Telekom Austria : Financial Year 2024 H1 Earnings Update

Report for the first half and second quarter 2024

Highlights

✓ Revenues:

+1.3% versus Q2 2023, despite decline in equipment revenues.

• Service revenues: +3.9%, driven by value-protecting measures and strong fixed-line performance in CEE.

✓ OPEX:	Included negative one-off effects totaling EUR 21 mn in Q2 2024, increase in
	core OPEX resulting mainly from higher total workforce costs.
✓ EBITDA:	+3.8% to EUR 504 mn with a margin improvement from 37.4% to 38.3%.
	+8.3% adjusted for one-offs, restructuring and FX.
✓ Net result:	+9.1% on a proforma basis in H1 2024 and -12.5% on a reported basis due to
	higher D&A for towers.
✓ CAPEX:	-20.8% yoy in H1 due to lower spectrum CAPEX and CAPEX savings.
✓ Free Cashflow:	+42.1% in H1 2024 due to lower CAPEX and better operational result.
✓ Dividend:	EUR 0.36/share (in total EUR 239 mn) paid to shareholders in July 2024.
✓ Rating:	In May 2024, S&P confirmed its credit rating for Telekom Austria AG with 'A-'.

• Outlook confirmed: Total revenue growth of 3-4%, CAPEX ex. spectrum of around EUR 800 mn

In this report, rounding differences may occur in the summing of rounded amounts due to the use of automatic calculation tools.

Please note that this report, besides reported values, also contains values on a pro forma basis, due to the towers

spin-off in September 2023. Pro forma means, data of the comparison period has been adjusted, as if the towers have already been spun-off in the respective period.

RESULTS FOR Q2 AND H1 2024

1

Content

Key financial data	3
Q2 2024 in a nutshell	4
Mobile subscribers and fixed-line RGUs	4
Outlook for the financial year 2024	4
Group results for Q2 and First Half 2024	5
Segment overview	8
Condensed consolidated interim finanical state-
ments of A1 Group	14
Condensed Consolidated Statement of Comprehensive Income	14
Condensed Consolidated Statement of Financial Position	15
Condensed Consolidated Statement of Cash Flows	16
Condensed Consolidated Statement of Changes
in Stockholders' Equity	17
Capital expenditures	18
Net Debt	18
Condensed Operating Segments	19
Selected Explanatory Notes to
the Consolidated Interim Financial Statements	21
Statement of legal represenstatives	26
Financial calendar	27
Risks and opportunities	27
Contacts for investors	27
Disclaimer	27
Impressum	27

RESULTS FOR Q2 AND H1 2024

2

Key financial data

in EUR million	Q2 2024	Q2 2023	∆		H1 2024	H1 2023	∆
Total revenues	1,316	1,299	1.3%	2,583	2,557	1.0%
Service revenues	1,124	1,082	3.9%	2,195	2,120	3.5%
Equipment revenues	168	194	-13.4%	344	389	-11.6%
Other operating income	24	23	3.3%	44	47	-6.5%
Wireless revenues	774	760	1.9%	1,525	1,513	0.8%
Service revenues	627	603	3.9%	1,223	1,186	3.1%
Equipment revenues	147	156	-6.1%	303	327	-7.5%
Wireline revenues	519	517	0.4%	1,013	996	1.7%
Service revenues	497	478	3.9%	972	934	4.1%
Equipment revenues	22	38	-43.5%	41	62	-33.5%
EBITDA before restructuring	522	503	3.9%	998	960	3.9%
EBITDA margin before restructuring	39.7%	38.7%	1.0pp	38.6%	37.5%	1.1pp
EBITDA 1)	504	486	3.8%	959	922	4.0%
EBITDA margin	38.3%	37.4%	0.9pp	37.1%	36.1%	1.1pp
EBITDAaL 2)	400	436	-8.3%	753	825	-8.7%
EBITDAaL margin	30.4%	33.6%	-3.2pp	29.1%	32.3%	-3.1pp
Depreciation, amortization, impairments	286	245	16.7%	563	486	15.8%
EBIT 3)	218	241	-9.3%	396	436	-9.1%
EBIT margin	16.6%	18.5%	-1.9pp	15.3%	17.0%	-1.7pp
Net result	146	166	-11.9%	263	301	-12.5%
Net margin	11.1%	12.8%	-1.7pp	10.2%	11.8%	-1.6pp
Capital expenditures	247	359	-31.2%	480	606	-20.8%
Tangible	180	215	-16.2%	377	421	-10.3%
Intangible	66	144	-53.7%	103	185	-44.4%
Free cash flow	123	30	309.4%	175	123	42.1%

