Profitability of telecoms operators’ business divisions

07 October 2025 | Research

Michela Venturelli

Strategy report | PPTX and PDF (6 slides) | Operator Spending| SME Services| Enterprise Services


"The shift towards IT services is causing a decline in the EBITDA margins of operators’ business divisions, which can misrepresent the profitability of these units."

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The change in revenue mix and the shift towards IT services is affecting the structure, as well as the cost base, of operators’ business divisions. This is leading to structural differences between business and consumer divisions, and operators need to make investors aware of this.

This report provides:

  • an analysis of the profitability of telecoms operators’ business units and a comparison with that of their consumer divisions, for five major operators
  • an analysis of the different cost structures and financial metrics that characterise operators’ business and consumer divisions
  • insights into how operators’ divisions are evolving and the relative changes in financial reporting that operators should highlight.

USD2199

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Author

Michela Venturelli

Senior Analyst