MEO is undergoing a period of profound structural transformation, with a clear ambition: to evolve from a telecommunications operator into an integrated digital services platform capable of leading the sector’s next phase of growth. The first quarter of 2026 demonstrates that we are firmly on this path. Amid intense competitive pressure and market disruption, we delivered revenues of 703 million euros, representing year-over-year growth, driven by the diversification of our business model and our ability to capture new sources of value. This performance is not the result of cyclical factors—it reflects a deliberate strategy: to expand the scope of the business, accelerate innovation, and build a resilient portfolio capable of growing beyond the traditional core telco. We are currently building three structural drivers of value creation:
1. Leadership in connectivity and critical infrastructure Through consistent and disciplined investment—€106 million in the quarter—we are strengthening strategic assets that constitute a unique competitive advantage: a fiber network covering 6.7 million households and virtually universal mobile coverage. This infrastructure is the foundation of the digital economy and positions MEO as an essential partner for consumers, businesses, and institutions.
2. Expansion into a broader ecosystem of services We are moving beyond telecommunications. MEO Energia already MEO Energia as a key growth driver, demonstrating our ability to create new markets and integrate value-added offerings. At the same time, in the business segment, we have consolidated a distinctive position in areas such as cloud computing, cybersecurity, and ICT, capitalizing on the growing demand for integrated digital solutions.
3. Technology- and AI-driven operational transformation We are reinventing the way we operate. Simplification, digitization, and the extensive use of artificial intelligence are redefining our operational models, with a direct impact on efficiency, the customer experience, and our ability to scale the business.
This quarter also underscored the strength of this strategy. Even in the face of extraordinary events, such as Storm Kristin, MEO demonstrated strong operational resilience and responsiveness, safeguarding customers, assets, and service continuity.
But our ambition goes further. We want to lead the new cycle of value creation in the sector—not just as an operator, but as the orchestrator of an integrated digital ecosystem capable of connecting people, businesses, and services in a simple, relevant, and increasingly intelligent way. To that end, we are focusing our efforts on three clear priorities:
• Sustainable growth in higher-value segments;
• Strict discipline in capital allocation and structural cost optimization; Release of Q1 2026 results
• Scaling and monetizing new avenues for growth beyond the telco business. This approach strengthens our position to turn competitive challenges into growth opportunities, creating sustainable value in the medium and long term. MEO is not just adapting to the future of the industry—it is actively helping to shape it.
Ana Figueiredo
Chief Executive Officer
Highlights of the Q1 2026 Results
• MEO maintained resilient operational performance in the first quarter of 2026, despite the severe impact of Tropical Storm Kristin, which caused significant damage to infrastructure and service disruptions. MEO quickly activated its emergency plan, mobilizing hundreds of technicians, while providing specific support measures to affected customers.
• The company continued to strengthen its leadership in strategic areas and was ranked as one of the most reputable brands in Portugal, according to OnStrategy’s RepScore™ 2025 study.
• In the first quarter of 2026, revenue stood at 703 million euros, EBITDA totaled 226 million euros, and capital expenditures reached 106 million euros. • Revenues grew by 0.9% year-over-year, a performance supported by a 1.7% increase in the Consumer Segment, driven by the Energy business—which partially mitigated pressure on Telco ARPU amid intense competition—and by 3.4% revenue growth in the Business Services Segment.
• EBITDA stood at €226 million, reflecting a year-over-year decrease of 7.3%. Excluding the results of Altice Labs and the run-off of the MVNO, EBITDA declined by 4.3%, driven by the impact on Telco ARPU and rising costs, particularly due to inflationary pressure on third-party services.
• Investment reached €106 million, an increase of 5.5% compared to the same period last year, 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. At the end of the first quarter of 2026, MEO had fiber-optic coverage for 6.7 million homes. Population coverage of the mobile network reached high levels, at 99.98% for the 4G network and 97.38% for 5G technology.
• The total fixed and mobile RGU base remained at 13.3 million at the end of the first quarter of 2026. Year-over-year growth in Pay TV and Fixed Broadband was 0.5% and 1.1%, respectively. MEO continued to strengthen its Fixed Services portfolio in the first quarter of 2026, helping to offset the decline in Fixed Voice customers. The Postpaid Customer Base posted robust year-over-year growth of 4.6%, reflecting consistent demand.
• In the first quarter of 2026, MEO, a national leader in connectivity, innovation, cybersecurity, and customer experience, continued its comprehensive transformation program, aimed at making the organization more agile and efficient. This journey has involved streamlining operations, modernizing processes, and increasingly integrating digital and artificial intelligence solutions. At the same time, the company continued to make progress in diversifying its business, driven by the dynamism of MEO Energia.
• With renewed ambition, MEO entered 2026 poised to accelerate its business transformation, guided by strategic focus, innovation, and discipline. This momentum paves the way for an increasingly digital and agile organization that is ready to lead the industry’s evolution in a demanding and highly competitive market.
Consumer segment
• In the first quarter of 2026, Consumer Segment Revenues totaled 380 million euros, representing a year-over-year increase of 1.7%. Service Revenues also grew by 1.4%, driven by the increase in the converged fiber customer base, postpaid mobile services, and synergies associated with MEO Energia, which continued to play a significant role in mitigating the strong competitive pressure on Telco ARPU.
