New Street Research - MasOrange (Equal Weight) Q2 25: Good numbers, fibre JV stake sale seems to be on track

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New Street Research

Russell Waller

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MasOrange (Equal Weight) Q2 25: Good numbers, fibre JV stake sale seems to be on track

MasOrange (MA) has reported a good set of numbers: subs continue to grow nicely, and SR trends are better with good underlying EBITDA (and with hints at future churn benefits to come, which would be incremental to synergies). Closing of the fibre JV is still set for this summer, and leverage targets post the deal of 2.75x have been reiterated.

29/07/2025 1 EN

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Russell Waller

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MasOrange (Equal Weight) Q2 25: Good numbers, fibre JV stake sale seems to be on track

Inwit (Neutral, €11, +7%) 2Q25: Solid quarter, supported by DAS demand

FYBR 2Q25 Quick Take: Solid Subscriber and EBITDA growth

AMT: Quick thoughts following the 2Q25 call

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