MAGYAR TELEKOM RESULTS FOR THE THIRD QUARTER OF 2024
Budapest, November 13, 2024 17:30
Magyar Telekom today reported its consolidated financial results for the third quarter of 2024 , in accordance with IFRS Accounting Standards as endorsed by the EU. The quarterly financial report contains unaudited figures.
Highlights:
Total revenue increased by 13.8% year-on-year to HUF 246.1 billion in Q3 2024 . This improvement was attributable to the combined impact of continued strong demand for mobile data and fixed broadband services and the positive impact of the implemented inflation-based fee adjustment in Hungary. These increases were coupled with higher mobile equipment sales and an increase in SI/IT revenue, both reflecting favorable external impacts.
Mobile revenue rose by 15.1% year-on-year to HUF 145.0 billion in Q3 2024 , driven by the continued growth in mobile data revenue and higher equipment sales.
Fixed line revenue increased by 11.3% year-on-year, to HUF 77.4 billion in Q3 2024, reflecting the increases in fixed broadband and TV revenue driven by the customer base expansions as well as the favorable impact of the inflation-based fee adjustment applied to the Hungarian subscription fees.
System Integration and IT ( SI/IT') revenue rose by 14.5% year-on-year, amounting to HUF 23.7 billion in Q3 2024, thanks to higher revenue from major projects at the Hungarian operation.
Direct costs were up by 11.1% year-on-year at HUF 94.4 billion in Q3 2024, primarily driven by higher equipment costs, parallel to the increase in sales.
Gross profit improved by 15.6% year-on-year to HUF 151.8 billion in Q3 2024, thanks to improvements in service revenue partly mitigated by the higher other direct costs.
Indirect costs were up by 9.4% year-on-year, at HUF 55.6 billion in Q3 2024, primarily driven by higher employee related expenses.
EBITDA increased by 19.5% year-on-year to HUF 96.2 billion in Q3 2024 driven by the improvement in gross profit. EBITDA AL was up by 21.3% year-on-year to HUF 88.7 billion in Q3 2024.
Depreciation and amortization ( D&A') expenses were lower by 2.2% year-on-year, amounting to HUF 34.0 billion in Q3 2024, driven by increases in the useful life of different asset classes.
Profit for the period rose by 86.4% year-on-year to HUF 45.9 billion in Q3 2024 driven primarily by the growth in EBITDA.
Profit attributable to non-controlling interests decreased by 15.6% year-on-year to HUF 1.4 billion in Q3 2024 , as improvement in the operational results at the North Macedonian subsidiary was offset by a one-off expense.
Capex after lease excluding spectrum licenses amounted to HUF 69.8 billion in the first nine months of 2024, representing a 4.2% reduction year-on-year, as lower annual CPE procurements in Hungary was coupled with lower network investments and seasonally lower TV content capitalization costs in North Macedonia.
Free cash flow, excluding spectrum license fees, amounted to HUF 108.5 billion in the first nine months of 2024 against HUF 48.6 billion in the first nine months of 2023. Year-on-year growth was attributable to the improved profitability and lower capex outpayments, partially mitigated by higher working capital needs related to different vendor outpayment dynamics.
Tibor R kasi, Magyar Telekom CEO commented:
Magyar Telekom's impressive performance during 2024 continued through the third quarter, with our successful strategy, our customer-centric approach, and our ability to provide a gigabit experience, producing another strong set of operational and financial results. I am pleased to report that in the third quarter Magyar Telekoms revenue increased by 13.8% year-on-year, while EBITDA AL increased by 21.3%. We reached 94% readiness in the radio network modernization of our mobile network, and have now connected more than 1 million customers to our gigabit capable optical network. Alongside our network and technology focus, we have made further progress with our customer-centric approach. I am happy to report that one million customers are now benefiting from our Magenta Moments discount program, and in September we further improved both our fixed and mobile portfolios which now include the possibility of streaming add-ons. We have also just announced a major milestone in our domestic TV service as following the phasing out of satellite TV services from 2025, only interactive TV services will be available in our portfolio. Looking ahead, we can confirm financial guidance for full year 2024 across all metrics.
