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2026.10.09 | TB | Media | Vodafone Spain: Turnaround to Growth

原标题：Vodafone Spain – From Turnaround to Growth

#media

Third Bridge · 2026-10-09

Analyst-led • 21 Sep 2026

Companies: VOD GB, TEF ES, ZEG GB, DIGIS ES, MSFT US

Raffaele Gricinella (RG) SVP, Marketing at WAG Payments Solutions Inc (Eurowag)

Albie Amankona (AA) — Third Bridge Sector Analyst

Agenda

Key Insights

Introduction

AA [00:00:01]: Welcome to Third Bridge's Interview entitled Vodafone Spain – From Turnaround to Growth. My name is Albie Amankona, and as always, it's a pleasure to be facilitating today's Interview. It's also great to have Raffaele Gricinella, former Director for Corporate and Public Sector Marketing at Vodafone, joining us.

Just before we get started, please could you state either I agree or disagree to the following statement: You understand the definition of material non-public information and agree not to disclose any such information, or any other information which is confidential, during the Interview today.

RG [00:00:50]: Yes, I agree.

AA [00:00:52]: Could you provide some insight into your background and experience to date?

RG [00:01:01]: Yes, sure. At the moment, I'm currently the Senior Vice President of Marketing at Eurowag in a completely different industry from telecommunications, and I've been in this role for 16 months. Prior to that, I spent 17 years at Vodafone, namely in three different areas. I was for six years in Vodafone Group, responsible for global customer value management and marketing programmes in the B2B segment. I then joined Vodafone Spain, where I was between 2012-19 as a Strategic Marketing Director in the Enterprise business. Then I moved to Vodafone Italy, where I was initially SOHO and SME Marketing Director and then Corporate and Public Sector Marketing Director.

Questions

00:02:14] Vodafone Spain was acquired by Zegona Communications in May 2024. How do you think the change in Vodafone Spain's ownership has trended over the last 18 months or so?

RG [00:02:37]: From what I can gather, and obviously, the relationships I still have with a few of my colleagues. The change has been going relatively well. When Zegona took over, they were able to make quick and perhaps even difficult decisions in the past when the ownership was with Vodafone Group was really, really difficult to make, mostly because that's implied as well cutting some of the ties with Vodafone Group, and definitely, that helped a lot to make Vodafone Spain a bit faster in reacting to the market conditions and also potentially becoming commercially more aggressive, which was something that in the past was Vodafone hadn't been able to do. I think that gave some very good results on a commercial perspective, but if you look at the EBITDA, it's certainly improving a lot, particularly for the cost-cutting programme. All in all, changes have been good, tough because I don't think the situation within Vodafone Spain for those who are still there, it's an easy walk, but definitely, they're delivering results.

00:04:20] What's your 12-24-month outlook for Vodafone Spain as part of Zegona? Do you think more integration synergies need to be realised, or do you think that has mostly happened?

RG [00:04:45]: I wouldn't say much more because the biggest chunk was already delivered. Also, obviously, I do not know Zegona's plans, but typically, their cycle is not that long, so I would imagine they're getting ready for discussing and negotiating with other players, the sale of Vodafone. Therefore, I'm assuming that most of the benefits have already been realised as far as I can see. To be fair, part of the changes that they've been making in the past three years will probably manifest themselves in the P&L now and in the next 12-18 months. I would imagine there's not going to be anything radical to do, and for the time being, what they've done is mostly get rid of the fixed cost base that they had pretty much moving away from all the service contracts that they have with Vodafone Group and selling some of the assets to reduce their capital investment requirements for the future, so I think they're nearly there.

00:06:21] Vodafone Spain's total revenue was about EUR 3.628bn, per its full-year FY26 reporting. It was basically the same in FY25, so the revenue has been flat. How do you expect it to trend over the next 12-24 months? Will it remain flat or return to growth?

