Masorange (MASORANGE) Q1 2025 earnings summary

Executive summary

• Achieved growth in clients, revenues, and adjusted EBITDA in Q1 2025, with 52,000 new FTTH lines and 80,000 new mobile postpaid lines sequentially from Q4 2024.

• Realized €77 million in synergies in Q1 2025, ahead of target, with FiberCo implementation underway.

• Secured a major five-year public administration contract (CORA 2025) worth over €200 million, covering over 50% of total contract value for fixed, mobile, cybersecurity, and data center services.

• Launched new ESG initiatives, including a partnership with UNICEF, digital training for seniors and at-risk groups, and minor protection programs.

• Revenue for the quarter ended 31 March 2025 was €1,871.5 million, with a consolidated net loss of €115.3 million due to high finance and depreciation costs.

Financial highlights

• Year-over-year revenue increased by 2.6% in Q1 2025, with growth across all revenue segments.

• EBITDA reached €705 million, 8% above the 2024 quarterly average, with a margin of 38%.

• Net capex was €238 million, about 15.8% of revenues, below the 2024 average.

• Operating income was €134.2 million, but high finance and depreciation costs led to a net loss.

• Net cash provided by operating activities was €515.8 million.

Outlook and guidance

• Reaffirmed 2025 outlook: revenue growth, synergies above €300 million, and double-digit growth in operating free cash flow.

• Proportionate revenues from the new government contract expected from December 2025 onwards.

• Targeting €500 million in synergies by 2027.