MasOrange

What MasOrange does

MasOrange is the largest telecommunications operator in Spain by customer count, formed in March 2024 from the merger of Orange Espagne and the MázMóvil group (previously taken private by Cinven, KKR and Providence for approximately EUR 5.3 billion in 2020) into a 50/50 joint venture. The unified MasOrange, S.L. was incorporated in Madrid on 30 May 2023, received European Commission clearance in February 2024, closed on 26 March 2024 and launched as a market brand on 3 April 2024; Orange S.A. subsequently acquired the remaining 50% from Lorca JVCO for EUR 4.25 billion, completing the transaction in June 2026 and making MasOrange a wholly owned subsidiary of Orange S.A. As of FY2025 MasOrange generated EUR 7,601 million in revenue (+2.9% year-over-year) and reported approximately 47 million mobile and broadband lines, more than 32 million fibre homes passed, 93% 5G population coverage, and over 40% market share in both fixed and mobile segments.

The group's core technology is a converged fixed-mobile network combining fibre-to-the-home across 32 million+ households, 4G/5G/5G Advanced coverage with approximately 30% of 5G sites O-RAN-ready (Europe's largest commercial Open RAN deployment), and a world-record 2 Tbps single-wavelength optical backbone validated in Madrid. Products and services are delivered through a multi-brand platform: 8 national brands (Orange, Yoigo, Jazztel, MASMOVIL, Pepephone, Simyo, Lebara, Llamaya), 5 regional brands (Euskaltel, R, Telecable, Guuk, Embou) and supporting MVNOs (Lycamobile), supported by 1,500 points of sale. On top of the connectivity platform MasOrange layers pay-TV aggregation (Orange TV, Orange TV Libre at EUR 7.99/month, simyoTV with SkyShowtime, Agile TV), energy services across multiple brands, Zurich-backed insurance, Verisure-distributed security, BNP Paribas device financing, an Adzink advertising platform, Truexcore risk analytics, an IA4B AI-for-SMEs platform, Digital+O innovation hub, and Orange Cyberdefense España managed security (launched May 2026 with 100 experts).

Revenue is generated primarily through recurring mobile, fibre and convergent subscriptions (EUR 7,601M FY2025), supplemented by pay-TV, energy, insurance distribution, advertising, B2B managed services (including premium fibre through the PremiumFiber joint venture with Vodafone Spain and GIC serving 12 million+ access lines), and growing cybersecurity managed services. The group operates across all 17 Spanish autonomous communities and 2 autonomous cities, with additional offices in Madrid, Barcelona, A Coruña and Valladolid, and is held within the EUR 14.6 billion MasOrange debt stack refinanced through EUR 5 billion (November 2025) and USD 6 billion (January 2026) bond issuances at the Orange parent level.

Name

MasOrange

Legal name

MasOrange, S.L.

Website

https://masorange.es

Company type

Private

Founded year

2023

Operating status

Acquired

Headcount range

5,001–10,000 employees

Short description

MasOrange is Spain's largest telecom operator by customers (~40% market share in fixed and mobile), formed in 2024 from the merger of Orange Espagne and MázMóvil and now wholly owned by Orange S.A., serving 47M+ mobile/broadband lines and 32M+ fibre homes through 13 consumer brands plus B2B, cybersecurity, energy, insurance and advertising services.

