Upcoming Dividend • May 27
Upcoming dividend of €1.69 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 03 July 2026. Payout ratio and cash payout ratio are on the higher end at 91% and 87% respectively. Trailing yield: 4.0%. Lower than top quartile of Croatian dividend payers (4.3%). In line with average of industry peers (4.3%). Reported Earnings • May 05
First quarter 2026 earnings released: EPS: €0.39 (vs €0.35 in 1Q 2025) First quarter 2026 results: EPS: €0.39 (up from €0.35 in 1Q 2025). Revenue: €271.9m (up 1.6% from 1Q 2025). Net income: €29.9m (up 12% from 1Q 2025). Profit margin: 11% (up from 9.9% in 1Q 2025). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Europe. Declared Dividend • Apr 15
Dividend increased to €1.69 Dividend of €1.69 is 3.0% higher than last year. Ex-date: 3rd June 2026 Payment date: 3rd July 2026 Dividend yield will be 4.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (67% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.6% to bring the payout ratio under control. EPS is expected to grow by 23% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 14
Hrvatski Telekom d.d. announces Annual dividend, payable on July 03, 2026 Hrvatski Telekom d.d. announced Annual dividend of EUR 1.6900 per share payable on July 03, 2026, ex-date on June 03, 2026 and record date on June 05, 2026. Announcement • Mar 27
Hrvatski Telekom d.d., Annual General Meeting, May 07, 2026 Hrvatski Telekom d.d., Annual General Meeting, May 07, 2026, at 10:00 Central European Standard Time. Location: at the company headquarters in zagreb, radnicka cesta 21, Croatia Announcement • Dec 19
Hrvatski Telekom d.d. to Report Fiscal Year 2025 Final Results on Mar 24, 2026 Hrvatski Telekom d.d. announced that they will report fiscal year 2025 final results on Mar 24, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €821.6m (up 182% from 3Q 2024). Net income: €106.7m (up 115% from 3Q 2024). Profit margin: 13% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Buy Or Sell Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.0% to €42.10. The fair value is estimated to be €53.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • May 31
Upcoming dividend of €1.64 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 16 June 2025. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Croatian dividend payers (4.7%). In line with average of industry peers (3.9%). Buy Or Sell Opportunity • May 28
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €41.80. The fair value is estimated to be €53.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Apr 29
Hrvatski Telekom d.d. announces Annual dividend, payable on June 16, 2025 Hrvatski Telekom d.d. announced Annual dividend of EUR 1.6400 per share payable on June 16, 2025, ex-date on June 06, 2025 and record date on June 09, 2025. Buy Or Sell Opportunity • Apr 16
Now 21% undervalued Over the last 90 days, the stock has risen 3.7% to €41.60. The fair value is estimated to be €52.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • Apr 08
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: €1.82 (up from €1.69 in FY 2023). Revenue: €1.10b (up 6.0% from FY 2023). Net income: €141.9m (up 7.5% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 19% per year. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued Over the last 90 days, the stock has risen 9.5% to €43.90. The fair value is estimated to be €55.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Mar 26
Hrvatski Telekom D.D. Announces the Resignations of Supervisory Board Members Jonathan Abrahamson and André Lenz Hrvatski Telekom announced the upcoming resignations of Supervisory Board members Jonathan Abrahamson and André Lenz, effective at the close of the company's first 2025 General Assembly meeting. Both are leaving to assume new leadership roles within Deutsche Telekom Group. Abrahamson joined the board in 2022, and Lenz in 2024. The remaining board members, including Chairwoman Elvira González Sevilla and Deputy Chairman Ivica Misetic, will continue to serve until the General Assembly appoints replacements. Reported Earnings • Feb 27
Full year 2024 earnings released Full year 2024 results: Revenue: €1.11b (up 7.2% from FY 2023). Net income: €141.9m (up 7.5% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Telecom industry in Europe. Buy Or Sell Opportunity • Feb 24
