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Magyar Telekom Telecommunications Plc
Interim / Quarterly Report • Nov 12, 2025
2015_rns_2025-11-12_d5607104-3b90-437b-84d9-cf2e1ce35814.pdf
Interim / Quarterly Report
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MAGYAR TELEKOM
QUARTERLY FINANCIAL REPORT
ANALYSIS OF THE FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025
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Budapest – November 12, 2025 – Magyar Telekom (Reuters: MTEL.BU and Bloomberg: MTELEKOM HB, hereinafter: Company), the leading Hungarian telecommunications service provider, today reported its Consolidated financial results for the third quarter and first nine months of 2025, in accordance with IFRS Accounting Standards as adopted by the EU (hereinafter: quarterly financial report). The quarterly financial report contains unaudited figures for each reporting period.
TABLE OF CONTENTS
| 1. | . HIGHL | JGH1S | d |
|---|---|---|---|
| 2. | . MANA | IGEMENT REPORT | 5 |
| 2.1. | Consolidated IFRS Group Results | ||
| 2.1.1 | Group Profit and Loss | 5 | |
| 2.1.2 | Group Cash Flows | ||
| 2.1.3 | Consolidated Statements of Financial Position | 8 | |
| 2.1.4 | Related party transactions | 9 | |
| 2.1.5 | Contingencies and commitments | 9 | |
| 2.1.6 | Material events | 9 | |
| 2.2. | Segment reports | 10 | |
| 2.2.1 | MT-Hungary | 10 | |
| 2.2.2 | North Macedonia | 12 | |
| 3. | . APPE | NDIX | 13 |
| 3.1. | Basis of preparation and initial application, interpretations and amendments of IFRS Accounting Standards | 13 | |
| 3.2. | Macroeconomic environment and critical accounting estimates, climate disclosures | 13 | |
| 3.3. | Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income – quarterly year-on-year | ||
| comparis | son | ||
| 3.4. | Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income – year-to-date comparison | ||
| 3.5. | Revenue breakdown – quarterly year-on-year comparison | ||
| 3.6. | Revenue breakdown – year-to-date comparison | 16 | |
| 3.7. | Operating expenses breakdown – quarterly year-on-year comparison | ||
| 3.8. | Operating expenses breakdown – year-to-date comparison | ||
| 3.9. | Interim Consolidated Statement of Financial Position - Assets | ||
| 3.10. | Interim Consolidated Statement of Financial Position – Liabilities and Equity | ||
| 3.11. | Interim Consolidated Statement of Cash Flows | ||
| 3.12. | Net debt reconciliation to changes in Statement of Cash Flows | ||
| 3.13. | Interim Consolidated Statement of Changes in Equity | ||
| 3.14. | Exchange rate information | ||
| 3.15. | Segment information | ||
| 3.16. | Fair value of financial instruments – financial assets | ||
| 3.17. | Fair value of financial instruments – financial liabilities | ||
| 3.18. | EBITDA reconciliation | ||
| 3.19. | Adjusted profit attributable to owners of the parent reconciliation | ||
| 3.20. | Capex from Interim Consolidated Statement of Cash Flows | ||
| 3.21. | Capex from Interim Consolidated Statement of Financial Position | ||
| 1 | DECL / | A D A T I O N I | 27 |
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| Company name: | Magyar Telekom Plc. | Company address: E-mail address: |
H-1097 Budapest Könyves Kálmán krt. 36. [email protected] |
|---|---|---|---|
| IR contacts: | Position: | Telephone: | E-mail address: |
| Diána Párkányi-Várkonyi | Capital Market Relations Hub Lead | +36-1-481-7676 | [email protected] |
| Rita Walfisch | Investor Relations manager | +36-1-457-6084 | [email protected] |
| Gabriella Pászti | Investor Relations manager | +36-1-458-0332 | [email protected] |
1. HIGHLIGHTS
| Q3 2024 | Q3 2025 | Change | 1-9 months 2024 | 1-9 months 2025 | Change | |
|---|---|---|---|---|---|---|
| (HUF millions, except ratios) | (%) | (%) | ||||
| Revenue | 246,132 | 242,904 | (1.3%) | 710,968 | 725,827 | 2.1% |
| Operating profit | 62,187 | 73,117 | 17.6% | 172,772 | 216,065 | 25.1% |
| Profit attributable to: | ||||||
| 24.3% | 36.2% | |||||
| Owners of the parent | 44,504 | 55,333 | 49.0% | 121,544 | 165,537 | 31.5% |
| Non-controlling interests | 1,440 | 2,146 | 25.1% | 4,057 | 5,336 | 36.0% |
| 45,944 | 57,479 | 125,601 | 170,873 | |||
| Adjusted profit attributable to owners of the parent | 45,992 | 55,202 | 20.0% | 128,046 | 165,639 | 29.4% |
| Gross profit | 151,763 | 153,882 | 1.4% | 438,688 | 457,776 | 4.4% |
| EBITDA | 96,174 | 108,380 | 12.7% | 277,917 | 322,954 | 16.2% |
| EBITDA AL | 88,661 | 100,611 | 13.5% | 255,436 | 299,645 | 17.3% |
| Free cash flow | 108,491 | 179,845 | 65.8% | |||
| Free cash flow excl. spectrum licenses | 108,491 | 179,845 | 65.8% | |||
| Capex after lease | 23,474 | 33,272 | 41.7% | 69,777 | 82,455 | 18.2% |
| Capex after lease excl. spectrum licenses | 23,474 | 33,272 | 41.7% | 69,777 | 82,455 | 18.2% |
| Number of employees (closing full equivalent) | 6,763 | 6,550 | (3.1%) | |||
| Dec 31, 2024 | Sept 30, 2025 | Change | ||||
| (%) | ||||||
| Net debt | 335,681 | 292,857 | (12.8%) | |||
| Net debt / EBITDA | 0.92 | 0.72 | n.a. |
- Group revenue was 1.3% lower year-on-year (YoY) in Q3 2025 due to weaker System Integration and IT ('SI/IT') revenues and lower equipment sales. However, service revenues continued to grow supported by sustained demand for data and connectivity, which helped to offset the impact of the ViDaNet fixed-line subsidiary deconsolidation.
- Gross profit improved by 1.4% YoY in Q3 2025, thanks to a combination of higher telecommunication service revenues and lower bad debt and telecom tax expenses.
- EBITDA AL increased by 13.5% year-on-year in Q3 2025, attributable primarily to the improvements in gross profit and the absence of the supplementary telecommunication tax expense.
- Adjusted net income rose by 20.0% YoY to HUF 55.2 billion in Q3 2025, and by 29.4% YoY to HUF 165.6 billion in the first nine months of 2025, driven by the higher EBITDA contribution.
- Capex after lease in the first nine months of 2025 amounted to HUF 82.5 billion, an increase of 18.2% or HUF 12.7 billion YoY. This rise reflects continued strategic investments in the fixed and mobile networks across both countries of operation, reinforcing the Company's commitment to network quality and long-term competitiveness. It also includes a higher asset retirement obligation in Hungary.
- Free cash flow increased by HUF 71.4 billion YoY to HUF 179.8 billion in the first nine months of 2025. Improvement is primarily attributable to strong growth in the profit level, positive working capital developments and cash inflow from the sale of ViDaNet.
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Tibor Rékasi, Magyar Telekom CEO, commented:
"I am pleased to report on our continued progress on strategic priorities in the third quarter. We have advanced the rollout of our gigabit network, enabling more customers to enjoy gigabit speeds and superior connectivity. Our focus on service quality and customer satisfaction also guided the refresh of our fixed portfolio in September, giving customers the flexibility to tailor their core services with add-ons – just as they can with our mobile offering.
These efforts are reflected in our third-quarter results, where we delivered 2% growth in service revenue and a robust 13.5% increase in EBITDA AL. Both were driven by sustained demand for data and connectivity, confirming that our ongoing investments in gigabit infrastructure are delivering tangible results."
Guidance:
| 2024 Actual | Guidance for 2025 | |
|---|---|---|
| Revenue | HUF 967.5 billion | 1% - 3% growth |
| EBITDA AL | HUF 333.1 billion | ca. 15% growth |
| Adjusted net income | HUF 162.6 billion | at least HUF 200 billion |
| FCF1 | HUF 165.1 billion | at least HUF 200 billion |
1Excluding spectrum licenses
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2. MANAGEMENT REPORT
2.1. Consolidated IFRS Group Results
2.1.1Group Profit and Loss
| Q3 2024 | Q3 2025 | Change | Change (%) |
1-9 months 2024 |
1-9 months 2025 |
Change | Change (%) |
|
|---|---|---|---|---|---|---|---|---|
| (HUF millions) | ||||||||
| Mobile revenue | 145,021 | 144,806 | (215) | (0.1%) | 416,577 | 428,599 | 12,022 | 2.9% |
| Fixed line revenue | 77,369 | 77,517 | 148 | 0.2% | 226,826 | 232,137 | 5,311 | 2.3% |
| SI/IT revenue | 23,742 | 20,581 | (3,161) | (13.3%) | 67,565 | 65,091 | (2,474) | (3.7%) |
| Revenue | 246,132 | 242,904 | (3,228) | (1.3%) | 710,968 | 725,827 | 14,859 | 2.1% |
| Direct costs | (94,369) | (89,022) | 5,347 | 5.7% | (272,280) | (268,051) | 4,229 | 1.6% |
| Gross profit | 151,763 | 153,882 | 2,119 | 1.4% | 438,688 | 457,776 | 19,088 | 4.4% |
| Indirect costs | (55,589) | (45,502) | 10,087 | 18.1% | (160,771) | (134,822) | 25,949 | 16.1% |
| EBITDA | 96,174 | 108,380 | 12,206 | 12.7% | 277,917 | 322,954 | 45,037 | 16.2% |
| Depreciation and amortization | (33,987) | (35,263) | (1,276) | (3.8%) | (105,145) | (106,889) | (1,744) | (1.7%) |
| Operating profit | 62,187 | 73,117 | 10,930 | 17.6% | 172,772 | 216,065 | 43,293 | 25.1% |
| Net financial result | (8,410) | (5,543) | 2,867 | 34.1% | (24,115) | (16,350) | 7,765 | 32.2% |
| Share of associates' and joint ventures' results | - | - | - | - | - | - | - | n.a. |
| Profit before income tax | 53,777 | 67,574 | 13,797 | 25.7% | 148,657 | 199,715 | 51,058 | 34.3% |
| Income tax | (7,833) | (10,095) | (2,262) | (28.9%) | (23,056) | (28,842) | (5,786) | (25.1%) |
| Profit for the period | 45,944 | 57,479 | 11,535 | 25.1% | 125,601 | 170,873 | 45,272 | 36.0% |
| Profit attributable to non-controlling interests | 1,440 | 2,146 | 706 | 49.0% | 4,057 | 5,336 | 1,279 | 31.5% |
| Profit attributable to owners of the parent | 44,504 | 55,333 | 10,829 | 24.3% | 121,544 | 165,537 | 43,993 | 36.2% |
Total revenue declined by 1.3% year-on-year, amounting to HUF 242.9 billion in Q3 2025 as the continued growth in telecommunication service revenue driven by further uptake of mobile data and fixed broadband services was offset by the YoY decline in SI/IT revenue and lower equipment sales.
