Masorange (MASORANGE) Q2 2026 earnings summary

Executive summary

• Total revenues increased by 1.3% year-over-year in H1 2026, reaching €3,763M, driven by B2B and new business growth.

• Commercial momentum continued with 83,000 new high-value customers in Q2, including 70,000 postpaid mobile and 13,000 fixed broadband additions.

• Over 215,000 new service customers added in Q2, spanning energy, insurance, alarms, financial, and health services.

• Maintains market leadership in Spain with over 33M total lines (excluding M2M), including 26M mobile and 7.1M fixed broadband.

Financial highlights

• H1 2026 total revenues: €3,763M (+1.3% YoY); June revenues: €648M (+2% YoY).

• Wholesale revenues rose 13.2% to €312M; device sales up 14.3% to €642M.

• Service revenues in H1: €2,793M; June service revenues stable YoY at €462M.

• H1 EBITDAAL: €1,063M, slightly down due to non-recurring accounting impacts; June EBITDAAL up 2.2% YoY to €225M.

• Adjusted EBITDAAL minus recurring net CAPEX (operating cash generation) exceeded €472M (+1.8% YoY); June figure up 25.5% YoY to €146M.

Outlook and guidance

• Accelerated realization of over €430M in expected annual synergies.

• Continued focus on innovation, digital transformation, and expansion of advanced services (AI, cybersecurity, cloud, analytics).