Zegona pagará 400 millones a sus accionistas

Zegona, the British financial firm owning 100% of Vodafone Spain, announced today that it will distribute 400 million euros to its shareholders, equivalent to approximately 10% of its current market capitalization. The plan includes a growing regular dividend of 200 million euros, corresponding to the financial year ending on March 31, 2027.

The board is actively studying the possibility of repurchasing shares and, when appropriate, distributing additional one-time dividends. Zegona has also announced the start of a new 200 million euro share buyback program. The company's new policy aims to return all free cash flow generated by the company to shareholders progressively.

The aim is to maintain a leverage ratio of between 2.25 and 2.75 times net debt to EBITDA, which is intended to be stable, providing investors with clarity on Zegona's capital structure and preserving strategic flexibility. The British board believes this range strikes an appropriate balance between financial flexibility, a prudent credit profile, and capital return to shareholders.

Following the announced distribution of capital, the leverage is expected to remain at the lower end of this range. The leverage decreased from 3.1x upon the acquisition of Vodafone Spain in May 2024 to 2.3x as of June 30, 2026. In June 2026, Zegona refinanced all its senior guaranteed bonds and senior lines of credit, extending the maturity of its capital structure beyond five years and reducing its annual cost of debt to approximately 170 million euros, compared to 294 million euros just two years ago.

The company notes that the significant reduction in leverage and debt cost, combined with the growing generation of free cash flow from Vodafone Spain, has resulted in a much stronger and more efficient capital structure, enabling continuous capital return to shareholders. Zegona stated that this framework establishes a clear and solid structure for investment in the business, balance sheet priorities, and profitability for shareholders, reflecting the completion of the first phase of Vodafone Spain's transformation, the reduction of leverage and debt cost achieved since the acquisition, and the board's confidence in the growth of free cash flow moving forward.

The share buyback program of Zegona for 200 million euros is financed by the company's free cash flow. The board considers the share repurchase at the current price to be an attractive use of capital and an attractive return for shareholders. The company explains that Zegona shares continue to trade at a significant discount to the board's valuation of its intrinsic value and to its European sector competitors in telecommunications, despite the operational progress achieved since the acquisition of Vodafone Spain.

The share buyback program announced on November 27, 2025, and starting on December 12, 2025, has already concluded. The share buyback program announced today is additional to the previous one. Eamonn O Hare, Zegona's president and chief executive officer, stated that the transformation in Vodafone Spain has not only improved the business indicators and strengthened the generation of cash flow but also gives confidence in its future evolution.

This allows for further investment to continue growth, maintain a solid financial structure, and offer an attractive remuneration to shareholders. The growing dividend reflects the company's confidence in the sustainability of future cash generation, while the share buyback demonstrates the firm's determination to contribute to reducing the significant discount at which Zegona trades compared to other peers in the sector.