- Mobile revenue remained broadly unchanged year-on-year, amounting to HUF 144.8 billion in Q3 2025, as the positive impact of the continued growth in mobile data revenue was offset by the decline in mobile equipment sales.
- Voice retail revenue was stable year-on-year at HUF 36.1 billion in Q3 2025, reflecting broadly similar usage levels YoY.
- Voice wholesale revenue declined by 3.6% year-on-year to HUF 1.8 billion in Q3 2025 due to the lower international incoming traffic volumes at the North Macedonian operation.
- Data revenue rose by 7.9% year-on-year to HUF 63.7 billion in Q3 2025, driven primarily by the continued growth in usage levels.
- SMS revenue was 4.2% lower year-on-year, amounting to HUF 7.2 billion in Q3 2025, due to some decline in usage among the residential customer base at the Hungarian operation.
- Mobile equipment revenue was down 11.4% year-on-year, amounting to HUF 30.0 billion in Q3 2025, reflecting a YoY decline in revenues from third party export sales coupled with lower handset sales volumes at the Hungarian operation.
- Other mobile revenue decreased by 10.5% year-on-year to HUF 6.0 billion in Q3 2025, driven by lower interest income in relation to earlier periods' equipment sale on installment.
- Fixed line revenue remained at the same level year-on-year, amounting to HUF 77.5 billion in Q3 2025 as a combined impact of increases in fixed broadband and equipment revenues offset by lower voice retail and TV revenues, both partially reflecting the deconsolidation impact of ViDaNet.
- Voice retail revenue decreased by 9.5% year-on-year to HUF 8.3 billion in Q3 2025, driven by the erosion in the customer base and lower usage level in Hungary.
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- Broadband retail revenue increased by 3.0% year-on-year to HUF 30.0 billion in Q3 2025, as the revenue growth from the continued expansion of the customer base coupled with further increases in ARPU levels at both operations outweighed the negative impact stemming from the deconsolidation of ViDaNet.
- TV revenue was lower by 6.1% year-on-year, amounting to HUF 19.5 billion in Q3 2025, due to the combined result of some underlying price erosion and a drop in the customer base in Hungary. Reduction in the subscriber base reflects the impacts of the phase-out of the satellite TV service and the deconsolidation of ViDaNet, which combined, offset the YoY growth in the IPTV user base.
- Fixed equipment revenue was up by 19.3% year-on-year, amounting to HUF 6.0 billion in Q3 2025, driven by seasonal promotions at the Hungarian operation.
- Data, wholesale and other fixed line revenue rose by 3.4% year-on-year to HUF 13.7 billion in Q3 2025, thanks to the continued increase in leased line fixed internet service revenue at the Hungarian operation.
- System Integration and IT revenue was lower by 13.3% year-on-year, amounting to HUF 20.6 billion in Q3 2025. The decline was driven by lower volume of asset sale projects in the Hungarian operation, the absence of positive impact from some major projects that were delivered in the base period, as well as different seasonality.
Direct costs were lower by 5.7% year-on-year, at HUF 89.0 billion in Q3 2025, as a result of lower SI/IT service-related as well as equipment costs which were also coupled with a decline in bad debt and telecom tax expenses.
- Interconnect costs were lower by 3.4% year-on-year, amounting to HUF 4.9 billion in Q3 2025.
- SI/IT service-related costs were lower by 18.8% YoY, amounting to HUF 13.9 billion in Q3 2025, in line with the year-on-year lower project volumes.
- Impairment losses and gains on financial assets and contract assets (bad debt expenses) improved by 24.3% YoY to HUF 2.8 billion in Q3 2025, thanks to more favorable aging of the receivables compared to the base period.
- Telecom tax declined by 3.4% year-on-year, amounting to HUF 5.9 billion in Q3 2025, primarily due to the lower mobile voice traffic generated by business customers.
- Other direct costs were lower by 1.4% year-on-year, amounting to HUF 61.5 billion in Q3 2025, driven by the lower equipment sales related costs.
Gross profit improved by 1.4% year-on-year to HUF 153.9 billion in Q3 2025, thanks to the higher service revenue contribution, lower bad debt and decline in telecom tax expenses.
Indirect costs were lower by 18.1% or HUF 10.1 billion year-on-year, at HUF 45.5 billion in Q3 2025, reflecting the positive impact from the elimination of the supplementary telecommunication tax and lower employee-related expenses, which more than offset the moderate increase in the other indirect costs.
- Employee-related expenses were lower by 4.3% year-on-year, amounting to HUF 24.3 billion in Q3 2025, as the impacts of wage increase in effect from March 2025 at the Hungarian operation and from April 2025 at the North Macedonian operation were offset by the lower level of bonus accruals.
- Supplementary telecommunication tax was eliminated effective from January 1, 2025, resulting in a HUF 9.2 billion improvement year-on-year in Q3 2025.
- Other operating expenses (excluding supplementary telecommunication tax) increased moderately year-on-year, amounting to HUF 22.7 billion in Q3 2025, as the reduction in energy expenses coupled with the positive impacts from efficiency measures could mostly compensate for the inflationary price pressure impacting several cost lines.
- Other operating income amounted to HUF 1.5 billion in Q3 2025.
EBITDA increased by 12.7% year-on-year to HUF 108.4 billion in Q3 2025, driven by the improvement in gross profit coupled with lower indirect costs; EBITDA AL was up by 13.5% year-on-year to HUF 100.6 billion in Q3 2025.
Depreciation and amortization ('D&A') expenses amounted to HUF 35.3 billion in Q3 2025, in line with previous tendencies.
Profit for the period rose by 25.1% year-on-year to HUF 57.5 billion in Q3 2025, driven primarily by the growth in EBITDA.
- Net financial resultimproved from a loss of HUF 8.4 billion in Q3 2024 to a loss of HUF 5.5 billion in Q3 2025. Year-on-year lower net interest expense was primarily attributable to a reduction in the overall debt levels as well as higher interest received related to the liquidity balances. The favorable change in other finance expense year-on-year primarily reflects the more favorable FX change-related results.
- Income tax expenses were up by 28.9% year-on-year at HUF 10.1 billion in Q3 2025, driven by the year-on-year higher profit levels.
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Profit attributable to non-controlling interests increased by 49.0% or HUF 0.7 billion year-on-year, amounting to HUF 2.1 billion in Q3 2025, reflecting the YoY improvement in the underlying operation coupled with the absence of one-off expense that negatively impacted the results in Q3 2024 at the North Macedonian operation.
Adjusted net income (adjusted profit attributable to owners of the parent) was up at HUF 55.2 billion in Q3 2025 and increased to an overall HUF 165.6 billion in the first nine months of 2025.
2.1.2Group Cash Flows
| HUF millions | 1-9 months 2024 | 1-9 months 2025 | Change |
|---|---|---|---|
| Net cash generated from operating activities | 208,799 | 271,313 | 62,514 |
| Net cash used in investing activities | (58,540) | (70,765) | (12,225) |
| Less: (Payments for) / Proceeds from other financial assets | (15,816) | 4,530 | 20,346 |
| Investing cash flow excluding Payments for / Proceeds | |||
| from other financial assets - net | (74,356) | (66,235) | 8,121 |
| Repayment of lease and other financial liabilities | (25,952) | (25,233) | 719 |
| Free cash flow | 108,491 | 179,845 | 71,354 |
| (Payments for) / Proceeds from other financial assets - net | 15,816 | (4,530) | (20,346) |
| Proceeds from / (Repayment of) loans and other borrowings - net | (62,419) | (46,654) | 15,765 |
| Dividends paid to Owners of the parent and Non-controlling interests | (47,749) | (97,397) | (49,648) |
| Treasury share purchase | (22,363) | (40,789) | (18,426) |
| Exchange differences on cash and cash equivalents | 265 | (536) | (801) |
| Change in cash and cash equivalents | (7,959) | (10,061) | (2,102) |
Free cash flow (FCF) amounted to HUF 179.8 billion cash inflow in the first nine months of 2025 (the first nine months of 2024: HUF 108.5 billion cash inflow) mainly due to the reasons described below.
Operating cash flow
Net cash generated from operating activities significantly improved to a cash inflow of HUF 271.3 billion in the first nine months of 2025, compared to cash inflow of HUF 208.8 billion in the first nine months of 2024, attributable to the reasons outlined as follows:
- HUF 45.0 billion positive impact due to higher EBITDA in the first nine months of 2025.
- HUF 13.3 billion positive change in active working capital, mainly as a result of:
- favorable change in net portfolio of installment receivables in the first nine months of 2025 compared to the first nine months of 2024 (positive impact ca. HUF 8.1 billion) as a result of lower handset-related sales volume,
- the improvement in the aging of receivables led to favorable change in the balances of telecommunication customer related trade receivables in Hungary (positive impact: ca. HUF 6.9 billion),
- favorable change in receivables from taxes not related to income taxes (positive impact: ca. HUF 3.1 billion) mainly due to elimination of supplementary telecommunication tax from 2025,
- unfavorable change in handset inventory balances in Hungary in the first nine months of 2025 compared to the first nine months of 2024 (negative impact: ca. HUF 5.4 billion) primarily due to different within-year procurement dynamics.
- HUF 2.2 billion negative change in provisions, mainly reflecting higher employee-related provision payouts in the first nine months of 2025 compared to the first nine months of 2024.
- HUF 12.6 billion positive change in passive working capital, primarily driven by favorable change in the balances of handset creditors mainly in Hungary (positive impact: ca. HUF 12.0 billion) due to different seasonality in the first nine months of 2025 compared to the first nine months of 2024.
- HUF 11.2 billion negative change in income taxes paid in the first nine months of 2025 compared to the first nine months of 2024, mainly reflecting higher local business tax and higher corporate income tax payment due to improving profit figures.
