Analysis of Hellenic Telecommunications (OTE) Share Repurchase Program: Scale, Timing, and Impact on Investment Value

Based on the collected data, I now provide you with a comprehensive analysis of Hellenic Telecommunications’ share repurchase program.

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Hellenic Telecommunications Organization S.A. (OTE), Greece’s largest telecom operator, has characterized its share repurchase program by scale and systematicity [1][2]. Throughout 2025, the company implemented a phased repurchase strategy, repurchasing a total of

of its own stock, with total expenditure of approximately and an average repurchase price of [1][3].

As of early January 2026, the company holds

, accounting for of total outstanding shares [2]. This ratio indicates that the company has adopted a continuous capital return strategy rather than a one-time large-scale repurchase.

Repurchase Phase	Time Period	Number of Shares	Average Price	Expenditure
Phase 1	January 1-10, 2025	116,369 shares	€14.89	€1.73M
Phase 2	February 28 - June 30, 2025	3,885,990 shares	€16.08	€62.49M
Phase 3	July 1 - August 5, 2025	1,268,454 shares	€15.54	€19.70M
Phase 4	December 29, 2025 - January 2, 2026	120,420 shares	€16.89	€2.03M
Full-Year Total	—	5,390,233 shares	€15.97	€86.07M

On June 23, 2025, OTE’s general meeting of shareholders approved a new

with the following features [1]:

• Repurchase Scale
  : Covers no more than
  10%
  of the company’s share capital
• Price Range
  : €1.0 to €30.0 per share
• Implementation Period
  : January 12, 2026 to January 12, 2028 (24 months)
• Repurchase Purposes
  : First, to cancel the repurchased shares; second, to grant shares to company management and employees of affiliated companies under the “OTE Share Incentive Plan”

OTE’s repurchase timing reflects a

[1][3]:

• 2025 stock price range:
  €14.08 - €17.89
• Average repurchase price:
  €15.97
  , accounting for
  99.8%
  of the average stock price
• The overall repurchase price is in the lower-mid range, indicating that the company actively entered the market during price corrections

• Q1 (January-March)
  : €14.89 - €16.08 (relatively low range)
• Q3-Q4 (July-December)
  : €15.54 - €16.89 (period of moderate price increase)

The company clearly increased repurchase efforts

(such as repurchasing nearly 3.9 million shares at an average price of €16.08 during Q2), and moderately reduced repurchase scale after the stock price rebounded (only 120,000 shares repurchased in Q4), demonstrating a sound .

Feature	Analysis Conclusion
Implementation Frequency	Continuous execution with no long interruptions
Single-Scale Repurchase	Flexibly adjusted, ranging from 116,000 shares to 3.88 million shares
Cumulative Effect	Multi-batch repurchases throughout the year to smooth market impact
Alignment with Financial Cycle	Coordinated with the release rhythm of quarterly financial reports

This

repurchase strategy effectively reduces market impact costs while maintaining the continuity of the company’s confidence signal to the market.

Share repurchases directly increase EPS by reducing the number of outstanding shares. Based on OTE’s financial data [4][5]:

• 2024 Net Profit
  : €478.8 million euros
• 2024 Total Share Capital
  : Approximately 400 million shares
• 2025 Repurchased Shares
  : 5.39 million shares (accounting for approximately
  1.35%
  of total share capital)

Assuming stable net profit, the repurchase will increase EPS by approximately

. Although the one-time impact seems limited, continuous repurchases over multiple years will generate a significant .

Indicator	Calculation/Analysis
2025 Repurchase Expenditure	€86.07 million
2024 Adjusted EBITDA	€1.346 billion euros
Repurchase Expenditure/EBITDA Ratio	Approximately 6.4%
Shareholder Return Intensity	Mid-to-high, reflecting an active capital return policy

OTE’s repurchase scale is at a

level relative to its cash flow generation capacity, indicating that the company has sufficient operating cash flow to support its shareholder return program.

Based on OTE’s 2024 financial report [4][5]:

• Net Debt
  : €643.4 million euros
• Net Debt/12-Month Adjusted EBITDA Ratio
  :
  0.5x
• Debt Maturity Arrangement
  : No bond maturities before September 2026 (€500 million 0.875% notes)
• Credit Status
  : Robust, with a leverage ratio at the lower end of the industry

The low debt level provides

for OTE to continuously implement large-scale share repurchases.