Now 20% undervalued Over the last 90 days, the stock has risen 7.6% to €44.00. The fair value is estimated to be €55.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Nov 20
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €38.00. The fair value is estimated to be €47.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 6.6% in 2 years. Earnings are forecast to grow by 7.6% in the next 2 years. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €292.4m (up 4.7% from 3Q 2023). Net income: €49.7m (up 16% from 3Q 2023). Profit margin: 17% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Europe. Reported Earnings • Jul 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €274.1m (up 9.1% from 2Q 2023). Net income: €30.5m (up 16% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Announcement • Jul 17
Hrvatski Telekom d.d. to Report First Half, 2024 Results on Jul 25, 2024 Hrvatski Telekom d.d. announced that they will report first half, 2024 results on Jul 25, 2024 Buy Or Sell Opportunity • Jul 01
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €30.10. The fair value is estimated to be €38.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 2.8% in a year. Earnings are forecast to decline by 6.5% in the next year. Announcement • Jun 29
Hrvatski Telekom Mulls Merger of HTS Unit Hrvatski Telekom d.d. (ZGSE:HT) said on June 28, 2024, it has started looking into a possibility to merge its network infrastructure subsidiary HT Servisi (HT Servisi d.o.o.) (HTS). ‘The goal is to assess the potential for increased operational efficiency, faster and better customer service, and further strengthening of Hrvatski Telekom's market position,’ the company said in a filing to the Zagreb bourse. A decision will depend on the results of the analysis, after which the necessary corporate approvals would be sought. Buy Or Sell Opportunity • Jun 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.6% to €29.80. The fair value is estimated to be €37.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 2.8% in a year. Earnings are forecast to decline by 6.5% in the next year. Buy Or Sell Opportunity • Jun 06
Now 20% undervalued Over the last 90 days, the stock has risen 4.2% to €29.80. The fair value is estimated to be €37.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 2.8% in a year. Earnings are forecast to decline by 6.5% in the next year. Buy Or Sell Opportunity • May 10
Now 21% undervalued Over the last 90 days, the stock has risen 7.6% to €29.70. The fair value is estimated to be €37.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 2.8% in a year. Earnings are forecast to decline by 6.5% in the next year. Upcoming Dividend • May 03
Upcoming dividend of €1.53 per share Eligible shareholders must have bought the stock before 10 May 2024. Payment date: 20 May 2024. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 5.0%. Within top quartile of Croatian dividend payers (4.4%). In line with average of industry peers (4.6%). Reported Earnings • May 01
First quarter 2024 earnings released First quarter 2024 results: Revenue: €255.2m (up 5.8% from 1Q 2023). Net income: €26.6m (down 1.8% from 1Q 2023). Profit margin: 10% (in line with 1Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Declared Dividend • Mar 30
Dividend of €1.53 announced Shareholders will receive a dividend of €1.53. Ex-date: 10th May 2024 Payment date: 20th May 2024 Dividend yield will be 5.0%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (149% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS is expected to decline by 3.9% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 29
Hrvatski Telekom d.d. to Report Q1, 2024 Results on Apr 30, 2024 Hrvatski Telekom d.d. announced that they will report Q1, 2024 results on Apr 30, 2024 Buy Or Sell Opportunity • Mar 25
Now 20% undervalued Over the last 90 days, the stock has risen 13% to €30.60. The fair value is estimated to be €38.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 5.9% in 2 years. Earnings are forecast to decline by 5.6% in the next 2 years. Reported Earnings • Feb 25
Full year 2023 earnings released Full year 2023 results: Revenue: €1.05b (up 6.6% from FY 2022). Net income: €132.0m (up 52% from FY 2022). Profit margin: 13% (up from 8.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Announcement • Jan 26
