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Zegona Communications (ZEG) investor relations material
Zegona Communications H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved all FY26 transformation priorities: customer growth, revenue stabilization, cost reduction, FiberCo execution, capital structure optimization, and significant shareholder returns.
Six consecutive quarters of positive net adds in broadband and contract mobile; broadband lines up 29k to 2,591k, contract mobile up 128k to 10,185k, strongest growth in five years.
Revenue stabilized at €3,628m (FY25: €3,629m); returned to growth in H2 with Q3 up 1.1% YoY and Q4 up 2.0%.
EBITDAaL increased 7% to €1,341m (FY25: €1,249m); margin improved to 37% (FY25: 34%).
Operational cash flow up 22% to €763m (FY25: €625m); cash flow margin rose from 10% in FY24 to 21% in FY26.
Completed monetization of two FiberCos, generating €1.8b upfront proceeds and providing access to a 100% FTTH network covering ~16 million premises.
Returned €1.6b to shareholders, including €1.4b special dividend and €200m share buyback; net debt reduced to €3.2b.
Financial highlights
Group revenue: €3,628m (FY25: €3,629m).
Group EBITDAaL: €1,341m (FY25: €1,249m).
Operating profit: €220m (FY25: €86m loss).
Net loss: €189m (FY25: €439m loss).
Cash balance at year-end: €519m (FY25: €208m).
Net debt reduced from 3.1x to 2.4x EBITDAaL.
Outlook and guidance
Confident in continued customer growth and margin expansion in FY27.
Focus remains on investing in customer experience, cost reduction, and leveraging future-proof network infrastructure.
Longer-term capital allocation policy to be communicated later in the year.
- Revenue and margins improved, with loss reduced and fibre network strategy advancing.ZEG
H1 202616 Jun 2026 - Acquisition-led transformation delivered customer growth, margin expansion, and improved cash flow.ZEG
H2 202526 Feb 2026 - Vodafone Spain acquisition drives Zegona's transformation, with strong revenue and strategic fibre deals.ZEG
H1 202413 Jun 2025 - Vodafone Spain's transformation accelerates with revenue growth and major fibre network expansion.ZEG
H2 20249 Jun 2025
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