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) deal with Vodafone and GIC, positioning as the largest FiberCo in Europe by clients and homes in Spain.

• Strategic partnerships, including a de-risked energy resale model with Endesa, are driving recurring business and value creation.

• Maintained high growth in B2B, especially in innovative projects like 5G private networks, and reinforced ESG leadership with top European ratings and a Clarity AI score of 82/100.

• Reported consolidated net loss of €186.0 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.

• Net CapEx below 14% of revenues, with a slight increase due to the UNICO 5G project; recurring Net CapEx was €788 million, 3.6% higher year-over-year.

• Net financial expenses were €712.6 million, leading to a consolidated net loss.

Outlook and guidance

• 2025 outlook reiterated: slight total revenue growth, run-rate synergies above €300 million, and double-digit growth in adjusted EBITDA minus recurring Net CapEx.

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