Hrvatski Telekom d.d. to Report Fiscal Year 2023 Results on Feb 23, 2024 Hrvatski Telekom d.d. announced that they will report fiscal year 2023 results on Feb 23, 2024 Buying Opportunity • Jan 18
Now 20% undervalued Over the last 90 days, the stock is up 4.2%. The fair value is estimated to be €34.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to grow by 2.2% in the next 2 years. Buying Opportunity • Jan 02
Now 20% undervalued Over the last 90 days, the stock is up 2.7%. The fair value is estimated to be €33.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to grow by 2.2% in the next 2 years. Reported Earnings • Nov 05
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €279.2m (up 2.7% from 3Q 2022). Net income: €43.0m (up 45% from 3Q 2022). Profit margin: 15% (up from 11% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. New Risk • Aug 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Dividend per share is over 8x cash flows per share. Dividend yield: 4.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 31
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €251.0m (up 6.4% from 2Q 2022). Net income: €26.0m (up 54% from 2Q 2022). Profit margin: 10% (up from 7.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Europe. Upcoming Dividend • May 05
Upcoming dividend of €1.10 per share at 4.3% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 22 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.3%. Within top quartile of Croatian dividend payers (4.2%). In line with average of industry peers (4.2%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: Kn8.27 (vs Kn7.67 in FY 2021) Full year 2022 results: EPS: Kn8.27 (up from Kn7.67 in FY 2021). Revenue: Kn7.41b (flat on FY 2021). Net income: Kn655.0m (up 6.5% from FY 2021). Profit margin: 8.8% (up from 8.3% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Feb 24
Full year 2022 earnings released Full year 2022 results: Revenue: Kn7.52b (up 1.7% from FY 2021). Net income: Kn655.4m (up 6.6% from FY 2021). Profit margin: 8.7% (up from 8.3% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Dec 10
Croatian Telecom Announces Changes in Management Board The Supervisory Board of Croatian Telecom at its session held on December 8, 2022 approved the new organizational structure of the Management Board of Croatian Telecom. Accordingly, the function of the Management Board Member for Corporate Affairs is introduced. As a result, the Management Board will as of 8 December 2022 be comprised out of seven, instead of the previous six members. Sinisa Ðuranovic will take over the Management Board Member and Chief Corporate Affairs Officer (CCO) role effective as of 8 December 2022, after last holding the leadership role of Senior Vice President and General Counsel. After staring his career in advocacy where he specialized in corporate law and M&A, he joined Croatian Telecom in 2000 and has since been responsible for leading regulatory and legal functions as well as strategic Croatian Telecom and HT Group projects in Croatia and the region. Since 2015 he held the role of Senior Vice President and General Counsel, coordinating and managing the Company's strategy, M&A, legal and regulatory affairs, national and international wholesale, electronic communications infrastructure, media and digital services as well as business transformation. He is also a Chairman of the Board of Directors of Crnogorski Telekom, Management Board member of HT holding d.o.o., Supervisory Board member of the public company Hrvatske telekomunikacije d.d. Mostar, and Vice President of Croatian Employers Association ICT section. He graduated at Law Faculty of Zagreb and finished an executive MBA program at IEDC Bled. As of 8 December 2022, the Management Board of Croatian Telecom comprises of Kostas Nebis, CEO, Natasa Rapaic, in charge of Residential Customers, Boris Drilo, in charge of Technical and Information functions, Ivan Bartulovic, in charge of Human Resources, Matija Kovacevic in charge of Finance, Marijana Bacic, in charge of Business Customers, and Sinisa Ðuranovic, in charge of Corporate Affairs. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Kn2.09b (up 9.4% from 3Q 2021). Net income: Kn224.0m (down 24% from 3Q 2021). Profit margin: 11% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Europe. Announcement • Oct 27