		Jun. 30, 2024	Dec. 31, 2023	∆
Net debt / EBITDA (12 months)	1.3	1.3	-0,1x
Net debt (excl. leases) / EBITDAaL (12 months)	0.3	0.4	-0,1x
Customer indicators (thousand)		Jun. 30, 2024	Jun. 30, 2023	∆
Mobile subscribers	25,949	24,486	6.0%
Postpaid	22,233	20,679	7.5%
Prepaid	3,716	3,807	-2.4%
RGUs 4)	6,283	6,249	0.5%

	Q2 2024	Q2 2023	∆
ARPU (in EUR) 5)	8.1	8.3	-1.8%
ARPL (in EUR) 6)	27.4	26.4	3.9%
Mobile churn	1.2%	1.2%	0.0pp

H1 2024	H1 2023	∆
8.0	8.2	-2.5%
26.8	26.0	3.0%
1.2%	1.3%	-0.0pp

		Jun.30, 2024	Jun. 30, 2023	∆
Employees (full-time equivalent)	17,491	17,757	-1.5%

1. Earnings Before Interest, Tax, Depreciation and Amortization
2. EBITDA after Leases: EBITDA - depreciation of lease assets according to IFRS 16 - interest expenses pursuant to IFRS 16
3. Operating income according to IFRS
4. Revenue Generating Unit
5. Average Revenue Per User incl. M2M Subscriber
6. Average Revenue Per Line

RESULTS FOR Q2 AND H1 2024

3

Q2 2024 in a nutshell

In Q2 2024, total revenues increased on the back of higher service revenues. Service revenue growth was mainly driven by value -protecting measures and growth in fixed-line RGUs in the international business. All markets contributed to service revenue growth except for Slovenia and Belarus, the latter declined due to negative exchange rate effects.

Total operating expenses included one-off effects, totaling EUR 21 mn in Q2 2024, while there were no one-off effects in Q2 2023:

✓

✓

EUR 24 mn negative effect stemming from a provision due to a legal case in Belarus (for more details see section 'Seg- ments - Belarus')

EUR 3 mn positive net effect related to accruals (including a reversal of a provision and a new provision) in Austria.

Excluding these effects, the increase in core OPEX resulted to a large extent from higher total workforce costs, amidst increases on the back of high inflation in the last reporting year. Besides that, product-related costs rose, while a certain tailwind came from a positive electricity cost development versus last year.

Still, EBITDA increased by 3.8% on a reported basis. Excluding one-off and FX effects, as well as restructuring, EBITDA increased by 8.3%.

CAPEX was lower mainly due to lower CAPEX for spectrum (EUR 31 mn for frequencies in Bulgaria (900 Mhz, 1,800 Mhz) in Q2 2024, versus EUR 110 mn in Croatia in the comparison period.)

In Q2 2024, the Belarusian government has imposed temporary restrictions on the payment of dividends to foreign investors residing in European Union and other countries considered 'unfriendly'.

The Annual General Meeting on June 27, 2024 approved a dividend of EUR 0.36 per share. Beginning of July, Telekom Austria AG paid a total dividend of EUR 239 million to its shareholders. https://a1.group/investor-relations/shareholders-meetings/

In May 2024, S&P confirmed its credit rating for Telekom Austria AG with 'A-'.https://a1.group/investor-relations/debt/

Mobile subscribers and fixed-line RGUs

In mobile communications, the number of subscribers rose by 6.0% to a total of around 25.9 million. As in previous quarters, the growth was driven by the strong increase in the M2M business. Excluding M2M customers, the number of subscribers remained largely stable (-0.2%).

In the fixed-line business, the number of revenue generating units (RGUs) increased slightly by 0.5% year-on-year. While the number of voice RGUs decreased, the number of broadband RGUs and TV RGUs increased. The RGU growth in international operations, especially in Belarus and Bulgaria, more than compensated for the decline in Austria.

The internet@home customer base increased by 2.2% to 3.85 million in the Group, driven both by the increase in broadband RGUs and mobile WiFi routers. Broadband RGUs increased in all markets except for Austria and Slovenia, while the number of mobile WiFi routers rose in all markets except for Croatia.

Outlook for the financial year 2024

The management board confirms the guidance for the financial year 2024 (total revenues +3-4%year-on-year, CAPEX excluding frequencies and M&A of around EUR 800 mn).

