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Masorange (MASORANGE) investor relations material
Masorange Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong Q3 growth and accelerated transformation from telco to techco, expanding into energy, insurance, advertising, and security services.
Formed major fiber joint venture (NetCo/PremiumFiber) with Vodafone and GIC, creating Spain’s largest fiber company and generating €3.25 billion in proceeds for deleveraging.
Closed strategic energy partnership with Endesa, advancing ESG leadership with top-tier ratings and tangible progress in sustainability and diversity.
Strong B2B momentum with innovative services, significant contract wins, and growth in advanced connectivity, IoT, cloud, and cybersecurity.
Reported consolidated net loss of €186 million for the nine months ended 30 September 2025.
Financial highlights
Total revenues for 9M 2025 reached €5,664 million, up 3.7% year-over-year, with service revenues up 1.5% and equipment revenues up 18.1%.
Reported EBITDA grew 12.8% to €2,171 million, with a margin of 38.3%; adjusted EBITDA increased 8.3% to €2,195 million.
Operating free cash flow rose 11.1% to €1,407 million, representing 64.1% conversion of adjusted EBITDA.
Recurring net CapEx was €788 million (13.9% of revenues), with CapEx under control and down 5% when normalized for public projects.
Net financial expenses were €712.6 million, leading to a consolidated net loss.
Outlook and guidance
2025 guidance fully confirmed, with expectations of slight total revenue growth, run-rate synergies above €300 million, and double-digit growth in adjusted EBITDA minus recurring net CapEx.
Significant increase in free cash flow expected in Q4; antitrust approval for the Entesa alliance anticipated in Q4.
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