RG [00:06:55]: That's an interesting question because, honestly, in general, all the telecom operator, or the traditional telecom operators are mostly flat or growing 1%, 2%, 3%. This is because you have two parts of the business, one, which is the consumer business that is to a degree, struggling because of the competition, because of the price war that you continue to have because of all the low-cost operators. That part of the business is something that Zegona has managed to improve significantly, particularly the customer numbers and the net customer numbers that you see now is finally starting to become positive, and that's the first and the most important thing they need to do to be able to at least stop losing revenues. They're nearly there, so that's going to be definitely something that I don't expect to grow significantly because the conditions in the market until there's more consolidation, they are not going to improve, but at least they will be able to maintain their customer base or grow that a little bit, and then you've got the B2B business, which, honestly, it is growing and will continue to grow. That's also the part I know a bit better because I was working in that segment. I think that will continue to be successful.

Obviously, still probably 30%-something of the revenues, so clearly, even if they're growing, it's going to be difficult to compensate the growth you're not going to have in the consumer business, but all in all they will probably be flat, growing 1%, 2% in the future, but that is a remarkable result. We have to consider that because of where the industry is at the moment, I think that's as good as you can get until probably players will go down from four to three, and there will be more consolidation.

00:09:40] How do you think Vodafone Spain's revenue would split between B2B and B2C in the next 12-24 months?

RG [00:09:50]: I don't think that will change massively. It will stay 30/70, 35/65, something like that.

AA [00:09:59]: Would you say that was typical for all Spanish operators, or is it applicable only to Vodafone Spain?

RG [00:10:05]: No, no, no. It's typical of Vodafone because then Telefónica, which is the other big player in the B2B space, is bigger, probably because of the infrastructure business because they have invested in data centres, they've invested in additional assets, the B2B industry is pretty big. I would say they're probably over the 30%, whereas for MasOrange is probably lower because they've never been very active in the public sector and corporate segments. They've done a little bit SOHO and SME. They are growing because, obviously, now the bigger they have assets and infrastructure, so they're winning additional contracts, but they're still predominantly a consumer-driven organisation.

00:11:11] What's your growth outlook for B2B? If B2C growth is going to be flat, as you mentioned, will B2B be flat as well? Or could that be positive?

RG [00:11:30]: No, B2B will be growing because the telecoms operators have managed to differentiate quite a lot of the strategy and moving away from the pure telecommunication business to IT services, and that's the part that is growing significantly and where you can also benefit from the integration with the telecommunication infrastructure and particularly large, fixed data network. That's why most of the operators have moved into the cloud, cybersecurity and in general, IT services business. Now they're also stepping a little bit into the AI business, so in that respect, they will keep growing. I think particularly the large operators with an infrastructure will also have a much bigger role to play because clearly, with all the discussions around data sovereignty and the fact that the EU is pushing to have data and data centres and AI based in the EU will certainly help operators such as Telefónica, for example, to do a lot in that space, particularly in the public sector. All in all, to answer your question, B2B business will grow. The public sector will be a big, big growth engine, but also a few have been building on infrastructure and working with strategic partnerships. For example, Vodafone has a big partnership with Microsoft in most of the countries. In Spain, Vodafone was also working and had a very strong partnership with Google. All of that will give them a good platform to continue to push and to continue to grow.

00:14:06] What do you think B2B growth could look like in the next 12-24 months from a top-line revenue perspective?

RG [00:14:17]: I think it will be about 5-6%.

AA [00:14:31]: Why do you think B2B can grow while B2C can't?

