Masorange (MASORANGE) Q3 2025 earnings summary

Executive summary

• Accelerated transformation from traditional telecom to technology company, expanding into new verticals such as energy, advertising, insurance, device financing, and security services.

• Achieved significant milestones in Q3, including the signing of the FiberCo (PremiumFiber) joint venture with Vodafone and GIC, positioning as the largest FiberCo in Europe by clients and homes in Spain.

• Strong B2B momentum with innovative projects in 5G private networks, significant contract wins, and reinforced ESG leadership recognized by top-tier agencies.

• Reported consolidated net loss of €186.0 million for the nine months ended 30 September 2025.

• Revenue reached €5.66 billion for the period.

Financial highlights

• Total revenues for 9M 2025 reached €5,664m, up 3.7% year-over-year, with service revenues up 1.5% and equipment revenues up 18.1%.

• Reported EBITDA grew 12.8% to €2,171m, with a margin of 38.3%. Adjusted EBITDA increased 8.3% to €2,195m.

• Operating Free Cash Flow (OpFCF) rose 11.1% to €1,407m, representing 64.1% conversion of Adjusted EBITDA.

• Recurring Net Capex was €788m, 3.6% higher year-over-year, but Capex intensity remained flat at 13.9% of revenues.

• Free cash flow generation reached €100 million in the first nine months, expected to increase significantly in Q4.

Outlook and guidance

• 2025 outlook reiterated: slight total revenue growth, run-rate synergies above €300m, and double-digit growth in Adjusted EBITDA minus Recurring Net Capex.

• Fully confirmed 2025 guidance across all three KPIs previously communicated.

• On track to achieve above €300 million in synergies for full year 2025, with €259 million materialized in the first nine months.

• Expecting antitrust approval for the Endesa energy partnership in Q4.