Share repurchases are widely regarded by the market as a signal that

[2][3]. OTE’s continuous large-scale repurchase program transmits the following information to the market:

1. Management Confidence
   : Believes the current stock price fails to reflect the company’s true value
2. Adequate Cash Flow
   : Proves the company has stable cash generation capacity
3. Shareholder-Oriented
   : Prioritizes shareholder returns over short-term expansion

Valuation Indicator	Current Level	Potential Impact of Repurchase
P/E (Price-to-Earnings Ratio)	Approximately 16-17x	May drive P/E down through EPS improvement
P/B (Price-to-Book Ratio)	Approximately 1.2-1.5x	Reduces net asset value per share by decreasing net assets
Dividend Yield	Stable	Repurchases replace part of the cash dividend function
Market Value Management	Active	Supports stock price and reduces price volatility

Based on data from the Athens Stock Exchange [6]:

• 2025 Stock Price Performance
  : Traded in the range of €14.08 to €17.89
• 2025 Cumulative Increase
  : Approximately
  +15.42%
• Performance Comparison
  : Outperformed some European telecom peers
• Volatility
  : Daily volatility of approximately 1.33%, relatively stable

OTE’s stock price performance reflects the market’s recognition of its

.

Based on data from the Hellenic Telecommunications and Post Commission (EETT) [7]:

Market Segment	OTE Market Share	Competitive Position
Fixed-Line Services	Approximately 62.2%	Absolute Dominance
Mobile Services (COSMOTE)	Approximately 47.8%	Market Leader
FTTH Coverage	1.7 million households and businesses	Industry Leader

Company	Repurchase Scale/Revenue Ratio	Features
Hellenic Telecommunications (OTE)	Approximately 6.4%	Continuous, stable
Average of European Peers	Approximately 4-8%	Depends on cash flow status
Global Telecom Average	Approximately 3-6%	Restricted by debt level

OTE’s repurchase intensity is at a

, reflecting its competitive advantage of .

1. Robust Cash Flow Generation Capacity
   : 2024 adjusted EBITDA reached €1.346 billion, providing a sustainable funding source for repurchases
2. Market Share Leadership
   : Holds absolute dominance in the Greek telecom market
3. Continuous Shareholder Returns
   : Multi-batch repurchase plans reflect emphasis on shareholder interests
4. Network Infrastructure Advantages
   : FTTH coverage for 1.7 million users, 5G coverage for 99% of the population
5. Reasonable Valuation Level
   : P/E ratio of approximately 16-17x, at the midpoint of the historical valuation range

1. Greek Macroeconomic Risk
   : As a regional company, it is affected by the Greek economic environment
2. Regulatory Policy Risk
   : The telecom industry is subject to price regulation by EETT
3. Intensified Competition Risk
   : Competitors such as Vodafone and NOVA continue to expand their efforts
4. Technology Iteration Costs
   : 5G and fiber optic network construction require continuous capital expenditure

OTE’s share repurchase program has a

impact on the company’s investment value:

• Short-Term
  : Supports the stock price through reducing outstanding shares and signal transmission effect
• Mid-Term
  : Continuously increases EPS and enhances shareholder returns
• Long-Term
  : Demonstrates the company’s financial health and management confidence

Combined with the company’s

, , and , OTE has for investors seeking .

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[1] Athens Stock Exchange - OTE S.A. Financial Report (2025 Six-Month Statement) (https://www.athexgroup.gr/sites/default/files/hermes_3/2025-08/en/80c34231-1306-4323-8342-311306b323bd/Financial report OTE S.A. (2025%2CSix-Month Statement%2CConsolidated).pdf)

[2] The Globe and Mail - OTE Buys Back 120,420 Shares Under 2025 Share Repurchase Programme (https://www.theglobeandmail.com/investing/markets/stocks/HLTOY/pressreleases/36898761/ote-buys-back-120-420-shares-under-2025-share-repurchase-programme/)

[3] London Stock Exchange - Purchase of own shares (https://www.londonstockexchange.com/news-article/OTES/purchase-of-own-shares/17398377)

[4] OTE Group Reports 2024 Fourth Quarter and Full Year Results (https://www.athexgroup.gr/sites/default/files/hermes/2025-02/a08190b1-0cd7-4f98-a62d-a3ac39d858e7/99_1355_2025_English_2.pdf)

[5] LinkedIn - OTE Group Financial Results Q4 & FY 2024 (https://www.linkedin.com/posts/ote-group-of-companies-hto_ote-group-financial-results-q4-fy-2024-activity-7300824570507227137-xcbG)

[6] Yahoo Finance - OTE.F Performance Overview (https://finance.yahoo.com/quote/OTE.F/)

[7] Ministry of Commerce of the People’s Republic of China - Country/Region Guide for Foreign Investment Cooperation: Greece (https://www.mofcom.gov.cn/dl/gbdqzn/upload/xila.pdf)

[8] Investing.com - OTE purchases 120,420 own shares as part of 2025 buyback program (https://za.investing.com/news/company-news/ote-purchases-120420-own-shares-as-part-of-2025-buyback-program-93CH-4045904)