Highlights of the 2024 results
- In 2024, Revenues stood at €2,775M, EBITDA at €994M and the company's overall Investment reached €422M.
- Revenues grew by 0.7% in 2024 compared to the same period of the previous year, despite the reduction in Altice Labs revenues, mainly from equipment and hardware sales. Excluding the performance of Altice Labs, Revenues maintained their growth path, having increased by 5.4% compared to the same period of the previous year, revealing the solid performance of core telecommunications services, the diversification of the portfolio, especially in the Energy business, as well as the quality and excellence of the services provided.
- Despite the growth in revenues, EBITDA fell by 1.2% in 2024 compared to the previous year, essentially penalized by the performance of Altice Labs. Excluding Altice Labs' performance, EBITDA increased by 3.3%.
Highlights of the results for the 4th quarter of 2024
- Revenues in the 4th quarter of the year stood at 726 million euros, an increase of 3.1% compared to the same period last year, benefiting from increases of 7.7% in the Consumer Segment and 7.9% in the Business Services Segment (excluding Altice Labs).
- The total RGU base for fixed and mobile services, which stands at 14 million, and the total number of unique customers in the Consumer Segment, which totals 1.7 million, demonstrate operational resilience, a focus on new opportunities arising from technological advances and digital transformation, and ongoing customer satisfaction.
- Total Fixed Services increased by 1.4% compared to the 4th quarter of 2023, totaling 6.1 million.
- The Subscription Television and Connectivity Service customer base grew by 2.3% and 2.8% respectively, both standing at 1.9 million.
- The Post-Paid Mobile Customer Base reached 5.3 million and, driven by convergence, grew by 0.9% (+50 thousand Customers) in the 4th quarter of 2024 compared to the 3rd quarter of 2024.
- EBITDA reached 231 million euros in the 4th quarter of 2024, a reduction of 5.4% compared to the same period last year. If we exclude the performance of Altice Labs, EBITDA fell -0.4% compared to the same period of the previous year, as a result of the favorable impact on revenues, due to the operational dynamics of expanding the Customer Base and RGUs, the growth of the respective ARPU and the diversification of the portfolio, in new Non-Telco businesses.
- Investment amounted to 129 million euros in the 4th quarter of 2024.
- Altice Portugal has 6.5 million homes with optical fiber, a 5G network population coverage of 95.8% and 99.97% in the 4G network.
Consumer segment
- Consumer Segment Revenues stood at 381 million euros in the 4th quarter of 2024, up 7.7% year-on-year, and Service Revenues increased by 6.6%.
- This performance was based on the expansion of the Single Customer Base, which grew over the last 12 months, and on the average valuation of each customer, boosted by fiber coverage, convergence and portfolio diversification, such as the combined tariffs: Telco + Energy.
- MEO Energia was the supplier that, in the 4th quarter and consistently since July 2024, has been attracting the largest number of customers in absolute terms, according to ERSE, in the monthly bulletins on the Liberalized Electricity Market.
- At the end of the 4th quarter, Unique Customers in the Consumer Segment increased by 0.4% year-on-year, representing +6.1 thousand net additions, for a total of 1.7 million customers. Fixed and Mobile Services RGUs totaled 10.3 million.
Business Services Segment
- Revenues from the Business Services Segment in the 4th quarter stood at 344 million euros, which represents a growth of 7.9% (excluding Altice Labs) compared to the same quarter of the previous year. Considering the evolution already described of Altice Labs, overall Business Services revenue decreased by 1.5% YoY.
- Telco and Non-Telco services, in the SMB&SOHO, SME and Corporate sub-segments, have maintained a consistent and sustainable level of growth, allowing them to continue expanding their RGU and Business Customer base.
- The alliance between technological innovation (new features and customized solutions for Non-Telco P&S) and a strategic vision focused on customer needs (speed, convenience, flexibility and autonomy) is evident in the excellent operating and financial performance in the 4th quarter and also in the total for 2024.
- We should also highlight the positive performance of the Wholesale business, which grew as a result of the increased rental of infrastructure, namely ducts, poles and technical spaces, to other operators.
What the market says about MEO
- Distinguished as the brand in the Telecommunications sector with the best reputation in Portugal, in the most recent study of "Brand Reputation in Portugal" promoted by the consultancy OnStrategy.
- It has the lowest complaint rate (3.2 complaints per thousand customers) and is the operator with the largest decrease in complaints compared to 2023 (-18%), according to ANACOM's report "Complaints in communications services in 2024".
- In the reports published by ANACOM for the fourth quarter of 2024, MEO remains the leader in all telecommunications services.
- MEO Empresas was recognized as "Service Provider of the Year" in Southern Europe for the success of its Cloud Security and Cloud Security Pack solutions, which use the Acronis platform at the MEO Empresas Data Center in Covilhã to back up and protect data, equipment and applications.
- The 20th Superbrands Gala, an event that distinguishes and rewards Brands and Personalities of Excellence in Portugal, distinguished MEO and SAPO. MEO stood out for launching the world's first sustainable telecommunications and energy service, and SAPO for its leadership as the country's largest player in the aggregation, production and curation of active digital content.
- In the Call Center Trophies 2024, MEO was awarded the "Top of Mind - Excellence in Customer Service" trophy, where consumers identified the brand as the one offering the best telephone service in Portugal.
- MEO Empresas was honored at the 18th edition of the "Best & Biggest of Technological Portugal" Awards, obtaining two distinctions in the Telecommunications and Top Ranking categories, reaffirming its leading role in the national technology sector.
Main events in 4Q 2024
- MEO Empresas has launched a 100 Gbps Internet access service, guaranteeing a superior browsing experience, essential for future professional and business activities, even during peaks of intense use. This offer also allows the internet service to be combined with specific security solutions.
- MEO Empresas launched the "5G API SPRINT" innovation program, officially presented during the Web Summit, which aims to challenge companies, start-ups and programmers to create prototypes or redesign applications using standard APIs from the MEO network, with the intention of promoting and supporting technological talent, while exploring the capabilities of the 5G network.
- Announcement of its partnership with the recently opened AI Hub in the capital, confirming its leading role in digital transformation with a new space in the capital standing out as a milestone in technological innovation in Portugal.
- MEO Energia has invested in electric mobility with the launch of an electric vehicle charging service at competitive prices and with no loyalty or maintenance costs, via the my MEO App. The service is available at more than 6,000 charging stations on the Mobi.e network in mainland Portugal and the islands.