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MásMóvil confident in hitting guidance despite Covid

May 14, 2020

MásMóvil Group has presented its results for the first quarter of the year in which the Company continues with strong performance in customer acquisition despite the restrictions imposed by Covid-19 and significantly increases both its service revenues and its profitability.

As a result of the good performance of the Group, MásMóvil obtained a net income of €22 million in the first quarter of the year, similar to the one obtained during the same quarter of last year. The adjusted net income has reached €33 million.

Furthermore, despite the impact of Covid-19, which MásMóvil considers less than expected, and taking into account the solid first quarter and the trend observed during the second quarter, commercial growth plans will not be materially affected by Covid-19 and it has reiterated its confidence in achieving the guidance for the period 2020/21. Specifically, it confirms an EBITDA target of €570 million for 2020 and €670-700 million for 2021.

Meanwhile, during this crisis, MásMóvil says it has made an extraordinary effort to maintain Spain connected and its networks have been the ones that have offered the best performance during the Covid-19 crisis according to different studies, providing a very satisfactory service and without any relevant incidents, despite having registered growths in the use of its services, which have doubled at sometimes compared to a normal situation.

Also, and reinforcing its commitment to society, it has contributed to the collective effort to overcome this pandemic by carrying out multiple solidarity initiatives and offering free services for customers to make the confinement at their homes more bearable.

Q1 highlights

MásMóvil continues to increase the Group’s profitability and has obtained an EBITDA in the first quarter of 134 million, +27 per cent on the same period of last year. The recurring EBITDA margin has improved significantly to 30 per cent, compared to 27 per cent in the first quarter of last year.

Total revenues during the first quarter were 445 million, +16 per cent versus same period last year. Service revenues increased significantly, reaching 401 million, up 20 per cent than the same period of last year.

“We are very pleased with the extraordinary commercial and financial results obtained during the first quarter of the year despite the restrictions imposed by Covid-19, which demonstrates our ability to continue growing in a sustained and profitable manner.” said Meinrad Spenger, CEO of MásMóvil Group.

“Furthermore, I am especially proud of the response of our Group to the Covid-19 crisis, generating a positive impact on our Society through different solidarity initiatives and the good performance of our networks, keeping Spain connected in a very satisfactory way,” he added.

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