Zegona Communications Plc · LSE:ZEG
Zegona Communications — FY2026 Earnings Presentation
14 slides from Zegona Communications's earnings presentation, Jun 16, 2026
Slide 1: Vodafone Spain results Full-year 2026
Vodafone Spain results Full-year 2026 June 16th, 2026
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: Revenue growth and strong cash flow generation
Revenue growth and strong cash flow generation Q4 26 (1) FY 26 (1) Highlights Customer growth: Broadband lines Broadband lines ▪ Sixth consecutive quarter of positive FBB and contract mobile net adds +2k +29k ▪ Contract net adds deliver strongest FY growth in the last five years Mobile contract line
Slide 4: Customer base continues to grow
Customer base continues to grow Broadband lines (1) Commercial initiatives enhance the customer proposition… Net adds 000s 23 ✓ Continued focus on convergent customers 17 6 7 3 0 2 ✓ Increased use of handsets to promote customer loyalty ✓ Enhanced Lowi brand with TV and handsets -26 ✓ New advertisin
Slide 5: Revenue growth
Revenue growth Revenues Revenues €mn yoy growth % Flat +2.0% 3,629 3,628 915 897 Q4 25 Q4 26 FY 25 FY 26 Zegona A solid +1.5% 1,838 acquisition foundation for FY27 1,810 0.0% -1.5% -3.8% (1) H2 25 H2 26 FY 24 FY 25 FY 26 (1): Growth excluding Finetwork in FY25 for comparative purposes; Zegona closed
Slide 6: Cost reduction initiatives continue to drive margin expansion
Cost reduction initiatives continue to drive margin expansion EBITDA EBITDAaL €mn €mn 55% 40% +18% +16% 363 505 48% 35% 428 312 Q4 25 Q4 26 Q4 25 Q4 26 51% 37% +10% +7% 1,865 1,341 34% 47% 1,249 1,699 FY 25 FY 26 FY 25 FY 26 : Margin over revenues 6
Slide 7: Operating cash flow continues to grow at double digit
Operating cash flow continues to grow at double digit Cash flow (EBITDAaL – Capex) Cash flow (EBITDAaL – Capex) €mn €mn 21% 19% +22% +31% 763 176 17% 625 15% 134 Q4 25 Q4 26 FY 25 FY 26 : Margin over revenues 7
Slide 8: Levered FCF powered by cash flow growth and declining interest costs
Levered FCF powered by cash flow growth and declining interest costs Declining net debt and leverage Levered FCF growth potential €mn Significant increase in operating cash flow Leverage (3) 2.9x ▪ +22% yoy increase to €763mn in FY 26 2.4x ▪ Cash flow margin at 21% in FY 26 (vs 17% in FY 25) Net deb
Slide 9: FibreCos deliver significant value creation
FibreCos deliver significant value creation Completed Dec. 2025 16mn households passed future-proof 100% FTTH network MasOrange Financial FibreCo investor €1.6bn shareholder returns : (1) Upfront proceeds €1.4bn ✓ €975mn to settle Vodafone financing ✓ 69% share reduction (2) Completed Mar. 2026 ✓ 12
Slide 10: Strong value creation but the company remains undervalued
Strong value creation but the company remains undervalued Vodafone Spain’s enterprise value (1) Benchmark valuation (4) €bn Entreprise Value / Operating Cash Flow (x) Zegona trades at multiples significantly below its peers +56% despite not paying tax and having declining interest costs 7.8 £28 £29
Slide 11: Transformation on track
Transformation on track 1 FY 26 performance creates a solid foundation for future revenue growth 2 Business transformation drives margin expansion and strong cash flow generation 3 Net debt reduced to €3.2bn, leverage to 2.4x and declining interest costs 4 FibreCos deliver 100% FTTH network and €1.6
Slide 12: Together we can
O Together we can
Slide 13: Operational & Financial key metrics
Operational & Financial key metrics Vodafone Spain Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Q4 26 FY 26 Operational KPIs (1) EoP 000s Broadband lines 2,534 2,534 2,540 2,563 2,563 2,570 2,587 2,590 2,591 2,591 Mobile lines 12,450 12,520 12,492 12,438 12,438 12,519 12,763 12,790 12,771 12,771
Slide 14: Debt & interest cost
Debt & interest cost As of March 31st, 2026 Debt principal Debt cost Comments €mn EUR Term Loan B 1,665 Euribor+2.25% Repriced in January and €200mn repaid in March. EUR Senior Notes(1) 1,320 6.750% USD Senior Notes(1),(2) 748 8.625% Gross Debt 3,733 Cash 519 Assumes 2.0% interest is paid on cash. N