In H1 2025, Telekom Slovenije recorded revenue growth of 2% YoY, an EBITDA increase of 4%, and a net income of EUR 29.6m, remaining roughly unchanged YoY.

Last week, the Slovenian telecom company, Telekom Slovenije, published its H1 2025 results, and today, we’re bringing you the main points. Starting off with the revenue, it amounted to EUR 354.2m, growing by 2% YoY. The main driver of the revenue growth was the growth in fixed end-user services, which grew by 10.9% YoY to EUR 121.3m, as a result of more broadband users and higher sales of IT services & merchandise. Mobile end-user services revenue also contributed, growing by 1.3% YoY to EUR 132.2m, due to a larger number of users in Slovenia and Kosovo. Additional services, i.e., financial, eHealth, and insurance, also contributed positively to growth, while the other revenues and merchandise grew to EUR 16.9m, mainly due to higher eCommerce and GVO market revenue. On the other hand, wholesale recorded a decline of 9.3% to EUR 80.9m, with both domestic and international wholesale down YoY, a headwind that faces most telecom companies at the moment.

In terms of regions, Slovenia recorded a 1.8% increase YoY to EUR 311.2m, while IPKO/Kosovo recorded an increase of 5% YoY to EUR 43m. Moving on, OPEX amounted to EUR 318.3m, growing by 2.2% YoY. The growth in OPEX was primarily driven by labour costs, which amounted to EUR 65.6m, growing by 3% YoY, mainly as a result of employee headcount increase during the period. Depreciation also contributed strongly to OPEX growth, amounting to EUR 86.3m, and growing by 4% YoY, mainly as a result of higher CAPEX (for context, Group investments amounted to EUR 88.6m during H1 2025, rising by 11% YoY). Other op. expenses also grew by 42% YoY, mainly tied to regulatory and legal settings, which are influencing cost growth.

Due to these developments, EBITDA amounted to EUR 125.8m, growing by 4% YoY, and implying an EBITDA margin of 35.5%, +0.5 p.p. YoY. In terms of the net financial result, it remained roughly unchanged (EUR -7.2m, 1% improvement YoY), leading to a net income of EUR 29.6m, a slight 0.1% reduction YoY.

Telekom Slovenije key financials (H1 2025 vs. H1 2024, EURm)

Source: Telekom Slovenije, InterCapital Research

The Company also provided guidance for the FY 2025, in which they expect a revenue of EUR 726.2m (49% achieved in H1 2025), an EBITDA of EUR 248.9m (51% achieved in H1), and a net income of EUR 53.6m (55% achieved in H1). Furthermore, its strategic objectives outline an EBITDA expectation of EUR 280m in 2028 (12% above the 2025 target), a net income of EUR 83m (55% above the 2025 target), as well as total investments of EUR 951m in the 2024 to 2028 period.

Delving a bit deeper into investments, during H1 2025, they amounted to EUR 88.6m, growing by 11% YoY. Investments include EUR 69.5m investment into Telekom Slovenije (parent company in Slovenia), a 1% increase YoY, an EUR 6.4m investment into other companies in Slovenia, up 74% YoY, and EUR 12m investment into IPKO – Kosovo, a 26% increase YoY.