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Hellenic Telecommunications Organisation S.A. (OTE Group) is a Germany-based Deutsche Telekom subsidiary in Greece. It is one of the three largest companies listed in the Athens Stock Exchange, according to market capitalization.

Key Information

OTE Group offers fixed-line and mobile telephony, broadband services, pay television and integrated Information and Communications Technology (ICT). At the same time, the Group is involved in a range of activities, notably satellite communications, real-estate and professional training. Formerly a state-owned monopoly, OTE's privatisation started in 1996 and is now listed on the Athens and London Stock Exchanges.

Since July 2009 Deutsche Telekom is the largest shareholder of the company.

History

[edit]

OTE was founded on 23 October 1949[2] as a successor to the Hellenic Telephone Company (AETE), which was established in 1926 to consolidate all such public and private telecommunications companies. Formerly, telephony, telegraph, domestic and international connections were fragmented and under-coordinated.

Until 1998, OTE operated as a state-owned monopoly. The market was opened to competitors and OTE was gradually privatized. Along with other telecommunications market providers, OTE is regulated by the National Telecommunications and Post Commission (EETT).

In 2007, MIG Holdings acquired 20% of the company, while in March 2008, sold it to German Deutsche Telekom, which later increased its stake to 25% plus one, matching that of the state.[3]

Following the sale of a further 5% in 2009[4] and another 10% in 2011[5] of OTE's share capital by the Greek state to Deutsche Telekom, the state holds 10% and DT 40%. In 2018, Deutsche Telekom acquired an additional 5% of OTE as it exercised the right of first refusal to acquire 24,507,520 ordinary shares[6] as announced by HDRAF.

1949–1964

[edit]
  • 23 October 1949: ΟΤΕ S.A. is founded (Legislative Decree 1049/49)
  • The first Greek telephone directory is published.
  • The TELEX service becomes operational.

1965–1989

[edit]
  • The Greek long-distance telephone network is automated.
  • Laying of the submarine cable Greece-Italy MED 3 is completed.
  • The first antenna of the Centre of Satellite Communication in Thermopylae (the 6th in Europe) is set up.
  • The first fully digitised switching centres (long-distance and hub) of the EWSD/SIEMENS system are established.

1990–2000

[edit]
  • ΟΤΕ expands to the Balkans, SE Europe and the Middle East.
  • ΟΤΕ is listed in the Athens Exchange (ASE).
  • OTE is listed on the New York Stock Exchange (NYSE).
  • OTE acquires an initial 35% stake in RomTelecom, the incumbent telephony company in Romania.
  • Acquires GSM License in Bulgaria and establishes Globul to exploit this license.

2000–2007

[edit]
  • Satellite Hellas Sat2 is launched from Cape Canaveral.
  • OTE launches ADSL services in the Greek market.
  • OTE and COSMOTE act as Grand National Sponsors of the Athens 2004 Olympic Games.
  • OTE signs agreement to sell 90% of its holdings in ArmenTel (now Telecom Armenia) for approximately €342 million.
  • The Greek State sells 10.7% of OTE share capital to institutional investors.
  • OTE makes available new speeds reaching 24 Mbit/s.

2008–2010

[edit]
  • OTE launches CONN-X TV (IPTV) to a limited number of existing clients for a trial period. This satellite TV was the predecessor of OTE TV.
  • OTE's broadband connection reach 970,000, with presence points in its network extend to 1,390, nationwide.
  • The agreement between the Greek Government and Deutsche Telekom is signed, according to which, since 5 November, each will own 25% plus one share of OTE's share capital.
  • OTE acquires 100% of COSMOTE and its share is listed on the Athens Stock Exchange.
  • COSMOTE now owns 100% of GERMANOS SA, the leading retailer of telecommunications in the wider region of Southeast Europe.
  • Completion of the sale of Cosmofon in the former Yugoslav Republic of Macedonia held by COSMOTE.
  • After the sale of an additional 5% of the Greek State's shares and voting rights, Deutsche Telekom's stake in OTE stands at 30% while the Greek State holds 20%. COSMOTE completes acquisition of Telemobil S.A. (Zapp) in Romania.
  • OTE introduces Conn-x TV, which is based on IPTV technology.
  • Michael Tsamaz, CEO of OTE Group's mobile arm COSMOTE, assumes the position of OTE President & CEO.
  • OTE delists from the New York Stock Exchange.

2011–2025

[edit]
  • Deutsche Telekom acquires an extra 10% of OTE share capital raising its stake to 40%.
  • The company signs three-year Collective Labour Agreement with the Federation of OTE Employees OME-OTE, achieving personnel costs reduction and securing employment for OTE regular employees.
  • Introduces OTE TV via Satellite and integrates all of the pay TV services it offers under the brand name OTE TV.
  • OTE signs agreement for the sale of the minority stake in Telekom Srbija, of which owns 20%, for about €400 million.
  • Launches reduced prices of up to 25% for Double Play Unlimited Plans that combine Internet and unlimited telephony to fixed lines.[7]
  • OTE TV subscriber base reaches 100.000, following the continuous strengthening of the platform with new channels, services and HD content.[8]
  • Launches new VDSL Internet services, with speeds up to 50 Mbit/s.[9]
  • Successfully completes two Voluntary Redundancy Schemes, the incentives of which 1,516 people in the company accepted.[10]
  • Raises €700 million through 5-year fixed coupon notes, following the successful completion of a bookbuilding process.[11]
  • Announces the signing of an agreement to sell its 99.05% stake in Hellas Sat, to Arabsat, for 208 million euros, plus 7 million in dividends.[12]
  • Announces the signing of an agreement to sell its 100% stake in Cosmo Bulgaria Mobile EAD (Globul) and Germanos Telecom Bulgaria (Germanos) to Telenor, the Norwegian telecom operator. The agreement consideration reached €717 million (enterprise value).
  • OTE announced the expansion of its VDSL network with 367 local exchanges and 2,732 outdoor cabins activated in October and extending VDSL availability to 1.3 million households and businesses.[13]
  • On 26 October 2015 it establishes COSMOTE as a single brand for all its products and services.
  • In 2017, OTE's management announced that priority is to develop fiber optic networks and that total investment for the period until 2020 will amount to €1.5 billion.[14]
  • In 2024, OTE Group announced the consolidation of its Cosmote brand with the Deutsche Telekom brand, forming Cosmote Telekom.[15]

Shareholding structure

[edit]

Starting in 1996, the Greek State gradually reduced its stake in OTE. Following an agreement between the Greek State and Deutsche Telekom, as of 5 November 2008 each party held 25% plus one share of OTE. After additional transactions, Deutsche Telekom's stake in OTE has risen to 40% while that of the Greek State amounts to 10%.