RG [00:14:42]: First of all, there is less competition. Let me say, the competition is different, so if you look at the pure telecommunication services, it's a small market. When I was Vodafone Spain, we used to say it was a two-plus-one market, so it was Telefónica, Vodafone and then a little bit behind Orange. Now clearly, as I said, MasOrange is growing, so it's a three-player market, but that's it. There's no more if you're looking at telecommunication. Now clearly, you also have competition as you move into IT services from other players. I mentioned the big over-the-top, Google, Microsoft, AWS, but you also have potentially some of the system integrators that are playing in that space. Now, the opportunity is the fact that all these players that I've mentioned, they don't have a sales channel as developed as the telecom operators. On top of that, they're only focusing on the large, large, large customers, so their SOHO, SME space plus the national corporate customers are segments where all these over-the-top are keen to work with telecom operators. That's where they have a big, big role to play because effectively for the smaller businesses, they can act almost as an IT department and take it on completely. That's where I see is the big opportunity.

Now, there is something though that I didn't mention earlier, but that is also worth mentioning is, we're talking about revenues, and for sure, as I said, that will push revenues up. However, unless you have your own proprietary infrastructure, your EBITDA margin is bound to go down because at least in percentage because all these services often require third-party services that as a telecom operator, you resell, say, for example, cloud services. Vodafone is reselling Google or Microsoft, but clearly, once you resell somebody else's service, your margin is certainly reduced compared to mobile or fixed telecommunications, where if you own the network, you basically have a very high margin. That's the downside of it. In order to keep the EBITDA margin at the same level, you clearly need to either acquire companies that will give you the infrastructure or potentially significantly increase revenues and push revenues much, much more than what you would have if you were growing on the pure telecom services.

00:18:18] What is your view on B2C? Do you expect mobile and fixed subscribers to grow or remain flat? Might Vodafone Spain lose subscribers over the next 12-24 months?

RG [00:18:45]: As I said, they've changed some things that make me think that they're not going to go back into a massive growth, but they will at least maintain a positive net balance with the other operators, and mostly, this is because they've changed their commercial policy, and commercial strategy, particularly around pricing, so they've become much more competitive, and that's the most important thing. Vodafone for a long time, tried to play the strategy of the high-value premium brand telecom operator and keeping the prices up to try and not bring the overall market down together with Telefónica possibly, but that strategy didn't pay off at all, so Vodafone and Telefónica were losing lots of customers. They did try to introduce and they introduced Lowi as a low-cost brand, but it was never pushed during the Vodafone Group times, mostly because of the fear of cannibalisation of the main business.

Therefore, even Lowi was always even not offering all the products and services that the Vodafone brand was offering to their customers. They try to do the same on fixed Finetwork and the discussion around Finetwork was another big decision that they made, but again, even that they didn't push. All in all, they've made changes to those things. They became much more aggressive. They changed the policy and the strategy for Lowi. Lowi became a big weapon for them. They are still trying to take full control of the network for the fixed business. All in all, that will help them a lot to keep customer numbers at least flat, if not growing a little bit, which is really, really important.

00:21:32] Vodafone Spain added about 128,000 mobile subscribers, per its full-year FY26 reporting. Do you think that could continue YoY in the next 12 months?

RG [00:21:52]: It will. As I said, it won't grow massively, but it will at least stay there and stay positive. Also consider one thing that clearly, they have restarted their commercial acquisition engine and they've restarted to acquire, but they also took some very, very strong actions on the existing base. For example, one of the first things they did when they took over at the beginning was to freeze all existing discounts for their existing customer base, so they're obviously focusing a lot also on reducing churn because they knew that they had a big chunk of the customer base completely depositioned compared to other players like Digi and MásMóvil. That's what they needed to do to avoid keep losing customers. All in all, they fixed the basics. I don't think it is in their interest to increase the level of aggressiveness in the market because there's also a risk that that will fuel even a more aggressive pricing than what you already have in Spain, but that's paying back. That's already good because now that they will be selling or they will be negotiating the sale of the business. The outlook looks much, much better considering that they have growing customer numbers and flat or slightly growing revenues and much improved EBITDA.

00:23:58] What are your expectations for Vodafone Spain's growth in broadband over the next 12-24 months, given that the company can continue growing in mobile with around 125,000-130,000 subscribers per year? The growth in broadband has been lower, at around 30,000.

