- Growth momentum continues: Revenue up by 4.0%, adjusted EBITDA AL up by 3.2%, Net profit reached EUR 111.9m
- Accelerated market leading investments: EUR 181.7m invested in Q3 2025, with raised investment outlook, aiming to extend FTTH coverage to 1m households and businesses by the year-end
- Strong shareholder returns: EUR 158.0m distributed through combination of dividend and Share Buybacks
Hrvatski Telekom maintained its growth trajectory, delivering a 4.0% YoY revenue growth, supported by positive business developments across mobile and fixed service revenues as well as profitable system solutions business.
Adjusted EBITDA AL grew by 3.2% YoY, driven by solid top-line performance and ongoing transformation of the operating model which helped offset persistent costs and inflationary-related pressures.
Net profit after non-controlling interests grew by 4.8% YoY, with growth in adjusted EBITDA AL partly offset by increased depreciation and weaker net financial result.
Market leading investments in 9M 2025 reached EUR 181.7 million, up by 12.9% from the prior year. This demonstrates HT’s continuous commitment to building state-of-the-art fiber and mobile infrastructure across Croatia, with HT regularly investing over 20% of its revenues into advancing the country’s digitalization.
Strengthened network leadership
During the first nine months of the year, Hrvatski Telekom continued to expand the largest fiber‑to‑the‑home (FTTH) network in Croatia, increasing its footprint by over 20% year‑on‑year and bringing high‑speed connectivity to households and businesses nationwide -including rural areas. This ongoing expansion contributes to decreasing the digital gap and ensuring a digital platform which is the foundation for progress. The company remains on track to enable gigabit fiber speeds to 1 million households and businesses in Croatia by year-end.
Ongoing upgrades and optimization of 5G network have further enhanced mobile network performance, especially during the network-intensive summer months, ensuring a consistently top-quality customer experience. Hrvatski Telekom was once again recognized as a technology leader, as 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.
Investments in the critical infrastructure and by developing innovative solutions remains essential for the company and country’s economic growth and broader digital transformation. Despite challenging business environment, Hrvatski Telekom remains committed to executing its investment plans.
Investments in the critical infrastructure and by developing innovative solutions remains essential for the company and country’s economic growth and broader digital transformation. Despite challenging business environment, Hrvatski Telekom remains committed to executing its investment plans.
Revised year-end outlook
Hrvatski Telekom has raised its investment outlook to accelerate fiber rollout, targeting FTTH coverage of 1 million households and businesses by year-end. Consequently, company now expects CAPEX After Leases to increase around 10% year-over-year, compared to its previous guidance of low single-digits growth compared to 2024.
The remainder of the guidance is reaffirmed, with Hrvatski Telekom continuing to expect low single-digit growth in both revenue and EBITDA after leases. The Company’s approach to regional expansion remains unchanged, as it continues to evaluate potential M&A opportunities.
Attractive capital return for shareholders
In June, Hrvatski Telekom distributed a dividend of EUR 125.5 million for financial year 2024, which represents the highest payout since 2013 and an increase of 7.2% compared to the previous year.
During the first nine months of 2025, within the framework of the ongoing Share Buyback Program, the Company purchased additional 761,789 shares on the Zagreb Stock Exchange. On 30 September 2025, the total number of acquired shares amounted to 1,555,468, representing 1.99% of the Company’s issued share capital.
In total, EUR 158.0 million was returned to shareholders through dividends and share buybacks this year which is clear evidence of its sustained financial strength, disciplined capital management, and commitment to delivering long‑term shareholder value.
Commenting on the business results for 9M 2025, Nataša Rapaić, CEO of Hrvatski Telekom, stated:
“In the first nine months of the year, we continued to deliver strong results across key business areas, with the transformation of our operating model positively impacting our performance. Our market-leading investments have reached EUR 181.7 million, an increase of 12.9% year-on-year, confirming our commitment to invest in the future of Croatia’s digital infrastructure by building modern fiber and mobile networks that connect people and businesses, and the whole society.
We have further expanded the largest FTTH network in Croatia, growing our footprint by over 20% bringing high-speed fiber households and businesses, in both cities and rural areas. With these efforts by the whole company and dedication of our employees, we are on track to enable gigabit fiber network for one million households and businesses by end of the year. Continuous development of our 5G network and innovative solutions has resulted with excellent performance, as well as international recognition, while with our dedication to service and product quality we ensured that our customers enjoy the best customer experience.
Focusing on the application of innovative technologies is an important part of our plans, with AI-based solutions that we are already implementing in our operations, enabling the optimization of operational processes, a better understanding of customer needs, and increased energy efficiency. Through the infrastructure, services, and tools that we provide, we will continue to work on making AI available to everyone.
Our investments in key infrastructure, innovative technologies a customer experience are more than business decisions; they are an investment in the country’s economic growth and social progress. Even in a challenging environment, we remain focused on our mission: to connect Croatia and contribute to a more digital and productive, inclusive, and technologically more advanced society.”