Message from Ana Figueiredo, CEO
The results for the second quarter of 2026 confirm MEO’s resilience during one of the most challenging periods the telecommunications sector has ever faced. In a highly competitive market, we generated revenues of 648 million euros, slightly higher than the same period last year, reflecting the disciplined execution of our strategy, the trust of our customers, and our commitment to continue serving them with quality, reliability, and a personal touch, while transforming the Company to meet the challenges of the future.
This performance demonstrates MEO’s ability to evolve and anticipate the future in a rapidly changing environment. We continue to streamline and adapt our operating model, enhancing efficiency and investing in the areas that will shape the future of the digital economy: artificial intelligence, cybersecurity, portfolio innovation, and infrastructure—including networks and IT systems—which are essential to ensuring the connectivity and continuity of the services that people, businesses, and institutions rely on every day.
At the same time, we continue to develop new growth engines and diversify our revenue streams. The evolution of MEO Energia and the strengthening of our value proposition in the Business Segment reflect our ambition to meet our customers’ needs more comprehensively than ever, in a context where technology plays an increasingly critical role in the lives of families, the productivity of businesses, and the country’s competitiveness.
Our vision extends beyond the short term. Landmark projects such as the Nuvem submarine cable, developed in partnership with Google, represent an investment that reinforces Portugal’s importance in global digital infrastructure. These initiatives reflect MEO’s ambition to contribute to a more connected, secure, innovative, and technologically sovereign country.
The transformation we are undertaking requires consistency, adaptability, and a clear long-term vision. We are confident that its benefits will become increasingly evident in the coming quarters and throughout 2027, enhancing our customers’ experience, the Company’s competitiveness, and the sustainability of our business.
The sector is at a critical juncture. The demands for investment, innovation, infrastructure resilience, and service quality throughout the country are growing. For companies to continue investing, innovating, and creating value, it is essential to ensure predictable and sustainable conditions. This is not merely a sector-specific issue: the robustness of digital infrastructure will be crucial to Portugal’s economic competitiveness, territorial cohesion, and digital sovereignty.
MEO will continue to fully embrace its responsibility. We will continue to invest, innovate, and transform ourselves—with ambition and a sense of purpose—to create value for our Customers, Employees, Partners, and the country.
Portugal's digital future is being built today, and MEO will continue to be one of the driving forces behind it.
Ana Figueiredo
Chief Executive Officer
Highlights of the Second-Quarter 2026 Results
- In an increasingly demanding competitive environment, MEO maintained a disciplined execution of its strategy, balancing the diversification of growth sources with continued investment in critical infrastructure, innovation, and operational efficiency. In the second quarter of 2026, the Company reported revenue of 648 million euros, EBITDA of 222 million euros, and capital expenditures of 97 million euros.
- The quarter’s performance reflected competitive pressure in the Consumer Segment, offset by expansion in the Energy business and growth in Business Services. At the same time, MEO continued to invest in networks, artificial intelligence, cybersecurity, and innovation, strengthening the foundation for the business’s transformation and future growth.
- In the first half of 2026, MEO reported revenue of 1,297 million euros, EBITDA of 443 million euros, and made an investment of 202 million euros, continuing to invest in the modernization of its infrastructure and the transformation of its business.
- MEO has completed the sale of its 65% stake in Intelcia and the sale of the Covilhã Data Center, transactions that are part of a strategy to optimize its asset portfolio and concentrate on its core business areas, reinforcing its focus on segments with the greatest potential for growth and value creation.
- Revenues grew 0.2% in the second quarter of 2026 compared to the same period a year earlier, driven by the continued 36% expansion of the Energy business and 5% growth in the B2B segment; these effects were offset by a decline in revenues from the Consumer segment, due to competitive pressure in the market, and by a gradual decline in revenues associated with the MVNO.
