MEO announces results for the 1st quarter of 2025

MEO announces results for the 1st quarter of 2025

In the 1st quarter of 2025, Revenues totaled €697M, EBITDA reached €244M and the company's overall investment reached €100M. Revenues increased by 2.4% compared to the same period last year, despite the reduction in revenues recorded at Altice Labs.
MEO announces results for the 1st quarter of 2025


Highlights of the results for the 1st quarter of 2025
  • In the 1st quarter of 2025, Revenues totaled €697M, EBITDA reached €244M and the company's overall investment reached €100M.
  • Revenues increased by 2.4% compared to the same period last year, despite the reduction in revenues recorded at Altice Labs. Excluding the performance of Altice Labs, revenue growth accelerated to 7.0% year-on-year, benefiting from increases of 8.4% in the Consumer Segment, mainly supported by the energy business, and 5.3% in the Business Services Segment.
  • The total RGU base for fixed and mobile services is around 14 million and the total number of unique customers in the consumer segment is 1.7 million.
  • Total Fixed Services increased by 0.8% compared to the 1st quarter of 2024, standing at 6.0 million. The Subscription Television and Connectivity Service customer base grew by 1.8% and 2.2% respectively, both standing at 1.9 million.
  • The Post-Paid Mobile Customer Base is 5.3 million which, driven by convergence, grew by 0.4% (+22 thousand Customers) in the 1st quarter of 2025 compared to the 4th quarter of 2024.
  • EBITDA reached 244 million euros in the 1st quarter of 2025, a decrease of 5.6% compared to the same period last year. If we exclude the performance of Altice Labs, EBITDA fell by 1.4% year-on-year, despite the growth in revenues mentioned above, as there were increases in direct and commercial costs associated with the growth in the Energy customer base, as well as the seasonality of these costs.
  • Investment reached 100 million euros in the 1st quarter of 2025, an increase of 1.3% year-on-year. This increase reflects the company's ambition for the future in a sector that faces crucial challenges such as technological upgrading, security, expansion and improving the quality of connectivity.
  • At the end of the 1st quarter of 2025, Altice Portugal had 6.6 million homes with optical fiber and a population coverage of 96.82% for the 5G network and 99.98% for the 4G network. Around 89% of the Fixed Business Consumer Customer Base has optical fiber as its base technology.

Consumer segment
  • Revenues from the Consumer Segment amounted to 374 million euros in the 1st quarter of 2025, which represents a year-on-year increase of 8.4%, with Service Revenues increasing by 9.1%, supported by record levels of churn, growth in the Fiber and Post-Paid Mobile Customer Base and the additional and very positive contribution of MEO Energia.
  • The expansion of the customer base and of fixed and mobile post-paid services compared to the end of the first quarter of the previous year, the average valuation of each customer, convergence and diversification of the portfolio of products and services contributed to the growth in revenue.
  • At the end of the 1st quarter, the Consumer Segment's Single Fixed Customer Base increased by 0.1% year-on-year, representing +1.2 thousand net additions, for a total of 1.7 million customers. Total Fixed RGUs increased by 1.2% compared to the end of the 1st quarter of 2024. The Mobile Post-Paid Customer Base in the Consumer Segment grew by 2.9% compared to the same period in the previous year. Of particular note is the growing number of customers with multiple contracted services, demonstrating the market's appetite for fixed-mobile convergence. 
  • The Energy business continued to consolidate its role as a strategic pillar of the Altice Portugal ecosystem. Innovative tariff plans and combined telecommunications and energy offers represent synergistic benefits that reinforce MEO Energia 's differentiation in the market, driving rapid customer acquisition.

Business Services Segment
  • Revenues from the Business Services Segment in the 1st quarter of 2025 amounted to 323 million euros, representing growth of 5.3% (excluding Altice Labs) compared to the same period last year. 
  • In the first quarter of 2025, revenue from Business Services—across the SMB&SOHO, SME, and Corporate subsegments, which encompass both Telco and Non-Telco services, including ICT and Managed Services—benefited from growth in the customer base and in fixed and mobile RGUs, as well as from efforts to diversify the service portfolio.
  • We should also highlight the positive performance of the Wholesale business, which grew, driven by the higher volume of national traffic associated with television contests, and through the rental of infrastructure, namely ducts, poles and technical spaces, as well as the rental of international capacity to other operators.