HRADF announced on 13 February 2018 the opening of a tender procedure for the acquisition of 5% by the Greek state. The competition ended on 16 March 2018, with no interested parties. On the same day, HRADF sent a letter to Deutsche Telekom with a proposal to buy back the shares for €284 million, with a 30-day deadline. Deutsche Telekom exercised its right of first refusal and the acquisition was completed in May 2018 through the Stock Exchange. Deutsche Telekom currently holds 55% of the company's shares and Government of Greece owns 1.2%.

Subsidiaries

[edit]

Greece

[edit]
  • COSMOTE e-value (100%): Contact Center services.
  • Germanos (100%): Technology products and telecommunications services.
  • ΟΤΕ ASFALISI INSURANCE AGENT (100%): A solely owned subsidiary of OTE since 1997, specialized in private insurance. It provides its services to OTE Group, its Human Resources, as well as to the general public.
  • OTE Estate (100%): Management of OTE Group's real estate assets.
  • OTEAcademy (100%): Education and advanced vocational training.[16]

International subsidiaries

[edit]
  • COSMOTE Global Solutions

Financial data

[edit]

For 2021, the Group announced turnover of €3,368.3 million, for an increase of 3.4%. Adjusted earnings before interest, taxes, depreciation and amortization reached €1,295.9 million, with the EBITDA margin increasing to 38.5%. Adjusted free cash flow came to €590.1 million. The Group's adjusted net debt fell by 25.0%, corresponding to 0.6 times the annual adjusted EBITDA (AL).[17]

OTE GROUP 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Revenues 6,319.8 6,407.3 5,958.9 5,482.8 5,038.3 4,680.3 4,054.1 3,918.4 3,902.9 3,908 3,857 3.798,7 3,303 3,259 3.368,3
Adjusted EBITDA 2,240.8 2,320.9 2,168 1,919.4 1,731.8 1,656.9 1,456.3 1,421.6 1,343 1,321 1,304 1.316,8 1,230.1 1,223.6 1.295,9
as % of Revenues 35.5% 36.2% 36.4% 35% 34.4% 35.4% 35% 36.3% 34.4% 33.8% 34.2% 34.7% 37.2% 37.5%

OTE Telecoms Museum

[edit]

The Museum of Telecommunications opened up to the public in 1990. It is housed in a 1000 m2 privately owned OTE building, in the district of 25 Proteos str., 14564 New Kifissia – Athens. The purpose of the Museum is the research, study and documentation of historical data pertaining to the evolution of telecommunications from ancient times to the present day. The Museum is a member of the International Committee for the Conservation of the Industrial Heritage (T.I.C.C.I.H.).

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

OTE

View on Grokipedia
from Grokipedia
Hellenic Telecommunications Organization S.A. (OTE) is Greece's incumbent provider, delivering fixed-line voice services, via its Cosmote brand, internet access, , and integrated ICT solutions to residential, business, and customers. Founded on October 23, 1949, as a state-owned entity succeeding earlier fragmented telephone operations, OTE initially functioned as a monopoly responsible for national infrastructure amid post-war reconstruction efforts supported by funding. OTE transitioned from full state control through progressive beginning in the early 1990s, culminating in significant share sales that introduced private investment and market competition in . Deutsche Telekom, Europe's largest telecom operator, acquired initial stakes in 2008 and expanded ownership to approximately 50% of voting rights by 2022, enabling synergies in technology deployment and network upgrades while preserving OTE's dominant position in fixed and mobile markets. As Greece's largest technology firm by infrastructure scale, OTE has invested over €3 billion in recent years to expand fiber-to-the-home coverage to 28% and population coverage to 86%, driving revenue growth exceeding 4% in 2024 through enhanced penetration and mobile data services. The company's evolution reflects broader economic shifts in , from monopoly-era service provision to competitive operations amid liberalization pressures, though it has navigated challenges including union resistance to foreign ownership changes and fiscal austerity impacts on investment. OTE maintains leadership in key metrics, such as fixed subscribers and mobile , positioning it as a critical enabler of digital connectivity in the region.

History

Founding and Early Development (1949–1964)

The Hellenic Telecommunications Organization (OTE) was established on 10 November as a state-owned société anonyme to centralize and modernize Greece's fragmented infrastructure amid post-World War II and reconstruction efforts. Prior to OTE's formation, services were managed by private foreign entities, including the Hellenic Telephone Company (AETE), und Halske, and Cable & Wireless, with telephone access limited primarily to economic elites and much of the network—approximately 80% of telegraph lines—destroyed or obsolete. The company's initial capitalization totaled 136,704,074 drachmas, derived from U.S. aid allocated for national rebuilding, supplemented by revenues from user fees and asset disposals; received about 1.8% of Greece's 1948–1952 reconstruction budget. Early operations focused on restoring basic and , with OTE launching a phototelegraphy service on 1 September 1949 via a trial transmission to the , conducted at the Central Telegraph Office in the presence of government ministers and Cable & Wireless representatives. By 1957, OTE introduced the service on 1 June, enabling direct domestic and international telegraphic communication and assuming responsibility for external telegraphy from Cable & Wireless. Network expansion in prioritized automation: the number of automatic lines grew from 43,290 in 1949 to 102,601 by 1959, reflecting a 137% increase, while public telephone booths rose from 154 to 417 over the same period. International connectivity advanced significantly, with direct links expanding from 15 countries in 1948 to coverage across , most of the , , , and by 1959, accompanied by a 2,044% surge in international call volume. These developments laid the groundwork for OTE's monopoly status, emphasizing rehabilitation over profitability in the initial phase, though growth remained constrained by economic recovery challenges and reliance on limited foreign aid. By 1964, OTE had solidified domestic fixed-line dominance, setting the stage for further state-directed investments.