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- HUF 3.2 billion positive change in interest and other financial charges paid in the first nine months of 2025 compared to the first nine months of 2024, mainly reflecting the lower level of the loan portfolio and different timing of interest payment.
- HUF 1.6 billion positive change in interest received in the first nine months of 2025 compared to the first nine months of 2024 due to more favorable liquidity positions.
- No material YoY changes in other non-cash items, as the significant foreign exchange rate movements leading to higher FX gains counterbalanced the impacts of one-off gains on the sale of PPEs and subsidiary, ViDaNet in the first nine months of 2025 versus the first nine months of 2024.
Investing cash flow excluding payments for / proceeds from other financial assets – net
Net cash used in investing activities amounted to HUF 66.2 billion in the first nine months of 2025, compared to HUF 74.4 billion in the first nine months of 2024.
Payment for property plant and equipment and intangible assets increased by HUF 0.6 billion YoY reflecting higher investments in fiber rollout partly offset by lower payments for PPE and intangible assets and lower outpayments to Capex creditors in Hungary.
Proceeds from disposal of PPE and intangible asset increased by HUF 1.5 billion YoY thanks to real-estate sales in Hungary that resulted in a positive effect during the first nine months of 2025.
The sale of subsidiary, ViDaNet resulted HUF 7.6 billion one-off positive cash flow effect. The sales price was partly settled by loan assignment between the parties classified as a non-cash transaction amounting to HUF 6.4 billion, which was eliminated between the Investing and Financing part of the Consolidated Statement of Cash flows. At the date of loss of control, the amount of cash and cash equivalents in ViDaNet was HUF 45 million. The cash flow from disposal of ViDaNet is presented net of cash and cash equivalents disposed of.
Repayment of lease and other financial liabilities
Repayment of lease and other financial liabilities improved to HUF 25.2 billion in the first nine months of 2025 from HUF 26.0 billion in the first nine months of 2024, primarily driven by the absence of cash outflow related to trade payables with extended payment term.
Cash and cash equivalents deteriorated by HUF 2.1 billion in the first nine months of 2025 compared to the first nine months of 2024. Besides the favorable change in FCF the deterioration in Cash and cash equivalents is attributable to the followings:
- Proceeds from loans and other borrowings deteriorated by HUF 53.2 billion due to combined effect of the lower drawdown of DT Group loans and the increase of proceeds from inhouse DT Group funds in the first nine months of 2025 compared to the first nine months of 2024.
- Repayments of loans and other borrowings improved by HUF 69.0 billion due to the decrease of repayments of DT Group loans partly mitigated by the higher level of repayments of inhouse DT Group funds in the first nine months of 2025 compared to the first nine months of 2024.
- HUF 18.4 billion higher cash outflow related to treasury share purchase in the first nine months of 2025 compared to the first nine months of 2024.
- HUF 49.6 billion higher dividend was paid in the first nine months of 2025 versus the first nine months of 2024.
- Exchange differences on cash and cash equivalents deteriorated by HUF 0.8 billion due to the MKD/HUF foreign exchange rate movement during the first nine months of 2025 versus the first nine months of 2024.
The financial and operating statistics are available on the following website: http://www.telekom.hu/about\_us/investor\_relations/financial
2.1.3Consolidated Statements of Financial Position
The most significant changes in the balances of the Consolidated Statements of Financial Position from December 31, 2024 to September 30, 2025 (see Appendix 3.9 and 3.10) can be observed in the following lines:
- Trade receivables within one year
- Other financial assets (current and non-current combined)
- Assets held for sale
- Other intangible assets
- Trade payables
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- Other liabilities (current and non-current combined)
- Treasury stock
Trade receivables within one year decreased by HUF 9.3 billion from December 31, 2024 to September 30, 2025 mainly driven by device sales fluctuation led to decrease of installment and SI/IT receivables due to seasonality.
Other financial assets (current and non-current combined) increased by HUF 45.7 billion from December 31, 2024 to September 30, 2025 thanks to HUF 46.4 billion increase in cash pool receivables.
Assets held for sale decreased by HUF 2.1 billion from December 31, 2024 to September 30, 2025 mainly due to the sale of the usage right of 2x5 MHz frequency block in the 2100 MHz band to Yettel Hungary Ltd. coupled with real-estate sale.
Other intangible assets declined by HUF 21.9 billion from December 31, 2024 to September 30, 2025, reflecting the amortization and shortening of useful life of some software.
Trade payables decreased by HUF 24.4 billion from December 31, 2024 to September 30, 2025 reflecting a decrease in outstanding balances to handset, SI/IT, Capex and OPEX suppliers.
Other liabilities (current and non-current combined) decreased by HUF 9.8 billion from December 31, 2024 to September 30, 2025, reflecting mainly the elimination of supplementary telecommunication tax liability.
Treasury stock increased from December 31, 2024 to September 30, 2025 as a result of HUF 40.8 billion purchase of total of 22,821,515 Magyar Telekom ordinary shares.
There has not been any other material change in the items of the Consolidated Statement of Financial Position in the period from December 31, 2024 to September 30, 2025. The less significant changes in balances of the Consolidated Statements of Financial Position are largely explained by the items of the Consolidated Statement of Cash Flows for 2025 and the related explanations provided above in section 2.1.2 Group Cash Flows. The changes in Equity are disclosed in the Equity movement table in section 3.13 Consolidated Statements of Changes in Equity.
2.1.4 Related party transactions
The significant changes in the volume of related party transactions have been disclosed in sections 2.1.2 Group Cash Flows and 2.1.3 Consolidated Statement of Financial Position. There have not been any other significant changes in related party transactions since the most recent annual financial report.
2.1.5 Contingencies and commitments
Contingent assets
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence of uncertain future events not within the control of the Group. These assets are not recognized in the statement of financial position. The Group has no contingencies where the inflow of economic benefits would be probable and material.
Contingent liabilities
No provision has been recognized for these cases as management estimates that it is unlikely that these claims originating from past events would result in any material economic outflows from the Group, or the amount of the obligation cannot be measured with sufficient reliability. The Group has no contingencies where the outflow of economic benefits would be probable and material.
Guarantees
Magyar Telekom is also exposed to risks that arise from the possible drawdown of guarantees that in aggregation amounted to a nominal amount of HUF 17.7 billion as at December 31, 2024. The guarantees were issued as collateral to secure the fulfillment of the Group's certain contractual or tender-related obligations.
The Group has been doing its best to deliver on its contractual obligations and expects to continue to do so in the future. Even so disputes may emerge from time to time with our partners and sometimes these can result in the drawdown of the guarantees. These utilizations of the guarantees are not related and have no significant effect on the solvency of the Group.
Commitments
There has been no material change in the nature and amount of our commitments in 2025.
2.1.6Material events
For any material event that occurred between the end of the quarter (September 30, 2025) and the date of publishing this quarterly financial report, please see our Investor Relations website:
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http://www.telekom.hu/about\_us/investor\_relations/investor\_news
2.2. Segment reports
From 2020 the Chief Executive Officer (CEO) and the other Chief Officers together (Chief Officers) fulfill the chief operating decision maker (CODM) function in the Group. The Group's segments are reported in a manner consistent with the internal reporting provided to the CODMs, the key management of Magyar Telekom Plc. The Chief Officers assess the performance of the Group and make their decisions. Magyar Telekom's operating segments are: MT-Hungary and North Macedonia.
The MT-Hungary segment operates in Hungary, providing mobile and fixed line telecommunications, TV distribution, information communication and system integration services to millions of residential and business customers under the Telekom brand. Residential, Small and Medium sized business as well as business customers (corporate and public sector customers) are now served by the unified Telekom brand. The MT-Hungary segment is also responsible for the wholesale of mobile and fixed line services within Hungary, and performs strategic and cross-divisional management, as well as support functions on behalf of the Group, including Procurement, Treasury, Real Estate, Accounting, Tax, Legal and Internal Audit. This segment is also responsible for the Group's points of presence in Bulgaria and Romania, where it primarily provides wholesale services to local companies and operators.
The North Macedonia segment is responsible for the Group's full-scale mobile and fixed line telecommunications operations in North Macedonia.
The following tables present financial information related to these reportable segments. Such information is regularly provided to the Company's Management and reconciled with the corresponding Group numbers. This information includes several key indicators of profitability that are considered for the purposes of assessing performance and allocating resources. It is the Management's belief that Revenue, EBITDA, EBITDA AL and Capex, Capex AL are the most appropriate indicators for monitoring each segment's performance and are most consistent with how the Group's results are reported in the statutory financial statements.
