Optima sets EUR 22.50 target for OTE stock

Published on 10/18/2026 at 13:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue reached EUR 855.8 million, while adjusted EBITDA rose 3.00 percent. OTE stock closed at EUR 19.58 in Athens on October 16, 2026.

Analyst target and reporting date

Optima Bank set a EUR 22.50 target and Buy rating for OTE on October 13, 2026.
OTE generated EUR 855.8 million in revenue in the second quarter of 2026.
OTE will publish third-quarter 2026 results on October 30, 2026.

OTE, GRS260333000, Illustration mit AI erstellt.

OTE (ISIN GRS260333000) delivered EUR 855.8 million in revenue in the second quarter of 2026, while adjusted EBITDA after leases rose 3.00 percent year on year to EUR 343.3 million. The latest market catalyst is Optima Bank's October 13, 2026 decision to restart coverage with a Buy rating and a EUR 22.50 price target, as reported by Euro2day.

Target rests on cash generation

Optima's October 13 report links its target to OTE's cash generation, balance sheet and shareholder distributions. The broker expects adjusted EBITDA after leases to increase 3.00 percent in 2026 and cites a regular dividend of EUR 0.90 per share for 2026, according to Euro2day. The target therefore puts income and cash conversion ahead of a rapid revenue expansion story.

The operating backdrop is mixed but quantifiable. OTE's second-quarter revenue was almost unchanged from EUR 855.1 million a year earlier, while the adjusted EBITDA margin improved to 40.10 percent from 39.00 percent. System Solutions revenue increased 52.10 percent year on year to EUR 137.8 million, according to the OTE Group results release.

What does the target mean for growth?

The answer lies in fiber uptake and cost discipline. OTE reported 687,000 FTTH customers in the second quarter of 2026, up 46.00 percent from a year earlier, while the network passed 2,221,289 homes and businesses. The company reiterated 2026 guidance for adjusted EBITDA after leases growth of 3.00 percent and free cash flow after leases of EUR 750 million in the same release.

Three dated signals for OTE

On March 2, 2026, OTE began its 2026-2028 share buyback program and acquired 3,144,415 own shares at an average EUR 17.58 through June 30, 2026. On June 3, 2026, S&P upgraded OTE's rating to A- from BBB+. On October 13, 2026, Optima Bank initiated a EUR 22.50 target and Buy rating, according to the Euro2day.

Next dates are already set

OTE will publish third-quarter 2026 results on October 30, 2026, before the Athens market opens, and will hold its results call at 1:00 p.m. Athens time. A digital replay is scheduled through November 30, 2026, according to Investegate.

OTE stock and the Athens valuation

The Athens listing was last at EUR 19.58 on October 16, 2026 at 5:11 p.m. EEST. Its market capitalization was EUR 7.5 billion on that date, with a 52-week range of EUR 15.38 to EUR 20.48. For investors, the next test is whether third-quarter cash generation supports the income case behind the EUR 22.50 target.