Pharol SGPS SA delivered QQ2 2025 results with EBITDA of €804,998 and operating income of €800,076, alongside net income of €1,060,134 for the quarter. The reported gross profit was negative €220,660, driven by cost of revenue, and the quarter benefited from total other income of €266,167, resulting in a pre-tax income of €1,066,243 and after €6,109 in income tax, a net income of €1,060,134. Notably, revenue data for the period is not disclosed in the provided figures, underscoring Pharol’s investment-oriented profile rather than a pure-operating telecom business. The company also reports a strong balance sheet with substantial liquidity: cash and cash equivalents of €15,488,021 and a net debt position of €-15,468,209 (i.e., net cash). Total assets stand at €95.6 million, with stockholders’ equity of €94.3 million, suggesting a conservative liability footprint and a substantial cushion against near-term volatility. These results continue to reflect Pharol’s exposure to its strategic asset Oi SA (Brazil) and related non-operating components rather than core operating metrics.
From a year-over-year basis, profitability metrics show meaningful declines in gross profit (-37.5% YoY) and net income (-82.7% YoY), while quarter-over-quarter figures exhibit a strong 100% QoQ movement for several profitability measures, highlighting a quarterly base effect and the influence of one-off items and non-operating income. The absence of explicit revenue figures and forward guidance in the release means emphasis remains on the portfolio- and investment-driven nature of Pharol’s earnings, with performance likely to hinge on the valuation and operational trajectory of its Brazilian fiber investments via Oi SA. Investors should monitor the ongoing evolution of Oi SA’s financial health, Brazil regulatory developments, and Pharol’s liquidity and balance-sheet resilience as core drivers of the investment thesis.