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Investor News

Magyar Telekom third quarter 2021 results

Budapest, November 9, 2021 17:30

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 2021, in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU (hereinafter: quarterly financial report). The quarterly financial report contains unaudited figures for each reporting period.

Financial highlights:

Financial results

  • Group revenue grew by 6.2% year-on-year in Q3 2021, attributable to sustained positive momentum in all service categories, with a particularly strong performance in mobile data and fixed broadband
  • Gross profit improved by 6.8% year-on-year in Q3 2021, driven by higher top line contribution and the absence of a one-off telecommunication tax expense recorded in Q3 2020
  • The 9.7% year-on-year growth in EBITDA AL in Q3 2021 was driven by gross profit growth
  • Capex AL excluding spectrum licenses increased 6.6% year-on-year to HUF 28.2 billion in Q3 2021 and amounted to HUF 71.4 billion for the first nine months of 2021, due to differences in the timing of investments between the respective periods
  • Free cash flow excl. spectrum licenses (i.e. without one-time spectrum license fees) amounted to HUF 34.4 billion in the first nine months of 2021, reflecting strong EBITDA generation, partly offset by investment-related payments and working capital developments

Operational highlights

  • Average monthly mobile data consumption amongst Hungarian customers continued to rise sharply, recording an increase of over 30% year-on-year and reached 7.9 GB/month in Q3 2021
  • Monetization of our gigabit-network continued with over 1 million customers now connected to the network via Gigabit-technology
  • ISS Corporate Solutions ranked Magyar Telekom among the best performers of the telecom sector globally in terms of the Company’s sustainability credentials, awarding Magyar Telekom a ‘B’ rating which equates to ‘Prime’ status
  • Following its annual credit rating review, Scope Ratings GmbH affirmed Magyar Telekom at BBB+ with a stable outlook

Tibor Rékasi, Magyar Telekom CEO commented:

“Our operating environment continued to develop favorably in the third quarter of 2021 as the effects of COVID-19 diminished further, for both Magyar Telekom and the wider market. In line with our strategy, we continued to build and modernize our Gigabit-capable network and by the end of the third quarter we reached 2.89 million access points.

Magyar Telekom grew significantly year-on-year in terms of revenue, gross profit and EBITDA. This is testament to our excellent network quality and outstanding customer satisfaction, which have enabled us to successfully monetize strong market demand for our telecommunications and data services.”


Public guidance

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, 2020, available on our website at which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and adopted by the European Union.