Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies

Core Insights - The company achieved solid EBITDAaL growth of 4.0% for the full year 2025, slightly exceeding guidance, driven by synergies from the VOO acquisition and operational efficiencies [1][7][8] Financial Highlights - Revenues for H2 2025 decreased by 1.5% year-over-year to €1,000.6 million, with full-year revenues also down by 1.5% to €1,963.4 million [3][4] - Retail service revenues fell by 1.9% in H2 2025 to €791.4 million, with a similar decline for the full year [3] - EBITDAaL for H2 2025 increased by 3.4% to €301.3 million, with a full-year EBITDAaL of €566.1 million, reflecting a 4.0% increase [3][4] Customer Base and Operational Performance - Mobile postpaid customer base grew by 2.5% year-over-year to 3.6 million, while cable customer base increased by 1.8% to 1,039,000 [2][4] - Net adds for mobile postpaid decreased by 49.0% to 38,000, and cable net adds fell by 68.7% to 5,000 [2][4] Capital Expenditure and Cash Flow - eCapex for the full year increased by 2.1% to €375.9 million, driven by RAN sharing and 5G deployment [5][6] - Adjusted operating cash flow rose by 7.9% to €190.2 million, while net cash from operating activities increased by 4.5% to €525.6 million [5] Debt and Profitability - Net financial debt decreased by 4.7% to €1,815.1 million, with total borrowings down by 3.4% to €1,895.8 million [5] - Net profit for the period increased significantly by 139.5% to €41.3 million [5] Strategic Outlook - The company plans to target an EBITDAaL growth of approximately 3.5% for 2026, with expected eCapex around €360 million [9][11] - The Board of Directors will not propose a dividend for 2025 to preserve cash for future investments [10]