State Monopoly and Expansion (1965–1989)

In 1965, OTE automated Greece's long-distance , replacing manual operations with electronic switching systems to improve call routing efficiency and national connectivity. This upgrade addressed growing demand amid postwar economic recovery, enabling faster inter-city communications previously reliant on operator-assisted connections. As a established by legislative decree in 1949, OTE held exclusive legal authority over fixed-line , , and related services, functioning as the government's instrument for without private competition. By 1969, OTE phased out the Morse telegraph system nationwide due to the proliferation of teletype machines, reducing active Morse units from 13 in 1968 to none, while expanding telephotographic capabilities with four new 24-hour devices in and for press agencies. These developments reflected OTE's role in modernizing legacy systems under state monopoly control, prioritizing reliability over market-driven innovation. Throughout the and , OTE sustained infrastructure investments aligned with national five-year economic plans, focusing on automatic exchange installations and line extensions, though telephone penetration lagged Western European averages due to capital constraints and uneven rural deployment. Waiting lists for subscriptions persisted, underscoring supply bottlenecks despite monopoly efficiencies.

Initial Privatization and Market Liberalization (1990–2000)

In the early 1990s, Greece initiated structural reforms in its telecommunications sector amid European Union directives aimed at fostering competition and reducing state monopolies. These changes were driven by the need to align with broader EU liberalization efforts, including the gradual opening of markets to alternative operators in areas like mobile services and value-added networks. By 1991, a duopoly emerged in mobile telephony, with Panafon (later Vodafone Greece) granted a license, marking the first breach in OTE's exclusivity beyond fixed-line services. Privatization preparations intensified in 1994, when the government introduced legislation for OTE's partial divestment, reassuring employee job tenure to mitigate union resistance. This paved the way for the in 1996, during which the Greek state sold approximately 10.7% of OTE's shares to institutional investors, including allocations to employees, raising funds while retaining majority control. The offering, structured as an 8-9% float, transformed OTE into a partially entity listed on the Athens Stock Exchange, signaling a shift toward commercial operations and accountability. Market liberalization accelerated through the decade, with EU deadlines initially set for full sector opening by 1998, later extended to January 1, 2001, for Greece due to infrastructural and regulatory delays. OTE adapted by reorganizing into a more efficient structure, including personnel adjustments and investments in network upgrades, which improved operational profitability from 12.7% in 1989 to 40.7% by 1996. Additional share sales followed in 1997, targeting up to 250 billion drachmas through minority stakes, further diluting state ownership and attracting international interest, such as plans for New York listing via American Depositary Receipts. By 2000, these reforms had introduced limited competition in mobile and services, though OTE retained dominance in fixed-line , setting the stage for deeper integration into global markets. The process emphasized consensus-building with labor unions via severance incentives, avoiding major disruptions while prioritizing fiscal revenue generation for the state. Empirical analyses indicate that early phases enhanced OTE's financial metrics, such as , attributable to reduced political interference and market-oriented incentives.

Acquisitions and International Growth (2001–2007)

In 2001, OTE marked its major push into international markets by acquiring an 85% stake in Romtelecom, Romania's primary fixed-line telecommunications operator, for approximately $428 million from the Romanian government. This transaction, one of OTE's largest foreign investments at the time, aimed to capitalize on Romania's post-communist market liberalization and untapped demand for modern telecom infrastructure, allowing OTE to apply its fixed-line expertise amid domestic saturation in . Concurrently, OTE secured a 20% equity interest in , Serbia's state-owned incumbent telecom provider, further extending its footprint into the through minority stakes that provided strategic influence without full operational control. Through its mobile subsidiary Cosmote, launched domestically in 1998, OTE accelerated regional mobile growth during this period. Cosmote solidified its presence in via its subsidiary AMC, which had joined the group in 2000 and expanded subscriber base amid rapid ; by 2003, AMC contributed significantly to Cosmote's profitability. In 2005, Cosmote entered 's mobile sector with a greenfield launch under Cosmote Romanian, complementing the Romtelecom fixed-line assets and targeting the country's burgeoning wireless demand. This dual fixed-mobile approach in Romania helped OTE achieve synergies, with international mobile operations driving subscriber growth from under 1 million in 2001 to over 5 million across subsidiaries by 2007. A pivotal 2006 acquisition involved Cosmote purchasing 99% of Germanos S.A., a leading Southeast European electronics retail chain, for around €370 million, enhancing distribution capabilities for mobile services in Greece, Romania, and emerging Balkan markets. The deal, announced in May 2006, bolstered Cosmote's retail footprint ahead of further expansions, including securing a mobile license in Bulgaria that year and launching operations there. Culminating the period, in June 2007 Cosmote acquired full ownership of Globul, Bulgaria's second-largest mobile operator, in a transaction valued at €1.04 billion, which immediately added over 2 million subscribers and strengthened market share against competitors. These moves diversified OTE's revenue streams, with international operations contributing about 15% of group revenues by 2007, up from negligible levels in 2001, amid organic growth and targeted M&A focused on high-potential adjacent markets.

Global Financial Crisis and Ownership Changes (2008–2010)

Amid the global , OTE's share price fell sharply, declining 52.69% in 2008 as investor confidence eroded across markets. The company's fixed-line market share had contracted to 66% by that year, reflecting intensifying competition from alternative providers that predated the crisis but compounded its effects. Ownership shifted significantly in 2008 when entered as a major shareholder. On March 17, agreed to purchase a 20% stake for approximately $4 billion, targeting expansion in southeastern Europe. On May 14, it reached a strategic agreement with the Greek government—then holding about 28%—to acquire an additional 25% plus one share directly from the state, securing management control and the ability to fully consolidate OTE in its . By July, 's stake had risen to 22% through open-market purchases, with the full structured investment pending regulatory nods. The approved the transaction on October 1, 2008, determining it would not impede competition despite overlapping mobile operations via OTE's Cosmote subsidiary. This infusion of foreign capital and expertise from stabilized governance amid market volatility, though Greek unions protested the deal over fears of job cuts and influence loss. 's share hovered around 30% by 2010, without further immediate sales from the state. By 2010, OTE grappled with a vicious cycle in its fixed-line business: eroding revenues from legacy services, aggressive , and the broader Greek economic strain as fiscal deficits ballooned, though mobile and international arms provided some resilience. The ownership realignment laid groundwork for post-crisis under Deutsche Telekom's oversight, prioritizing efficiency over state-dominated operations.

