Pharol SGPS SA (0FQ8.L) Q3 2024 Earnings Report

Pharol SGPS SA delivered a positive QQ3 2024 bottom line and solid EBITDA, anchored by its investment exposure to Oi SA and the fiber-to-the-home footprint in Brazil. Net income of €12.23 million and EBITDA of €12.32 million were reported for the quarter, with a cash cushion and a light leverage profile supporting current trading levels. However, the top-line revenue metric remains undisclosed in the dataset, which limits visibility into mature revenue dynamics and margin progression. The balance sheet shows a robust equity base and substantial non-current investments, alongside a net cash position that implies minimal near-term refinancing risk. The operating cash flow was modestly negative in the period, suggesting working capital and timing effects may be a factor in cash conversion, despite positive net income.

The investment story hinges on Pharol’s stake in Oi SA (Brazil), which governs the majority of the earnings and cash flow trajectory. While the QQ3 2024 numbers show meaningful profitability on an EBITDA basis, the lack of reported revenue and the notable negative gross profit line indicate that accounting structure or one-off items (notably other expenses) are driving the quarterly results. Management commentary is not included in the provided data, limiting forward-looking guidance. Investors should monitor Oi SA’s operational performance, regulatory developments in Brazil, and Pharol’s ability to translate EBITDA and net income into sustainable cash flow and value realization for Pharol shareholders.