RESULTS FOR Q2 AND H1 2024

4

Group results (Q2 and First Half 2024)

Total revenues increased by 1.3% in Q2 2024 and by 1.0% in H1 2024. In both periods, the growth was entirely driven by the rise in service revenues, while equipment revenues declined versus last year. Service revenue growth was driven by value-protecting measures, fixed-line RGU growth in the international business due to solid demand for broadband and TV products and growth in the solutions and connectivity business. Altogether that compensated for lower interconnection revenues and losses in the fixed voice business.

All markets contributed to service revenue growth, both in H1 and Q2 despite Slovenia and Belarus, the latter declined due to negative FX effects.

On the OPEX side, core OPEX increased both in Q2 and H1. Excluding the EUR 21 mn total negative one-off effects in Q2 as mentioned above, the core OPEX increase was to a large extent driven by the increase in total workforce costs. Besides that, the core OPEX increase resulted from higher product-related costs, namely licenses, content and commissions. A certain tailwind came from lower electricity costs, which were both down in Q2 and the first half of 2024 compared to the same period last year.

Negative FX effects in EBITDA amounted to EUR 1 mn in Q2 and EUR 9 mn in H1 and were registered in Belarus.

Overall, this resulted in EBITDA growth of 3.8% in Q2 2024 and 4.0% in H1 2024. Excluding restructuring, the negative one-off and FX effects, EBITDA increased by 8.3% in Q2 and by 7.1% in H1 2024 respectively.

In Q2 and the first half of 2024, EBIT decreased by 9.3% and 9.1% respectively, as D&A on the use of rights assets increased substantially after the tower spin-off.

The financial result improved to a negative EUR 23 mn in Q2 2024 versus negative EUR 27 mn in Q2 2023 as lower interest on financial liabilities offset higher interest expenses for the tower leases. In the first half of 2024, the financial result amounted to a negative EUR 49 mn versus EUR 48 mn in H1 2023.

Consequently, the period result declined by 11.9% in Q2 and 12.5% in H1 2024, while it increased by 8.0% and 9.1% respectively on a pro forma basis.

Capital Expenditures decreased by 31.2% in Q2 and by 20.8% in H1 2024 compared to last year. In both periods, the decline was primarily driven by lower spectrum investments compared to previous year (EUR 38 mn in total, thereof EUR 7 mn in Austria and EUR 31 mn in Bulgaria versus EUR 110 mn in Croatia in H1 2023). Excluding spectrum, CAPEX declined primarily due to lower fixed investments in CEE compared to a higher level last year, as well as lower mobile CAPEX. Investments for the fiber roll- out in Austria are higher than last year in H1 2024.

Free Cashflow

In the first half of 2024, free cash flow increased by 42%. Besides the better operational result, the main driver was the substantially lower CAPEX due to lower spectrum payments compared to the same period last year (EUR 39 mn including interest in H1 2024 versus EUR 110 mn in H1 2023) as well as CAPEX savings in 2024. That more than offset the higher lease paid and the

RESULTS FOR Q2 AND H1 2024

5

unfavorable changes in working capital. The latter resulted mainly from negative impacts from accounts payable, as last year they increased due to broadband subsidies granted in H1 2023.

Q2 2024

Q2 2023

∆

H1 2024

H1 2023

∆

EBITDA	504	486	3.8%
Restructuring charges and cost of labor obligations	19	18	5.2%
Lease paid (principal, interest and prepayments)	-96	-42	127.6%
Income taxes paid	-31	-31	-0.2%
Net interest paid	4	-7	n.m.
Change working capital and other changes	-11	-15	-25.4%
Capital expenditures	-247	-359	-31.2%
Social plans new funded 1)	-19	-20	-4.3%
FCF after social plans new	123	30	309.4%

959	922	4.0%
41	41	1.4%
-193	-108	78.9%
-54	-48	11.6%
7	-9	n.m.
-63	-26	143.8%
-480	-606	-20.8%
-42	-43	-2.4%
175	123	42.1%

1. Cost for social plans granted in the respective period

Balance sheet and net debt

As of June 30, 2024, the total assets amounted to EUR 9,790 mn, 2.4% higher than at December 31, 2023. This was primarily driven by higher cash and cash equivalents and the increase in PPE amidst the fiber roll-out.

Liabilities increased mainly due to the increase in payables to related parties which is attributable to the approved dividend of EUR 239 mn, paid on July 4, 2024.