Ownership category

akta.pro rank

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. Mobile and fixed telecommunications subscriptions: Recurring monthly subscription revenue from mobile, fibre broadband and convergent services across the multi-brand portfolio (Orange, Yoigo, Jazztel, MASMOVIL, Pepephone, Simyo, Lebara, Llamaya, Euskaltel, R, Telecable, Guuk, Embou); accounted for EUR 7,601M total revenue in 2025 (+2.9% YoY) and EUR 1,869M in Q1 2026 (+1.2% YoY).
2. Energy services: Sale of 100% renewable electricity and gas through brands Pepeenergy, Lucera, EnergyGO, MASMOVIL ENERGÍA, Euskaltel LUZ y GAS, Orange Energía, Luz y gas R, and Jazztel LUZ y GAS; complemented by partnership with Endesa for combined energy and telecom offering.
3. Insurance distribution and embedded insurance: Sale of home, device and health insurance products, with major distribution partnership with Zurich and complementary digital insurance implementations with bolttech.
4. Security/alarms services (Verisure partnership): Distribution of Verisure's professionally monitored security services across MasOrange's 30 million customer base in Spain starting April 2026, alongside own cyber-protection and video surveillance services.
5. Advertising platform (Advertising/MasOrange Advertising): New advertising platform launched September 2025 connecting brands with real users using advanced targeting technology, plus Adzink privacy-first audience creation and Truexcore risk/fraud analytics for B2B.
6. Premium content aggregation and pay TV: Subscription TV aggregation through Orange TV (premium, including LaLiga, Champions League, etc.), Orange TV Libre (EUR 7.99/month), Jazztel TV, and Agile TV for regional brands; bundled with content partners including Netflix, Prime, Disney+, Max, SkyShowtime, Filmin, Atresplayer, DAZN.
7. Cybersecurity managed services (Orange Cyberdefense): Managed security services and SOC operations launched in Spain in May 2026, including dedicated Security Center in Madrid and Barcelona with 100 experts, addressing Spanish cybersecurity market estimated at EUR 2.3 billion (2025, 10% annual growth).
8. Device/hardware sales: Retail of premium smartphones, devices and equipment, with bundled financing in partnership with BNP Paribas; supported by physical retail network of 1,500 points of sale.
9. B2B enterprise and public sector contracts: Telecommunications, cybersecurity, private 5G, edge computing, IoT, cloud, and digitalization services to enterprises and public administrations; including premium fiber joint venture PremiumFiber with Vodafone and GIC serving 12+ million access lines.

Pricing tiers

Go-to-market motion5 records

Core offering

MasOrange is Spain's leading telecommunications operator, offering mobile, fibre broadband, 5G/5G Advanced connectivity, and pay TV services through a multi-brand portfolio of 8 national brands (Orange, Yoigo, Jazztel, MASMOVIL, Pepephone, Simyo, Lebara, Llamaya) and 5 regional brands (Euskaltel, R, Telecable, Guuk, Embou). Beyond core connectivity, MasOrange bundles energy, insurance, financial and security services, and provides B2B solutions including private 5G networks, edge computing, cybersecurity (Orange Cyberdefense), IoT and cloud, while operating Europe's largest commercial Open RAN deployment and a world-record 2 Tbps optical backbone.

Product overview

MasOrange is the leading telecommunications operator in Spain by customer base, formed by the merger of Orange Spain and MASMOVIL and now wholly owned by Orange Group. Its product offering is a multi-brand platform-plus-modules architecture: a national fixed-mobile-5G network and fibre backbone (including the PremiumFiber joint-venture NetCo) sits as the core platform, while a portfolio of 8 national brands (Orange, Yoigo, Jazztel, MASMOVIL, Pepephone, Simyo, Lebara, Llamaya) and 5 regional brands (Euskaltel, R, Telecable, Guuk, Embou) plus additional MVNOs (Lycamobile) deliver consumer connectivity, TV, energy, insurance, financial and security services. On top of the network, MasOrange layers a B2B / value-added portfolio including Adzink (audience platform), Truexcore (risk/fraud analytics), IA4B (AI for SMEs), Digital+O (innovation hub), Orange Conecta 5G (private 5G + edge), Orange 5G Fast Track, Orange Femtocelda, Orange 5G Premium, MasOrange Advertising, Llamada Visible (network-level call protection), Open Gateway network APIs, PremiumFiber NetCo fibre JV, Starlink Direct-to-Cell satellite service, V-16 IDEMIA connected emergency beacons, Samsung Galaxy satellite communication, TúYo child-safety tariff, Forest Smart Guardian (5G+drone+AI), Quantum Safe network, and Verisure-backed monitored security. The company also operates Orange Cyberdefense España and provides premium TV aggregation (Orange TV / Orange TV Libre) and regional Agile TV across its regional brands.

