REG - Zegona Comms. - Zegona Holdco Limited TLB reporting as at 31/12/25

Zegona CommunicationsAnnouncement

26/02/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260226:nRSZ4295Ua&default-theme=true

RNS Number : 4295U  Zegona Communications PLC  26 February 2026

Zegona Holdco Limited TLB reporting as at 31/12/25

 

 26 February 2026  LEI: 213800ASI1VZL2ED4S65

 

Zegona Communications plc

Publication of Zegona Holdco Limited's debt reporting as at 31 December 2025

·    Zegona is pleased to publish information in relation to Zegona Holdco
Limited and its subsidiaries ("Zegona Holdco Group"), for the purpose of
satisfying the Zegona Holdco Group's external debt reporting obligations.

·      This includes key performance indicators (KPIs) of Vodafone Spain
for the three months ended 31 December 2025 as well as operational commentary
summarising the strong Q3 results, which pave the way for a second successful
year in Zegona's transformation of Vodafone Spain.

·      The information is set out in the appendix to this announcement.

·      The information can also be found on Zegona's website at
https://www.zegona.com/investor-relations/debt-investors.aspx
(https://www.zegona.com/investor-relations/debt-investors.aspx)

 

 

For further information, please contact:

 

 For investor enquiries:  For media enquiries:
 Alfonso Enríquez         Jaime De Andres            Tilly Abraham (Sodali & Co)
 info@zegona.com          jaime.andres@vodafone.com  zegona@info.sodali.com

 

 

About Zegona

Zegona is publicly listed on the Main Market of the LSE.  It was established
in 2015 with the objective of investing in businesses in the European
Telecommunications, Media and Technology sector and improving their
performance to deliver attractive shareholder returns.  Zegona is led by
former Virgin Media executives Eamonn O'Hare and Robert Samuelson. In 2024,
Zegona completed the acquisition of Vodafone Spain. 

 

Appendix

 

 

Zegona Holdco Limited ("the Company")

A company incorporated in England and Wales, company number 10159604 with
registered office address of

8 Sackville Street, London, England, W1S 3DG

 

Consolidated Financial Information

 

Unaudited

31 Dec 25

 

Zegona HoldCo Limited and its subsidiaries ("the Zegona HoldCo Group" or "the
Group")

presents the Group's unaudited consolidated financial information for the
periods noted

in the following pages.

 

 

Purpose of this information

 

This information is provided for the sole purpose of satisfying the Company's
external debt reporting obligations as required pursuant to the Senior
Facilities Agreement dated 15 July 2024.

 

Operational Commentary

Q3 was another strong quarter and the results pave the way for a second
successful year in Zegona's transformation of Vodafone Spain. Another quarter
of positive customer and product additions, together with the positive impact
of the January price initiatives, gives increased confidence the company will
close FY26 with revenue stabilisation, in line with prior year.

 

Continued implementation of business transformation initiatives is also
driving profitability and cash flow. Q3 year-to-date cash flow(5) of €586m
means the business is well placed to close FY26 with cash flow margins over
21%. This would represent a significant improvement from last year's 17%
margin and over double the 10% prior to Zegona's acquisition in FY24.

 

The closing of both FiberCo transactions marks another major milestone in
Zegona's delivery of its post-acquisition strategy. The recent EU clearance of
the FiberPass investment removes the last hurdle to completing the
transformation of Vodafone Spain's fixed network strategy. The combination of
FiberPass and PremiumFiber will give guaranteed access to a future-proof, all
fibre national network with attractive economic terms.

 

The combined €1.8b upfront proceeds from the FiberCo transactions create the
opportunity to deliver significant returns to our shareholders. The recently
announced capital allocation policy involves returning €1.6b of value to
shareholders. This included a €1.4b special dividend paid in January 2026
(permitting the settlement in full of the Vodafone Group financing and the 69%
reduction in Zegona's ordinary shares) and an ongoing €0.2b share buyback
programme. The remaining €0.2b will be used for debt reduction. This puts
the business on track to deliver net debt of only €3.2b by the end of our
financial year. This, combined with our recent debt refinancing at a cost of
debt of only 4.3%, reinforces Zegona's commitment to its leverage target of
1.5x to 2x and further accelerates progress in reducing total annual interest
costs.

 

 KPIs                                    Reported

                                         3m to Sept 25       3m to Dec 25

       Operational KPIs                                                    Notes
       EoP 000s

                 FBB lines               2,587               2,590         1
                 Mobile lines            12,763              12,790        1, 2

       Financial KPIs
                                         €m                  €m

                 Total Revenues          895                 923           1

                 EBITDAaL                349                 313           1, 3

                 EBITDAaL less capex     210                 176           1, 3

       Covenant KPIs                     3m to Sept 25       3m to Dec 25

                                         €b                  €b
                 Net debt                3.6                 3.3           4

 

 

 

 Notes:
 1       Finetwork numbers are excluded in the table above as the acquisition process
         is still ongoing.

 2       Includes both contract and prepay mobile lines. Total Mobile contract lines
         have increased to 10,155k in the three months to December 2025 from 10,150k as
         at September 2025.

 3       EBITDAaL is defined as earnings attributable to the operating group of
         companies before income tax credit, net financing costs, amortization of
         customer-related intangible assets, amortization of owned assets and
         depreciation of owned assets, excluding gains/losses on disposal of owned and
         leased assets, restructuring costs, other income and expense and significant
         items that are not considered by management to be reflective of the underlying
         performance, including the impacts of depreciation and gain on disposal of
         leased assets and interest on lease liabilities, and adjusted in line with the
         parent's accounting policy relating to subscriber acquisition costs.

 4       Net debt is shown as calculated for the investor presentations, being the
         nominal amount of debt (with the SSN USD amounts presented as the hedged EUR
         value of the nominal amount) and net of cash held by the Zegona Holdco Group
         as at 31 December 2025 (€647m). Zegona Holdco Group EBITDAaL was €312m for
         the 3 months to December 2025.

 5       Cash flows are defined as EBITDAaL less capital expenditure relating to
         acquisition of property, plant and equipment, intangible assets and costs
         relating to customer commercial activity, as well as payments made for
         dismantling assets and excluding telecommunication licences and financed
         assets, minus the selling price upon disposal of any assets and changes in
         asset retirement obligation provisions, as defined in the FY25 Annual Report.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEWFWIEMSEEE



            Copyright 2019 Regulatory News Service, all rights reserved