Main figures compared to Bloomberg consensus: Revenues €39,993M +1.8% in reported terms, +4% organic) vs. €39,686M estimated (+1.0%); Recurrent OIBDA €12,852M (-0.6% reported, +3.0% organic) vs. €12,747M estimated (+0.6%); OIBDA Margin 32.1% vs. 32.1% estimated, BNA €2,011M vs. €1,967M€ estimated. Free Cash Flow €4,566m vs. expected €3,786m. Net Financial Debt €26,687M vs. €27,020M expected (vs. €28,918M in 3Q 2022 and €26,000M at December 2021). Targets for 2023 are “low single…

Renta 4 : The 13,000 employees linked to the Agreement of Linked Companies will receive a 7.8% raise in 2023 plus another €300 in October. This rise corresponds to the adjustment over the period 2019/2022, when the CPI had an accumulated rise of 12.5% and salaries rose by 6.5%, and to a rise of 1.5% in 2023. Work is also underway to update the salaries of non-agreement staff, which includes…

Bankinter| Telefónica will close 5,800 exchanges that serve landlines and broadband via ADSL between 2023 and 2024, and will replace them with fibre optic exchanges. After the process, Telefónica (TEF) will have ~3,000 fibre-optic exchanges that will replace the ~8,000 that made up the copper network. Opinion of Bankinter’s analysis team: The programme, although planned, accelerates the cost savings and efficiency gains of running a single, more robust fibre network….

On Net Fibra, the subsidiary created in Chile by Telefónica and US fund KKR on the basis of the network built by Telefónica’s subsidiary, has acquired a fibre-to-the-home (FTTH) network from Entel, Telefónica’s main rival in Chile, for some EUR 365 million, according to Expansión newspaper. The transaction, which is pending approval by competition authorities, is an important reinforcement for On Net Fibra’s business in Chile. The network sold by…