Post-Crisis Recovery and Digital Investments (2011–2025)

Following the global financial crisis and ownership restructuring, OTE stabilized under increased Deutsche Telekom influence after the latter acquired an additional 10% stake from the Greek government in June 2011, raising its holding and enabling strategic oversight. This bolstered OTE's position amid Greece's sovereign debt crisis, with Deutsche Telekom's capital and expertise facilitating operational efficiencies and debt management. By 2018, Deutsche Telekom further increased its stake by 5%, solidifying control and committing to long-term investments in infrastructure. Financial recovery materialized through revenue stabilization and growth, with OTE Group's consolidated revenues reaching €1,788.3 million in the first half of 2024, up 7.9% year-over-year, driven by and mobile segments. In the first quarter of 2025, revenues edged up to €878.8 million, with adjusted EBITDA rising 1.8% in , reflecting resilience despite economic headwinds. Capital expenditures remained robust, projected at €610–620 million for 2025, prioritizing network upgrades over expansion. Digital investments accelerated from the mid-2010s, focusing on next-generation networks to bridge Greece's connectivity gaps. OTE committed over €3 billion by 2027 for fiber-to-the-home (FTTH) deployment, targeting 3 million households and businesses to underpin future broadband demands. By end-2023, FTTH access reached over 1.33 million locations, with expansions continuing into underserved areas via access using spectrum. In mobile services, subsidiary COSMOTE commercially launched in December 2020 in , , and select cities, achieving 99% nationwide population coverage by 2025 and 50% for advanced by Q1 2025, ahead of targets. These enhancements positioned OTE as a key enabler of Greece's , with COSMOTE holding 55% mobile and leading in systems integration for public and enterprise sectors.

Ownership and Governance

Shareholding Structure

As of October 2025, AG maintains controlling interest in Hellenic Telecommunications Organization S.A. (OTE), holding 220,567,676 shares, equivalent to 53.45% of the company's issued . This stake, acquired progressively since 2008 and solidified through a 2010 agreement with the Greek government, grants Deutsche Telekom significant influence over strategic decisions while OTE operates as an independent entity under Greek regulatory oversight. The Greek social security entity EFKA (eFKA Single Social Security Entity) ranks as the second-largest shareholder with approximately 6.56% of shares, reflecting retained state-linked holdings from OTE's partial in the 1990s and 2000s. The Hellenic Republic holds a minor direct stake of 1.17%, primarily through asset development funds, underscoring the government's reduced but ongoing involvement post-privatization. OTE maintains treasury shares as part of an ongoing buyback program authorized in 2025, aimed at enhancing and optimization. By September 23, 2025, the company had acquired sufficient shares to hold 4,401,447 treasury shares, representing 1.09% of total outstanding shares (approximately 403.7 million). Subsequent purchases, including 409,748 shares announced on October 6, 2025, have further increased this holding, though exact figures post-transaction remain subject to regulatory filings. These repurchases do not alter voting rights but reduce the effective free float. The remaining shares, comprising roughly 37-38% of the capital, are dispersed among institutional investors (approximately 1.92% in aggregate reported holdings) and retail/public investors, contributing to a free float sufficient for listing on the Athens Stock Exchange. No single non-major shareholder exceeds 5%, ensuring Deutsche Telekom's dominant position without concentrated minority control risks.
ShareholderPercentageNotes
AG53.45%Controlling shareholder since 2010.
eFKA Single Social Security Entity6.56%State-linked holding.
1.17%Direct state ownership.
OTE (Treasury Shares)~1.09% (as of Sep 2025)From 2025 buyback program; ongoing.
Other Institutions & Public~37-38%Dispersed free float.

Management and Regulatory Oversight

OTE S.A. is governed by a , which oversees strategic direction and appoints the executive team responsible for day-to-day operations. As of July 1, 2024, Nebis serves as Chairman and , bringing over 25 years of experience, including prior roles at and OTE subsidiaries. Charalampos Mazarakis acts as Group and , managing financial strategy and reporting. Other key executives include Lykourgos Antonopoulos as for the Business Segment and Yannis Vitzilaios in a senior operational role, supporting the company's focus on fixed-line, mobile, and broadband services. Independent non-executive directors, such as Eelco Blok, contribute to board oversight, ensuring compliance with standards aligned with Greek and EU regulations. Regulatory oversight of OTE is primarily conducted by the Hellenic Telecommunications and Post Commission (EETT), an independent authority established under Greek law to regulate electronic communications, allocation, and postal services. EETT enforces market liberalization, monitors competition, and imposes obligations on operators with significant (SMP), designating OTE as having SMP in the fixed-line , wholesale access, and markets as of 2024. This includes requirements for non-discriminatory access to OTE's , cost-oriented pricing, and transparency in wholesale offers to alternative operators, stemming from directives transposed into national law via Law 2867/2000, which enhanced EETT's supervisory powers post-liberalization. EETT conducts periodic audits, such as reviews of OTE's operations, to verify compliance with SMP remedies and prevent . For instance, OTE must provide regulated access for next-generation access (NGA) networks, enabling competitors to deploy very high-speed digital services over its passive infrastructure. While EETT maintains administrative and financial , its decisions can be appealed to Greek courts, and historical interventions—such as fines for margin squeeze or bundling restrictions—underscore its role in balancing OTE's dominant position with market competition, though OTE has contested some rulings as overly punitive. OTE's governance also aligns with EU-wide frameworks like the European Electronic Communications Code, ensuring harmonized oversight across member states.

