Highlights of the results for the third quarter and the first nine months of 20251
• In the first nine months of 2025, MEO maintained solid operational performance, demonstrating its ability to adapt, respond, and remain resilient in a highly competitive environment. This performance reflects the Company's ongoing commitment to high standards of service quality, supported by significant investments in the expansion of state-of-the-art networks and infrastructure that are more resilient and secure. At the same time, the ongoing organizational, technological, and digital transformation program has been opening up new opportunities and generating efficiencies that are already materializing in the results.
• MEO continued to consolidate its position as the leading operator in all telco segments and services, reinforcing its popularity among Portuguese consumers. According to the latest data released by ANACOM, MEO maintained its leadership in Subscription Television Services and in the Fixed Internet Access market at the end of the second quarter of 2025, with shares of 41.9% and 41.0%, respectively. The Company also stood out as the operator that gained the most customers year-on-year and remained the leader in fiber optic internet provision, with a 54.3% share. MEO also remains the leader in active mobile accesses with effective use (excluding M2M), with a 36.0% share.
• At the end of September 2025, the total base of fixed and mobile RGUs reached 13.3 million. Fixed services totaled 6.1 million, registering a positive change compared to the third quarter of 2024. The customer base for subscription television and fixed internet services grew by 1.1% and 1.6%, respectively. In postpaid mobile services, MEO reached 5.5 million customers, reflecting growth of 4.3% (around 224,000) compared to the same period last year, driven by convergent offers.
• In the first nine months of 2025, MEO Energia a steady pace of expansion in its customer base, strengthening its position in a multi-player and highly competitive market. MEO Energia 's end customers MEO Energia 93,000 since September 2024 and reached 205,000 at the end of September 2025, demonstrating the market's strong adherence to integrated Telco + Energy offers.
• Total revenues reached €2,074 million in the first nine months of 2025, up 1.2% year-on-year. This performance was supported by a 5.2% increase in the Consumer Segment, driven by the Energy business, which partially mitigated the pressure on Telco ARPU in a highly competitive environment, and by 3.4% growth in Revenues from the Business Services Segment, excluding the performance of Altice Labs.
• In the third quarter of 2025, Total Revenues were €682 million, representing an increase of 1.4% year-on-year, excluding Altice Labs' results. Considering the year-on-year decline implied in Altice Labs' performance, Total Revenues decreased by 3.2% due to this effect.
• In the first nine months of 2025, EBITDA stood at €717 million, reflecting a year-on-year decrease of 6.1%. Excluding Altice Labs' results, EBITDA decreased by 3.0%, penalized by the impact on revenue as a result of pressure on Telco ARPU, progressive loss of MVNO, and increased Energy and IT costs associated with inflation.
• Investment amounted to €292 million in the nine months, reflecting the Company's commitment to continue expanding and renovating its networks and infrastructure, with the ultimate goal of ensuring excellent service and security for its Residential and Business Customers. At the end of September 2025, MEO reached 6.6 million homes covered by fiber optics, supporting 90% of its customer base. Mobile network population coverage reached high levels, with 99.98% coverage on the 4G network and 97.18% on 5G technology. 1 Pro forma for the operations of the company Geodesia in international territories.
Consumer segment
• In the first nine months of 2025, revenues from the Consumer Segment amounted to €1.11 billion, reflecting year-on-year growth of 5.2%. Service revenues recorded an even more significant increase of 6.0%, driven by the expansion of the Fiber and Postpaid Mobile customer base, as well as the contribution of MEO Energia, which continued to play a decisive role in mitigating intense competitive pressure on Telco ARPU.
• In the third quarter of 2025, revenues from the Consumer Segment totaled €371 million, representing a year-on-year increase of 2.6%. Service revenues also grew by 3.3%, supported by the increase in the Convergent Fiber Customer Base and in the Postpaid Mobile service, as well as the diversification of offerings enabled by MEO Energia.
• At the end of September 2025, in the Consumer Segment, the Fixed RGU Base supported by fiber optics reached 4.5 million, an increase of 2.0% compared to the same period last year, corresponding to 90,000 net additions. In the Mobile service, the Postpaid Customer Base continued to grow year-on-year, increasing by 3.1%, corresponding to an additional 97,000 RGUs.
• Strong operating performance reflects the success of new commercial offerings and differentiation ensured by service quality supported by state-of-the-art infrastructure. As a result, the customer base with multiple services contracted continued to grow steadily, reflecting the market's clear preference for convergent solutions (Fixed & Mobile & Energy).
MEO Energia
• The first nine months of 2025 were marked by the expansion of MEO Energia business, which demonstrated its ability to adapt and respond in a highly competitive and volatile market environment. The total end-customer base increased from 112,000 at the end of September 2024 to 205,000 in September 2025, translating into 93,000 net new subscribers. This performance was sustained by robust commercial dynamics and the attractiveness of innovative and integrated Telecommunications + Energy offers.
