MEO Reports Q4 2025 Results

Message from Ana Figueiredo, CEO

The 2025 results demonstrate that MEO is rigorously and consistently executing the strategy we defined to transform the company into a digital services platform, poised to compete in a rapidly changing industry and establish itself as a leading techCo .

In 2025, we accelerated MEO’s transformation beyond traditional connectivity and consolidated our diversification strategy, highlighted by the strong growth of MEO Energia, which doubled its revenue and increased its customer base from 145,000 to 223,000, with 78,000 net new customers. The ability to attract customers has been crucial to this growth. We achieved a 4.0% share of the Portuguese energy market, in terms of customer numbers, with MEO Energia the supplier with the highest annual growth in the market.

Last year, MEO generated revenues of €2.811 billion, a 1.3% increase compared to the previous year, driven primarily by the strong performance of the Consumer Segment—which grew by 5.0%, supported by the robust performance of MEO Energia and by a 3.5% increase in revenues from the Business Services Segment. Investment totaled €403 million, reinforcing MEO’s ongoing commitment to the expansion and modernization of its networks and infrastructure, which are essential to sustaining service quality and technological advancement in the country.

These results take on even greater significance in light of the passage of Tropical Storm Kristin, which left a trail of unprecedented destruction, affecting critical infrastructure across the country and placing telecommunications at the center of the national response. MEO faced extensive damage, with thousands of kilometers of fiber, poles, and towers affected, yet it ensured the rapid restoration of essential services thanks to the tireless work of hundreds of professionals on the ground.

In 2025, we reinforced our commitment and took decisive steps, such as announcing the expansion of the Linda-a-Velhacarrier house, thereby strengthening our capacity to handle international traffic and increasing the resilience of transatlantic connections. At the same time, we moved forward with the creation of a new landing station in the Porto region, a strategic investment that will allow us to diversify entry points into the country, improve the redundancy of the national infrastructure, and attract new submarine cables to Portuguese territory.

These initiatives cement MEO’s role as a leading operator in Europe’s digital infrastructure, strengthening the national telecommunications ecosystem and preparing Portugal to meet the growing demands of the global economy and the digital transformation.

This national strategy is part of a broader European context that must be taken into account. The sector already accounts for 4.7% of European GDP, but it is facing a decline in investment, falling profitability, and fragmentation that prevents it from achieving the scale needed to modernize networks and sustain the next wave of innovation. Without far-reaching reform—of the Digital Networks Act and competition policy—Europe will continue to lose ground to the U.S. and Asia.

MEO is ready to continue investing, innovating, leading, and serving the country in an environment that fosters favorable conditions for investment. Ready to be more than just a telecom operator and establish itself as a platform for technology, digital services, and data—capable of building solutions that unlock the potential of people, businesses, and public institutions.

2026 will be a year of execution and acceleration, in which the results of 2025 will serve as a springboard for what we want to build: a more agile, more digital, smarter, and better-prepared MEO.​

Ana Figueiredo

Chief Executive Officer, MEO

• In 2025, revenue stood at 2.811 billion euros, EBITDA totaled 947 million euros, and capital expenditures reached 403 million euros.
• Revenues grew by 1.3% year-over-year, a performance supported by a 5.0% increase in the Consumer Segment, driven by the Energy business, which partially offset the pressure on Telco ARPU in a highly competitive environment, and by 3.5% revenue growth in the Business Services Segment, excluding the performance of Altice Labs and the gradual loss of the MVNO.
• EBITDA stood at €947 million, reflecting a year-over-year decrease of 4.8%. Excluding the results of Altice Labs and the ongoing loss from the MVNO, EBITDA decreased by 1.2%, impacted by the pressure on Telco ARPU and the rise in costs due to inflation.
• Investment reached 403 million euros, reflecting MEO’s ongoing commitment to expanding and modernizing its networks and infrastructure, ensuring excellence and security in the services provided to residential and business customers. By the end of 2025, MEO had reached 6.7 million homes covered by fiber optics. Population coverage of the mobile network reached high levels, at 99.98% for the 4G network and 97.22% for 5G technology.
• MEO delivered a solid operational performance, demonstrating consistent execution of its defined strategic priorities and strengthening its competitive position in the market. This progress was also supported by high standards of service quality and significant investment, consolidating its position as the national leader in connectivity, innovation, cybersecurity, and customer experience.
• In 2025, MEO launched a comprehensive, company-wide transformation program designed to enhance the organization’s agility and efficiency, as well as to optimize operations and processes, with a focus on simplification, digitalization, and AI, demonstrating its resilience and ability to respond to a highly competitive environment. The future demands strategic focus, innovation, and discipline.

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