Differentiator

Problem solved

Functional benefit

Brands

• Orange: Flagship mobile and fixed telecommunications brand in Spain.
• Yoigo
• Jazztel
• MASMOVIL
• Pepephone
• Simyo
• Lycamobile (Lyca)
• Lebara
• Llamaya
• Euskaltel
• R (mundo-r)
• Telecable
• Guuk
• Embou
• Populoos

Products and services

• Orange (Spain) Mobile, Fibre and TV Services Premium national consumer brand offering mobile, fibre, 5G, convergent services and Orange TV (largest content aggregator in Spain with Netflix, Disney+, DAZN, SkyShowtime, etc.). MasOrange's premium flagship.
• Yoigo Mobile and Convergent Services National consumer brand focused on flexible mobile and convergent plans, including Yoigo Digital Pro for SMEs and Unlimited Connectivity offers.
• Jazztel Fibre, Mobile and Energy Services National consumer brand offering fibre, mobile, Jazztel TV (60+ channels) and bundled energy (Jazztel LUZ y GAS).
• MASMOVIL Mobile, Fibre and TV Services National consumer brand offering mobile, fibre, MASMOVIL TV (Agile TV) and the Digital Pro offer for SMEs and autónomos.
• Pepephone Mobile Services and Pepeenergy Value-positioned mobile-only brand under the Pepephone family, with related energy brand Pepeenergy.
• Simyo Mobile Services Value mobile brand offering simple, transparent plans; launched simyoTV with SkyShowtime.
• Euskaltel Regional Services Regional telco brand serving the Basque Country with mobile, fibre, TV and Euskaltel LUZ y GAS.
• R (Galicia) Regional Services

Quantifiable outcome

• EUR 19.87 billion economic impact in Spain in 2025 (~1.2% of Spanish GDP), +6% YoY
• +11 more outcomes

Named customers15 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability17 records

Feature12 records

Partnerships

28 partnerships are on record, tiered core, flagship and minor.

