Portugal

Telecommunications has not remunerated the capital invested since 2020

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Briefings

A Portuguese telecom association Apritel reported that the sector does not remunerate capital since 2020, a finding supported by an EY-Parthenon study. Data from six major operators shows nominal revenue grew only 5.9% while operational margins fell 8.9% despite data consumption rising 12-fold. The study warns that without profitability, investment and infrastructure development are at risk, with license renewal deadlines approaching for Meo, Nos, and Vodafone.

Key points

• A study commissioned by Apritel's António Coimbra concluded that the telecom sector 'does not remunerate the cost of capital since 2020' in Portugal.
• Six major operators (Meo, Nos, Vodafone, Oni, Colt, Ar Telecom) showed nominal revenue growth of only 5.9% while operational margins declined 8.9% between 2015 and 2025.

Context

The analysis comes as license renewal deadlines for Meo, Nos, and Vodafone approach, prompting renewed concerns about economic sustainability. While Digi advocates for competitive spectrum auctions, Apritel argues for longer license terms to ensure investment continuity.

Limitations

The study covers only six operators; data spans 2015-2025 with limited granularity. Forecasts regarding future investment decisions remain unverified, and the specific impact of spectrum renewal policies on long-term profitability is not fully quantified.

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