RG [00:24:26]: That's an interesting market because on one end with the agreements that they signed with some of the infrastructure companies and some of the competitors, now they have access to quite a big footprint across the country. That's already a very, very big opportunity. They also have, as said, a different commercial strategy and approach. In that respect, they can also turn that around. Even if I don't think they will be they will be growing as much as the others because let's not forget that once you do not own the network anymore, then you've got a lot of pressure on margins. Therefore, you cannot push the price as much as you would want, and the Spanish market is hypercompetitive with plenty of local operators which own small networks and they're super aggressive in price. I think they probably will be struggling a little bit more compared to the mobile business.

Again, they will probably be flat and growing a little bit. That's where probably they will be, and the focus will certainly be to try and make sure most of the customers we will have both mobile and fixed, so focusing a lot on the existing base and play a little bit, as I said, with some of the other low-cost brands. Now, Lowi also offers broadband. The situation with the network is also something that at some point, will have to be addressed, whether in court or with an agreement with the other owners, so that as soon as they take control, that will also help them a lot.

AA [00:27:08]: What do you think the outcome will be from that Finetwork situation?

RG [00:27:16]: I'm not a judge, so I'm afraid I cannot tell you.

AA [00:27:20]: What could the potential outcomes be?

RG [00:27:23]: The potential outcome will be that they will take control. That for sure. The question is how much? I don't think that is in doubt. The discussion is what will be the price for that and the cost for Vodafone. That's probably the main difference, but they will take control. I think they're probably close to do that, and they have plans which definitely involve both taking control or in case they don't alternative strategies. I don't know those plans because obviously, they're very confidential and nobody is talking about that, but I definitely know that they're preparing for both options because they had some time now to look into the different scenarios.

00:28:23] What is the upside to Vodafone Spain being allowed to take over Finetwork?

RG [00:28:38]: I think it's a large base. It's an operator that managed to build reasonably known brand, and they could definitely use more synergies once they take over, and they could penetrate that base with additional services and potentially also use a differentiated brand strategy, which is what, for example, MásMóvil, MasOrange have been doing very, very well over the past few years. Those will be definitely the upside.

00:29:26] Some people might argue that Finetwork already uses Vodafone Spain's network, and Vodafone Spain is still making money from wholesaling to Finetwork. Why is the company trying so hard to acquire Finetwork?

RG [00:29:45]: Because, first of all, you can control the commercial strategy and you can control the customer base, so you can decide what to sell to them and how to do it. Also, you can prevent them from potentially acquiring Vodafone or Lowi customers and focus their effort much more on the competition. I would say that these must be the main reasons why they want to do that, and obviously, by doing this, they expect to make more money than what they get from the wholesale agreement. I don't know the detail of the wholesale agreement. I have no idea if it's a good agreement or not and if they're making enough money, so it depends as well on how well that was negotiated.

AA [00:30:51]: What would be the major upside then? Would you see Lowi and Finetwork merging operations? Is that what you think might happen?

RG [00:31:04]: No. From an operational perspective, yes, potentially, but honestly, no, I don't think there's a lot of… Actually, it makes sense for them to keep them focusing on different segments and different markets, so I would imagine the commercial and marketing areas will remain different, and they will probably merge the more operational side of things.

00:31:47] What market share would you expect Vodafone Spain to have in both fixed and mobile in the next 1-2 years vs competitors?

RG [00:31:59]: I think it won't change. It won't change that much. As we said, we were talking earlier about customer numbers and growth and all of that, and we said, look, they're not going to grow massively customer numbers. They will just about be positive. I don't think the market share will change significantly.

AA [00:32:29]: What would you expect it to be 1-2 years from now?

RG [00:32:34]: In the consumer business?

AA [00:32:36]: Yes.