• Polystar (Elisa Industriq)coreTechnology or Integration · 22 June 2026Strategic technology selection in June 2026 to deliver a unified AI-powered analytics and network probe solution (Osix Monitoring + Kalix Analytics) across MasOrange's newly combined mobile network. Hybrid deployment across on-premises and Google Cloud with Kubernetes. Includes an AI Anomaly Detection module that identifies affected users during service disruptions and enables proactive response.
• Orange Cyberdefense (Orange Group)flagshipStrategic or Co-development Partner · 13 May 2026Orange Cyberdefense Spain launched in May 2026 with 100 initial experts, a Security Center in Madrid and Barcelona, leveraging MasOrange's commercial network to address a Spanish cybersecurity market estimated at EUR 2.3 billion in 2025 (10% annual growth), with public-sector tenders potentially exceeding EUR 400 million.
• EndesacoreChannel Partner/ Reseller/ Distributor · 30 April 2026Agreement signed September 30, 2025 to jointly commercialize energy and telecommunications services in Spain.
• Audax (ADX)coreChannel Partner/ Reseller/ Distributor · 7 April 2026Strategic partnership to market mobile, fibre and landline services in Spain, making Audax the first independent retailer to offer an energy + telecom bundled package. Backed by MasOrange's infrastructure and network; target of 19,000 fibre customers and 30,000 mobile lines by 2030 per Audax's 2026–2030 Strategic Plan.
• European Commission (regulatory approval)Others · 7 April 2026
• IDEMIA Secure Transactions (IST)coreStrategic or Co-development Partner · 24 March 2026Multi-MNO partnership (with Telefónica, Vodafone and MasOrange) for Spain's nationwide mandatory rollout of connected V-16 emergency beacons since January 1, 2026 — Europe's largest connected road-safety initiative, potentially impacting up to 30 million vehicles. IDEMIA provides embedded secure SIM technology.
• GSMA Open GatewaycoreStrategic or Co-development Partner · 10 March 2026Collaboration with Nokia, Google Cloud, Orange, Telefónica and Vodafone to support the Open Gateway Hackathon at Talent Arena during MWC Barcelona 2026, showcasing programmable telecom networks and standardized APIs.
• Google CloudflagshipStrategic or Co-development Partner · 2 March 2026Strategic collaboration announced at MWC 2026 on autonomous network operations using Graph Neural Networks, digital twins and AI/ML. Open-source telco data pipeline on GitHub; pilot with MasOrange and One NZ on GraphML-based AIOps. April 2026 commercial agreement to expand MasOrange's offering with new AI services and cloud storage.
• NetAIcoreTechnology or Integration · 2 March 2026Co-developed integrated GraphML stack combining Google's tf-GNN library with NetAI's fine-tuned telecom-specific models and managed AIOps platform, used in MasOrange's autonomous network PoC.
• NokiacoreTechnology or Integration · 2 March 2026Partner on the 'Network as Code' initiative to make networks programmable through AI agents, and main sponsor of the Open Gateway Hackathon at Talent Arena during MWC Barcelona 2026 (96+ developers).
• TelefónicacoreStrategic or Co-development Partner · 2 March 2026Co-participation in the V-16 emergency beacon rollout (with IDEMIA), the Open Gateway Hackathon (with Nokia, Google Cloud, Orange, Vodafone), and Spain's CORA state telecom/cybersecurity contract.
• Vodafone SpainflagshipStrategic or Co-development Partner · 2 March 2026Co-participation in the V-16 emergency beacon rollout, the Open Gateway Hackathon, PremiumFiber joint venture (with GIC, launched December 4, 2025) creating Spain's largest fiber company serving 12+ million access lines, and bidding with MasOrange for Spanish rural operator Excom (up to EUR 150M).
• Samsung ElectronicsflagshipTechnology or Integration · 27 February 2026Satellite communication support for select Galaxy smartphones (Galaxy S26 series) in Europe, enabling emergency messaging, text and data when traditional networks are unavailable. Rolled out in phases with regional operators including MasOrange in Spain.
• Microsoft & Ericsson (Enterprise 5G for Windows 11)coreStrategic or Co-development Partner · 17 February 2026Microsoft and Ericsson announced a joint solution integrating enterprise-grade 5G capabilities into Windows 11 (Microsoft Intune + Ericsson Enterprise 5G Connect). Spain is one of three additional markets (Germany, Finland) planned for 2026 launch. Showcased at MWC Barcelona 2026.
• LibeliumminorStrategic or Co-development Partner · 13 February 2026Collaboration on the M4M (Mobile For Mobility) project to drive more efficient and sustainable urban mobility; also Orange y Terranova alliance to digitalize smart gas meters in Spain (May 2026).
• Starlink (SpaceX)flagshipTechnology or Integration · 2 February 2026Agreement signed February 2026 to launch Starlink Direct-to-Cell service in Spain, the first EU market for the service. Technical pilot in Valladolid targeting remote, high-mountain and coastal areas. Will complement, not replace, existing infrastructure.
• NETHITSminorStrategic or Co-development Partner · 22 January 2026Partnership to mark a new direction in hotel digitalization via HOVO, showcased at Fitur 2026.
• EricssonflagshipStrategic or Co-development Partner · 12 December 2025Multi-year strategic partnership for Open RAN and 5G Advanced. Ericsson Intelligent Automation Platform (EIAP) deployed with rApps (Cell Anomaly Detector, Nix RAN Energy Saver from Future Connections). ~30% of MasOrange's 5G sites are O-RAN-ready, making it Europe's largest commercial Open RAN deployment. Extended to R in March 2026 to strengthen the Galician 5G network.
• SkyShowtimeflagshipGTM or Marketing Partner · 1 December 2025Premium content partnership with full integration into Orange TV, Orange TV Libre, simyoTV (April 2026) and other regional brands; also includes DAZN Baloncesto (acb, NBA).
• GarageLAB Partners (Pinardi, JuanSoñador, Mainjobs, DomusVi, UAM, UNIR, UDC, UVigo, Universidad de Oviedo, etc.)minorGTM or Marketing Partner · 20 November 2025Long-running partnership with universities, foundations and NGOs to deliver digital education programs (Escuelas Visuales, Reto Rural Digital, Mayores Conectados, GarageLAB).
• HiyacoreTechnology or Integration · 17 November 2025Partnership to launch 'Llamada Visible' — an AI-powered call protection service in Spain identifying and labeling spam, fraud and commercial calls at the network level. First deployment of its kind by a Spanish operator.
• Spanish Trade Unions (Convenio Colectivo)minorOthers · 31 October 2025October 2025: MasOrange unanimously agreed its first Collective Bargaining Agreement (Convenio Colectivo) for the Labour Group with attractive conditions.
• VerisureflagshipChannel Partner/ Reseller/ Distributor · 16 October 2025Strategic partnership to commercialize Verisure's professionally monitored security services across MasOrange's 30M+ customer base in Spain starting April 2026. Includes alarm systems, video surveillance and cyber-protection through Orange, Yoigo, MASMOVIL and Euskaltel.
• DAZN (sports content)flagshipGTM or Marketing Partner · 16 October 2025Premium sports content partnership included in Orange TV, R, Euskaltel and Telecable football offerings; full 2026 FIFA World Cup coverage.
• Zurich SegurosflagshipChannel Partner/ Reseller/ Distributor · 16 July 2025Largest recent insurance distribution agreement in Spain. Multi-line insurance offering covering home, mobile and multimedia devices with comprehensive coverage (accidents, breakdowns, theft) backed by Zurich, with full B2B and B2C distribution through MasOrange brands.
• BNP ParibascoreChannel Partner/ Reseller/ Distributor · 1 January 2025Financial services collaboration enabling customers to finance purchases of smartphones, devices and equipment in convenient installments without interest.
• FilminminorGTM or Marketing Partner · 1 January 2025Premium content aggregation partnership for Orange TV and regional brands. Embou signed alliance with Filmin in June 2026 to bring the best cinema to Aragonese households.
• Netflix, Prime, Disney+, Max, AtresplayerflagshipGTM or Marketing Partner · 1 January 2025Premium content aggregation partnerships for Orange TV as a content aggregator, allowing customers to access Netflix, Prime, Disney+, Max and Atresplayer through Orange.

