Release of 11.02.2025

Earnings Update Q4 and full year 2024

Highlights Q4 and full year 2024 
  • 3.1% total revenue growth, driven by service revenue growth of 4.0%
  • 5.1% EBITDA growth, excluding one-offs, growth in all markets except Slovenia
  • Net result amounted to EUR 627mn (3% lower due to spin-off, +12.5% proforma)
  • Net debt excl. leases reduced by EUR 283 mn; Net debt excl. leases/EBITDAaL reduced to 0.2x at year-end 2024, net debt/EBITDA reducted to 1.1x
  • CAPEX decreased by 21% to EUR 865 mn due to savings and lower spectrum spend
  • Free Cash Flow of EUR 575 mn in FY 2024 (EUR 354 mn in 2023) despite higher lease payments following tower spin-off
  • Mobile subscriber growth of 7.4% y-o-y, RGU increase of 1.3% y-o-y

  • Q4 2024: Total revenues +7.8%, EBITDA +7.1% (+9.6% excl. one-offs)
  • Convergence in all seven core markets: Serbia started to offer fixed-line products in 2025
  • TOP ESG ratings: Sustainalytics' 2025 ESG Top-Rated Industry List
  • Dividend proposal for FY 2024: Increase of 11% to EUR 0.40 per share (2023: EUR 0.36)
  • Outlook 2025: Total revenue growth of 2-3%, CAPEX excl. spectrum of around EUR 850 mn