Business Services SegmentBusiness
• In the first nine months of 2025, revenues from the Business Services Segment (which includes B2B, Wholesale, and Altice Labs) totaled €964 million and increased by 3.4% in the core business, i.e., excluding the impact of Altice Labs' performance. This result was mainly sustained by the positive performance of the Non-Telco areas, namely ICT solutions, Managed Services & Outsourcing, and BPO, especially in the Corporate and SMB & SOHO sub-segments. In the SME sub-segment, the highlight is the continued growth in traditional Telco Revenues, a performance that was driven by a focus on improving the Customer experience, combined with investment in state-of-the-art technologies and complemented by a continuous search for operational efficiency, innovation, and leadership.
• In the third quarter of 2025, Business Services Segment Revenues totaled €311 million, remaining virtually unchanged from the same period last year, already penalized by the progressive loss of the MVNO and excluding the results of Altice Labs. Considering the year-on-year decline implied in Altice Labs' performance, Business Services Segment Revenues decreased by 9.2% due to this effect.
• The B2B segment, represented by the Telco and Non-Telco businesses and excluding Wholesale and Altice Labs, was primarily responsible for the above results, posting revenue of approximately €544 million in the first nine months of 2025, corresponding to year-on-year growth of 7.6%. In the third quarter of 2025, revenues reached €178 million, up 3.4% compared to the same period last year, as a result of continued growth in the customer base and RGUs in its different sub-segments and continued diversification of revenues into non-Telco areas, such as ICT, Cloud Services, Cyber Security, and Managed Services & Outsourcing.
• Since September 2024, MEO has added 130,000 new RGUs to its Business Customer Base, an increase of 4.0% compared to the same period last year, demonstrating consistency in the growth dynamics recorded in previous quarters.
• With regard to the strategy of expanding and diversifying the portfolio, highlights in the third quarter include increased processing capacity for Private Servers in response to growing demand, the evolution of IoT Connect with smarter portal features, the integration of state-of-the-art equipment to enhance the GlobalConnect Pack offering, and the digital reinvention of Waste Management with optional Artificial Intelligence capabilities.
Some significant events in the third quarter of 2025
• In September, Ookla recognized MEO as the most resilient and reliable operator in Portugal. The distinction was awarded based on performance and resilience tests, including critical episodes such as the blackout in April 2025, where MEO demonstrated superior ability to maintain service operability. During the blackout, MEO was the least affected operator, ensuring connectivity for calls, messages, and data, thanks to robust battery reserves and redundant infrastructure. MEO's network showed faster call times and a higher success rate for mobile calls, supported by extensive coverage in the mid-band (3.5 GHz).
• In September, MEO was recognized as the best performing 5G operator in the country. According to the Ookla H1 2025 report, MEO achieved an average download speed of 251.02 Mbps and an upload speed of 23.09 Mbps, leading among national operators.
• In July, MEO became the first telecommunications operator in Portugal to obtain PCI DSS (Payment Card Industry Data Security Standard) certification for the provision of BPO services.
• In August, SAPO celebrated three decades of existence, presenting an irreverent and innovative proposal for accessing content with the integration of solutions based on Artificial Intelligence. Among the new features are a completely revamped digital experience in a SAPO app, a new portal with simplified navigation and usability, innovative audio and in-car access features via Carplay and Android Auto, and a revamped graphic identity.
• In September, MEO Energia the first dynamic tariff for charging electric vehicles in Portugal, reinforcing its position as a pioneer in energy innovation. The new offer allows savings during daylight hours and additional benefits at night, optimizing consumption and encouraging the use of renewable energy. Customers receive a personalized email every day with the prices for the following day, making it easier to plan charging.
• In September, MEO, as a cause-related brand, and the Fundação MEO established a strategic partnership with Associação Mirabilis, created to combat digital addiction in children and young people and promote more conscious use of technology.
Subsequent Events
• On November 24, 2025, Intelcia signed an agreement with Altice to acquire the 65% stake that the company had held since 2016. The transaction is expected to close in the first quarter of 2026, subject to customary conditions and necessary regulatory approvals.
• On November 25, 2025, MEO signed an agreement with Asterion Industrial Partners to sell 100% of the share capital and voting rights of Portugal Telecom Data Center S.A. (“PT Data Center”), a subsidiary of MEO that operates a data center in Covilhã with an installed capacity of 6.8 MW. MEO will enter into a long-term service agreement with PT Data Center as the company's anchor customer. The proposed transaction values PT Data Center at €120 million. The transaction, which is subject to regulatory approvals, is expected to be completed in the first quarter of 2026.
• Altice International has initiated a series of proactive measures aimed at strengthening its liquidity position and increasing long-term financial stability and flexibility. In this context, Altice Portugal Group carried out a financing operation in the amount of €750 million.