2.2.1MT-Hungary
| HUF millions | Q3 2024 | Q3 2025 | Change | Change (%) |
1-9 months 2024 |
1-9 months 2025 |
Change | Change (%) |
|---|---|---|---|---|---|---|---|---|
| Voice | 33,788 | 33,785 | (3) | (0.0%) | 97,712 | 100,343 | 2,631 | 2.7% |
| Non-voice | 61,362 | 65,105 | 3,743 | 6.1% | 175,443 | 191,163 | 15,720 | 9.0% |
| Equipment | 31,088 | 27,160 | (3,928) | (12.6%) | 89,823 | 83,985 | (5,838) | (6.5%) |
| Other mobile revenue | 5,807 | 5,138 | (669) | (11.5%) | 15,108 | 13,914 | (1,194) | (7.9%) |
| Mobile revenue | 132,045 | 131,188 | (857) | (0.6%) | 378,086 | 389,405 | 11,319 | 3.0% |
| Voice retail | 7,912 | 7,068 | (844) | (10.7%) | 23,580 | 21,748 | (1,832) | (7.8%) |
| Broadband retail | 27,236 | 27,977 | 741 | 2.7% | 78,068 | 83,883 | 5,815 | 7.4% |
| TV | 19,390 | 18,040 | (1,350) | (7.0%) | 56,678 | 54,744 | (1,934) | (3.4%) |
| Equipment | 4,967 | 5,938 | 971 | 19.5% | 14,937 | 16,163 | 1,226 | 8.2% |
| Other | 11,065 | 11,458 | 393 | 3.6% | 33,197 | 34,939 | 1,742 | 5.2% |
| Fixed line revenue | 70,570 | 70,481 | (89) | (0.1%) | 206,460 | 211,477 | 5,017 | 2.4% |
| SI/IT revenue | 23,243 | 20,138 | (3,105) | (13.4%) | 66,361 | 63,680 | (2,681) | (4.0%) |
| Revenue | 225,858 | 221,807 | (4,051) | (1.8%) | 650,907 | 664,562 | 13,655 | 2.1% |
| Direct costs | (88,950) | (82,993) | 5,957 | 6.7% | (255,003) | (249,716) | 5,287 | 2.1% |
| Gross profit | 136,908 | 138,814 | 1,906 | 1.4% | 395,904 | 414,846 | 18,942 | 4.8% |
| Indirect costs | (40,262) | (40,231) | 31 | 0.1% | (115,869) | (118,541) | (2,672) | (2.3%) |
| Supplementary telecommunication tax | (9,150) | - | 9,150 | n.a. | (27,144) | - | 27,144 | n.a. |
| EBITDA | 87,496 | 98,583 | 11,087 | 12.7% | 252,891 | 296,305 | 43,414 | 17.2% |
| EBITDA AL | 80,284 | 91,116 | 10,832 | 13.5% | 231,318 | 273,904 | 42,586 | 18.4% |
| Segment Capex AL excl. spectrum licenses Spectrum licenses |
21,077 - |
30,570 - |
9,493 - |
45.0% - |
63,169 - |
72,474 - |
9,305 - |
14.7% - |
{10}------------------------------------------------
| September 30 | September 30 | Change | |
|---|---|---|---|
| Operational statistics – access numbers | 2024 | 2025 | (%) |
| Number of SIM cards | 6,389,399 | 6,568,925 | 2.8% |
| Postpaid share in total | 59.2% | 57.4% | n.a. |
| Total fixed voice access | 1,214,314 | 1,134,225 | (6.6%) |
| Total retail fixed broadband customers | 1,636,872 | 1,648,872 | 0.7% |
| Total TV customers | 1,440,261 | 1,389,733 | (3.5%) |
| Operational statistics – ARPU (HUF) | Q3 2024 | Q3 2025 | Change | 1-9 months | 1-9 months | Change |
|---|---|---|---|---|---|---|
| (%) | 2024 | 2025 | (%) | |||
| Blended mobile ARPU | 4,961 | 5,017 | 1.1% | 4,772 | 4,974 | 4.2% |
| Postpaid ARPU | 7,778 | 8,080 | 3.9% | 7,404 | 7,971 | 7.7% |
| Prepaid ARPU | 1,458 | 1,607 | 10.2% | 1,378 | 1,515 | 9.9% |
| M2M ARPU | 251 | 284 | 12.9% | 252 | 258 | 2.4% |
| Blended fixed voice ARPU | 2,152 | 2,060 | (4.3%) | 2,107 | 2,071 | (1.7%) |
| Blended fixed broadband ARPU | 5,520 | 5,631 | 2.0% | 5,318 | 5,595 | 5.2% |
| Blended TV ARPU | 4,496 | 4,342 | (3.4%) | 4,393 | 4,333 | (1.4%) |
Total revenue for the MT-Hungary segment declined by 1.8% year-on-year to HUF 221.8 billion in Q3 2025, as the continued increase in mobile data and fixed broadband revenues was mitigated by declines in voice, TV, equipment sales and SI/IT revenue. In the first nine months of 2025, total revenue was up by 2.1% YoY, still reflecting the impact of the inflation-based fee adjustment implemented in March 2024.
- Mobile revenue was down moderately year-on-year in Q3 2025, driven primarily by the lower revenues from equipment sales that offset the continued increase in mobile data revenues. With voice revenue stable year-on-year, service revenue growth continued to be fueled by the higher mobile data revenues stemming from increasing mobile data usage and expansion of the residential user base. Equipment sales revenue decline YoY was due to lower handset sales volumes in the operation as well as lower revenue from third party export sales.
- Fixed line revenue was broadly stable year-on-year in Q3 2025, with improvement in broadband revenues and higher equipment sales revenues offsetting the decline in voice and TV revenues and the deconsolidation impact of ViDaNet. Broadband revenue growth continued to be driven by the further uptake of the fiber broadband service parallel to the expansion of the network reach. At the same time, voice revenue decline remained to be the combined result of the erosion in the subscriber base and declining usage levels, whilst YoY lower TV revenue equally reflects the lower ARPU levels and the reduction of the user base. Lower TV subscriber base year-on-year is driven by two one-off factors: the impact of the satellite TV phase-out and the sale of the subsidiary ViDaNet.
- SI/IT revenue was down by 13.4% year-on-year in Q3 2025, reflecting lower volume of asset sale projects, the absence of positive impact from some major projects delivered in the base period as well as a different seasonality.
Gross profitwas up by 1.4% year-on-year in Q3 2025, thanks to the overall increase in telecommunication service revenues coupled with lower bad debt and telecommunication tax expenses.
EBITDA increased by 12.7% year-on-year and EBITDA AL was up by 13.5% year-on-year in Q3 2025, driven by higher gross profit coupled with the favorable impact of the elimination of the supplementary telecommunication tax from January 2025.
Capex AL excluding spectrum licenses were higher by HUF 9.5 billion year-on-year in Q3 2025, partially driven by higher investments towards the fixed and mobile networks but also reflecting YoY HUF 6.2 billion one-off increase in the asset retirement obligation.
Outlook: Magyar Telekom introduces an amendment to its General Terms and Conditions, pursuant to which, as announced earlier, no inflation-based fee adjustment will be implemented for its consumers in the first half of 2026 either. There are considerable uncertainties with regard to the outlook of economic, business and competitive developments in Hungary. Magyar Telekom closely monitors the development of its external environment and will consider this when deciding on the implementation of the inflationbased fee adjustment for the period following June 30, 2026.
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2.2.2 North Macedonia
| HUF millions | Q3 2024 | Q3 2025 | Change | Change (%) |
1-9 months 2024 |
1-9 months 2025 |
Change | Change (%) |
|---|---|---|---|---|---|---|---|---|
| Water | 4.000 | 4.400 | 47 | 0.49/ | 11.070 | 44 700 | (4.(0) | (4.70/) |
| Voice | 4,092 | 4,109 | 17 | 0.4% | 11,862 | 11,702 | (160) | (1.3%) |
| Non-voice | 5,228 | 5,819 | 591 | 11.3% | 14,417 | 16,400 | 1,983 | 13.8% |
| Equipment | 2,774 | 2,841 | 67 | 2.4% | 9,127 | 8,852 | (275) | (3.0%) |
| Other mobile revenue | 882 | 850 | (32) | (3.6%) | 2,366 | 2,243 | (123) | (5.2%) |
| Mobile revenue | 12,976 | 13,619 | 643 | 5.0% | 37,772 | 39,197 | 1,425 | 3.8% |
| Voice retail | 1,313 | 1,280 | (33) | (2.5%) | 3,917 | 3,896 | (21) | (0.5%) |
| Broadband retail | 1,842 | 1,978 | 136 | 7.4% | 5,318 | 5,813 | 495 | 9.3% |
| TV | 1,389 | 1,472 | 83 | 6.0% | 4,090 | 4,378 | 288 | 7.0% |
| Equipment | 29 | 22 | (7) | (24.1%) | 82 | 67 | (15) | (18.3%) |
| Other | 1,790 | 1,910 | 120 | 6.7% | 5,506 | 5,332 | (174) | (3.2%) |
| Fixed line revenue | 6,363 | 6,662 | 299 | 4.7% | 18,913 | 19,486 | 573 | 3.0% |
| CI/IT | 499 | 4.47 | (5.4) | (44.00/) | 4.004 | 4 507 | 707 | 74.00/ |
| SI/IT revenue | 443 | (56) | (11.2%) | 1,204 | 1,587 | 383 | 31.8% | |
| Revenue | 19,838 | 20,724 | 886 | 4.5% | 57,889 | 60,270 | 2,381 | 4.1% |
| Direct costs | (5,456) | (6,067) | (611) | (11.2%) | (17,392) | (18,406) | (1,014) | (5.8%) |
| Gross profit | 14,382 | 14,657 | 275 | 1.9% | 40,497 | 41,864 | 1,367 | 3.4% |
| Indirect costs | (5,701) | (4,843) | 858 | 15.0% | (15,854) | (15,069) | 785 | 5.0% |
| EBITDA | 8,681 | 9,814 | 1,133 | 13.1% | 24,643 | 26,795 | 2,152 | 8.7% |
| EBITDA AL | 8,380 | 9,512 | 1,132 | 13.5% | 23,735 | 25,887 | 2,152 | 9.1% |
| Segment Capex AL excl. spectrum licenses Spectrum licenses | 2,397 | 2,702 | 305 | 12.7% | 6,288 | 9,981 | 3,693 | 58.7% - |
| Operational statistics – access numbers | ational statistics – access numbers September 30 | Change | |
|---|---|---|---|
| Operational statistics – access numbers | 2024 | 2025 | (%) |
| Number of mobile SIMs | 1,330,650 | 1,336,256 | 0.4% |
| Postpaid share in total | 45.1% | 46.0% | n.a. |
| Total fixed voice access | 232,567 | 237,525 | 2.1% |
| Total fixed retail broadband customers | 216,559 | 223,997 | 3.4% |
| Total TV customers | 155,429 | 165,882 | 6.7% |
Total revenue in North Macedonia was up by 4.5% year-on-year to HUF 20.7 billion in Q3 2025 in forint terms, thanks to increases in both fixed and mobile service revenues.
- Mobile revenue rose by 5.0% year-on-year in Q3 2025, driven primarily by the continued increase in data revenues thanks to the further expansion of the user base. Voice revenue was broadly unchanged as increase in retail voice revenue, in line with the higher postpaid user base, was mitigated by the decline in voice wholesale revenue.
- Fixed line revenue was up by 4,7% year-on-year in Q3 2025, thanks to increases in broadband and TV revenues, in line with the expansion of the relevant customer base.
- SI/IT revenue declined by 11.2% year-on-year in Q3 2025, reflecting different seasonal dynamics of the projects.
Gross profit rose by 1.9% year-on-year in Q3 2025, as a combined result of the increases in service revenue partially offset by higher bad debt level and increase in equipment costs.
EBITDA rose by 13.1% year-on-year and EBITDA AL was up by 13.5% year-on-year in Q3 2025, thanks to higher gross profit coupled with lower indirect costs which also reflected the absence of one-off expense that negatively impacted the base period.
CAPEX AL was up 12.7% year-on-year in Q3 2025 as a result of higher overall investment levels.
Outlook: Looking ahead, competition is expected to intensify further with the possible entrance of a new operator to the North Macedonian telecommunication market which may exert pressure on the profitability.