RG [00:32:38]: I don't know where they are today. I remember at the time, they were around 15% or something like that, even depending on whether you consider a number of customers or revenue market share, but yes, that was about where they were. I would imagine they're still there.

AA [00:33:01]: Around 15%?

RG [00:33:03]: Yes, something like that. Now, as I said, I'm not super up to speed with the latest market share numbers. Yes, I would imagine something like that.

00:33:21] How do you expect Vodafone Spain's B2B market share to evolve over the next 12-24 months? If B2C remains around 15%, what would be your expectations for B2B? Do you think it can actually grow by 5-6% YoY, as you mentioned?

RG [00:33:38]: Yes, but that's different, though, because I don't think market share will change, but that's because the size of the market is growing because of all the other services that you keep adding to the telecommunication portfolio. Again, Vodafone had a higher market share in B2B. It was about 25-30% with Telefónica being above 40-50%, I think it was. Now, I don't know how much MasOrange have been able to grow recently, that could have changed a little bit and potentially MasOrange could be close to catching up with Vodafone, but that would be about what will remain stable.

00:34:48] Vodafone Spain completed around 700 efficiency projects in FY26 alone as part of Zegona's transformation programme. Do you think there are many more savings to be made in the next 12-24 months? Where might those savings be realised the most?

RG [00:35:15]: No. I don't think there will be many. Typically, when you take over a company, cost savings initiatives are the first ones that you kick off to try and deliver the benefits as soon as possible. For me, the main savings were, first of all, cutting the ties with Vodafone Group and all the service contracts that they had because that was a massive cost base that they had to manage. They clearly designed a much, much leaner organisation. They significantly reduced the headcount, and now they have a model that is much, much lighter and more similar to the low-cost operators also because they've pretty much got rid of most of their assets, so they don't need a lot of people in operations. They've renegotiated all the biggest contracts with all the providers in a very, very aggressive way. That's also delivering a lot of savings. Most of it has been done. I think they will still see the benefits of all these initiatives, so in the next 12-18 months, they will continue to see the benefits of that, so the cost base will probably keep going down a little bit, but I don't think there's more initiatives, more big initiatives that they need to launch, so I'd be surprised that they find something more.

00:37:21] Vodafone Spain's operating profit increased to EUR 222m in FY26 vs an EUR 86m loss in FY25. What might happen to operating profits in FY27?

RG [00:37:40]: Will continue to grow.

AA [00:37:42]: Can it remain at around EUR 200m-220m?

RG [00:37:48]: Yes, and possibly, it may improve as well.

AA [00:37:55]: Why do you think it could improve beyond EUR 220m?

RG [00:37:59]: Because I think they will see the accumulated benefits of all these cost-cutting initiatives that they've been making, and they've reduced significantly their CAPEX requirements. All in all, they're also starting to stabilise revenues and growing customers, so all in all, that will continue to grow, not massively, but it will be around that level or a bit higher.

AA [00:38:41]: From a structural perspective, can the operating profit continue to grow in that EUR 200m-220m range indefinitely or in perpetuity?

RG [00:38:56]: In perpetuity, I think…

AA [00:38:57]: Not in perpetuity, but maybe for the next 2-3 years?

RG [00:39:02]: Yes, it could be. It could be, yes.

00:39:12] If Vodafone Spain were to continue on its trajectory of high operating profits, what should the company do with the proceeds from that? It ended FY26 with about EUR 520m in cash balance, up from about EUR 208m in FY25. It seems to have undergone a structural improvement in cash generation. What should it do with that cash?

RG [00:39:45]: They've got to repay the debt. Don't forget, Zegona pretty much bought Vodafone Spain with a massive debt, so they definitely need that money to reduce their lever and reduce the debt.

AA [00:40:07]: Do you think the majority of that will be used to pay down debt?

