Highlights of the results for the 2nd quarter of 2025
In the second quarter of 2025, revenues amounted to 695 million euros, EBITDA totaled 244 million euros and the company's overall investment stood at 97 million euros.
In the first 6 months of the year, Revenues stood at 1,392 million euros, EBITDA at 488 million euros and the Company's overall Investment reached 197 million euros, levels of excellence in the sector, consolidating MEO's leading position in the national electronic communications market.
In the second quarter of 2025, Revenues increased by 4.6% compared to the same period of the previous year. Excluding the performance of Altice Labs, revenue growth was 4.9%, benefiting from an improvement of 4.8% in the Consumer Segment - mainly driven by the energy business - and 4.5% in the Business Services Segment.
In the second quarter of 2025, MEO Energia recorded solid growth and significantly expanded its customer base, despite a challenging market environment marked by rising wholesale energy prices and intense competition.
This performance reinforced the strategic importance of the Energy business in the MEO ecosystem. The customer base of the Energy business increased from 76,000 at the end of the second quarter of 2024 to 188,000 end customers in June 2025.
The total RGU base, covering Fixed and Mobile Services, reached approximately 13.3 million, while the total number of Unique Customers in the Consumer Segment reached 1.7 million.
Total Fixed Services recorded a positive variation of 0.3% compared to the second quarter of 2024, standing at 6.0 million. The Subscription Television and Connectivity Services customer base increased by 1.3% and 1.8%, reaching 2.0 million and 1.9 million, respectively.
The Post-Paid Mobile Customer Base amounted to 5.4 million and, driven by the convergent offer, increased by 3.3% compared to the second quarter of 2024 and by 1.2% (+66 thousand Customers) in the second quarter of 2025 compared to the previous quarter.
EBITDA totaled 244 million euros in the second quarter of 2025, reflecting a slight decrease of 1.1% year-on-year. Excluding the impact of Altice Labs' performance, EBITDA would have grown by 1.0% year-on-year. Investment amounted to 97 million euros in the second quarter of 2025, reflecting growth of 3.1% year-on-year, with a clear focus on technological modernization, digital security, the expansion of critical infrastructures, continuously developing the quality of connectivity, promoting innovation, operational excellence and building a more connected, secure and efficient future for all our customers. At the end of the second quarter of 2025, MEO had 6.6 million homes covered by optical fibre, reflecting the investment made in modernizing the fixed infrastructure. Population coverage of the mobile network reached high levels, with 96.95% on 5G technology and 99.98% on the 4G network, ensuring a robust and reliable connectivity experience. In the Consumer Segment of the Fixed Business, around 89% of the Customer Base uses optical fiber as its support technology, showing the strong adoption of this solution and alignment with the quality and performance standards demanded by the market.
Consumer segment
- In the second quarter of 2025, Consumer Segment revenues amounted to 365 million euros, reflecting year-on-year growth of 4.8%. Service Revenues registered an even more expressive evolution, with an increase of 5.7%, benefiting from the growth of MEO Energia's business, controlled levels of churn and the expansion of the Customer Base in Fibre and Post-Paid Mobile Services. These results demonstrate the company's ability to generate value in a competitive environment, by diversifying its offer and consolidating its customer base.
- At the end of the second quarter of 2025, the Single Fixed Customer Base supported by fiber, in the Consumer Segment, grew by 2.1% year-on-year, corresponding to 31.1 thousand more net additions, reaching 1.5 million. Total Fixed RGUs showed a positive variation of 0.7% compared to the end of the second quarter of 2024. In the Mobile segment, the Post-Paid Customer Base grew by 2.9% year-on-year, reflecting the attractiveness of the offers and the effectiveness of the commercial strategy. Also noteworthy is the consistent evolution of the customer base with multiple contracted services, highlighting the market's preference for Fixed-Mobile Convergent Solutions.
- The expansion of the Fixed Services Base, namely Subscription Television Services, Internet Connectivity, and the Post-Paid Mobile service, the adoption of convergent offers and the diversification of the portfolio of products and services reflect the effectiveness of the commercial strategy and the ability to adapt to market dynamics.
MEO Energia
- MEO Energia maintained a robust growth trajectory in the second quarter of 2025, consolidating its position in the energy market. The Total Final Customer Base increased from 76,000 at the end of the second quarter of 2024 to 188,000 in June 2025, representing 42,000 net new subscriptions since the beginning of the year. This performance was driven by strong commercial dynamics, the introduction of innovative tariff plans, the attractiveness of combined telecommunications and energy offers, and an effective cross-selling strategy within the MEO ecosystem.
- According to the most recent ERSE data for June, MEO Energia captured 28% of customers who changed electricity supplier, which allowed it to increase its market share to 3.4%. In the last 12 months, MEO Energia was the operator with the highest number of acquisitions in 9 of those months, consolidating its position as one of the main drivers of the liberalized energy market in Portugal.
Business Services Segment