- EBITDA totaled 222 million euros in the second quarter of 2026, representing a year-over-year decrease of 7.5%, reflecting the impact on margins generated by the Consumer Segment due to the highly competitive environment in the telecommunications market, as well as the increase in certain operating costs directly influenced by inflationary pressures, namely costs related to infrastructure leasing, information systems, and energy. These impacts were partially offset by growth in the Business Services segment, as well as by ongoing operational efficiency initiatives that resulted in reductions in other general costs, in addition to the items mentioned above.
- In this context, MEO is currently implementing an operational transformation program aimed at adapting its operating model to changes in the industry and the competitive landscape, thereby enhancing the Company’s agility, efficiency, and competitiveness. The program includes a set of initiatives focused on simplifying, automating, and optimizing processes, complemented by the growing adoption of artificial intelligence in internal processes and customer interactions. Throughout the quarter, the Company also strengthened its commitment to cybersecurity and digitalization, laying the groundwork for a more resilient, efficient, and innovative operation.
- The overall transformation process will continue, resulting in increasing benefits in the coming quarters and throughout 2027, while ensuring a sustainable outlook and value creation in the medium and long term.
- Investment totaled 97 million euros in the second quarter. This investment reflects MEO’s ongoing commitment to developing and modernizing its next-generation networks and infrastructure, strengthening network capacity, resilience, and security, and ensuring high standards of service quality and customer experience.
- During this period, MEO also remained strongly committed to the resilience of the country’s critical infrastructure, particularly through investments in restoring and strengthening the network following the incident associated with Storm Kristin. This effort underscores MEO’s commitment to the continuity, robustness, and security of infrastructure essential to the economy and society, reinforcing MEO’s role as the country’s strategic partner in responding to events of this nature.
- At the end of the second quarter of 2026, MEO strengthened its leadership in network infrastructure and connectivity. MEO’s fiber network covers 6.7 million households, while maintaining excellent mobile coverage levels: 99.98% for 4G and 97.91% for 5G. These figures underscore MEO’s commitment to providing high-quality connectivity throughout the country and to continuously improving the customer experience.
Consumer segment
- In the second quarter of 2026, Consumer Segment Revenues totaled 366 million euros, representing year-over-year growth of 0.3%. This performance was driven by a 3.0% increase in Fixed Services revenue, primarily due to the contribution from MEO Energia. This performance demonstrates the potential of MEO’s convergence ecosystem to diversify revenue sources and mitigate competitive pressure on ARPU for telecommunications services.
- At the end of June 2026, the fiber-supported fixed RGU base reached 4.5 million, representing year-over-year growth of 0.3% and a net increase of 13,000 RGUs over the past twelve months. The postpaid mobile customer base continued its positive trend, growing 3.7% year-over-year—equivalent to an additional 117,000 RGUs—demonstrating continued demand for contract-based mobile services.
- MEO Energia . continued to demonstrate strong business momentum, despite operating in a particularly competitive market. Its revenue grew 36.0% year-over-year, while its customer base increased from 188,000 customers at the end of June 2025 to 256,000 customers at the end of June 2026, resulting in 68,000 net additions over the past twelve months. This performance reflected the execution of MEO Energia ’s commercial strategy and the contribution of cross-selling initiatives within the MEO ecosystem.
- According to the latest data from ERSE, MEO Energia accounted for 28% of electricity supplier switches in June 2026, increasing its market share to 4.5% in terms of the number of customers, and 5.9% in residential energy consumption, reinforcing its position as one of the leading operators in customer acquisition and consistently ranking among the top two best-performing operators since the beginning of 2025.
Business Services Segment
- Revenue from the B2B segment totaled approximately 199 million euros, reflecting year-over-year growth of 5.3%. Non-telco services continued to gain importance, accounting for 25% of total B2B service revenue.
- During the quarter, MEO strengthened its business offerings in the areas of connectivity, artificial intelligence, and cybersecurity, supporting its customers’ digital transformation processes and consolidating its position as a leading technology partner for companies and organizations.
- Operating performance remained resilient, with the B2B fixed RGU base increasing by 0.1% year-over-year, while the postpaid mobile customer base grew by 5.4%. In the twelve months ended June 2026, MEO added 117,000 fixed and mobile RGUs to its business customer base, representing 3.5% growth.