Public targets
Most recent headlines
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
08/12/2025
Nielsen's robust data offering enables marketers to connect with their target audience more effectively and drive better results throughout Amazon's adv...
08/12/2025
LOS ANGELES and NEW YORK Paramount has launched a hostile takeover bid for Warner Bros. Discovery with an all-cash tender offer to acquire all of the outstandin...
08/12/2025
EMERYVILLE, Calif. Media and entertainment technology and services provider Advanced Systems Group has named Macky Beheshti as director, enterprise storage and ...
08/12/2025
DENVER MediaKind, a global provider of cloud-based video streaming technology announced today that it is acquiring the video business of Harmonic Inc. for appro...
08/12/2025
NEW YORK Nielsen has announced that its Audience Segments from Nielsen Marketing Cloud (NMC) are now available across the Amazon Ads marketplace, including the ...
08/12/2025
Marshall Electronics showcases the CV355-27X-ND3 Optical Zoom NDI (NDI HX2, NDI HX3) Camera at ISE 2026 (Booth 4N900). Designed for users seeking high-quality ...
08/12/2025
Cinnafilm today announced the immediate availability of IPx LIVE and Tachyon LIVE, delivering broadcast-grade, real-time IP video transcoding and motion-compens...
08/12/2025
Following a successful 45th anniversary year in 2024, Hiltron reports increasing demand for its wide range of satellite communication equipment manufacturing, p...
08/12/2025
Copenhagen's The Epicurus is a one-of-a-kind Jazz Gastropub that presents exclusive performances curated by Jazz Pianist and Producer Sir Niels Lan Doky. Fe...
08/12/2025
Arvato Systems Receives gematik-approval for TI-Messenger tim
Approval secured for TI Messenger tim - paving the way for secure and interoperable communicat...
08/12/2025
Eurovision winner Niamh Kavanagh is the first celebrity to be revealed for the s...
08/12/2025
Changing children's lives for good: A staggering 4.6 million raised in the 2025 appeal
The people of Ireland and people all over the world have once again...
08/12/2025
It's murder on the dancefloor as The Traitors Ireland legend Paudie Moloney ...
06/12/2025
In a live broadcast from the Reagan National Defense Forum, L3Harris Chair and CEO Christopher Kubasik joined Morgan Brennan on CNBCs Closing Bell: Overtime. Ku...
06/12/2025
FORT LAUDERDALE, Fla. A new survey from Pixitmedia by Datacore revealed a major shift in the Media & Entertainment industry in media archiving, with 85% of resp...
06/12/2025
HACKENSACK, N.J. LiveU has announced that the national public broadcaster Czech Television has completed one of the largest LiveU live production deployments fo...
06/12/2025
NEW YORK The National Academy of Television Arts and Sciences (NATAS) presented the Excellence in Production Technology Emmy Award to NASA+ and Dr. Tom Leight...
05/12/2025
2025 Sports Broadcasting Hall of Fame: Curt Gowdy Jr. - Master Storyteller, Nati...
05/12/2025
SVG Sit-Down: Veritone's Sean King on the Power of Mining Video, Audio DataThe company's Data Refinery offers users total control and governance over da...
05/12/2025
Platinum White Paper: Inside the Nashville Predators' Unified, Flexible, Sca...
05/12/2025
Netflix Reaches Agreement To Acquire Warner Bros. Following Planned WBD SplitThe deal does not include WBDs sports assets like TNT Sports (US, UK, LatAm), Euros...
05/12/2025
FOX Sports Returns to Indianapolis for Primetime Broadcast of Big Ten Championsh...
05/12/2025
SVG Summit 2025 Preview: Digital Engagement & Monetization Workshop Tackles the ...