{12}------------------------------------------------
3. APPENDIX
3.1. Basis of preparation and initial application, interpretations and amendments of IFRS Accounting Standards
This condensed consolidated financial information was prepared in accordance with IAS 34 (Interim Financial Reporting) and should be read in conjunction with the Consolidated financial statements for the year ended December 31, 2024, which were prepared in accordance with IFRS Accounting Standards as adopted by the European Union. This consolidated interim financial information has not been audited.
The Consolidated and Separate financial statements of Magyar Telekom for December 31, 2024 were audited and the audit reports were unqualified. They were approved by the shareholders at the Annual General Meeting on April 15, 2025 and have been published electronically on the sites required by the relevant laws and regulations.
The principal accounting policies followed by the Group and the critical estimates in applying accounting policies are consistent with those disclosed in the consolidated financial statements for the year ended December 31, 2024. There was not any new accounting principle amendments or interpretations applicable for the Group effective from 2025.
3.2. Macroeconomic environment and critical accounting estimates, climate disclosures
Management continuously monitors the progress in the Hungarian economic environment, as well as the effects of the war and other global mechanisms, particularly on the macroeconomic trends and current market conditions. The associated risks are monitored and assessed by the Group through the quarterly risk reporting process with risk owners.
In preparing the interim financial report, management has made judgments and estimates about the future:
- During the updating of the goodwill impairment test the management has taken into account the period-end book values, EUR/HUF exchange rate, and weighted average cost of capital and as a result of that, no impairment was needed to be recognized.
- Considering the general economic factors, the solvency of customers has been assessed and management concluded that there was no need to recognize further one-off allowance for bad debts in the third quarter of 2025.
- No further material impairment needed to be recognized in the third quarter of 2025.
Altogether, the Group continues to meet the increased demand for connectivity through its network and has not identified any events which could jeopardize the going concern of its operation, furthermore, based on the management's assessment of future cashflows, no underperformance is expected in the long term.
{13}------------------------------------------------
3.3. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income – quarterly year-on-year comparison
| (HUF millions, except per share amounts) | Q3 2024 (unaudited) |
Q3 2025 (unaudited) |
Change | Change (%) |
|---|---|---|---|---|
| Mobile revenue | 145,021 | 144,806 | (215) | (0.1%) |
| Fixed line revenue | 77,369 | 77,517 | 148 | 0.2% |
| SI/IT revenue | 23,742 | 20,581 | (3,161) | (13.3%) |
| Revenue | 246,132 | 242,904 | (3,228) | (1.3%) |
| Interconnect costs | (5,062) | (4,888) | 174 | 3.4% |
| SI/IT service related costs | (17,066) | (13,865) | 3,201 | 18.8% |
| Impairment losses and gains on financial assets and contract assets | (3,714) | (2,813) | 901 | 24.3% |
| Telecom tax | (6,152) | (5,944) | 208 | 3.4% |
| Other direct costs | (62,375) | (61,512) | 863 | 1.4% |
| Direct costs | (94,369) | (89,022) | 5,347 | 5.7% |
| Employee-related expenses | (25,350) | (24,264) | 1,086 | 4.3% |
| Depreciation and amortization | (33,987) | (35,263) | (1,276) | (3.8%) |
| Other operating expenses | (22,371) | (22,695) | (324) | (1.4%) |
| Supplementary telecommunication tax | (9,150) | - | 9,150 | n.a. |
| Operating expenses | (185,227) | (171,244) | 13,983 | 7.5% |
| Other operating income | 1,282 | 1,457 | 175 | 13.7% |
| Operating profit | 62,187 | 73,117 | 10,930 | 17.6% |
| Interest income | 763 | 1,412 | 649 | 85.1% |
| Interest expense | (5,555) | (4,692) | 863 | 15.5% |
| Other finance expense - net | (3,618) | (2,263) | 1,355 | 37.5% |
| Net financial result | (8,410) | (5,543) | 2,867 | 34.1% |
| Share of associates' and joint ventures' results | - | - | - | - |
| Profit before income tax | 53,777 | 67,574 | 13,797 | 25.7% |
| Income tax | (7,833) | (10,095) | (2,262) | (28.9%) |
| Profit for the period | 45,944 | 57,479 | 11,535 | 25.1% |
| Other comprehensive income: | ||||
| Items to be reclassified to profit or loss in subsequent periods: | ||||
| Exchange differences on translating foreign operations | 875 | (2,666) | (3,541) | n.m. |
| Items not to be reclassified to profit or loss in subsequent periods: | ||||
| Revaluation of financial assets at FV OCI | 248 | (55) | (303) | n.m. |
| Other comprehensive income for the year, net of tax | 1,123 | (2,721) | (3,844) | n.m. |
| Total comprehensive income for the period | 47,067 | 54,758 | 7,691 | 16.3% |
| Profit attributable to: | 24.3% | |||
| Owners of the parent | 44,504 | 55,333 | 10,829 706 |
49.0% |
| Non-controlling interests | 1,440 45,944 |
2,146 57,479 |
11,535 | 25.1% |
| Total comprehensive income attributable to: | ||||
| Owners of the parent | 45,185 | 53,573 | 8,388 | 18.6% |
| Non-controlling interests | 1,882 47,067 |
1,185 54,758 |
(697) 7,691 |
(37.0%) 16.3% |
| Earnings per share (EPS) information: | ||||
| Profit attributable to the owners of the Company | 44,504 | 55,333 | ||
| Weighted average number of common stock outstanding used for basic/diluted EPS |
||||
| Basic / diluted earnings per share (HUF) | 908,581,084 48.98 |
885,759,569 62.47 |
13.49 | 27.5% |
{14}------------------------------------------------
3.4. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income – year-to-date comparison
| (HUF millions, except per share amounts) | 1-9 months 2024 (unaudited) |
1-9 months 2025 (unaudited) |
Change | Change (%) |
|---|---|---|---|---|
| Mobile revenue | 416,577 | 428,599 | 12,022 | 2.9% |
| Fixed line revenue | 226,826 | 232,137 | 5,311 | 2.3% |
| SI/IT revenue | 67,565 | 65,091 | (2,474) | (3.7%) |
| Revenue | 710,968 | 725,827 | 14,859 | 2.1% |
| Interconnect costs | (14,241) | (14,429) | (188) | (1.3%) |
| SI/IT service related costs | (47,606) | (44,699) | 2,907 | 6.1% |
| Impairment losses and gains on financial assets and contract assets | (10,171) | (8,548) | 1,623 | 16.0% |
| Telecom tax | (18,910) | (18,079) | 831 | 4.4% |
| Other direct costs | (181,352) | (182,296) | (944) | (0.5%) |
| Direct costs | (272,280) | (268,051) | 4,229 | 1.6% |
| Employee-related expenses | (72,085) | (75,882) | (3,797) | (5.3%) |
| Depreciation and amortization | (105,145) | (106,889) | (1,744) | (1.7%) |
| Other operating expenses Supplementary telecommunication tax |
(64,520) (27,127) |
(64,972) | (452) 27,127 |
(0.7%) n.a. |
| Operating expenses | (541,157) | - (515,794) |
25,363 | 4.7% |
| Other operating income | 2,961 | 6,032 | 3,071 | 103.7% |
| Operating profit | 172,772 | 216,065 | 43,293 | 25.1% |
| Interest income | 3,440 | 5,055 | 1,615 | 46.9% |
| Interest expense | (16,015) | (13,625) | 2,390 | 14.9% |
| Other finance expense - net | (11,540) | (7,780) | 3,760 | 32.6% |
| Net financial result | (24,115) | (16,350) | 7,765 | 32.2% |
| Share of associates' and joint ventures' results Profit before income tax |
- 148,657 |
- 199,715 |
- 51,058 |
n.a. 34.3% |
| Income tax | (23,056) | (28,842) | (5,786) | (25.1%) |
| Profit for the period | 125,601 | 170,873 | 45,272 | 36.0% |
| Other comprehensive income: | ||||
| Items to be reclassified to profit or loss in subsequent periods: | ||||
| Exchange differences on translating foreign operations | 4,429 | (6,342) | (10,771) | n.m. |
| Items not to be reclassified to profit or loss in subsequent periods: Revaluation of financial assets at FV OCI |
992 | (59) | (1,051) | n.m. |
| Other comprehensive income for the year, net of tax | 5,421 | (6,401) | (11,822) | n.m. |
| Total comprehensive income for the period | 131,022 | 164,472 | 33,450 | 25.5% |
| Profit attributable to: | ||||
| Owners of the parent | 121,544 | 165,537 | 43,993 | 36.2% |
| Non-controlling interests | 4,057 | 5,336 | 1,279 | 31.5% |
| 125,601 | 170,873 | 45,272 | 36.0% | |
| Total comprehensive income attributable to: | ||||
| Owners of the parent | 124,874 | 161,352 | 36,478 | 29.2% |
| Non-controlling interests | 6,148 | 3,120 | (3,028) | (49.3%) |
| 131,022 | 164,472 | 33,450 | 25.5% | |
| Earnings per share (EPS) information: | ||||
| Profit attributable to the owners of the Company | 121,544 | 165,537 | ||
| Weighted average number of common stock outstanding | ||||
| used for basic/diluted EPS | 922,079,689 | 898,440,575 | ||
| Basic / diluted earnings per share (HUF) | 131.82 | 184.25 | 52.43 | 39.8% |
{15}------------------------------------------------
