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Masorange (MASORANGE) investor relations material
Masorange has been private
Masorange Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
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.
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Frequently asked questions
Masorange is a telecommunications provider offering fixed and mobile connectivity, broadband internet, and television services. The company serves residential and business customers with voice, data, and digital content solutions through fiber, DSL, and wireless networks. The company is headquartered in Pozuelo de Alarcon, Spain.
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