Board points to stronger finances and digital progress

The Cyta board of directors on Thursday presented its report covering its February 2024 to July 2026 term, describing the period as one marked by major transformation, strategic reforms and significant investments aimed at strengthening the organisation’s role in Cyprus’ digital future.

The board reported that its work focused on reinforcing Cyta’s position as a reliable connectivity provider while preparing the organisation to play a broader role in the country’s digital development.

It said that investments in digital transformation, telecommunications infrastructure and technology services laid stronger foundations for improved customer services, created additional opportunities for the economy and supported Cyprus’ wider digital progress.

One of the most significant developments during the board’s tenure was the expansion of the institutional and legislative framework governing Cyta’s operations.

The board reported that the addition of the technology and energy sectors to Cyta’s remit opens new opportunities for growth, strengthens the organisation’s competitiveness and enables it to broaden both its contribution to customers and its role within the country.

In terms of long-term planning, the board approved Cyta’s Corporate Strategy 2025 to 2027, alongside the creation of a portfolio of 21 strategic projects designed to ensure coordinated implementation, systematic monitoring and clear oversight of progress.

The report also highlighted the launch of what it described as the largest business transformation project in Cyta’s history, involving the modernisation of the organisation’s information technology systems.

The company said implementation has already begun and that the programme is intended to upgrade systems and business processes, simplify customer service, increase automation, accelerate the development of new services and improve the overall customer experience.

On telecommunications infrastructure, the board reported that the rollout of fibre optic networks accelerated during its term, while the capabilities of the mobile network continued to expand and Cyta’s international telecommunications links were strengthened.

According to the report, these investments are expected to deliver faster, more reliable and higher-quality services, enhance business capabilities and reinforce Cyprus’ position as a regional digital connectivity hub.

The board also pointed to Cyta’s expansion in the data centre sector through strategic acquisitions.

It said this strengthens the organisation’s ability to provide critical digital infrastructure for the state, businesses and the wider economy through services including data hosting, cloud computing, disaster recovery and high-availability solutions.

The report further stated that Cyta strengthened its role as a trusted technology partner for both the public and private sectors through the delivery of integrated ICT projects.

It added that artificial intelligence became more systematically embedded in the organisation’s strategic planning, contributing to improved services, more efficient internal processes and the development of new capabilities.

The board also highlighted Cyta’s involvement in major public sector projects, including the upgrade of Air Navigation Services and the relocation of the Area Control Centre to Kokkinotrimithia.

According to the report, these projects demonstrated Cyta’s technical expertise and reinforced its position as a strategic partner of the state.

Internally, the board reported that the organisation completed the selection process for a new senior executive management team.

It also established new ICT and Digital Evolution directorates, introduced a new recruitment and promotion system and renewed a significant proportion of the management structure.

The report stated that efforts to strengthen corporate governance focused on greater transparency and accountability.

It added that Cyta continued projects aimed at improving its environmental and social impact, completing its Holistic ESG Management project while taking important steps to reduce emissions.

The board reported that Cyta’s true positive impact was measured during 2025 and said the organisation continued initiatives designed to promote digital inclusion across Cyprus.

Financially, Cyta reported maintaining a strong performance throughout the board’s term.

Revenue increased from €405.5 million in 2023 to €444.2 million in 2025, while EBITDA reached €150.6 million, according to the report.

The company said this financial performance enabled it to continue investing heavily in critical infrastructure and service improvements without resorting to bank borrowing.

During 2024 and 2025, Cyta invested almost €189 million, with the company reporting that the entire amount was financed from its own resources.

Reflecting on its tenure, the board concluded that it leaves behind “a Cyta that is better prepared, stronger and more outward-looking,” the board said.

“An organisation that continues to strengthen its core role in telecommunications while developing the digital infrastructure and technology services Cyprus will need in the years ahead,” the board added.