some period of decline. This improvement is fueled by strong adoption of fiber-to-the-home services supported by attractive fiber coupons available in the market. Continued investment in FTTH infrastructure remains central to our strategy, enabling ultra-fast, reliable broadband. Our newly launched fixed wireless services is expected to complement our broadband offering and support our performance in the coming months. It is important to be the first mover in high-speed broadband, and we are dedicating resources towards this direction that will secure our long-term performance. At the same time, our ICT segment posted another strong quarter on the back of our system solution business, supporting our B2B segment and the digital transformation of Greece's economy and public services. Our TV offering also delivered another strong quarter, achieving double-digit growth supported by our content partnership with Nova that drive both customer numbers and ARPU. This enriched offering continues to meet customer demand, while we look forward to the full implementation of the anti-piracy legislation approved earlier this year. Once in effect, this important regulatory step is expected to support markets' transition towards legitimate services benefiting both the industry and reinforcing OTE's position. Technological innovation remains a core pillar of our strategy. We continue to invest significantly in FTTH and 5G networks to deliver high-speed connectivity across the country. On the 5G front, we continue to advance our leadership by investing in 5G+, with COSMOTE operating the only commercially available 5G standalone network in Greece. Earlier this year, Greece was recognized as the leading country in Europe with the highest 5G standalone download speed a remarkable achievement that marks a significant step towards our vision to become Europe's leading digital telco, elevating risk to the forefront of digitization in Europe. In FTTH, we remain on track to pass 2.1 million homes by the end of this year, while network utilization continues to grow steadily, reflecting the strong customer demand both on the retail and wholesale fronts. On the back, of the wholesale partnership agreements with the key players in the market. These investments further solidify our network leadership, drive exceptional user experiences, and enhance customer loyalty, laying a strong foundation for long-term growth. Looking ahead, we reiterate our ambitious 2025 targets and remain focused on leveraging our core strengths to drive customer experience and sustainable value creation. With our strategic initiatives in place, we are taking decisive steps towards delivering long-term benefits for our customers, our people, and all our stakeholders. Before I hand over to Babis for a detailed review of our first quarter performance, I would like to share a few words on our new brand identity, COSMOTE Telecom, a major milestone that marks the beginning of an exciting new chapter for our company. By introducing the Telecom global brand, next to COSMOTE, we reinforce our position within a leading international group, enhancing our scale, visibility, and competitive edge in the Greek market. This strategic move strengthens our market presence, reinforces our commitment to innovation, and creates added value to our customers, our people, and of course, all our stakeholders. Last point from my side, and before Babis comes in, I would like to inform you regarding the disposal process of telecom mobile in Romania. Today, we have had another important step in the approval process since the Romanian Competition Authority published for consultation the remedies offered by Vodafone and Digi in the context of the transaction. Thank you for now, and Babis, the floor is yours.

Thank you, Costas, and welcome to everyone on the call, from me as well. Picking up the last point, of course, of the Romania, and before moving to the quarterly review, let me say a few words from the same process, which is an issue that has been a headwind for several quarters, and I know has been a black spot in our case. The disposal of TKRM progresses according to the projected timeline. Since this morning, the Romanian Competition Council published for presentation the commitments which were offered by the buyers and these commitments address the concerns that were expressed by the Competition Council. Therefore, this consultation will run for three weeks until June 2nd, and thereafter, we expect the Council to convene and issue the final decision, which most likely will pave the way to complete the disposal in the next couple of months. Now turning on our quarterly figures. On a group level, revenues remain relatively stable, as growth in Greece was almost offset by ongoing pressure in Romanian operations. Adjusted BDA after leases was up 1%, supported though by a solid 1.8% growth in Greek operations. Specifically for Greece, total revenues increased by 0.8% in the quarter driven by continued growth across mobile, TV, broadband, ICT services, which more than offset the continuing drop in wholesale revenues, while on the EBITDA front, we once again achieved solid growth of 1.0%, as I mentioned, for the last quarter. Adjusting for the impact of the sale of OTSAT last year, EBITDA growth would have been 1.9%, pretty close to our guidance for the whole year.