Hrvatski Telekom d.d. to Report Nine Months, 2022 Results on Oct 31, 2022 Hrvatski Telekom d.d. announced that they will report nine months, 2022 results on Oct 31, 2022 Reported Earnings • Jul 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Kn1.81b (flat on 2Q 2021). Net income: Kn127.0m (up 10% from 2Q 2021). Profit margin: 7.0% (up from 6.3% in 2Q 2021). Over the next year, revenue is forecast to grow 2.0%, compared to a 4.2% growth forecast for the industry in Croatia. Announcement • Jul 21
Hrvatski Telekom d.d. to Report First Half, 2022 Results on Jul 28, 2022 Hrvatski Telekom d.d. announced that they will report first half, 2022 results on Jul 28, 2022 Reported Earnings • May 01
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: Kn1.71b (down 4.5% from 1Q 2021). Net income: Kn175.0m (up 250% from 1Q 2021). Profit margin: 10% (up from 2.8% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 1.3%, compared to a 4.6% growth forecast for the industry in Croatia. Upcoming Dividend • Apr 27
Upcoming dividend of Kn8.00 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 16 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.2%. Lower than top quartile of Croatian dividend payers (4.4%). In line with average of industry peers (4.0%). Announcement • Apr 22
Hrvatski Telekom d.d. to Report Q1, 2022 Results on Apr 28, 2022 Hrvatski Telekom d.d. announced that they will report Q1, 2022 results at 9:00 AM, Central European Standard Time on Apr 28, 2022 Announcement • Apr 01
Hrvatski Telekom d.d. (ZGSE:HT) acquired HT Produkcija LLC. Hrvatski Telekom d.d. (ZGSE:HT) acquired HT Produkcija LLC on March 31, 2022. The Merger Agreement referred to under previous paragraph hereof was submitted to the Court Register of the Commercial Court in Zagreb on 31 March 2022.
Hrvatski Telekom d.d. (ZGSE:HT) completed the acquisition of HT Produkcija LLC on March 31, 2022. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: Kn7.39b (flat on FY 2020). Net income: Kn615.0m (up 4.6% from FY 2020). Profit margin: 8.3% (up from 7.9% in FY 2020). Revenue exceeded analyst estimates by 2.2%. Over the next year, revenue is forecast to stay flat compared to a 5.1% growth forecast for the industry in Croatia. Buying Opportunity • Jan 24
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be Kn230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20% over the last year. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: Kn1.94b (down 2.9% from 3Q 2020). Net income: Kn295.0m (up 20% from 3Q 2020). Profit margin: 15% (up from 12% in 3Q 2020). The increase in margin was driven by lower expenses. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: Kn1.84b (up 4.5% from 2Q 2020). Net income: Kn115.0m (down 30% from 2Q 2020). Profit margin: 6.3% (down from 9.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 02
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: Kn1.82b (up 5.0% from 1Q 2020). Net income: Kn50.0m (down 66% from 1Q 2020). Profit margin: 2.7% (down from 8.6% in 1Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 28
Upcoming dividend of Kn8.00 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 17 May 2021. Trailing yield: 4.2%. Within top quartile of Croatian dividend payers (4.2%). In line with average of industry peers (4.6%). Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Kn7.46b (down 3.2% from FY 2019). Net income: Kn588.2m (down 21% from FY 2019). Profit margin: 7.9% (down from 9.6% in FY 2019). The decrease in margin was driven by lower revenue. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 2.1%. Over the next year, revenue is expected to shrink by 1.0% compared to a 5.2% growth forecast for the Telecom industry in Croatia. Is New 90 Day High Low • Mar 10
New 90-day high: Kn188 The company is up 3.0% from its price of Kn183 on 10 December 2020. The Croatian market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Telecom industry, which is down 1.0% over the same period. Announcement • Mar 09
Hrvatski Telekom d.d., Annual General Meeting, Apr 23, 2021 Hrvatski Telekom d.d., Annual General Meeting, Apr 23, 2021. Announcement • Feb 19
Hrvatski Telekom d.d. to Report Fiscal Year 2020 Results on Mar 10, 2021 Hrvatski Telekom d.d. announced that they will report fiscal year 2020 results on Mar 10, 2021 
