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    Fernando Cordero

    Research Analyst at Banco Santander, S.A.

    Fernando Cordero is an Equity Research Analyst at Banco Santander, S.A., specializing in Latin American financial institutions with a focus on banks and insurance companies. He covers major companies such as Grupo Financiero Banorte, Banco Bradesco, Banco do Brasil, and Itaú Unibanco, and has been recognized for insightful coverage and high-performing stock recommendations, with a track record that includes positive returns above sector averages and strong rankings in institutional investor polls. Cordero began his career in the financial sector in the early 2010s, previously holding equity research roles at other major financial institutions in the Iberian and Latin American markets before joining Banco Santander in 2017. He holds relevant professional credentials in securities research and analysis, participating regularly in industry conferences and maintaining regulatory certifications in relevant financial jurisdictions.

    Fernando Cordero's questions to TELEFONICA S A (TEF) leadership

    Fernando Cordero's questions to TELEFONICA S A (TEF) leadership • Q1 2025

    Question

    Fernando Cordero asked about the sustainability of the strong fixed broadband market growth in Spain and the impact of the Hispam disposals on Telefonica's balance sheet flexibility and credit rating.

    Answer

    COO Emilio Rodríguez expressed confidence in sustaining Spain's commercial momentum, citing structural advantages like brand strength, customer care, and network quality. Executive Laura de Baquedano explained that the Hispam disposals improve the balance sheet's quality and flexibility beyond the quantitative leverage reduction by simplifying the group and removing lower-return assets, a move she noted is viewed positively by credit rating agencies.

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    Fernando Cordero's questions to TELEFONICA S A (TEF) leadership • Q1 2024

    Question

    Fernando Cordero from Banco Santander asked for an explanation of the drivers behind Spain's retail ARPU performance in Q1 and the outlook for the remainder of the year. He also inquired about progress on materializing wholesale opportunities for VMO2's fixed network in the U.K.

    Answer

    Chief Operating Officer Ángel Vilá Boix explained that the year-over-year decline in Spanish ARPU was due to a higher mix of O2 customers and a smaller price increase in 2024 compared to 2023. He stressed focusing on overall subscriber lifetime value, which is growing. On the U.K. wholesale opportunity, VMO2 CEO Lutz Schüler confirmed that they are in negotiations with all three potential major partners (Sky, Vodafone, TalkTalk) and that discussions with one party are advanced, though details cannot yet be disclosed.

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