Slovenia's telecoms incumbent, Telekom Slovenija, had its best performance in eight years in 2023 as group net profit increased by a quarter to €47 million. Operating revenue was up 7% to €708 million, according to preliminary financials released this week.

"Despite adverse market conditions, high energy prices and the flood damage to infrastructure ... the group performed well in 2023, exceeded targets and significantly improved operations relative to 2022," the company said.

In the third quarter the company forecast that end-year operating revenue would be just below €700 million and net profit at €38 million.

Revenue increased across all major segments, with the highest growth rates in mobile and broadband services.

The number of mobile users increased by 4% and the number of retail broadband connections by 1% compared to the end of 2022.

The Slovenian core company is consolidating its leading position in the segment of mobile subscribers, where it has a 35.4% market share, and in the IP TV segment, where it increased its market share to 41.8% at the end of 2023. Its market share of fixed broadband stood at 28.0%.

Its main foreign operation, the Kosovo operator IPKO, has a market share of 49.2% in the mobile segment and 25.5% in the fixed internet segment.

This year, Telekom Slovenije expects group operating revenue to reach €717 million and net profit €43 million. Investments is projected to increase significantly as well, from last year's €188 million to €236 million.

While the Telekom share price remained unchanged on the Ljubljana stock exchange following the announcement, the share has already gained over 13% this year, slightly outperforming the SBI TOP benchmark.