Masorange (MASORANGE) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of €7,601M in 2025, up 2.9% year-over-year, with strong growth in both residential and B2B markets.

• Consolidated position as Spain's leading operator by customer base, exceeding 33.4M mobile and fixed broadband lines (excluding M2M).

• Accelerated transformation into a TechCo, expanding beyond connectivity into advanced technology services for consumers and enterprises.

Financial highlights

• EBITDA increased 2.4% year-over-year to €2,842M, marking the seventh consecutive quarter of EBITDA growth.

• Operating cash flow (EBITDA minus recurring net capex) rose 10.1% to €1,863M.

• Investments totaled €1,200M, representing over 15% of total revenues, focused on 5G, FTTH, and technological innovation.

• Achieved €356M in annual synergies, surpassing the €300M target and progressing toward €500M in total expected savings.

Outlook and guidance

• On track to achieve €500M in total synergies from the joint venture, with accelerated progress in 2025.

• Strategy of diversification and innovation expected to sustain growth in revenues, customers, and profitability.