The 'net debt/EBITDA'- ratio was 1.3x and on the same level as of December 31, 2023. Net debt (excl. leases) decreased to EUR 477 mn due to the repayment of EUR 60 mn short term debt in the first half of 2024 as well as the higher cash and cash equivalents. That also drove the 'net debt (excl. leases)/EBITDA after leases'-ratio slightly down to 0.3x from 0.4x as of December 31, 2023.

in EUR million	June 30, 2024	Dec 31, 2023	∆
Long-term debt	748	748	0%
Lease liability long-term	1,668	1,672	-0%
Short-term debt	0	60	n.m.
Lease liability short-term	308	284	9%
Cash and cash equivalents	-271	-169	61%
Net debt (incl. leases)	2,454	2,595	-5%
Net debt (incl. leases) / EBITDA	1.3x	1.3x	-0,1x
Net debt (excl. leasing)	477	639	-25%
Net debt excl leasing / EBITDAaL	0.3x	0.4x	-0,1x

RESULTS FOR Q2 AND H1 2024

6

Reported vs. proforma view

	Reported	Reported			pro forma	pro forma
in EUR million	Q2 2024	Q2 2023	∆		Q2 2024	Q2 2023	∆
Total revenues	1,316	1,299	1.3%	1,316	1,297	1.5%
EBITDA	504	486	3.8%	504	491	2.7%
EBITDA after leases	400	436	-8.3%	400	396	1.1%
EBIT	218	241	-9.3%	218	219	-0.3%
Net result	146	166	-11.9%	146	136	8.0%

	Reported	Reported			pro forma	pro forma
in EUR million	H1 2024	H1 2023	∆		H1 2024	H1 2023	∆
Total revenues	2,583	2,557	1.0%	2,583	2,552	1.2%
EBITDA	959	922	4.0%	959	930	3.1%
EBITDA after leases	753	825	-8.7%	753	742	1.5%
EBIT	396	436	-9.1%	396	389	1.7%
Net result	263	301	-12.5%	263	241	9.1%

Underlying performance

in EUR million	Q2 2024	Q2 2023	∆	H1 2024	H1 2023	∆
Total revenues	1,316	1,299	1.3%	2,583	2,557	1.0%

FX effects	9	-	n.m.
One-off effects	-	-	-
Total revenues adjusted	1,325	1,299	2.0%

27	-	n.m.
-	-	-
2,610	2,557	2.1%

Group EBITDA	504	486	3.8%
FX effects	1	-	n.m.
One-off effects	21	-	n.m.
Restructuring charges	18	17	6.9%
EBITDA adjusted	544	503	8.3%

959	922	4.0%
9	-	n.m.
21	-	n.m.
39	38	2.6%
1,028	960	7.1%

RESULTS FOR Q2 AND H1 2024

7

Segment overview

Segment Austria

in EUR million	Q2 2024	Q2 2023	∆		H1 2024	H1 2023	∆
Total revenues	693	702	-1.3%	1,372	1,379	-0.5%
Service revenues	622	620	0.4%	1,227	1,214	1.0%
Equipment revenues	56	70	-19.9%	117	141	-16.8%
Other operating income	14	12	17.8%	28	24	18.3%
Wireless revenues	319	318	0.4%	636	632	0.6%
Service revenues	273	267	2.3%	539	524	3.0%
Equipment revenues	46	51	-9.7%	97	108	-10.9%
Wireline revenues	360	372	-3.4%	709	723	-2.1%
Service revenues	349	353	-1.0%	688	691	-0.4%
Equipment revenues	11	20	-45.9%	21	33	-36.6%
Total revenues excl. international business*	656	663	-1.0%	1,303	1,302	0.0%
Service revenues excl. international business*	586	580	0.9%	1,158	1,138	1.8%
EBITDA before restructuring	291	286	1.4%	548	539	1.5%
EBITDA margin before restructuring	41.9%	40.8%	1.1pp	39.9%	39.1%	0.8pp
EBITDA	272	270	1.1%	508	501	1.4%
EBITDA margin	39.3%	38.4%	0.9pp	37.0%	36.3%	0.7pp
EBITDAaL	216	246	-12.2%	397	456	-12.9%
EBITDAaL margin	31.2%	35.1%	-3.9pp	28.9%	33.1%	-4.1pp
EBIT	112	132	-15.1%	191	227	-15.8%
EBIT margin	16.2%	18.8%	-2.6pp	13.9%	16.5%	-2.5pp

