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 [average revenue per user] in a highly competitive environment, and by a 3.4% growth in enterprise service revenues, excluding Altice Labs’ performance, Meo announced.
Between January and September, earnings before taxes, interest, depreciation, and amortization [EBITDA] totaled “717 million euros, reflecting a year-on-year decrease of 6.1%.”
Excluding the results of Altice Labs, “EBITDA decreased by 3.0%, impacted by revenue pressure resulting from the ARPU Telco, progressive loss of MVNO [mobile virtual network operator], and increased energy and IT costs associated with inflation,” Meo noted.
During the period under review, investment “amounted to 292 million euros over the nine months, reflecting Meo’s commitment to continue expanding and renewing its networks and infrastructures,” the company stated, adding that by the end of September it had registered 6.6 million homes covered by fiber optics, supporting 90% of the customer base.
The mobile network’s population coverage reached 99.98% on the 4G network and 97.18% on 5G technology.
By the end of September, the total base of RGU [revenue-generating units] for fixed and mobile services reached 13.3 million.
“Fixed services totaled 6.1 million, showing a positive change compared to the third quarter of 2024, with the customer base for subscription television and fixed Internet services growing by 1.1% and 1.6%, respectively,” it reported.
In postpaid mobile services, Meo achieved 5.5 million customers, “reflecting a growth of 4.3% (approximately 224 thousand) compared to the same period the previous year, leveraged by convergent offers.”
In the first nine months of the year, Meo Energia “maintained a sustained pace of expansion of its customer base, strengthening its position in a ‘multi-player’ and highly competitive market,” the operator stated, adding that end customers of this service “grew by 93 thousand since September 2024 and reached 205 thousand by the end of September 2025, demonstrating the market’s strong adherence to integrated Telco + Energy offers.”
In the third quarter, Meo’s revenues rose to 682 million euros, “representing a 1.4% increase compared to the same period the prior year, excluding the Altice Labs results.” Considering the implicit year-on-year decline in the performance of Altice Labs, total revenues decreased by 3.2% due to this effect, the company said.
In the consumer segment, revenues totaled 1.110 million euros in September, “reflecting a year-on-year growth of 5.2%” and service revenues “registered an even more significant increase of 6.0%, driven by the expansion of the fiber and postpaid mobile customer base, as well as Mep Energia’s contribution, which continued to play a crucial role in mitigating intense competitive pressure on Telco ARPU.”
In the third quarter, revenues were 371 million euros, an increase of 2.6%. Service revenues grew by 3.3%.
The business services segment [including B2B, Wholesale, and Altice Labs] recorded 964 million euros in revenues, a 3.4% increase in core business, excluding the impact of Altice Labs’ performance.
On November 24, Intelcia signed an agreement with Altice for the acquisition of the 65% stake the company held since 2016. The completion of the transaction is expected in the first quarter of 2026.
A day later, on November 25, Meo signed an agreement with Asterion Industrial Partners for the sale of 100% of the share capital and voting rights of the company Portugal Telecom Data Center (PT Data Center), a subsidiary of Meo that operates a data center in Covilhã, with an installed capacity of 6.8 MW. The operation, valuing PT Data Center at 120 million euros, is subject to regulatory approvals and is expected to be completed in the first quarter of 2026.
[Updated at 18:03]