3.5. Revenue breakdown – quarterly year-on-year comparison
| (HUF millions) | Q3 2024 | Q3 2025 | Change | Change (%) |
|---|---|---|---|---|
| Voice retail | 36,011 | 36,092 | 81 | 0.2% |
| Voice wholesale | 1,869 | 1,802 | (67) | (3.6%) |
| Data | 59,095 | 63,747 | 4,652 | 7.9% |
| SMS | 7,495 | 7,177 | (318) | (4.2%) |
| Equipment | 33,862 | 30,001 | (3,861) | (11.4%) |
| Other mobile revenue | 6,689 | 5,987 | (702) | (10.5%) |
| Mobile revenue | 145,021 | 144,806 | (215) | (0.1%) |
| Voice retail | 9,225 | 8,348 | (877) | (9.5%) |
| Broadband retail | 29,078 | 29,955 | 877 | 3.0% |
| T V | 20,779 | 19,512 | (1,267) | (6.1%) |
| Equipment | 4,996 | 5,960 | 964 | 19.3% |
| Data, wholesale and other fixed line revenue | 13,291 | 13,742 | 451 | 3.4% |
| Fixed line revenue | 77,369 | 77,517 | 148 | 0.2% |
| SI/IT revenue | 23,742 | 20,581 | (3,161) | (13.3%) |
| Revenue | 246,132 | 242,904 | (3,228) | (1.3%) |
3.6. Revenue breakdown – year-to-date comparison
| (HUF millions) | 1-9 months 2024 | 1-9 months 2025 | Change | Change (%) |
|---|---|---|---|---|
| Voice retail | 104,671 | 106,416 | 1,745 | 1.7% |
| Voice wholesale | 5,626 | 5,629 | 3 | 0.1% |
| Data | 167,989 | 185,535 | 17,546 | 10.4% |
| SMS | 21,871 | 22,028 | 157 | 0.7% |
| Equipment | 98,950 | 92,837 | (6,113) | (6.2%) |
| Other mobile revenue | 17,470 | 16,154 | (1,316) | (7.5%) |
| Mobile revenue | 416,577 | 428,599 | 12,022 | 2.9% |
| Voice retail | 27,508 | 25,644 | (1,864) | (6.8%) |
| Broadband retail | 83,431 | 89,696 | 6,265 | 7.5% |
| T V | 60,800 | 59,122 | (1,678) | (2.8%) |
| Equipment | 15,019 | 16,230 | 1,211 | 8.1% |
| Data, wholesale and other fixed line revenue | 40,068 | 41,445 | 1,377 | 3.4% |
| Fixed line revenue | 226,826 | 232,137 | 5,311 | 2.3% |
| SI/IT revenue | 67,565 | 65,091 | (2,474) | (3.7%) |
| Revenue | 710,968 | 725,827 | 14,859 | 2.1% |
{16}------------------------------------------------
3.7. Operating expenses breakdown – quarterly year-on-year comparison
| (HUF millions) | Q3 2024 | Q3 2025 | Change | Change (%) |
|---|---|---|---|---|
| Direct costs | (94,369) (89,022) |
5,347 | 5.7% | |
| Employee-related expenses | (25,350) (24,264) |
1,086 | 4.3% | |
| Depreciation and amortization | (33,987) | (35,263) | (1,276) | (3.8%) |
| Other operating expenses | (22,371) (22,695) |
(324) | (1.4%) | |
| Supplementary telecommunication tax | (9,150) - |
9,150 | n.a. | |
| Operating expenses | (185,227) | (171,244) | 13,983 | 7.5% |
3.8. Operating expenses breakdown – year-to-date comparison
| (HUF millions) | 1-9 months 2024 | 1-9 months 2025 | Change | Change (%) |
|---|---|---|---|---|
| Direct costs | (272,280) | (268,051) | 4,229 | 1.6% |
| Employee-related expenses | (72,085) | (75,882) | (3,797) | (5.3%) |
| Depreciation and amortization | (105,145) | (106,889) | (1,744) | (1.7%) |
| Other operating expenses | (64,520) | (64,972) | (452) | (0.7%) |
| Supplementary telecommunication tax | (27,127) | - | 27,127 | n.a. |
| Operating expenses | (541,157) | (515,794) | 25,363 | 4.7% |
{17}------------------------------------------------
3.9. Interim Consolidated Statement of Financial Position - Assets
| Dec 31, 2024 (unaudited) |
Sept 30, 2025 (unaudited) |
Change | Change (%) |
|
|---|---|---|---|---|
| (HUF millions) | ||||
| ASSETS | ||||
| Cash and cash equivalents | 18,010 | 7,949 | (10,061) | (55.9%) |
| Trade receivables within one year | 211,411 | 202,093 | (9,318) | (4.4%) |
| Other current assets | 9,214 | 9,276 | 62 | 0.7% |
| Derivative financial instruments contracted | ||||
| with related parties | 1,804 | 325 | (1,479) | (82.0%) |
| Other current financial assets | 52,092 | 98,177 | 46,085 | 88.5% |
| Contract assets | 16,903 | 18,710 | 1,807 | 10.7% |
| Current income tax receivable | 135 | 2,616 | 2,481 | n.m. |
| Inventories | 28,756 | 23,212 | (5,544) | (19.3%) |
| 338,325 | 362,358 | 24,033 | 7.1% | |
| Assets held for sale | 2,788 | 726 | (2,062) | (74.0%) |
| Total current assets | 341,113 | 363,084 | 21,971 | 6.4% |
| Property, plant and equipment | 497,728 | 504,679 | 6,951 | 1.4% |
| Right-of-use assets | 129,733 | 128,385 | (1,348) | (1.0%) |
| Goodwill | 212,713 | 211,775 | (938) | (0.4%) |
| Other intangible assets | 293,626 | 271,697 | (21,929) | (7.5%) |
| Investments in associates and joint ventures | - | - | - | - |
| Deferred tax assets | 114 | 26 | (88) | (77.2%) |
| Trade receivables over one year | 25,149 | 21,198 | (3,951) | (15.7%) |
| Derivative financial instruments contracted | ||||
| with related parties | 6,733 | 2,501 | (4,232) | (62.9%) |
| Other non-current financial assets | 6,907 | 6,546 | (361) | (5.2%) |
| Contract assets | 4,089 | 3,896 | (193) | (4.7%) |
| Other non-current assets | 12,168 | 12,377 | 209 | 1.7% |
| Total non-current assets | 1,188,960 | 1,163,080 | (25,880) | (2.2%) |
| Total assets | 1,530,073 | 1,526,164 | (3,909) | (0.3%) |
{18}------------------------------------------------
3.10.Interim Consolidated Statement of Financial Position – Liabilities and Equity
| Dec 31, 2024 (unaudited) |
Sept 30, 2025 (unaudited) |
Change | Change (%) |
|
|---|---|---|---|---|
| (HUF millions) | ||||
| LIABILITIES | ||||
| Financial liabilities to related parties | 26,734 | 26,415 | (319) | (1.2%) |
| Derivative financial instruments contracted | ||||
| with related parties | 74 | 234 | 160 | 216.2% |
| Lease liabilities | 27,866 | 28,558 | 692 | 2.5% |
| Trade payables | 158,058 | 133,678 | (24,380) | (15.4%) |
| Other financial liabilities | 10,093 | 10,514 | 421 | 4.2% |
| Current income tax payable | 5,942 | 13,541 | 7,599 | 127.9% |
| Provisions | 5,922 | 3,900 | (2,022) | (34.1%) |
| Contract liabilities Other current liabilities |
16,231 | 14,168 | (2,063) | (12.7%) |
| 29,212 | 19,711 | (9,501) (29,413) |
(32.5%) (10.5%) |
|
| Liabilities held for sale | 280,132 | 250,719 | n.a. | |
| Total current liabilities | - 280,132 |
- 250,719 |
- (29,413) |
(10.5%) |
| Financial liabilities to related parties | 60,059 | 58,272 | (1,787) | (3.0%) |
| Lease liabilities | 119,174 | 115,690 | (3,484) | (2.9%) |
| Corporate bonds | 69,183 | 69,434 | 251 | 0.4% |
| Other financial liabilities | 94,404 | 90,191 | (4,213) | (4.5%) |
| Deferred tax liabilities | 17,669 | 19,311 | 1,642 | 9.3% |
| Provisions | 19,470 | 26,843 | 7,373 | 37.9% |
| Contract liabilities | 343 | 359 | 16 | 4.7% |
| Other non-current liabilities | 1,129 | 782 | (347) | (30.7%) |
| Total non-current liabilities | 381,431 | 380,882 | (549) | (0.1%) |
| Total liabilities | 661,563 | 631,601 | (29,962) | (4.5%) |
| EQUITY | ||||
| Common stock | 93,862 | 93,862 | - | 0.0% |
| Capital reserves | 24,644 | 24,644 | - | 0.0% |
| Treasury stock | (26,354) | (67,143) | (40,789) | (154.8%) |
| Retained earnings | 691,652 | 766,331 | 74,679 | 10.8% |
| Accumulated other comprehensive income | 39,353 | 35,168 | (4,185) | (10.6%) |
| Total equity of the owners of the parent | 823,157 | 852,862 | 29,705 | 3.6% |
| Non-controlling interests | 45,353 | 41,701 | (3,652) | (8.1%) |
| Total equity | 868,510 | 894,563 | 26,053 | 3.0% |
| Total liabilities and equity | 1,530,073 | 1,526,164 | (3,909) | (0.3%) |
{19}------------------------------------------------
3.11.Interim Consolidated Statement of Cash Flows
| (HUF millions) | 1-9 months 2024 (unaudited) |
1-9 months 2025 (unaudited) |
Change | Change (%) |
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Profit for the period | 125,601 | 170,873 | 45,272 | 36.0% |
| Depreciation and amortization | 105,145 | 106,889 | 1,744 | 1.7% |
| Income tax expense | 23,056 | 28,842 | 5,786 | 25.1% |
| Net financial result | 24,115 | 16,350 | (7,765) | (32.2%) |
| Change in assets carried as working capital | 3,091 | 16,408 | 13,317 | 430.8% |
| Change in provisions | 479 | (1,696) | (2,175) | n.m. |
| Change in liabilities carried as working capital | (36,669) | (24,035) | 12,634 | 34.5% |
| Income tax paid | (20,141) | (31,315) | (11,174) | (55.5%) |
| Dividend received | 110 | 155 | 45 | 40.9% |
| Interest and other financial charges paid | (18,930) | (15,720) | 3,210 | 17.0% |
| Interest received | 3,319 | 4,900 | 1,581 | 47.6% |
| Other non-cash items | (377) | (338) | 39 | 10.3% |
| Net cash generated from operating activities | 208,799 | 271,313 | 62,514 | 29.9% |
| Cash flows from investing activities | ||||
| Payments for property plant and equipment (PPE) and intangible assets | (74,951) | (75,589) | (638) | (0.9%) |
| Proceeds from disposal of PPE and intangible assets | 595 | 2,062 | 1,467 | 246.6% |
| Payments for subsidiaries and business units | - | (322) | (322) | - |
| Cash acquired through business combinations | - | - | - | - |
| Proceeds from disposal of subsidiaries and business units | - | 7,614 | 7,614 | - |
| Payments for other financial assets | - | (4,698) | (4,698) | - |
| Proceeds from other financial assets | 15,816 | 168 | (15,648) | (98.9%) |