- In the second quarter, Altice Labs strengthened its growth trajectory in international markets, with revenue from overseas markets doubling compared to the same period last year, increasing its share of total revenue from 10% to 20%. This performance reflects the diversification of its customer base and the continuous innovation of its portfolio of products and solutions, enabling the company to expand its presence in new markets and consolidate its role as a driver of technological development and sustainable value creation.
- In the wholesale business, MEO also continued its diversification strategy, bucking the natural trend of contraction in the traditional business within the heavily regulated domestic market, and strengthening its focus on international markets and strategic connectivity infrastructure. Investments in submarine systems, satellite solutions, and the International Network Interconnection Center in Linda-a-Velha help strengthen Portugal’s Digital Hub, diversify revenue, and support a path of sustainable growth in the medium and long term.
- In the second quarter of 2026, revenue from the Business Services Segment (including B2B, Wholesale, and Altice Labs) totaled 282 million euros. Excluding Altice Labs’ results and the impact of the phased reduction of the MVNO business, revenue grew 1.6% year-over-year.
Some Key Events in the Second Quarter of 2026
- MEO has received international recognition for its visual artificial intelligence solution for customer support: MEO won the “Technology of the Year (Product)” award, presented by the Business Intelligence Group, for its visual artificial intelligence solution for customer support, reinforcing its commitment to innovation and improving the customer experience.
- MEO led the way in 5G mobile network performance in Portugal: MEO took first place in the 5G mobile network performance rankings in Portugal, according to the nPerf 2025 Barometer, standing out for having the highest average speeds on the market. The results, based on tests conducted by users, reflect the quality and consistency of the network, reinforcing the company’s position as a leader in the mobile digital experience.
- MEO has won, for the fourth consecutive time, the award for best customer service in the EMEA region: MEO was recognized, for the fourth consecutive year, as “Best Customer Service” in the Middle East, Europe, and Africa (EMEA) region at Contact Center World’s Top Ranking Performers Awards.
- MEO has strengthened digital security through 5G APIs: MEO has taken another step forward in its digital security strategy with the launch of standard 5G mobile network APIs, enabling it to strengthen authentication and fraud mitigation processes through real-time identity validation. These solutions help increase security and trust in digital services.
- Altice Labs has joined a European quantum communications project: Altice Labs is part of the IBERIANQCI project consortium, an initiative supported by the European Commission aimed at developing a quantum communications network between Portugal and Spain, based on fiber optics and satellites. This project aims to strengthen the security of communications and critical infrastructure, contributing to the development of Europe’s future quantum communications infrastructure.
- MEO took part in the European civil protection exercise EU-MODEX PT 2026: MEO participated, as the sole national telecommunications operator, in the European exercise EU-MODEX PT 2026, which is part of the European Union’s Civil Protection Mechanism. Held in Viseu and involving more than 700 responders from various countries, the exercise provided an opportunity to test the joint response capacity to a large-scale rural fire scenario and to strengthen preparedness for emergency situations.
- MEO has been recognized with awards for sustainability and inclusion: MEO was honored in the most recent edition of the National Sustainability Awards, with the “Música com Sentido” project winning the Grand Prize in the Community Well-Being, Equality, and Diversity category. The MEO Solar Control System was recognized in the Circular Economy category, reinforcing the integration of sustainability principles into the development of products and services.
- MEO is organizing charitable initiatives to support victims of Storm Kristin: MEO has partnered with the charity match between Portugal and Nigeria to strengthen support for the communities affected by Storm Kristin.
- MEO provided free communications between Portugal and Venezuela in the wake of the earthquake: Following the earthquake that struck Venezuela, MEO implemented exceptional measures to support communications between Portugal and that country. Between June 26 and July 5, it offered free calls to Venezuela and roaming services at no additional cost to MEO customers in the affected area. The initiative also included support for Portuguese emergency operations on the ground, reinforcing the company’s commitment to connectivity in crisis situations.