“In the first quarter we advanced further in the execution of our strategic priorities set out for 2018.
First, in connectivity we continued to grow our value accesses at a significant pace, which translated into higher average revenue and greater customer loyalty, associated with a continuously increasing demand for data and personalised offers. Second, all our business units grew in revenues and OIBDA in organic terms, excluding the negative impact of regulation. Third, we further strengthened our positioning as a Platform Company by having taken a step forward in our digital transformation, leveraging on digitalisation and data monetisation, and continue leading in innovation with the launch of Aura in 6 countries.
Furthermore, revenues, OIBDA and OpCF grew organically and net debt continued to decrease. This quarter’s results are in line with our expectations and allow us to reiterate our objectives set for the year.”


Operating 2018 Guidance
Guidance 2018E (IAS 18)
Revenues Growing around 1% vs. 2017
(despite negative impact of regulation : -0.9 p.p.)
OIBDA margin Y-o-y expansion of 0.5 p.p.
(despite regulation dragging -1.6 p.p. on OIBDA growth)
CapEx ex-spectrum/Sales Around 15%


2018 Dividend €0.4/sh. Cash
Interim Dec-18 €0.20/sh.
Final Jun-19 €0.20/sh.