Business Operations

Domestic Telecommunications Services

The Hellenic Telecommunications Organization S.A. (OTE) provides a comprehensive suite of domestic services in , primarily under the COSMOTE brand, encompassing fixed-line , broadband internet, mobile services, and pay-TV offerings. These services target both residential and business customers, leveraging OTE's extensive to deliver voice, , and capabilities. In fixed-line , OTE operates as a legacy provider with a declining but substantial subscriber base of 2,580,799 lines as of December 2024, reflecting a 1.4% year-over-year decrease from 2,616,711 in 2023, amid shifts toward bundled mobile and packages. Broadband services emphasize fiber-to-the-home (FTTH) deployment, where OTE leads the market; by the end of 2023, FTTH access reached over 1.33 million households and businesses, with further expansion in 2024 passing an additional 1.7 million homes cumulatively through strategic investments. This supports high-speed up to gigabit speeds, integrated with fixed wireless access in rural areas to mitigate competition from providers like . Mobile services are delivered via COSMOTE, which pioneered deployment in and maintains dominance in voice, data, and prepaid/postpaid plans on and networks, including support and multimedia features like video calling. COSMOTE's offerings extend to bundled triple-play packages combining fixed , , and mobile, which accounted for a significant portion of subscriptions in recent market analyses. Pay-TV services under integrate IPTV with , providing on-demand content and linear channels to complement core connectivity. OTE's domestic operations emphasize network reliability and , with 2024 investments focusing on FTTH expansion and coverage to sustain market leadership amid competition from , , and Nova. Regulatory oversight by the Hellenic Telecommunications and Post Commission (EETT) ensures compliance in wholesale access and , supporting OTE's role in Greece's telecom ecosystem.

International Subsidiaries and Ventures

OTE's international expansion began in the early with acquisitions in Southeastern to leverage its telecom expertise in emerging markets. In 2005, through its subsidiary OTE International Investments Ltd., OTE acquired a 70% stake in Romania's Radiomobil , rebranded as Cosmote Romanian Mobile and later (TKRM), which grew to serve over 5 million subscribers by providing mobile, fixed-line, and broadband services. Similarly, OTE entered in 2000 by acquiring a stake in Albanian Mobile Communications (AMC), later Telekom Albania, operating as the second-largest mobile provider until its divestment. These holdings contributed to OTE's regional footprint but faced challenges from economic instability and competition, leading to a strategic refocus on domestic operations post-2008 . In 2019, OTE sold its entire stake in Telekom Albania to Albania Telecom Invest AD for approximately €50 million, exiting the Albanian market amid declining profitability. The Romanian operations persisted longer, generating revenues of €200 million in 2024, but OTE announced their sale in September 2025 to streamline its portfolio and reduce exposure to volatile markets. On October 1, 2025, OTE completed the divestiture of its 100% stake in TKRM (minus seven shares held by a minority entity) to for €70 million, marking the end of its direct ownership of foreign telecom operators. This transaction, subject to regulatory approvals, yielded a and aligned with OTE's emphasis on capital allocation to Greek investments exceeding €2.5 billion since 2019. Post-divestments, OTE maintains international engagement through non-operational subsidiaries and service-oriented ventures rather than ownership of local carriers. COSMOTE Global Solutions, a key OTE Group entity, delivers ICT systems integration and to global clients, including a five-year network monitoring contract with the awarded in 2023. OTE International Investments Ltd. and OTE Globe S.A. support residual wholesale connectivity and data services across , facilitating international traffic without direct retail subsidiaries abroad. These activities generated ancillary revenues but represent a diminished share of group operations compared to peak international exposure in the mid-2000s.

Technological Infrastructure

Network Evolution and Fixed-Line Developments

OTE's fixed-line network originated in the post-World War II reconstruction era, with the company establishing a national infrastructure following its founding on October 23, 1949, as a state-owned entity succeeding earlier fragmented services. Initial expansion included connecting to Mediterranean submarine telegraph and telephone cables, laying the groundwork for automated long-distance services by the and broader automation through the . By the , as the fixed market liberalized, OTE maintained its role as the operator, managing a predominantly copper-based network that supported voice services amid declining access lines due to mobile substitution—dropping 0.3% or 8,823 lines in 2023 alone. Digital transformation accelerated in the early 2000s with the introduction of via DSL technologies, evolving to for higher speeds, though regulatory interventions promoted to counter OTE's dominance. (NGN) investments exceeded €2 billion from approximately 2012 to 2018, enabling upgrades to support and data services alongside traditional voice. By the late 2010s, OTE pioneered commercial fixed-line speeds up to 500 Mbps in , transitioning toward fiber-optic to address capacity limits of legacy copper lines. The shift to fiber-to-the-home (FTTH) marked a pivotal phase from 2020 onward, with OTE announcing in December 2021 a multi-year rollout targeting 3 million households and businesses, aiming to cover Greece's digital needs for decades via full deployment. Supported by €150 million from the European Bank for Reconstruction and Development in 2022 for the Syndesis project under Greece's Recovery and Resilience Facility, this initiative expanded FTTH to over 350,000 semi-urban and rural locations offering up to 1 Gbps via the COSMOTE GigaSpeed network. By December 2024, OTE had solidified its market leadership in FTTH infrastructure, installing over 77% of Greece's total FTTH lines and doubling fixed speeds for subscribers at no extra cost to enhance . These developments prioritized high-speed connectivity for voice, , and IPTV, reducing reliance on aging while aligning with national goals for gigabit-capable coverage.

Mobile and Broadband Advancements

OTE's mobile subsidiary, operating under the Cosmote brand, pioneered deployment in , launching commercial services on December 17, 2020, with initial speeds reaching up to 1 Gbps in test environments. The network evolved from a robust /4G+ infrastructure, which offered speeds approximately six times higher than preceding services, providing nationwide coverage and enabling high-data applications. By 2023, Cosmote achieved over 80% population coverage across , including more than 90% in , , and 37 other cities, with a target of 90% nationwide by year-end. Advancements in Standalone (SA) architecture positioned Cosmote as the sole Greek operator offering commercial SA services as of mid-2025, delivering Europe's highest average download speeds of 547.52 Mbps on this mode. Population coverage for 5G+ reached 50% by June 2024, with expansion plans targeting 60% by year-end, supported by ongoing spectrum acquisitions and site upgrades. These developments reduced latency to around 10 ms while maintaining compatibility with fallback for broader device support, enhancing reliability for urban and semi-urban users. In broadband, OTE shifted emphasis from technologies—deployed via over 17,000 cabinets for speeds up to 150 Mbps—to fiber-to-the-home (FTTH) networks, constructing the largest such infrastructure in . By 2021, OTE installed over 300,000 FTTH lines, capturing more than 77% of national FTTH connections and providing access to ultra-high speeds for nearly 4 million individuals through the Cosmote Fiber network. FTTH expansion accelerated post-2020, with investments exceeding €2.5 billion since 2019 funding deployments to over 2.1 million homes and businesses by the end of 2025, enabling symmetric speeds up to 1 Gbps in targeted semi-urban and rural areas. Projects in regions like , Evia, and prioritized fiber optic cabling for low-latency applications, addressing Greece's lagging very high-capacity network coverage compared to averages while OTE maintained market leadership at around 50% share. This infrastructure supports bundled services, countering competition from alternatives like , and aligns with national digital goals despite slower FTTH adoption rates influenced by legacy copper reliance.