Scale indicators17 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Telefónica España: Incumbent Spanish telco with mobile, fibre, TV and B2B/public-sector offerings that directly competes with MasOrange in every segment. They regularly co-bid for major Spanish state and municipal contracts (CORA, V-16 beacons, Open Gateway).
• Vodafone España (Zegona Communications): Direct Spanish mobile and fixed competitor, now owned by Zegona Communications; partner in the PremiumFiber JV with MasOrange. Competes head-to-head in fibre, mobile and enterprise across Spain.
• Digi Communications (Spain): Aggressive low-cost Spanish mobile and fibre challenger using Digi's pan-European MVNO/operator model, putting sustained pricing pressure on MasOrange's value brands (Simyo, Llamaya, MASMOVIL).

Emerging players

• Avatel Telecom: Smaller Spanish regional fibre and fixed-wireless operator expanding via acquisitions; competes in rural and secondary-market fibre where MasOrange's regional brands (Telecable, Embou) also operate.

Broad incumbents

• Orange S.A. MasOrange's parent since June 2026; pan-European telecom incumbent operating mobile, fibre, B2B and cybersecurity (via Orange Cyberdefense) in multiple European markets. Provides back-office, technology and capital backing to MasOrange.
• Deutsche Telekom: European telecom incumbent with mobile, fixed, TV and B2B offerings; comparable in scale, multi-country footprint and convergent product strategy. Often cited alongside Orange as a European consolidation reference point.
• BT Group: UK incumbent telco with consumer fibre/mobile, enterprise services and a substantial cybersecurity practice; comparable in converged portfolio, scale and B2B/government mix.
• Swisscom: Swiss incumbent offering mobile, fixed, TV and B2B/cloud services; comparable as a convergent national operator with strong digital services and sustainability focus.

Regional players

• Bouygues Telecom: French mobile/fibre operator with a multi-brand portfolio similar in structure to MasOrange; useful peer for convergent bundling, multi-brand management and competitive dynamics in a mature market.
• Proximus: Belgian incumbent offering fixed, mobile, TV and enterprise services; comparable as a mid-sized European converged operator investing in fibre, 5G and B2B digital services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MASORANGE_ES
• LinkedInlinkedin.com/company/masorange
• Facebookfacebook.com/Masorange-61560067559878

Compliance18 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles26 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MasOrange