| Net cash used in investing activities | (58,540) | (70,765) | (12,225) | (20.9%) |
| Cash flows from financing activities | ||||
| Dividends paid to Owners of the parent and Non-controlling interests | (47,749) | (97,397) | (49,648) (104.0%) | |
| Proceeds from loans and other borrowings | 169,097 | 115,866 | (53,231) | (31.5%) |
| Repayment of loans and other borrowings | (231,516) | (162,520) | 68,996 | 29.8% |
| Proceeds from corporate bonds | - | - | - | - |
| Repayment of lease and other financial liabilities | (25,952) | (25,233) | 719 | 2.8% |
| Treasury share purchase | (22,363) | (40,789) | (18,426) | (82.4%) |
| Net cash used in financing activities | (158,483) | (210,073) | (51,590) | (32.6%) |
| Exchange differences on cash and cash equivalents | 265 | (536) | (801) | n.m. |
| Change in cash and cash equivalents | (7,959) | (10,061) | (2,102) | (26.4%) |
| 33.3% | ||||
| Cash and cash equivalents, beginning of period | 13,514 | 18,010 | 4,496 | 43.1% |
| Cash and cash equivalents, end of period | 5,555 | 7,949 | 2,394 |
{20}------------------------------------------------
3.12. Net debt reconciliation to changes in Statement of Cash Flows
| Changes affecting cash flows from financing activities Changes |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HUF millions | Opening Balance at January 1, 2025 |
Changes in cash and cash equivalents |
Changes affecting cash flows from operating activities |
Changes in financial liabilities without cash movement |
affecting cash flows from investing activities |
Proceeds from loans and borrowings |
Repayment of loans and other borrowings |
Repayment of lease and other financial liabilities |
Other | Closing Balance at September 30, 2025 |
| Related party loans | 86,793 | - | 788 | (2,623) | - | 162,249 | (162,520) | - | - | 84,687 |
| Derivatives from related parties | 74 | - - |
2,500 | (2,340) | - | - | - | - | 234 | |
| Spectrum fee payable | 96,047 | - | (2,823) | 2,830 | - | - | - | (3,681) | - | 92,373 |
| Bonds | 69,183 | - | (1,111) | 1,362 | - | - | - | - | - | 69,434 |
| Lease liabilities | 147,040 | - | (5,576) | 22,864 | - | - | - | (20,080) | - | 144,248 |
| Debtors overpayment | 1,490 | - | (230) | - | - | - | - | - | - | 1,260 |
| Contingent consideration | - | - - |
- | - | - | - | - | - - |
||
| Other financial liabilities | 6,960 | - | (1,281) | 2,716 | - | - | - | (1,323) | - | 7,072 |
| - Less cash and cash equivalent | (18,010) | 10,061 | - | - | - | - | - | - | - | (7,949) |
| - Less other current financial assets and | ||||||||||
| derivative financial instruments | (53,896) | - | 335 | 2,138 | (547) | (46,383) | - | (149) | - | (98,502) |
| Net debt | 335,681 | 10,061 | (9,898) | 31,787 | (2,887) | 115,866 | (162,520) | (25,233) | - | 292,857 |
| Treasury share purchase Dividends paid to Owners of the parent and |
(40,789) |
Non-controlling interest (97,397) Net Cash used in financing activities (210,073)
{21}------------------------------------------------
3.13. Interim Consolidated Statement of Changes in Equity
| pieces | HUF millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Accumulated Other | ||||||||||
| Shares of common stock |
Common stock |
Capital reserves |
Treasury stock |
Retained earnings |
Cumulative translation adjustment |
Comprehensive Income Revaluation reserve for FVOCI financial assets – net of tax |
Equity of the owners of the parent |
Non controlling interests |
Total Equity | |
| Balance at January 1, 2024 | 971,558,867 | 97,156 | 25,509 (18,600) 585,866 | 32,918 | 618 | 723,467 | 42,202 | 765,669 | ||
| Dividend declared to Owners of the parent | - | - | - | - (41,561) | - | - | (41,561) | - | (41,561) | |
| Dividend declared to Non-controlling interests | - | - | - | - | - | - | - | - | (6,077) | (6,077) |
| Treasury share purchase | - | - | - (22,363) | - | - | - | (22,363) | - | (22,363) | |
| Capital decrease with cancellation of treasury share | (32,941,370) | (3,294) | (865) | 14,609 (10,450) | - | - | - | - | - | |
| Transactions with owners in their capacity as owners | (32,941,370) | (3,294) | (865) | (7,754) (52,011) | - | - | (63,924) | (6,077) | (70,001) | |
| Other comprehensive income | - | - | - | - | - | 2,768 | 562 | 3,330 | 2,091 | 5,421 |
| Profit or loss | - | - | - | - | 121,544 | - | - | 121,544 | 4,057 | 125,601 |
| Total comprehensive income | - | - | - | - 121,544 | 2,768 | 562 | 124,874 | 6,148 | 131,022 | |
| Balance at September 30, 2024 | 938,617,497 | 93,862 | 24,644 (26,354) 655,399 | 35,686 | 1,180 | 784,417 | 42,273 | 826,690 | ||
| Dividend declared to Owners of the parent | - | - | - | - | - | - | - | - | - | - |
| Dividend declared to Non-controlling interests | - | - | - | - | - | - | - | - | - | - |
| Treasury share purchase | - | - | - | - | - | - | - | - | - | - |
| Capital decrease with cancellation of treasury share | - | - | - | - | - | - | - | - | - | - |
| Transactions with owners in their capacity as owners | - | - | - | - | - | - | - | - | - | - |
| Other comprehensive income | - | - | - | - | - | 2,229 | 258 | 2,487 | 1,538 | 4,025 |
| Profit or loss | - | - | - | - | 36,253 | - | - | 36,253 | 1,542 | 37,795 |
| Total comprehensive income | - | - | - | - | 36,253 | 2,229 | 258 | 38,740 | 3,080 | 41,820 |
| Balance at December 31, 2024 | 938,617,497 | 93,862 | 24,644 (26,354) 691,652 | 37,915 | 1,438 | 823,157 | 45,353 | 868,510 | ||
| Dividend declared to Owners of the parent | - | - | - | - (90,858) | - | - | (90,858) | - | (90,858) | |
| Dividend declared to Non-controlling interests | - | - | - | - | - | - | - | - | (6,772) | (6,772) |
| Treasury share purchase | - | - | - (40,789) | - | - | - | (40,789) | - | (40,789) | |
| Capital decrease with cancellation of treasury share | - | - | - | - | - | - | - | - | - | - |
| Transactions with owners in their capacity as owners | - | - | - (40,789) (90,858) | - | - (131,647) | (6,772) | (138,419) | |||
| Other comprehensive income | - | - | - | - | - | (4,149) | (36) | (4,185) | (2,216) | (6,401) |
| Profit or loss | - | - | - | - | 165,537 | - | - | 165,537 | 5,336 | 170,873 |
| Total comprehensive income | - | - | - | - 165,537 | (4,149) | (36) | 161,352 | 3,120 | 164,472 | |
| Balance at September 30, 2025 | 938,617,497 | 93,862 | 24,644 (67,143) 766,331 | 33,766 | 1,402 | 852,862 | 41,701 | 894,563 | ||
| Of which treasury stock | (52,857,928) | |||||||||
| Shares of common stock outstanding | 885,759,569 |
{22}------------------------------------------------
3.14. Exchange rate information
| Q3 2024 | Q3 2025 | Change (%) |
1-9 months 2024 | 1-9 months 2025 | Change (%) |
|
|---|---|---|---|---|---|---|
| HUF/EUR beginning of period | 395.15 | 399.30 | 1.1% | 382.78 | 410.09 | 7.1% |
| HUF/EUR period-end | 397.56 | 391.11 | (1.6%) | 397.56 | 391.11 | (1.6%) |
| HUF/EUR cumulative monthly average | 394.89 | 397.31 | 0.6% | 392.11 | 401.73 | 2.5% |
| HUF/MKD beginning of period | 6.42 | 6.48 | 0.9% | 6.22 | 6.67 | 7.2% |
| HUF/MKD period-end | 6.47 | 6.34 | (2.0%) | 6.47 | 6.34 | (2.0%) |
| HUF/MKD cumulative monthly average | 6.42 | 6.45 | 0.5% | 6.37 | 6.52 | 2.4% |
3.15. Segment information
| Q3 2024 | Q3 2025 | 1-9 months 2024 | 1-9 months 2025 | |
|---|---|---|---|---|
| HUF millions | ||||
| Total MT-Hungary revenue | 225,858 | 221,807 | 650,907 | 664,562 |
| Less: MT-Hungary revenue from other segments | (25) | (30) | (78) | (89) |
| MT-Hungary revenue from external customers | 225,833 | 221,777 | 650,829 | 664,473 |
| Total North Macedonia revenue | 19,838 | 20,724 | 57,889 | 60,270 |
| Less: North Macedonia revenue from other segments | (13) | (11) | (41) | (31) |
| North Macedonia revenue from external customers | 19,825 | 20,713 | 57,848 | 60,239 |
| Total consolidated revenue of the segments | 245,658 | 242,490 | 708,677 | 724,712 |
| Measurement differences to Group revenue | 474 | 414 | 2,291 | 1,115 |
| Total revenue of the Group | 246,132 | 242,904 | 710,968 | 725,827 |
| Segment results (EBITDA) | ||||
| Hungary | 87,496 | 98,583 | 252,891 | 296,305 |
| North Macedonia | 8,681 | 9,814 | 24,643 | 26,795 |
| Total EBITDA of the segments | 96,177 | 108,397 | 277,534 | 323,100 |
| Measurement differences to Group EBITDA | (3) | (17) | 383 | (146) |
| Total EBITDA of the Group | 96,174 | 108,380 | 277,917 | 322,954 |
| Segment Capex AL excl. spectrum licenses | ||||
| Hungary | 21,077 | 30,570 | 63,169 | 72,474 |
| North Macedonia | 2,397 | 2,702 | 6,288 | 9,981 |
| Total Segment Capex AL excl. spectrum licenses | 23,474 | 33,272 | 69,457 | 82,455 |
| Measurement differences to Group Capex AL excl. spectrum licenses | - | - | 320 | - |
| Total Capex AL excl. spectrum licenses of the Group | 23,474 | 33,272 | 69,777 | 82,455 |
{23}------------------------------------------------
3.16. Fair value of financial instruments – financial assets
| September 30, 2025 | Financia | l assets | ||||
|---|---|---|---|---|---|---|