RG [00:40:16]: Yes. That's the main thing also because as they do that, they clearly get into a stronger position, stronger negotiating position with a potential buyer because they have a healthier company with less debt, with a growing EBITDA, which is key to define also the price that they can ask for that. Clearly, their expectation is that they're definitely very positive. I was reading recently in the media that the idea is to get to EUR 12bn-15bn asking price for Vodafone Spain, which would be a massive amount of money, but clearly, if that's what they're asking, it's because their expectations are very positive in terms of reducing the debt and keep growing the operating profit and the EBITDA.

00:41:43] Is there a risk that, if Vodafone Spain can't get back to a position where the company has top-line growth, then it will run out of OPEX-saving mechanisms and end up in its previous position in 2-3 years?

RG [00:42:07]: The same reason all the other operators will have, so the question that you're asking is very much linked to the future of the telecommunication business. If you look at what they're doing, it depends very much on what your expectations are from a telecommunication company, but look around Europe, they're pretty much all in the same situation. For me, they will have a healthy business. Obviously, not a business that will be growing at the rates that you see in other technological sectors, but they're still growing, and I don't think OPEX will be a problem. They've shown that they can make tough decisions and they can reduce cost. If you have a lean organisation and you manage to grow a little bit your customer base, I think that will be fine. Now clearly, there's two potential changes that may help them also to do that. One could be regulatory changes. The fact that if there will be further consolidation, whether they're part of it, which is what they're hoping for or not, but that will help by definition, and also if they start if there will be changes, not just in the consolidation, but also in the regulation of some services where the EU will potentially start helping in terms of licences like the mobile licences, reduce that particular cost or extend them a bit more. All these things will definitely help a lot the Vodafone and all the other operators to be in a better market and to keep growing. I don't think that there's a risk of them running out of initiatives. It just means that probably they have to focus more on the top line at some point.

AA [00:45:09]: What would focusing on the top line look like in your opinion?

RG [00:45:15]: Growing customers, the commercial strategy and pushing more the B2B business.

00:45:30] How do you think AI can be used as a lever for subscriber growth or to reduce OPEX and enable Vodafone Spain to create new products that it can charge a higher ARPU on? What might be the potential positive or negative impacts of AI on the company?

RG [00:45:57]: You're asking me a very difficult question because that's the discussion at the moment everywhere. From an operational perspective, particularly around customer care, customer service, that's where AI will help a lot, and it's already starting to help, but as it gets better and better, that's where you have the biggest potential because clearly you can automate a lot of repetitive tasks to become a more efficient organisation. You can also reduce the need for people to manage customer requests and things like that. Vodafone has been doing a lot over the years. I have to say in some cases, even too much impacting customer satisfaction. In fact, I think the reputation is not particularly good in the market, but if they can manage to improve that, then with AI, that will give them massive, massive benefits. From a revenue perspective, though, in the consumer business, I don't see, honestly, the telecoms operators playing a role. They will try. I'm not too sure Vodafone will be one of those leading the way, but I doubt.

Now, if you look at the critical mass that some of the large AI players have achieved, it's unlikely that somebody will challenge them starting from zero now. They may be able to develop some products like agents and things like that, but I doubt. I doubt even because it's also very, very difficult for Vodafone to sell those products and services because they don't even have the channels developed in that way. In the B2B business, it's a slightly different story. They can definitely play the system integrator role and use AI to automate internal processes, particularly, I would say, for the smaller businesses where they wouldn't have the knowledge internally to do it, and Vodafone wouldn't have the competition of the large system integrators. Can they get additional revenue streams? Yes, it won't be massive though. I don't think it will completely move the needle.

AA [00:49:02]: Over what timeframe do you expect some of those AI-related gains to materialise?

RG [00:49:12]: From a cost perspective, even now, probably they're already delivering part of the benefits, and it will be bigger in the next 12-18 months. From a revenue perspective, it would be minimal. I don't think in the next 12-18 months, you will see much.

