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Masorange Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Achieved record revenues of €7,601M in 2025, up 2.9% year-over-year, with strong growth in both residential and B2B markets.

  • Consolidated position as Spain's leading operator by customer base, exceeding 33.4M mobile and fixed broadband lines (excluding M2M).

  • Accelerated transformation into a TechCo, expanding beyond connectivity into advanced technology services for consumers and enterprises.

Financial highlights

  • EBITDA increased 2.4% year-over-year to €2,842M, marking the seventh consecutive quarter of EBITDA growth.

  • Operating cash flow (EBITDA minus recurring net capex) rose 10.1% to €1,863M.

  • Investments totaled €1,200M, representing over 15% of total revenues, focused on 5G, FTTH, and technological innovation.

  • Achieved €356M in annual synergies, surpassing the €300M target and progressing toward €500M in total expected savings.

Outlook and guidance

  • On track to achieve €500M in total synergies from the joint venture, with accelerated progress in 2025.

  • Strategy of diversification and innovation expected to sustain growth in revenues, customers, and profitability.

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