| HUF millions | Amortized | FVOCI | FVTPL | FVTPL | Carrying amount | Fair value |
| HOF IIIIIIIIIII | cost | (Level 1) | (Level 2) | (Level 3) | ||
| 7.040 | 7.040 | 7.040 | ||||
| Cash and cash equivalents | 7,949 | - | - | - | 7,949 | 7,949 |
| Cash-pool receivables | 97,553 | - | - | - | 97,553 | 97,553 |
| Trade receivables within one year | 202,093 | - | - | - | 202,093 | 202,093 |
| Trade receivables over one year | 21,198 | - | - | - | 21,198 | 19,798 |
| Derivative financial instruments contracted with related parties | - | - | 2,826 | - | 2,826 | 2,826 |
| Finance lease receivable | 1,144 | - | - | - | 1,144 | 1,072 |
| Equity instruments | - | 3,210 | - | 1,400 | 4,610 | 4,610 |
| Other current receivables | 224 | - | - | - | 224 | 224 |
| Other non-current receivables | 1,192 | - | - | - | 1,192 | 1,178 |
| Total | 331,353 | 3,210 | 2,826 | 1,400 | 338,789 | 337,304 |
| December 74, 2024 | Financia | l assets | ||||
|---|---|---|---|---|---|---|
| December 31, 2024 HUF millions | Amortized | FVOCI | FVTPL | FVTPL | Carrying amount | Fair value |
| HOF MILLIONS | cost | (Level 1) | (Level 2) | (Level 3) | ||
| Cash and cash equivalents | 18,010 | - | - | - | 18,010 | 18,010 |
| Cash-pool receivables | 51,170 | - | - | - | 51,170 | 51,170 |
| Trade receivables within one year | 211,411 | - | - | - | 211,411 | 211,411 |
| Trade receivables over one year | 25,149 | - | - | - | 25,149 | 23,281 |
| Derivative financial instruments contracted with related parties | - | - | 8,537 | - | 8,537 | 8,537 |
| Finance lease receivable | 1,181 | - | - | - | 1,181 | 1,113 |
| Equity instruments | - | 3,445 | - | 1,400 | 4,845 | 4,845 |
| Other current receivables | 576 | - | - | - | 576 | 576 |
| Other non-current receivables | 1,227 | - | - | - | 1,227 | 1,218 |
| Total | 308,724 | 3,445 | 8,537 | 1,400 | 322,106 | 320,161 |
3.17. Fair value of financial instruments – financial liabilities
| 0 / 1 70 0005 | Fina | ncial liabilities | Carrying | ||
|---|---|---|---|---|---|
| September 30, 2025 HUF millions |
Measured at amortized cost | FVTPL (Level 2) |
FVTPL (Level 3) |
amount | Fair value |
| Financial liabilities to related parties | 84,687 | - | - | 84,687 | 88,638 |
| Derivative financial instruments contracted with related parties | - | 234 | - | 234 | 234 |
| Trade payables | 133,678 | - | - | 133,678 | 133,678 |
| Frequency fee payable | 92,373 | - | - | 92,373 | 70,098 |
| Bonds | 69,434 | - | - | 69,434 | 65,008 |
| Lease liabilities | 144,248 | - | - | 144,248 | 133,267 |
| Debtors' overpayment | 1,260 | - | - | 1,260 | 1,260 |
| Other current liabilities | 4,154 | - | - | 4,154 | 4,154 |
| Other non-current liabilities | 2,918 | - | - | 2,918 | 2,919 |
| Total | 532,752 | 234 | - | 532,986 | 499,255 |
| December 74, 2024 | Finai | ncial liabilities | Carrying | ||
|---|---|---|---|---|---|
| December 31, 2024 HUF millions |
Measured at amortized cost | FVTPL (Level 2) |
FVTPL (Level 3) |
amount | Fair value |
| Financial liabilities to related parties | 86,793 | - | - | 86,793 | 91,830 |
| Derivative financial instruments contracted with related parties | - | 74 | - | 74 | 74 |
| Trade payables | 158,058 | - | - | 158,058 | 158,058 |
| Frequency fee payable | 96,047 | - | - | 96,047 | 72,278 |
| Bonds | 69,183 | - | - | 69,183 | 61,444 |
| Lease liabilities | 147,040 | - | - | 147,040 | 134,071 |
| Debtors' overpayment | 1,490 | - | - | 1,490 | 1,490 |
| Other current liabilities | 3,667 | - | - | 3,667 | 3,667 |
| Other non-current liabilities | 3,293 | - | - | 3,293 | 3,195 |
| Total | 565,571 | 74 | - | 565,645 | 526,107 |
{24}------------------------------------------------
3.18. EBITDA reconciliation
| (HUF millions) | Q3 2024 MT Group |
Q3 2024 MT-Hungary |
Q3 2024 North Macedonia |
Q3 2025 MT Group |
Q3 2025 MT-Hungary |
Q3 2025 North Macedonia |
|---|---|---|---|---|---|---|
| EBITDA | 96,174 | 87,496 | 8,681 | 108,380 | 98,583 | 9,814 |
| IFRS 16 related D&A | (5,792) | (5,530) | (262) | (5,832) | (5,568) | (264) |
| IFRS 16 related Interest | (1,721) | (1,682) | (39) | (1,937) | (1,899) | (38) |
| EBITDA after lease | 88,661 | 80,284 | 8,380 | 100,611 | 91,116 | 9,512 |
| Other D&A (unallocated) | (28,195) | n.a. | n.a. | (29,431) | n.a. | n.a. |
| Other Financial result (unallocated) | (6,689) | n.a. | n.a. | (3,606) | n.a. | n.a. |
| Profit before tax | 53,777 | n.a. | n.a. | 67,574 | n.a. | n.a. |
| (HUF millions) | 1-9 months 2024 MT Group |
1-9 months 2024 MT-Hungary |
1-9 months 2024 North Macedonia |
1-9 months 2025 MT Group |
1-9 months 2025 MT-Hungary |
1-9 months 2025 North Macedonia |
|---|---|---|---|---|---|---|
| EBITDA | 277,917 | 252,891 | 24,643 | 322,954 | 296,305 | 26,795 |
| IFRS 16 related D&A | (17,270) | (16,479) | (791) | (17,733) | (16,945) | (788) |
| IFRS 16 related Interest | (5,211) | (5,094) | (117) | (5,576) | (5,456) | (120) |
| EBITDA after lease | 255,436 | 231,318 | 23,735 | 299,645 | 273,904 | 25,887 |
| Other D&A (unallocated) | (87,875) | n.a. | n.a. | (89,156) | n.a. | n.a. |
| Other Financial result (unallocated) | (18,904) | n.a. | n.a. | (10,774) | n.a. | n.a. |
| Profit before tax | 148,657 | n.a. | n.a. | 199,715 | n.a. | n.a. |
3.19. Adjusted profit attributable to owners of the parent reconciliation
| (HUF millions) | Q3 2024 | Q3 2025 | Change | Change (%) |
1-9 months 2024 | 1-9 months 2025 | Change | Change (%) |
|---|---|---|---|---|---|---|---|---|
| Profit attributable to the owners of the parent | 44,504 | 55,333 | 10,829 | 24.3% | 121,544 | 165,537 | 43,993 | 36.2% |
| Changes in depreciation and amortization Changes in net financial result* Changes in income tax Total adjusting factors |
- 1,488 - 1,488 |
- (131) - (131) |
- (1,619) - (1,619) |
- n.m. - n.m. |
- 6,502 - 6,502 |
- 102 - 102 |
- (6,400) - (6,400) |
- (98.4%) - (98.4%) |
| Adjusted profit attributable to owners of the parent |
45,992 | 55,202 | 9,210 | 20.0% | 128,046 | 165,639 | 37,593 | 29.4% |
* Related to unrealized FX gains and losses and derivative fair value changes
3.20. Capex from Interim Consolidated Statement of Cash Flows
| (HUF millions) | 1-9 months 2024 MT Group |
1-9 months 2025 MT Group |
|---|---|---|
| Payments for PPE and intangible assets | 74,951 | 75,589 |
| Less spectrum payments | - | - |
| Payments for PPE and intangible assets excl. spectrum payments | 74,951 | 75,589 |
| +/- Cash adjustments | (5,174) | 6,866 |
| Capex AL excl. spectrum | 69,777 | 82,455 |
| ROU capex | 21,336 | 19,273 |
| Spectrum capex | - | - |
| Capex | 91,113 | 101,728 |
{25}------------------------------------------------
3.21. Capex from Interim Consolidated Statement of Financial Position
| (HUF millions) | Q3 2024 | Q3 2024 | Q3 2024 | Q3 2025 | Q3 2025 | Q3 2025 |
|---|---|---|---|---|---|---|
| MT Group | MT-Hungary* | North Macedonia* | MT Group | MT-Hungary* | North Macedonia* | |
| Capex AL excl. spectrum licenses | 23,474 | 21,077 | 2,397 | 33,272 | 30,570 | 2,702 |
| ROU capex | 8,240 | 8,119 | 121 | 7,607 | 7,371 | 236 |
| Spectrum capex | - | - | - | - | - | - |
| Capex | 31,714 | 29,196 | 2,518 | 40,879 | 37,941 | 2,938 |
| 1-9 months 2024 | 1-9 months 2024 | 1-9 months 2024 | 1-9 months 2025 | 1-9 months 2025 | 1-9 months 2025 | |
|---|---|---|---|---|---|---|
| (HUF millions) | MT Group | MT-Hungary* | North Macedonia* | MT Group | MT-Hungary* | North Macedonia* |
| Capex AL excl. spectrum licenses | 69,777 | 63,236 | 6,541 | 82,455 | 72,474 | 9,981 |
| ROU capex | 21,336 | 20,780 | 556 | 19,273 | 18,673 | 600 |
| Spectrum capex | - | - | - | - | - | - |
| Capex | 91,113 | 84,016 | 7,097 | 101,728 | 91,147 | 10,581 |
*Deviation versus segment Capex values may occur due to measurement differences.
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4. DECLARATION
We the undersigned declare that to the best of our knowledge this report prepared in accordance with IFRS Accounting Standards as adopted by the EU, gives a true and fair view of the assets, liabilities, financial position and profit or loss of Magyar Telekom Plc. and its consolidated undertakings. In addition, the report gives a fair view of the position, development and performance of Magyar Telekom Plc. and its consolidated undertakings and contains risk factors and uncertainties relating to future events.
Independent Auditor's Report was not prepared on the quarterly financial report.
Tibor Rékasi André Lenz
Chief Executive Officer, member of the Board Chief Financial Officer, member of the Board
Budapest, November 12, 2025
This investor news contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore should not have undue reliance placed upon them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors are described in, among other things, our annual financial statements for the year ended December 31, 2024, available on our website at http://www.telekom.hu which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and adopted by the European Union.