AA [00:49:31]: From a cost perspective, what impact could that have on the FY26 operating profit of about EUR 220m? Do you expect it to remain at that level for the next couple of years? Could AI make that operating profit even larger, or do you think that is accounted for in that EUR 220m?

RG [00:49:59]: Yes, I think that's accounted for. Honestly, I don't know how much money they're spending today in customer care, customer service, consider as well that part of that is outsourced to third party service providers. Honestly, assume that even if they deliver 10% savings on that, I think you're talking about maybe EUR 20m-30m, something like that. As I said, I'm not sure if these numbers are right, but I would say it's probably already accounted for in that number.

00:50:53] What is your view on sharing access to networks such as PremiumFiber and FiberPass? Will that help lower ongoing network OPEX and boost fixed-line competitiveness?

RG [00:51:12]: I think we mentioned that before, yes, because (a) you reduce your need for CAPEX investments and a lot of costs that you had before, and (b) you get access to a much larger footprint and therefore, more customers that you can target, but as I said earlier, downside is your margin will be smaller, because we got to pay a service fee, obviously, to these companies.

AA [00:51:50]: Are there any other assets that Vodafone Spain could do that to? Is it something that could work with the company's mobile network, for example? Could it have similar arrangements?

RG [00:52:04]: Yes. Absolutely. They're working with the tower sort of infrastructure. There's a big, big discussion with, obviously, Vantage Towers that trying to get out of that contract, which was expensive to potentially use Telefónica's towers and get a lower cost, although that would be a massive migration, which would cost them a lot also. I don't know how much the threat is serious and how much it's just a way to negotiate the cost down, but then again, if you're thinking about the fact that this Zegona probably wants to sell in the relatively short term, embarking on these massive migrations would be unlikely. They wouldn't see the benefits before they sell the company. The other thing is Vodafone has been building a reputation and a customer base on the network, which is still probably the best or one of the two best in the country. Jeopardising that would be a bit of an own goal, and they seriously a risk to end up in a much more difficult situation even because that's part of the attractiveness of the company that they want to sell.

00:55:16] Within what timeframe do you think Zegona might sell Vodafone Spain?

RG [00:55:26]: Within one year possibly. Then they're already working on it. I think the problem is finding a buyer because clearly, Telefónica is the candidate. It's a tough negotiation if it's true, as I read that Telefónica is prepared to offer EUR 8bn and then they ask EUR 12bn-15bn, but definitely, that has been something that they've been working on for over a year or so.

AA [00:56:11]: If it can't be Telefónica, who do you think might make a good acquisition?

RG [00:56:15]: That is not a very good question. I don't know. Digi maybe.

AA [00:56:25]: I imagine it would be quite difficult for MasOrange to buy Vodafone Spain because the competition authorities probably wouldn't allow that.

RG [00:56:31]: Exactly, and it wouldn't make any sense.

AA [00:56:37]: Why does it make sense for Telefónica in your opinion?

RG [00:56:43]: For Telefónica, it makes sense because they get rid of a competitor and they basically improve the overall market in general. Although based on what we said earlier, I would imagine they could acquire the consumer business, but they will probably have to sell the B2B business to MasOrange because otherwise, they may end up being a monopoly in the B2B space.

00:57:22] How easy would it be to split Vodafone Spain's B2B and B2C businesses?

RG [00:57:33]: I don't think it would be that difficult because it would mostly be the commercial side of things, and they're already pretty much split, but you have to sell them to a telecom operator. It'd be unlikely for another operator to buy that because you still need the infrastructure, but that's probably what they're thinking about, and there would have to be also a reallocation of some of the frequencies, I would imagine.

AA [00:58:07]: Is there anything else that you think is important to highlight before we wrap things up?

RG [00:58:15]: No, no, no. We talked about quite a lot, so no, I think the most important things came up.

AA [00:58:22]: Thank you so much for your time. It's been great to chat. Enjoy the rest of your day.

RG [00:58:28]: Thank you.

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