Vodafone Spain reached a turnover of 3,628 million euros in its 2026 fiscal year, which closed in March, a figure practically identical to the previous year, as the operator communicated this Tuesday. With this, it completes its second full fiscal year since its purchase by Zegona, the British investment fund that has controlled the 'telecom' since mid-2024.
Between January and March, the last quarter of its 2026 fiscal year, Vodafone Spain's revenue was 915 million euros, an increase of 2%. In the second half of the fiscal year, turnover rose to 1,838 million, 1.5% more than in the first six months of the fiscal year.
The company has emphasized that this improvement in revenue represents a "milestone," as Vodafone Spain had not registered growth in this item since 2022. "With Zegona's backing, management has continued with the transformation plan based on three pillars: a more agile organization, a strengthened commercial focus, and strict financial discipline. This management model is allowing us to reverse negative inherited dynamics and return to the path of profitable growth," the 'telecom' stressed.
Vodafone Spain's earnings before interest, taxes, depreciation, and amortization after leases (Ebitdaal) stood at 1,341 million euros in the 2026 fiscal year, 7% higher than registered a year earlier, with a margin on revenue that climbed to 37%, compared to 34% in the previous fiscal year.
According to the company, the evolution of Ebitdaal was "especially positive" in the fourth quarter, when it reached 363 million euros and a margin of 40%, compared to 312 million and a 35% margin recorded in the same period of the previous fiscal year.
For the sixth consecutive quarter, the 'telecom' added net additions, both in fixed broadband and contract mobile. The broadband customer base incorporated 29,000 net additions over the entire year, while contract mobile lines increased by 128,000. Between January and March alone, the operator registered more than 30,000 net additions in contract mobile.
"This second year marks a turning point for Vodafone Spain. We have stabilized the business, recovered commercial growth, and generated record operating cash. And we have done so with a more agile, more efficient, and more customer-focused model. The future potential is enormous, we have laid the foundations for the project, and we are better prepared than ever to meet our long-term strategic plan," highlighted José Miguel García, CEO of Vodafone Spain.
The improvement in profitability was also reflected in operating cash flow (Ebitda-Capex), which rose by 22% to 763 million euros in the fiscal year, of which 176 million correspond to the fourth quarter, up 31%. This figure is equivalent to 21% of revenue, compared to 17% in fiscal year 2025.
Boost from FibreCos and debt reduction
Vodafone Spain has also highlighted the contribution of the two joint fiber infrastructure companies (FibreCos), created with MasOrange and GIC, on the one hand, and with Telefónica and AXA IM Alts, on the other. These operations allowed for revenues of 1.8 billion euros, of which 1.6 billion were distributed among shareholders and 200 million were used to amortize debt.
"The implementation of both FibreCos represents a highly relevant milestone for Vodafone Spain, as it allows it to have high-performance fiber coverage in 100% of the national territory," the company stated.
During the fiscal year, the operator reduced its net financial debt by 13%, from 3,713 million euros in March 2025 to 3,214 million in March 2026. Thus, the leverage ratio stands at 2.4 times Ebitdaal, compared to 2.9 times in the previous fiscal year.
This "positions Zegona as a company with a highly sound balance sheet compared to other operators in the sector," said the company, which links the improvement in its indebtedness to solid cash generation during the fiscal year.
Likewise, the company has announced that Zegona will present a new capital distribution policy for shareholders in the next quarter.