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OTE Group: Revenues up 2.4% in Q2 2023

OTE Group announced positive results in the second quarter of 2023, with revenues up 2.4% and adjusted EBITDA up 0.9%. OTE said subscribers were up 7%, reaching 65% penetration.

“We pursued our trajectory of steady progress with positive momentum in the second quarter. OTE achieved significant performance improvements in the Greek market, which, as we had expected, witnessed increased competitive pressures. Another solid increase in mobile service revenues offset the drop in fixed resulting from customer-retention initiatives. Our fiber deployment is on track, and we are pleased with FTTH subscriber takeup, nearly double the penetration level reached one year ago, on a much larger base. “In a more supportive macroeconomic environment, we expect similar trends to continue in the second half of the year. We will maintain strict cost discipline to sustain our profitability and deliver on our commitments,”  Chairman & CEO, Michael Tsamaz, said commenting on the results.

OTE intends to pursue its investment strategy, focusing on the deployment of FTTH and 5G and remains committed to continuously enhancing its efficiency and streamlining its cost base, to support its profitability.

In Greece, OTE expects to maintain current trends in the second half of the year, supported by positive revenue trends in key segments and lower costs in certain categories.

For full year 2023, OTE management reiterates its Free Cash Flow guidance of approximately 500 million euros, reflecting higher income tax payments compared to 2022, lower financial expenses, stable Capex, and improvement in operating performance in Greece.