"Revenues increased by 1.3% compared to the same period last year, driven by a 5.0% surge in the Consumer segment fueled by energy growth, which partially offset ARPU [average revenue per user] headwinds in an intensely competitive market," Meo stated.

They were also boosted by "the 3.5% growth in revenues from the Business Services segment, excluding the performance of Altice Labs and the progressive loss of the MVNO [mobile virtual network operator]," the company led by Ana Figueiredo added.

The result before taxes, interest, depreciation and amortisation (EBITDA) stood at €947 million, reflecting a year-on-year decrease of 4.8%.

Meo adds that, "excluding the results of Altice Labs and the progressive loss of the MVNO, EBITDA decreased by 1.2%, penalised by the impact on revenue from the pressure felt in the telco ARPU and by the increase in costs resulting from inflation".

Regarding investment, this "reached €403 million, reflecting MEO's continued commitment to the expansion and modernisation of its networks and infrastructure, guaranteeing levels of excellence and security in the service provided to residential and business customers".

In December, MEO had 6.7 million homes covered by fibre optics and "the population coverage of the mobile network reached high levels, of 99.98% in the 4G network and 97.22% in 5G technology", the company states.