Zegona Communications Plc · LSE:ZEG
Zegona Communications — H1 2026 Earnings Presentation
13 slides from Zegona Communications's earnings presentation, Nov 25, 2025
Slide 1: Vodafone Spain results Half-year 2026
Vodafone Spain results Half-year 2026 November 25th, 2025
Slide 2: Disclaimer
Disclaimer This presentation is issued by Zegona Communications plc ("Zegona"), a public limited liability company incorporated in England and Wales with registered number 09395163 and whose registered office is at 8 Sackville Street, London W1S 3DG. This presentation has been prepared for informati
Slide 3: Customer and cash flow growth continues
Customer and cash flow growth continues Q2 26 H1 26 Highlights Broadband lines Broadband lines Customer base growth continues in the quarter: +17k +24k ▪ Continued investment in the customer drives sales growth Mobile contract lines Mobile contract lines ▪ Back-to-school campaign drives commercial a
Slide 4: Customer base continues to grow in broadband and mobile
Customer base continues to grow in broadband and mobile Broadband lines (1) Commercial initiatives enhance the customer proposition… Net adds 000s 23 ✓ New offers drive the back-to-school campaign 17 6 7 0 ✓ Enhanced content offer ✓ Addition of TV services to Lowi -26 ✓ Launch of SAC transformation
Slide 5: Cost reduction initiatives continue to drive profit improvement
Cost reduction initiatives continue to drive profit improvement EBITDA EBITDAaL €mn €mn 39% 53% +10% +11% 349 474 35% 47% 427 318 Q2 25 Q2 26 Q2 25 Q2 26 37% 51% +8% 664 +9% 916 34% 46% 617 840 H1 25 H1 26 H1 25 H1 26 : Margin over revenues
Slide 6: Significant increase in operational cash flow
Significant increase in operational cash flow Cash flow (EBITDAaL – Capex) Cash flow (EBITDAaL – Capex) €mn €mn 23% +30% 23% 411 +20% 210 17% 316 19% 175 Q2 25 Q2 26 H1 25 H1 26 : Margin over revenues 6
Slide 7: Levered FCF powered by cash flow growth and declining interest costs
Levered FCF powered by cash flow growth and declining interest costs Levered FCF growth potential Debt cost: interest annual run-rate (3) €mn Significant increase in operational cash flow ▪ €210mn in Q2 26 (23% margin), +20% yoy ▪ H1 26 cash flow at €411mn, +30% yoy 294 -20% Neutral working capital
Slide 8: FibreCos create a 100% FTTH network and drive shareholder returns
FibreCos create a 100% FTTH network and drive shareholder returns Future-proof 100% FTTH network: Operational Dec. 2025 ✓Delivers market-leading propositions, maximizing acquisition and retention MasOrange Financial ✓Offers competitive pricing, as attractive MSA pricing is offset by savings FibreCo
Slide 9: Increase in the Company's valuation underpinned by strong KPIs
Increase in the Company’s valuation underpinned by strong KPIs Zegona’s share price Vodafone Spain’s enterprise value (3) GBPp / share €bn 14.7 1,600 1,400 1,200 10.4 1,000 11.1 +753% 800 6.1 6.8 600 5.0 Equity 2.3 400 1.2 200 Net debt 3.8 3.8 3.6 3.6 0 October November Acquisition May 2024 July 202
Slide 10: Transformation on track
Transformation on track 1 Business transformation delivers customer growth and margin expansion 2 Cost reduction programme drives strong cash flow generation 3 FibreCos deliver a future-proof 100% FTTH network and upfront proceeds 4 Company well positioned for shareholder friendly capital allocation
Slide 11: Together we can
O Together we can
Slide 12: Operational & Financial information
Operational & Financial information Vodafone Spain Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Operational KPIs EoP 000s Broadband lines 2,534 2,534 2,540 2,563 2,563 2,570 2,587 Mobile lines 12,450 12,520 12,492 12,438 12,438 12,519 12,763 o/w Contract 10,031 10,019 10,031 10,057 10,057 10,096 10,150
Slide 13: Debt & interest cost information
Debt & interest cost information As of September 30th, 2025 Debt principal Debt cost Comments €mn Term Loan A 0 Refinanced in July 2025 with the upsize of the EUR TLB EUR Term Loan B 1,865 Euribor+2.75% Upsized and repriced in July 2025 USD Term Loan B 0 Refinanced in February 2025 with the upsize o
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