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    Fernando Cordero Barreira

    Research Analyst at Santander

    Fernando Cordero Barreira is an Equity Research Analyst at Banco Santander SA (Broker), specializing in European equities with direct coverage of major listed companies such as Telefónica. Since joining Santander in 2018, he has delivered actionable investment research informed by over a decade of experience, including prior roles as an Equity Analyst at Santander Investment Bolsa Sociedad de Valores SA from 2010 to 2018 and as a Research Analyst at Exane SA (Spain). While specific rankings and quantifiable performance metrics are not publicly reported, his active coverage of blue-chip firms and established presence in the analyst community reflect a track record of trusted sector expertise. Cordero’s professional credentials include extensive equity research and analyst responsibilities within regulated broker-dealer environments.

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

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

    Question

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

    Answer

    Chief Operating Officer Emilio Rodríguez expressed confidence in sustaining Spain's commercial momentum, citing structural advantages in brand, customer care, and networks. Executive Laura de Baquedano explained that the Hispam disposals improve leverage and, more significantly, enhance the quality of free cash flow and reduce the group's risk profile. She confirmed this is viewed positively by credit rating agencies and increases overall balance sheet flexibility beyond the quantitative impact.

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    Fernando Cordero Barreira's questions to ORANGE (FNCTF) leadership

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

    Question

    Fernando Cordero Barreira asked whether potential European consolidation would require increased CapEx commitments from telcos, and inquired about the expected phasing of CapEx throughout 2025 after a higher Q1.

    Answer

    CEO Christel Heydemann responded that consolidation scenarios should be viewed on a case-by-case basis, noting that the MASORANGE deal did not require a CapEx increase, unlike the situation in the U.K. She advised against assuming all consolidation would necessitate more CapEx. For Orange's 2025 spending, she stated that CapEx should be more linear for the rest of the year and that the company remains committed to its target of a 15% CapEx-to-sales ratio.

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