Customer indicators (thousand)

Mobile subscribers

RGUs

June 30, 2024	Jun. 30, 2023	∆
5,102	5,134	-0.6%
2,782	2,892	-3.8%

	Q2 2024	Q2 2023	∆
ARPU (in EUR)	17.9	17.3	3.1%
Mobile churn	1.3%	1.3%	0.0pp

H1 2024	H1 2023	∆
17.6	17.0	3.8%
1.3%	1.2%	0.1pp

* International business revenues (mainly comprising transit and connectivity revenues) as reported in Austria, shown separately as it is not reflecting Austrian business performance

Value-protecting measures were again implemented in 2024 effective as of April 1st and are linked to the 7.8% CPI increase after 8.6% increase on April 1st, 2023. On one hand that continued to benefit results in the first half of 2024. On the other hand, a certain price sensitivity continued amidst the inflationary environment in the previous reporting year. Inflation however came down in Austria in June to 3%1) , the lowest value since July 2021.

In this context, also in the first half of the year, the competitive market dynamics remained challenging. In the mobile communications market, a certain shift towards SIM only continues, and promotion activities increased on the mobile hardware tariff market. In the low-value segment, MVNOs continued with competitive offers and intense communication pressure. In the fixed- line business, promotional activities launched last year were prolonged and dominate the broadband internet market. A1 tackles these challenges with a granular customer segmentation. Its multi-brand strategy with its A1 high value brand and the no-frills brands Bob and YESSS! allow to address different customer segments with a different approach. With a high focus on safeguarding the base, A1 focuses on the entire household, with loyalty programs and attractive offers for existing customers and differen-

1. According to estimate of Statistik Austria, July 2, 2024 https://www.statistik.at/fileadmin/announcement/2024/07/20240702VPIFlashEstimateJuni2024.pdf

RESULTS FOR Q2 AND H1 2024

8

tiating itself with value added services. Security for example plays an increasing role here. Also, A1 in Austria continues with its accelerated fiber roll-out, increasing the potential for further upselling opportunities.

Overall, the number of mobile subscribers decreased by 0.6% in Q2 compared to the same period last year, with declines both in the postpaid and prepaid segment. Gross additions came in positive in both periods, both in the mobile core and mobile WIFI router segments. Churn remained higher than last year in H1 but decreased in Q2 versus Q1.

On the fixed-line market, total RGUs declined by 3.8%, mainly driven by the losses in voice RGUs. The number of broadband RGUs also declined as the increase in high-bandwidth RGUs could not fully compensate for the decline in low-bandwidth RGUs. In Q2 2024, gross adds and churn were higher than in the same period in 2023, whereas gross adds are dominated by higher broadband and TV RGUs and churn by higher broadband and Voice RGUs.

Internet@home, comprising pure fixed-line internet, mobile WIFI routers and hybrid modems showed higher net additions.

In Q2 total revenues declined by 1.3% and by 0.5% in H1 2024, entirely driven by the decline in equipment revenues (-20% in Q2), mostly as last year's results profited from large ICT deals. In Q2 2024, service revenues increased slightly in a year-on-year comparison and profited mainly from value-protecting measures.

Mobile service revenues rose by 2.3% driven by the retail mobile business, more than offsetting regulatory driven declines in interconnection revenues. Fixed-line service revenues declined in Q2 and H1. In Q2, the slight growth in retail fixed-line revenues was offset by losses in interconnection due to regulation and a slight decline in the solutions and connectivity business due to big projects in Q2 last year. Retail fixed-line revenues profited from the value-protecting measures mitigating the subscriber decline.

Total operating expenses both in Q2 and H1 declined only due to the lower cost of equipment. Core OPEX increased though, driven by the increase in total workforce costs, mainly attributable to the collective bargaining agreement while the number of FTEs decreased versus last year. Other cost drivers in Q2 and H1 were costs for cloud due to internal application migrations and product-related costs like content, but also higher network maintenance costs. On a positive note, electricity costs decreased versus the same period last year, offsetting some of the cost increases. In Q2, OPEX included positive one-off effects in the amount of in total net EUR 3 mn stemming from the reversal of an accrual but also a new accrual.

Restructuring expenses were higher in Q2 2024 compared to the same period last year.

Overall, this resulted in EBITDA growth of 1.1% (+0.4% adjusted for the one-off effect and restructuring).

