Release details

2017-09-13 13:22 CEST
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MASMOVIL reaches an adjusted net result of 19M€ in the first half of the year, with a recurrent EBITDA of 104M€ (+87%)

MASMOVIL Group accelerates its growth in the second quarter: Service revenues (+19%), recurrent EBITDA (+64%), and customers (+14%)

  • Service revenues increased 18%, to 474M€, over the entire first half.
  • 4.8 million customers (14%), of which 4.5M are mobile and 277.000 are fixed broadband.
  • CAPEX was 83M€ during this year's first half.
  • MASMOVIL has strengthened its confidence in achieving its 2017 target of a Recurrent EBITDA of more than 200M€.

Madrid, September 13th, 2017.- MASMOVIL Group (MAS.MC) released today its second quarter results in which the company reaffirmed the solid growth obtained during the previous quarter in its main financial and commercial parameters.

The adjusted net result for the first half reached 19M€, with a recurrent EBITDA of 104M€, 87% more than the same period of last year.

In the second quarter, the Group reached 312M€ total revenues, 18% more than in the same period of last year. This growth confirms the positive trend in revenue growth which climbed 8% in the first quarter. Total revenues for the first half reached 609M€, 13% more than in the prior year.

Service revenues in the second quarter grew by 19%, to 245M€, and service revenues increased 18%, to 474M€, over the entire first half.

The second quarter recurrent EBITDA reached 59M€, 64% higher than the same period in the previous year, an increase of 30% with respect to the prior quarter when the company reached an EBITDA of 45M€.

This growth in profitability reflects the good commercial performance of the Company and the synergies and savings achieved, specially related to the national mobile roaming agreements.

EBITDA margin in the second quarter improved substantially and reached 19%, versus 14% Q216.

In the first half, MASMOVIL generated a cash flow from operations of 94M€, of which, 63M€, came from the second quarter of the year.

In 2017, MASMOVIL has continued to make an extraordinary investment effort that, by the end of the first half, reached 83M€, of which, 47M€, are dedicated to its network buildout.

These large investments have been destined into upgrading its 4G network which covers 85% of the Spanish population and into the roll out of its fiber network which reached 7.5 million homes (1.3M homes on its own network) by the end of the first half. The number of homes which can be served by fiber is expected to grow to 10 million by the end of the year.

"These results demonstrate that MASMOVIL remains a high-growth project. We will work to increase the value for our customers and the market and to continue developing our new generation infrastructures", said Meinrad Spenger, CEO of MASMOVIL.

(1) Recurrent EBITDA excludes, one-off expenses and stock appreciation rights (long term management incentive plan)
(2) Calculated based on number of shares outstanding plus conversion of outstanding convertibles and ESOP
(3) Leverage for 1H17 calculated by annualizing 1H17 Recurrent EBITDA
(4) Proforma figures are calculated as if Yoigo and Pepephone consolidated from January 1st, 2016
 (5) Adjusted for One-offs, accounting impact of ACS convertible, amortization of acquired customer base, charges for long term management incentive plan and interest on Providence and ACS convertibles

Commercial results: solid growth in postpaid customers (+13%) and in fixed broadband (+486%)

MASMOVIL Group, which offers its services through its four main brands, Yoigo, MASMOVIL, Pepephone and Llamaya, closed Q2 with more than 4.8M customers, 14% more than the previous year, of which 4.5M are mobile and 277.000 are fixed broadband.

Of the total number of mobile customers, 3.52M are postpaid, 13% more than last year. During the first half, MASMOVIL acquired 182.000 new postpaid customers (95.000 during Q2) and led the portability mobile market with more than 115.000 net adds.

In the fixed broadband, MASMOVIL had 277.000 customers by the end of Q2, 486% more than last year, of which 25% are FTTH customers. In the first six months of the year, the group added 155.000 fixed broadband customers (78.000 during Q2), leading the market in this period thanks to the launch of these services through the Yoigo and Pepephone brands.

In the first six months of the year, MASMOVIL acquired a total of 337.000 new lines, mobile postpaid and fixed broadband.

Blended billed ARPU of the group's customers during the second quarter increased to 15,1 euros compared to 13,9 euros in the previous year.

Guidance for 2017

Considering the good performance of the Company in the first half of the year, MASMOVIL has strengthened its confidence in achieving its 2017 guidance:

  • Subscribers: A total combined net increase in fixed broadband lines and post-paid mobile lines of 500k.
  • Services Revenues: growth of more than 10% vs 2016 Proforma Service revenues (838M€).
  • Recurrent EBITDA: reaching more than 200M€ up from 119M€ (Proforma Recurrent) in 2016.


MÁSMÓVIL Group is the fourth largest telecommunications operator in Spain that provides fixed, mobile and broadband Internet services for residential, business and Wholesale, through its main brands: Yoigo, Pepephone, MÁSMÓVIL and Llamaya.

The group relies on a fiber/ADSL network for broadband and 3G and 4G network for mobile telephony. At present, it has 7,5 million marketable fiber homes and reaches 18 million homes with ADSL. The companies' 4G mobile network covers 85% of the Spanish population. The Group had more than 4.8 million customers in Spain at the end of the second quarter 2017.

For more information

Mario Paradinas / Isabel Hernández
Teléfono: (+34) 91 788 32 00

Sep 13, 2017

Sep 13, 2017