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    Fernando Cordero Barreira • Banco Santander

    Fernando Cordero Barreira's questions to Telefonica SA (TEF) leadership

    Fernando Cordero Barreira's questions to Telefonica SA (TEF) leadership • Q1 2025

    Question

    Fernando Cordero Barreira asked for views on the sustainability of the strong fixed broadband market growth in Spain. He also inquired about how the recent disposals in Hispam impact Telefonica's balance sheet flexibility and its credit rating profile.

    Answer

    Chief Operating Officer 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 quality of the group's free cash flow and leverage profile, which is viewed positively by credit rating agencies. She stated this enhances balance sheet flexibility beyond the quantitative debt reduction by lowering the group's overall risk profile.

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    Fernando Cordero Barreira's questions to Orange SA (FNCTF) leadership

    Fernando Cordero Barreira's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Fernando Cordero Barreira of Santander asked whether potential European consolidation would require increased CapEx commitments and questioned the phasing of CapEx for 2025 after a higher Q1.

    Answer

    CEO Christel Heydemann responded that CapEx commitments for consolidation must be assessed case-by-case, citing the MASORANGE deal as an example without such a requirement. She also stated that CapEx spending should be more linear for the rest of the year and that the company remains committed to its target of approximately 15% of sales, advising not to draw conclusions from Q1's phasing.

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