What the market says about MEO
  • For the second year running, MEO has been recognized as 'Best in Test - Mobile Internet', according to data from DECO PROTESTE's QualRede application, consolidating its leading position in the telecommunications sector in Portugal. This result reinforces the distinction already awarded by nPerf, which recently highlighted MEO as a leader in the performance of fixed and mobile networks, with emphasis on Wi-Fi and 5G performance.
  • MEO has been distinguished as the Service Provider with the Best Security Management in Europe in 2025. This recognition was awarded by Rapid7, one of the world's largest manufacturers of cybersecurity solutions.
  • According to OnStrategy's RepScore® analysis, which assesses the reputation and relevance of more than 2,000 brands in Portugal, the MEO brands once again stand out in the reputation ranking for 2024. In the Telecommunications category, MEO led with 77.4 points and SAPO with 70.3.
  • Altice Labs has been distinguished by COTEC Portugal as one of the "Evolution Innovator" companies, in recognition of its progress in innovation for sustainability. The company, recognized as an innovator for the technology it develops and for the leading role it plays in the telecommunications sector in Portugal and around the world, will continue to strive to convey this unique character to mitigate the environmental risks facing the planet and society. 
  • SAPO was distinguished as a Recommended Brand 2025 by Consumers Trust, leading the category of "News Sites, Newspapers and Magazines". This recognition reinforces its position as the daily preference of the Portuguese, in a remarkable year in which it once again became the most visited Portuguese website, with more than 120 million pageviews per month and an average of 3 million monthly users. The figures highlight SAPO's leadership in curating and producing digital content, as well as its relevance as a sales house in Portugal's digital market.

Main events in Q1 2025
  • MEO was the first electronic communications operator in Portugal to obtain ISO 22301 - Business Continuity Management System certification, guaranteeing that it is prepared to keep its services operational even in crisis situations. This international recognition reinforces MEO's leadership in the sector, demonstrating its commitment to innovation, resilience and the quality of its services.
  • MEO has become the first operator in Portugal certified by Google to allow the transfer of a physical SIM card to a digital eSIM on Android devices, directly and autonomously, without the need to scan a QR Code or contact Customer Support. This certification reinforces MEO's commitment to increasingly intuitive and convenient solutions for its customers.
  • MEO has become the first national operator in Portugal to successfully test sending text and voice calls via Satellite Direct-to-Device, an innovative technology that allows direct connectivity to be established between mobile devices and satellites. This solution guarantees coverage in remote or hard-to-reach areas, reinforcing MEO's commitment to innovation and the development of advanced solutions for global connectivity.
  • MEO is reinforcing innovation and sustainability by offering its television service directly on Samsung Smart TVs, without the need for a box. This expansion eliminates the need for additional equipment, simplifying the consumer experience and consolidating collaboration between the brands.
  • MEO Empresas announced the winners of 5G API SPRINT, an innovation program that challenged companies, start-ups and programmers to explore the 5G APIs of its network to develop disruptive technological solutions. This initiative reinforces MEO Empresas ' commitment to innovation, reaffirming its role in the digitization of business and the adoption of emerging technologies, consolidating its position as a strategic partner in building a more connected, efficient and sustainable future.
  • Altice Labs, a global reference in technological innovation, has obtained a new European patent entitled "Method for Configuring a FTTH Distribution Network Cell". This innovation improves the configuration of fiber optic network cells, optimizing the use of GPON (Gigabit Passive Optical Network) ports in low-density residential areas and in small and medium-sized businesses. Altice Labs thus reaffirms its commitment to the development of technological solutions that expand digital inclusion, improve the quality of services and ensure greater reliability for millions of customers spread across various geographies around the world.
  • The Fundação MEO has renewed the Cooperation Protocol with the Public Security Police under the Communicating in Safety 2025 Program, reaffirming its commitment to social and digital empowerment and inclusion. In keeping with its aim of using technology to promote communication and knowledge, the Foundation continues to support citizenship and social intervention initiatives, strengthening accessibility for all.

Annex

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