Financial Performance

The Hellenic Telecommunications Organization (OTE) underwent significant financial transformation following its partial privatization starting in the mid-1990s, transitioning from a state-owned monopoly to a more market-oriented entity with increased private shareholding, culminating in acquiring a controlling stake in 2001. This shift correlated with improved financial metrics, such as enhanced profitability ratios, despite some operational challenges from heightened competition post-liberalization. Revenues grew steadily in the early , driven by expansion into through subsidiaries like Cosmote (launched 1998) and international ventures, reflecting broader European telecom deregulation effects. OTE's revenues peaked in the pre- period, reaching approximately $8.80 billion in 2007, fueled by fixed-line dominance, nascent adoption, and mobile subscriber growth amid Greece's economic expansion. However, the global and ensuing Greek sovereign debt crisis (2009–2018) imposed severe pressures, with GDP contraction exceeding 25% leading to reduced , delayed investments, and constraints. OTE's default swaps surged to 3,709 basis points in May 2012 from 1,692 at April's end, signaling heightened default risk amid austerity measures and capital controls. Revenues declined sharply thereafter, dropping to $6.95 billion by 2011 and stabilizing around $4 billion by the late 2010s, as the company implemented cost reductions including a 24% headcount cut and 37% personnel expense drop over six years (circa 2008–2014).
YearRevenue (USD Billion)Year-over-Year Change
20002.91-
20056.65+128% (cumulative)
20078.80+32% from 2005
20116.95-21% from 2007
20154.29-38% from 2011
2020~3.5 (est. from trend)Stable post-2015
Net income followed a similar trajectory, with pre-crisis highs eroded by impairment charges, regulatory fines, and competitive pricing pressures during the , though OTE maintained positive through divestitures and operational efficiencies. Post-2015 stabilization efforts emphasized fiber optics and data services, aiding gradual recovery in EBITDA margins amid Greece's economic rebound, though legacy fixed-line erosion persisted.

Recent Results and Projections (2020–2025)

In 2020, OTE Group demonstrated resilience amid the , reporting adjusted EBITDA (after leases) of €1,223.6 million, a marginal decline of 0.5% year-over-year, driven by reduced and mobility restrictions impacting certain segments. The company achieved steady growth in subsequent years, with full-year 2022 revenues increasing 3.6% and adjusted EBITDA (after leases) rising 4.0%, supported by positive momentum in Greek and Romanian operations. In 2023, revenues reached €3,468.9 million, while adjusted EBITDA stood at €1,342.5 million. For 2024, OTE Group reported full-year revenues of €3,590.8 million, up 3.5% from 2023, with adjusted EBITDA (after leases) at €1,347.3 million, a 0.4% increase yielding a 37.5% margin. Net profit totaled €478.8 million, down 9.9% due to non-recurring factors, though adjusted net profit rose 6.8% to €600.8 million.
YearRevenue (€ million)Adjusted EBITDA (AL) (€ million)Net Profit (€ million)
20233,468.91,342.5531.7
20243,590.81,347.3478.8
In the first half of 2025, revenues approximated €1,792 million, comprising €878.8 million in Q1 (up 0.1%) and €913.3 million in Q2 (up 0.3%), with adjusted EBITDA (after leases) at €657.7 million, reflecting 0.8% growth primarily from Greek operations up 1.9%. Looking ahead to full-year 2025, OTE Group projects of approximately €460 million and capital expenditures of €610–620 million, with adjusted EBITDA (after leases) expected to grow around 2% in amid ongoing FTTH network expansion targeting 2.1 million homes passed by year-end. These projections assume stable macroeconomic conditions and continued investment in , though subject to regulatory and competitive pressures in the Greek market.

Controversies and Criticisms

Privatization Debates and Economic Impacts

The privatization of OTE, initiated in the mid-1990s amid Greece's efforts to modernize its economy and meet EU accession requirements, sparked debates centered on efficiency gains versus risks of foreign control and job losses. Proponents argued that shifting from state monopoly to private involvement would enhance operational efficiency and attract capital for network upgrades, drawing on global evidence that privatization in telecom sectors often boosts productivity through market incentives. Critics, including labor unions and left-leaning political factions, contended that it would lead to workforce reductions and erosion of national sovereignty, particularly as foreign investors like Deutsche Telekom gained stakes, potentially prioritizing profits over universal service obligations. These tensions were exacerbated by intragovernmental politics, where fiscal pressures from rising public debt favored revenue generation over ideological commitments to state ownership. Economically, OTE's privatization generated substantial fiscal revenues for the Greek state, with cumulative proceeds exceeding €2.1 billion by 2005 from share sales, including a notable 2005 offering that surpassed targets by €500 million. Post-privatization, labor productivity rose in correlation with declining state ownership, reflecting streamlined operations and reduced overstaffing, while social performance metrics improved, such as fewer technical faults and enhanced network reliability under strengthened regulatory oversight by the Hellenic Telecommunications Commission (EETT). However, financial profitability remained largely unaffected by ownership changes alone, with declines attributed more to post-2001 market liberalization and competition eroding OTE's fixed-line dominance—its fell from 98% in 2002 to 66% by 2008. Employment contracted by 38% between 1996 and 2009, primarily through voluntary early retirement schemes involving around 9,700 exits, including 2,200 from 2004 to 2009, which mitigated but did not eliminate union conflicts. Overall assessments highlight mixed outcomes: while privatization facilitated modernization and contributed to Greece's broader telecom liberalization benefits—yielding net social gains estimated at 62.85% to 145% of OTE's annual revenues—weak initial regulation and labor frictions limited full efficiency realization, with some analyses noting operating performance deterioration amid intensified rivalry. In the context of Greece's fiscal crises, OTE's partial provided short-term but underscored challenges in capturing long-term value without robust , as evidenced by later creditor-mandated asset sales yielding below-potential returns due to . Empirical firm-level studies of Greek privatizations from 1990–2004, including OTE, show positive effects on and sales growth but variable returns on assets, cautioning against overreliance on revenue-raising without complementary reforms.