• At the end of the first quarter of 2026, the fiber-optic-based fixed RGU base totaled 4.5 million, representing year-over-year growth of 1.0%, corresponding to 45,000 net additions since the first quarter of the previous year. In the mobile service, the Postpaid Customer Base continued its upward trend, increasing by 4.3% compared to the previous year, representing an additional 133,000 RGUs. The customer base with multiple services, supported by fiber-optic offerings, also continued to expand, reinforcing the market’s preference for convergent solutions that integrate fixed-line, mobile, and energy services.
• The expansion of MEO Energiademonstrates its strong ability to adapt and respond to a market environment characterized by aggressive competition and volatility. In the first quarter of 2026, Revenues increased by 41.8% compared to the first quarter of the previous year. The Total End-Customer Base grew from 169,000 at the end of the first quarter of 2025 to 236,000 at the end of the first quarter of 2026, resulting in 67,000 net new customers. This growth was driven by robust commercial performance, based on innovative rate plans and integrated telecommunications and energy offerings, as well as an effective cross-selling strategy within the MEO ecosystem.
• According to the latest data from ERSE for January, MEO Energia 21% of customers who switched electricity suppliers, increasing its market share to 4%. MEO Energia been the 1st or 2nd largest operator in terms of acquisitions since the beginning of 2025. This performance reinforces the brand’s commercial momentum and its ability to attract and retain customers in a particularly competitive environment.
Business Services Segment
• In the first quarter of 2026, total revenue from the Business Services Segment (which includes B2B, Wholesale, and Altice Labs) amounted to €323 million, representing a 3.4% increase compared to the same period last year, excluding Altice Labs’ results and the gradual loss of the MVNO.
• The B2B Segment, comprising the Telco and Non-Telco businesses (excluding Wholesale and Altice Labs), was the main driver of the results mentioned above, reporting revenue of approximately €186 million in the first quarter of 2026, representing year-over-year growth of 4.8%. This performance was driven by the consistent growth of the Non-Telco Services segments, namely Business Process Outsourcing, Information and Communication Technology, and Equipment Sales, complemented by a more moderate contribution from the Telco business. In the first quarter of 2026, revenue from Non-Telco services accounted for 27% of total B2B service revenue.
• Operational growth remained steady, reflected in a 0.3% increase in the B2B fixed RGU base and a 5.1% increase in the postpaid mobile base. In the first quarter of 2026, MEO added 113,000 new RGUs—both fixed and mobile—to its business customer base, representing a 3.4% increase compared to the same period last year, continuing the pace of expansion seen in previous quarters.
• By reinforcing strategic priorities such as ultra-fast connectivity, collaborative cloud ecosystems, cybersecurity, and technology partnerships, MEO launched a robust set of initiatives in the first quarter of 2026 to enhance organizations’ digital performance and resilience. In a context where simplicity and relevance are essential, MEO continues to integrate Telco and Non-Telco capabilities into a unique and intuitive experience for SMEs, shaped by active listening and continuous improvement. In the Corporate segment, the approach is based on precision and partnership, combining high-performance networks, proactive service models, and expertise in ICT, BPO, and IoT to co-create solutions that generate tangible results and protect value. Across all segments, MEO reinforces a more human way of doing business—where closeness, trust, and relevance guide every interaction, and technology exists to serve real needs and drive progress.
Some key events in the first quarter of 2026
• MEO is one of Portugal’s most reputable brands: according to OnStrategy’s RepScore™ 2025 study, MEO was recognized as one of the brands with the best reputation in Portugal’s telecommunications sector.
• MEO is the Best Managed Security Services Provider: Rapid7, one of the world’s leading authorities on cybersecurity, has once again recognized MEO as the Best MSSP in the EMEA region. This is the second consecutive time MEO has received this award, reinforcing its role as a trusted strategic partner in the digital protection of organizations across Europe, the Middle East, and Africa, and reflecting its ongoing investment in technological innovation and operational excellence.
• Storm Kristin: On January 28, an extreme weather event caused widespread damage—thousands of homes destroyed, vast rural areas devastated, and critical infrastructure severely affected, including 2,000 km of fiber-optic cable, 28,000 utility poles, and 47 mobile stations. MEO immediately activated its emergency and business continuity plans, mobilizing hundreds of technicians and establishing a Command Center dedicated to restoring infrastructure and services. Additionally, it provided 30 days of unlimited mobile data in the most affected areas, free access to MEO Go Fora de home automatic service credits during the period of unavailability.
• MEO Empresas Service Provider of the Year 2025: MEO Empresas honored with the Service Provider of the Year award, recognizing its exceptional performance as an integrator and provider of HPE-based services. This distinction highlights MEO Empresas ability MEO Empresas design, implement, and operate HPE solutions with innovation, service quality, and a customer-centric approach. • MEO Energia Dynamic Rate for the Business Segment: MEO Energia a new dynamic electricity rate aimed at businesses with Special Low Voltage (SLV) and Medium Voltage (MV) connections. With this offering, it reinforces its commitment to sustainability and the competitiveness of the national economy, bringing to the market an innovative solution aligned with the needs of the business community.
• Altice Labs leads the rankings for patent applications in Portugal: Altice Labs is the Portuguese company with the highest number of patent applications, standing out on the national and international stage for its capacity for innovation.
• SAPO honored at the 2025 Media & Advertising Communication Awards: SAPO won three awards at this year’s event, taking home Gold in the Internet and E-commerce category, Silver in the App category, and Bronze