05/12/2025
Atlanta United Lights Up New Emory Healthcare Studio With First Live Broadcast f...
05/12/2025
As Messi Takes the Pitch, MLS, Apple, NEP Roll Out Largest MLS Cup Production Ev...
05/12/2025
ESPN Enters College Football's Most Intense Month With Elevated Workflows fo...
05/12/2025
It's about that time! Awards season is in full swing, and the Film Independe...
05/12/2025
Every year, Spotify Wrapped offers a personalized look back at the audio that defined your year. It's a snapshot of your listening habits, designed to tell ...
05/12/2025
In 2025, Spotify's EQUAL, GLOW, and RADAR programs celebrated women, LGBTQIA , and emerging artists who turned moments into milestones. From breaking record...
05/12/2025
In our latest blog, we explain how Wi-Fi 7 rollouts can drive consumer loyalty with value-add services such as consumer cybersecurity. We also explore how this ...
05/12/2025
LOS ANGELES Netflix announced it has entered into an agreement to acquire the assets of Warner Bros. for $82.7 billion....
05/12/2025
NEW YORK Nielsens Gracenote has launched Gracenote Content Connect, a new ad platform that provides agencies, brands, supply-side platforms (SSPs) and demand-si...
05/12/2025
NEW YORK In an important update to the workings of deal-based programmatic advertising, IAB Tech Lab has released version 1.0 of its Deals API for public commen...
05/12/2025
NEW YORK Pass the turkey. Pass the stuffing. Pass the cranberry sauce. All are common requests of Americans celebrating Thanksgiving Day with family and f...
05/12/2025
NEW YORK Iris, the new cloud-connected camera control platform, has officially launched with features that turn virtually any PTZ camera into a software-connect...
05/12/2025
HOLLYWOOD, Calif. Netflix announced today that it has entered into an agreement to acquire the assets of Warner Bros. for $82.7 billion....
05/12/2025
NEW YORK Iris, the new cloud-connected camera control platform, has officially launched with features that turn virtually any PTZ camera into a software-connect...
05/12/2025
WASHINGTON The Federal Communications Commission has approved AT&T's $1.02 billion acquisition of spectrum from UScellular in a decision that was issued sho...
05/12/2025
The Best Coldplay Songs: 21 Tracks That Shoot for the Stars From Yellow to Viva La Vida, Fix You to Paradise, this playlist goes back to the start.
December ...
05/12/2025
Zafris Lecture Series Brings Nabil Ayers to Berklee The 32nd annual James G. Zafris Distinguished Lecture series was held on Thursday, November 13, with guest...
05/12/2025
Back to All News
Netflix Unveils the First Look for Land of Sin' - Premier...
05/12/2025
Introducing New Perks to Help You Get Even More from LinkedIn Premium Published on Dec 5, 2025 Categories: Company News, Product News
LinkedIn Corporate Co...
05/12/2025
Friday 5 December 2025
A new Game of Thrones Tale: Official trailer for Sky Exc...
05/12/2025
Back to All News
Don Lee, Lee Jin-uk, and Lalisa Manobal to Star in Netflix Act...
05/12/2025
Tis the season of giving once again and this year we've taken our Give Back Fridays' concept and turned it on its head.
In the autumn we were approach...
05/12/2025
Brayden Gogis doesn't remember a time when he wasn't completely fixated on games in all forms. In preschool, when they asked us to dress up as what we ...
05/12/2025
The Grinch steals the spotlight as the theme for The Late Late Toy Show 2025
Tune in tonight at 9:35pm on RT One and worldwide on RT Player
#LateLateToyShow...
05/12/2025
RT Announces New Presenters of Flagship News Programmes
New RT Six One News co-presenter Tommy Meskill
Sarah McInerney & Justin McCarthy join Morning Ir...
MAGYAR TELEKOM RESULTS FOR THE THIRD QUARTER OF 2024 
