Unaudited interim report for the HT Group (January - December 2025)

26.2.2026

Growth momentum continues: revenue up by 3.6%, adjusted EBITDA AL up by 3.3%, Net profit up by 0.8%

• Revenue up by 3.6%, adjusted EBITDA AL up by 3.3%, Net profit up by 0.8%
• Market leading investments of EUR 268 million, up by 10.5%
• FTTH coverage reached 1 million households, a major strategic milestone
• EUR 160m returned to shareholders, the highest capital allocation since 2013

Hrvatski Telekom maintained its growth trajectory, delivering a 3.6% YoY revenue growth, supported by continued positive business developments across mobile and fixed service revenues as well as profitable growth in the System Solutions business.

Adjusted EBITDA AL increased by 3.3% YoY, reflecting resilient operational performance and continued transformation of operating model, despite ongoing salary and inflationary pressures.

Net profit after non-controlling interests reached EUR 143 million, remaining stable despite higher exceptional items related to restructuring and redundancies.

Market leading investments reached EUR 268.4 million, up by 10.5% YoY, underscoring HT’s continuous commitment to expanding state-of-the-art fiber and mobile infrastructure across Croatia, ensuring constant product and services development and strengthening the foundation for sustainable growth.

Hrvatski Telekom successfully delivered on its Outlook once again. Our strategic initiatives and strong financial performance position us well for continued growth and long-term value creation.

Strengthened network leadership

During the year, Hrvatski Telekom further expanded the largest fiber‑to‑the‑home (FTTH) network in Croatia, reaching coverage of 1 million households and businesses nationwide, including rural areas. This milestone significantly contributes to narrowing the digital gap and ensuring a digital platform which is the foundation for progress.

Our mobile network was once again recognized as the best in Croatia, confirmed by independent national research conducted by the Croatian Regulatory Authority for Network Industries (HAKOM). For the third consecutive year since the research was introduced, Hrvatski Telekom achieved the best overall performance across evaluated categories.

Hrvatski Telekom was also recognized as a technology leader at the European level. The Rijeka Gateway 5G campus network, where Hrvatski Telekom equipped the new port container terminal with a 5G network, was highlighted at the European Commission’s European Digital Connectivity Awards 2025 as one of Europe’s most innovative digital connectivity projects.

In addition, Hrvatski Telekom’s NextGen 5G Airports project was selected for co-financing under the European Commission’s Connecting Europe Facility (CEF) programme. It is only the fourth ever airport infrastructure-focused project to receive CEF Digital support. Upon completion, Croatia will gain its first three smart airports, powered by dedicated private 5G networks built by the consortium in which Hrvatski Telekom is mobile network operator and lead partner.

Market leading customer experience and brand leadership

Consistent investments, service and product quality, dedication to innovation and network leadership, supported by high employee engagement have resulted with improvements across all areas. Hrvatski Telekom once again delivered the best customer experience in the market, in both residential and business segment, as confirmed by the industry benchmark TRI*M. As a result of these efforts, Hrvatski Telekom strengthened its position as the #1 telecommunications brand in Croatia, reaffirming its reputation as the leading and most trusted telecommunications provider in the market.

Driving the ESG agenda

Hrvatski Telekom remains firmly committed to sustainable development, focusing on improving energy efficiency, digital inclusion, and creating long-term sustainable value. In 2025, energy intensity improved by 15% YoY, reflecting the tangible progress in increasing operational efficiency and reducing its environmental footprint.

To advance digital inclusion and education, Hrvatski Telekom launched the free AI education program ‘AI ti to možeš / You Can Do AI Too’, aimed at making artificial intelligence accessible to everyone and increasing AI literacy nationwide. By investing in knowledge and digital skills, Hrvatski Telekom is dedicated to ensuring technology serves everyone and delivers tangible benefits across all levels of society.

Executing our sustainability strategy on all fronts, and delivering on the ambitious targets, Hrvatski Telekom continued to receive recognitions in 2025. The Company was awarded the Croatian Sustainability Index (HRIO) award for the fifth year in a row, confirming our long-term dedication to responsible and sustainable business practices. In addition, Hrvatski Telekom received recognition from HANFA for exemplary corporate governance for the second consecutive year as well as two awards from Zagreb Stock Exchange, highlighting its key role in the domestic capital market.

Attractive capital return for shareholders

In 2025, Hrvatski Telekom returned EUR 159.7 million to shareholders through dividends and share buybacks, underscoring its sustained financial strength, disciplined capital management and commitment to long‑term shareholder value.

Changes to the Management Board

In November 2025, Hrvatski Telekom announced Boris Drilo, Management Board Member for Technology and Information Technology (CTIO), will be leaving the Company with effect as of 1 January 2026, and will be taking over the role of a member of the Deutsche Telekom Europe leadership team.

In January 2026, Ognjen Vukoslavović assumed the position of Management Board Member for Technology and Information Technology (CTIO), after last holding the leadership role of Director of the Field Services, Operations, and Rollout at Hrvatski Telekom.

Outlook for 2026

Despite the still-volatile environment, we expect to maintain our growth trajectory in 2026, with both revenue and Adjusted EBITDA AL projected to grow at a low single-digit rate.

Following the elevated investment cycle in previous years, CAPEX AL is expected to moderately decline at a low single-digit.

Our stance on regional expansion remains unchanged, as we diligently assess potential M&A opportunities.

Commenting on the business results for FY 2025, Nataša Rapaić, CEO of Hrvatski Telekom, stated:

“2025 was a year that had its share of challenges, from macroeconomic to business-related, but it was also a year in which we continued to successfully grow our business.

With once again by far the largest investments in the market, we confirmed our status as the best mobile network. By covering one million households with fiber, we reached an important strategic milestone and ensured the best service for our customers. We grew in both B2C and B2B, providing the best customer experience in both segments.

We continued our transformation applying solutions based on artificial intelligence, which we are integrating across various areas of our business. At the same time, we are developing innovative digital solutions that contribute to the growth of our customers’ businesses. What makes us particularly proud at Hrvatski Telekom is that solutions such as the private 5G network for Rijeka Gateway and the NextGen 5G Airports project have been recognized as examples of best practice - across Europe.

We further strengthened our position as the #1 telco brand and as a company engaged in important social issues such as digital inclusion. For this reason, we launched the national educational program “You can do AI too,” aimed at raising the level of AI literacy, understanding, and responsible use of artificial intelligence, which we believe offers numerous opportunities for the economy and society as a whole.

In 2026, we have a clear goal to: continue improving customer experience, building the most advanced networks, connecting, innovating, digitalizing, and systematicaly integrating AI, keep developing and growing sustainably by providing the best services and products, and creating opportunities for our customers and partners. The foundation of our further development, as well as customer satisfaction, rests on the satisfaction of our employees, whose dedication and engagement make all our achievements possible.”