Labor Relations and Union Conflicts

Labor relations at OTE have historically been marked by tensions between the company's management and its unions, particularly the Federation of OTE Employees (OME-OTE), over issues such as , , and structural reforms tied to efforts. Unions have frequently invoked strikes to oppose foreign investment and ownership changes, arguing that these threaten employment stability and traditional , though such actions have sometimes been politically influenced to delay or mitigate reforms. Post-privatization, under majority ownership by since 2010, labor disputes have persisted amid efforts to align OTE with competitive market standards, leading to deteriorated relations managed through political interventions rather than resolution. Early conflicts included a 1978 strike by female telephone operators demanding gender wage parity, which achieved partial success and highlighted early gender-based labor inequities within OTE. In 2006, OME-OTE organized a 24-hour nationwide strike protesting planned operational changes perceived as endangering job security. Disputes intensified in 2008 amid Deutsche Telekom's acquisition of a 25% stake for €1.35 billion; OME-OTE staged multiple actions, including a March 17 strike and a two-day walkout in May, citing fears of mass layoffs and further privatization, with protests supported by left-leaning parties but ultimately failing to halt the deal. Further strikes occurred in 2011, with a June 2 action and planned follow-up on June 15, targeting government sell-off plans that unions viewed as accelerating job reductions. In 2016, OME-OTE opposed a proposed minority stake sale by the Greek state, warning of diminished public oversight and worker protections. A significant escalation came in late 2019–early 2020, when OTE employees launched a three-week strike starting December 23, 2019, demanding a unified collective contract across subsidiaries and resisting wage restraint measures; the action involved pickets at headquarters, police interventions resulting in arrests (e.g., five unionists in Thessaloniki on January 7, 2020), and ended without full concessions, underscoring ongoing strains under Deutsche Telekom's influence. These conflicts reflect broader patterns in Greek public-sector telecoms, where unions have leveraged strikes to preserve entitlements amid fiscal pressures and EU-mandated reforms, though empirical outcomes show limited long-term prevention of efficiency-driven . No major strikes have been reported since 2020 as of October 2025, potentially due to stabilized operations post-bailout recovery, but underlying tensions over bargaining rights persist in the sector.

Competition, Pricing, and Regulatory Challenges

OTE, as the incumbent telecommunications operator in , has encountered persistent competition challenges stemming from its historical monopoly position, which regulators have sought to mitigate through enforced network access and antitrust measures. The Hellenic Telecommunications and Post Commission (EETT), 's primary sector regulator, has repeatedly fined OTE for practices hindering rivals' entry, including denial of fair access to its infrastructure. In July 2008, EETT imposed a €9 million penalty on OTE following complaints from competitors about unequal access to wholesale services, a decision OTE contested as disproportionate. Similarly, in a separate action, EETT levied €2.8 million on OTE for breaching electronic communications laws and an additional €3.5 million for abuse of dominant position, underscoring ongoing tensions over wholesale pricing and terms that disadvantage alternative operators. These interventions reflect broader efforts under directives to liberalize the market, where OTE's fixed-line dominance—controlling over 90% of the network as of the early —has been viewed as a barrier to effective rivalry, particularly in rollout. Pricing strategies have drawn criticism for potentially sustaining OTE's market power through cross-subsidization and opacity, exacerbating affordability issues in a post-privatization landscape marked by high operational costs. Historical analyses indicate OTE charged elevated rates for long-distance and international calls—often 2-3 times higher than EU averages in the late 1990s—while keeping local call prices artificially low, a structure that subsidized universal service obligations but distorted competition by inflating rivals' input costs. Alternative providers, reliant on OTE's infrastructure, have argued that such practices, combined with regulatory delays in mandating cost-oriented wholesale tariffs, perpetuate a "suffocation" of new entrants, leading to elevated retail prices for consumers amid Greece's economic constraints. EETT's mandate limits direct price controls, requiring operators only to disclose tariffs transparently, which has not fully resolved complaints over bundled offerings and roaming charges that critics deem non-competitive. Regulatory challenges persist amid Greece's alignment with EU competition frameworks, balancing OTE's investments in next-generation networks against risks of entrenching dominance. Post-2010 financial crisis, OTE's fixed-line division grappled with a "hostile regulatory environment" that intensified scrutiny on margin squeezes and facility-sharing refusals, contributing to market share erosion from 100% in the pre-liberalization era to around 70% in mobile by the mid-2010s. Recent disputes highlight evolving dynamics, such as OTE's November 2024 call for EETT intervention to curb state-owned Public Power Corporation (PPC)'s subsidized fibre deployments, which OTE claims could confer undue advantages via below-cost pricing in underserved areas. Conversely, the European Commission approved OTE's wholesale fibre volume discount scheme in September 2024, deeming it pro-competitive for accelerating gigabit connectivity without foreclosing rivals, provided discounts reflect verifiable efficiencies. OECD assessments of Greece's competition regime note that while ex-ante sector-specific rules complement general antitrust enforcement, overlaps between EETT and the Hellenic Competition Commission have occasionally led to fragmented oversight, delaying resolutions in dominance cases. These pressures have incentivized OTE's pivot toward fibre and 5G investments, yet underscore the causal tension between fostering infrastructure upgrades and preventing incumbent lock-in.

Legacy and Additional Contributions

OTE Telecoms Museum

The OTE Group Museum, established in 1990, serves as a dedicated institution preserving and exhibiting the of technology in , with a particular emphasis on the role of the Hellenic Organization (OTE) in national development. Housed in Nea Kifisia, a suburb of at 25 Proteos Street, the museum spans multiple rooms that chronologically trace communication methods from ancient signaling techniques—such as fire beacons and hydraulic telegraphs—to contemporary digital systems, integrating OTE's operational milestones like the deployment of early networks and advancements. Its collections, exceeding 3,500 artifacts, underscore as a cornerstone of technological progress, linking 's historical communication efforts to OTE's evolution from a to a privatized entity. Key exhibits include operational Morse telegraphs from the , crank-operated telephones, communication devices, machines, systems, and early OTE computers, alongside displays of optical fibers, telegram archives, and even a recreated demonstrating origins. These items not only illustrate technical innovations but also contextualize their societal impact, such as facilitating Greece's post-World War II reconstruction through expanded under OTE's management starting in 1949. The museum's narrative highlights causal connections between infrastructure investments and economic connectivity, avoiding unsubstantiated claims of universal progress by grounding displays in verifiable OTE records and period artifacts. Beyond static displays, the facility offers interactive educational programs, including STEM workshops for students, virtual tours accessible online since at least 2020, and periodic events that engage visitors with hands-on simulations of historical devices. Open to the public weekdays from 10:00 to 17:00 and select Sundays, it functions as a non-commercial resource maintained by OTE Group, promoting awareness of ' foundational role without overt promotional bias toward current services. This preservation effort contributes to OTE's legacy by documenting how fixed-line expansions and technological adoptions from the mid-20th century onward supported Greece's integration into global networks, evidenced by exhibits on milestones like the 1964 introduction of automatic exchanges.

