“Third quarter results reflected the solid execution of the main strategic priorities set for the year. Thus, our organic growth is consistent and sustainable, highlighting the improvement in revenue growth trends and the increased OIBDA, despite the negative impact of the new regulation in Europe. Additionally, transformation remained key and the focus on digitalisation amongst the Company's different operating areas has contributed to increase our differentiation and become more efficient, and will enable us to pave a new way to interact with our customers through cognitive intelligence while improving resource allocation. Finally, we continued strengthening our balance sheet position with a clear advance in de-leveraging the Company thanks to growing cash-flow generation”.


2017E Guidance
Original Guidance 2017 Ugraded Guidance 2017
Revenues Stable
(in spite of regulation: ~-1.2 p.p.)
> 1.5%
(regulation ~-1.2 p.p.)
OIBDA margin Expansion up to 1 p.p. Expansion up to 1 p.p.
CapEx ex-spectrum/Sales Around 16% Around 16%


2017 Dividend To be paid in 2017/18
Interim Dec-17 €0.20/sh. Cash
Final June-18 €0.20/sh. Cash