There have not been any significant new developments regarding the lawsuits of the Austrian Federal Chamber of Labor (Bunde- sarbeitskammer) received in January 2024, which was reported in the Q4 2023 results report. The Chamber of Labor demands that service fees shall no longer be charged in future and that payments already collected shall be refunded.

The Chamber of Labor has initiated two separate collective claims as model cases against A1 Austria, namely with regard to the A1 and Bob brands. A1 Group is confident to be able to convince the courts of the legality of the service fee, especially as the Supreme Court recently ruled that service fees are also permissible for ticket providers. Since 2011, the Telecommunications Regulatory Authority has regularly reviewed and accepted the regulations on service fees. In addition, there are special legal provisions in the telecommunications industry, also based on European law, which allow different fees to be charged. Therefore, as of June 30, 2024, no provisions were booked for these lawsuits. To avoid risk, service fees have no longer been agreed with customers since February 2024.

RESULTS FOR Q2 AND H1 2024

9

International segments

International segments comprise the segments Bulgaria, Croatia, Belarus, Slovenia, Serbia and North Macedonia. In Q2 and

H1 2024, total revenues grew driven by higher service revenues clearly overcompensating the losses in equipment revenues. Service revenues rose on the back of value-protecting measures taken in the years 2023 and 2024, successful upselling, high demand for high-bandwidth broadband solutions and the growing solutions and connectivity business. Service revenue growth translated into EBITDA growth of 2.9% in Q2 and 4.1% in H1 2024. Exluding the negative one-off effect in Belarus and negative FX effects, total revenues, service revenues and EBITDA from the international business rose by 5.2%, 9.6% and 13.8% year-on- year, respectively in Q2, and by 4.6%, 8.7% and 11.5% in H1.

in EUR million	Q2 2024	Q2 2023	∆		H1 2024	H1 2023	∆
Total revenues	626	604	3.7%	1,219	1,191	2.4%
Service revenues	507	468	8.1%	977	917	6.5%
Equipment revenues	112	124	-9.7%	226	248	-8.7%
Other operating income	8	12	-31.7%	16	26	-38.1%
Wireless revenues	457	444	2.9%	894	884	1.1%
Service revenues	357	339	5.3%	688	666	3.4%
Equipment revenues	101	106	-4.6%	206	219	-5.9%
Wireline revenues	161	148	8.8%	309	281	10.0%
Service revenues	150	130	15.6%	289	252	14.6%
Equipment revenues	11	18	-39.7%	20	29	-29.5%
EBITDA	236	230	2.9%	466	448	4.1%
EBITDA margin	37.8%	38.0%	-0.3pp	38.2%	37.6%	0.6pp
EBITDAaL	188	203	-7.3%	372	396	-6.2%
EBITDAaL margin	30.1%	33.7%	-3.6pp	30.5%	33.3%	-2.8pp
EBIT	111	123	-9.6%	223	238	-6.2%
EBIT margin	17.8%	20.4%	-2.6pp	18.3%	20.0%	-1.7pp

Customer indicators (thousand)

Mobile subscribers

RGUs

June 30, 2024	Jun. 30, 2023	∆
15,062	14,975	0.6%
3,501	3,357	4.3%

	Q2 2024	Q2 2023	∆
ARPU (in EUR)	7.9	7.6	4.7%
Mobile churn	1.5%	1.5%	0.0pp

H1 2024	H1 2023	∆
7.7	7.4	2.7%
1.6%	1.6%	0.0pp

Bulgaria

in EUR million	Q2 2024	Q2 2023	∆		H1 2024	H1 2023	∆
Total revenues	191	183	4.3%	368	348	5.8%
Service Revenues	157	143	9.8%	301	271	11.1%
EBITDA	88	80	10.7%	165	148	11.6%
EBITDA margin	46.1%	43.5%	2.6pp	44.9%	42.5%	2.3pp

In Bulgaria, trends on both the mobile and fixed-line market remained mostly unchanged in the first half of 2024. Value-protecting measures related to inflation (9.5% in March) were implemented in 2024. In the mobile business, the number of subscribers declined only slightly, while in the fixed-line business TV and broadband RGUs increased.

Total revenues increased both in Q2 and H1 and were driven by growth in mobile and fixed-line service revenues, as well as solid growth in the ICT solutions business. Mobile service revenues grew by 5.3% in Q2 on the back of value-protecting measures and successful upselling. Fixed-line service revenues were 16.9% higher and profited from positive trends in TV and broadband as

RESULTS FOR Q2 AND H1 2024

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