Contributions to Greek Infrastructure

OTE, established on November 10, 1949, assumed responsibility for Greece's infrastructure, unifying previously fragmented services under state control to address post-World War II deficiencies in connectivity. As the national monopoly provider until the of the sector in the 1990s, OTE constructed and maintained the country's fixed-line , which formed the foundational backbone for domestic and international communications, enabling economic coordination and in a developing nation. During its early decades, OTE prioritized network automation and expansion, significantly increasing telephone penetration; for instance, automatic telephone installations in rose from 43,290 to 102,601, reflecting a 137% growth in urban connectivity that supported Greece's post-war reconstruction. By the 1960s and 1970s, OTE introduced services in 1957 and extended telephotographic capabilities, while abolishing outdated Morse telegraphy in 1969, thereby modernizing transmission infrastructure to handle growing traffic volumes, including a peak of 5,483,000 telegrams annually in the mid-20th century. In the broadband era, OTE shifted focus to high-speed networks, launching substantial -to-the-home (FTTH) deployments. By , the company committed over €3 billion through 2027—the largest investment in decades—to extend FTTH to 3 million households, providing up to 1 Gbps speeds and positioning for gigabit society standards. This included a €2 billion initiative announced in 2018, targeting 1 million households and businesses by 2022, which enhanced fixed capacity amid rising demands. By the end of 2023, OTE had deployed over 1.3 million FTTH lines, accounting for 28% of Greece's total and leading national coverage at 77% of installed FTTH capacity. Complementary financing, such as a €150 million EBRD in 2022, supported FTTH rollout to approximately 371,000 additional households, prioritizing and . These efforts, as Greece's predominant telecom investor, have underpinned growth by improving access to high-speed , though penetration rates remain below EU averages at around 56% for FTTH.

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  99. https://www.ekathimerini.com/economy/34347/ote-share-sale-brings-total-privatizations-revenue-to-2-1-bln-500-mln-above-target/
  100. https://www.researchgate.net/publication/293037524_An_empirical_examination_of_privatizations_performance_in_Greece_1990-2004
  101. https://cepr.org/voxeu/columns/privatisation-and-debt-lessons-greeces-fiasco
  102. https://www.otegroupmuseum.gr/en/discover/mt-stories/women-have-power-in-telecommunications/
  103. https://www.ekathimerini.com/economy/43320/ote-union-claims-strike-success/
  104. https://www.reuters.com/article/business/media-telecom/ote-union-to-strike-against-deutsche-telekom-deal-idUSL17236916/
  105. https://www.nytimes.com/2008/05/12/technology/12iht-telekom.4.12812314.html
  106. https://www.ekathimerini.com/news/133867/ote-workers-on-strike-over-sell-off-plans/
  107. https://www.reuters.com/article/ote-telecom-sale/greek-telecoms-group-union-urges-government-to-scrap-stake-sale-plan-idUSL8N1CJ3BE
  108. https://www.telcotitans.com/deutsche-telekomwatch/ote-employees-start-2020-with-strike-action/968.article
  109. https://peoplesdispatch.org/2020/01/09/braving-police-crackdown-greek-telecom-workers-continue-strike/
  110. https://kitchener.citynews.ca/2024/04/17/unions-in-greece-call-widespread-strikes-seeking-a-return-to-bargaining-rights-axed-during-bailouts/
  111. https://www.iicj.net/paper/1219
  112. https://www.sciencedirect.com/science/article/abs/pii/S0308596198000676
  113. https://www.ekathimerini.com/economy/47200/greek-telecom-sector-plagued-by-inadequate-rules-high-costs/
  114. https://www.eett.gr/en/docs/faq-for-consumers/telephony-amp-internet/issues-related-to-charges/
  115. https://www.telcotitans.com/deutsche-telekomwatch/greek-incumbent-not-happy-over-utility-rivals-fibre-power-trip/8641.article
  116. https://www.rbbecon.com/news/article/ec-approves-ote-s-fibre-volume-discount-scheme/
  117. https://www.oecd.org/content/dam/oecd/en/publications/reports/2018/01/oecd-peer-reviews-of-competition-law-and-policy-greece-2018_29945331/a0ea6fef-en.pdf
  118. https://www.oecd.org/content/dam/oecd/en/publications/reports/2021/10/competition-enforcement-and-regulatory-alternatives_b288387f/d9a9c703-en.pdf
  119. https://www.otegroupmuseum.gr/en/the-museum/
  120. https://www.erih.net/i-want-to-go-there/site/ote-group-telecommunications-museum
  121. https://daysofart.gr/en/art-places/ote-group-telecommunications-museum/
  122. https://www.greeka.com/attica/athens/sightseeing/museum-telecommunications/
  123. https://www.otegroupmuseum.gr/en/
  124. https://www.coe.int/en/web/cultural-routes/-/ote-group-telecommunications-museum
  125. https://momizen.com/activities/drastiriotites-mouseiou-tilepikoinonion-ote
  126. https://www.otegroupmuseum.gr/en/discover/virtual-tour/
  127. https://www.pinegap.ai/OTE_GR/primer
  128. https://www.reuters.com/article/business/media-telecom/announcement-ote-to-invest-2-bln-eur-on-fiber-optics-until-2022-idUSL8N1RB6AJ/
  129. https://meta-os.eu/index.php/2023/09/07/ote/
  130. https://neurosoft.gr/greece-embraces-the-future-ftth-poised-for-growth/
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