Orange : Feedback 7th TMT Credit Days – 16 & 17 March 2026

On 16 & 17 March, we organized our 7th TMT credit days with ten issuers in the telecoms, media and technology sectors: ams OSRAM, Atos, Canal+, Cellnex, Eutelsat, Nexi, Orange, Telecom Italia, Worldline and Zegona (Vodafone Spain). Over 100 credit investors registered to the event. This document summarizes the minutes of the virtual meetings by issuer. If you have participated to the meetings, we thank very much for filling in the questionnaires (links on page 2). Please don’t take this reminder...

Orange : Feedback 7th TMT Credit Days – 16 & 17 March 2026

On 16 & 17 March, we organized our 7th TMT credit days with ten issuers in the telecoms, media and technology sectors: ams OSRAM, Atos, Canal+, Cellnex, Eutelsat, Nexi, Orange, Telecom Italia, Worldline and Zegona (Vodafone Spain). Over 100 credit investors registered to the event. This document summarizes the minutes of the virtual meetings by issuer. If you have participated to the meetings, we thank very much for filling in the questionnaires (links on page 2). Please don’t take this reminder...

Almirall, S.A. - December 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers

Inwit (Buy, €9.5, +52%) Previously: €11.8 Relationship status: It's c...

Inwit has issued new guidance reflecting the breakdown in the relationship with the two anchor tenants (TIM and Swisscom), implying a mid-teens cut to our cash flow forecasts. But the market thinks there’s more to come, with the current share price implying a substantial cut to MSA revenue at renewal (whether that be in 2028 or 2038).

ALMIRALL: VEMOS RECORRIDO CON EL CUMPLIMIENTO DE SUS GUÍAS (ANÁLISIS B...

Vemos recorrido con el cumplimiento de sus guías. SOBREPONDERAR. Tras los Rdos.4T’25, revisamos estimaciones un +5% en EBITDA promedio’26-28e para ajustarnos a su guidance’26e (EBITDA entre 270/290 M euros; +20% vs 2025) y hacemos roll over, con un impacto conjunto de +16% en nuestro P.O. hasta 14,50 euros/acc. (+27% potencial). En nuestra opinión, ALM ofrece un perfil defensivo en el entorno de volatilidad actual y tras su mal performance reciente (-11% en 2026; -11% vs IBEX) vemos margen de re...

IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ALMIRALL, PUIG BRANDS. The Ibex returns to 17,200 points Yesterday Brent crude remained above US$ 100/b for the fourth session, with stock markets seeing gains for the second consecutive session, where Israel confirmed the death of Iran’s national security chief, A. Larijani. In the STOXX 600, most sectors ended with gains, led by Energy (for the second consecutive session) and Utilities vs. the drops of Media an Consumer Goods On the macro side, in Germany March’s ZEW index slow...

INFORME DIARIO 18 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, PUIG BRANDS. El Ibex recupera los 17.200 puntos Ayer fue la cuarta jornada con el precio del Brent por encima de 100 dólares y la segunda sesión consecutiva al alza de las bolsas en el día que Israel confirmaba la muerte del jefe de la seguridad nacional iraní A. Larijani. En el STOXX 600, la mayoría de sectores cerraron con ganancias, lideradas por Energía (por segundo día consecutivo) y Utilites frente a las caídas de Media y B. de Con...

IBERIAN DAILY 17 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ALMIRALL, ELECTRICITY SECTOR, INDRA. Oil prices set the pace Stock markets kicked off the week with gains, underpinned by the fall in oil prices due to the potential extension of reserves freed in developed countries, Trump’s attempt to boost an international coalition to reopen the Strait of Hormuz and allow some ships to pass through. In the STOXX 600, all sectors with the exception of Autos, Media and Chemicals saw gains, led by Real Estate and Energy. On the macro side, in th...

INFORME DIARIO 17 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, INDRA. EUROPA: BNP PARIBAS, SECTOR ELÉCTRICO, UNICREDIT. El petróleo marca la pauta La semana arrancó con avances de las bolsas apoyados en el retroceso del petróleo, favorecido por la potencial ampliación de las liberaciones de reservas en países desarrollados, el intento de Trump de impulsar una coalición internacional para reabrir el Estrecho de Ormuz y el paso puntual de algunos buques. En el STOXX 600, todos los sectores menos Autos,...

IBERIAN DAILY 16 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: MAPFRE, SANTANDER. The war in Iran continues European stock markets fell last week, with the Euro STOXX 50 and Ibex 35 on the verge of falling below the 5,700 and 17,000 point support. In the STOXX 600, the best-performing sectors were Energy (thanks to the hike in Brent crude prices) and Utilities, whereas Real Estate and Consumer Goods suffered the biggest corrections last week (around -4.0%). On the macro side, in Spain, February’s final inflation confirmed the preliminary da...

INFORME DIARIO 16 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: MAPFRE, SANTANDER. Continúa la guerra en Irán Semana de caídas en las bolsas europeas, que testearon los soportes clave de los 5.700 puntos en el Euro STOXX 50 y de los 17.000 puntos en el Ibex 35. En la semana del STOXX 600, los mejores sectores fueron Energía (gracias a la escalada de los precios del Brent) y Utilities mientras que Inmobiliario y B. Consumo terminaron con correcciones c. -4,0%. Por el lado macro, en España la inflación de febrer...

Cellnex/Risks from RAN sharing limited; cash flows are increasing

2025 marked a turning point for Cellnex as its Free Cash Flow generation accelerated. Moreover, the company continues to reduce leverage, through growth and divestments, to meet its leverage target of 5.0-6.0x net debt to EBITDA. We continue to believe the notes look attractive.

MWC 2026 What caught our eye: Starlink and glasses!

We have just spent the past two days at Mobile World Congress (MWC) in Barcelona and amongst other things, we were taken by Starlink’s mobile announcement, wearable glasses and what wasn’t there on 6G.

CELLNEX: FY2025 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'25 vs. 4Q'24 Results Sales: € 1.058 Bn (+1.9% vs. -1.4% BS(e) and +1.0% consensus); EBITDA: € 881.0 M (+2.1% vs. +0.1% BS(e) and +1.0% consensus); FY2025 vs. FY2024 Results Sales: € 3.995 Bn (+1.4% vs. +0.5% BS(e) and +1.1% consensus); EBITDA: € 3.317 Bn (+2.1% vs. +1.5% BS(e) and +1.8% consensus); Net Profit: € -361.0 M (€ -28.0 M in FY2024);

Cellnex (Buy, €34, +8%) Q4 25: Highest organic tenancy growth for 7 y...

We think Cellnex’s organic tower demand is the highest it has been for 7 years. We see that alone as supportive for the Cellnex story.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/27/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 27/02/2026

CELLNEX: RDOS. 2025 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'25 vs 4T'24: Ventas: 1.058 M euros (+1,9% vs +1,4% BS(e) y +1,0% consenso); EBITDA: 881,0 M euros (+2,1% vs +0,1% BS(e) y +1,0% consenso). Rdos. 2025 vs 2024: Ventas: 3.995 M euros (+1,4% vs +1,2% BS(e) y +1,1% consenso); EBITDA: 3.317 M euros (+2,1% vs +1,5% BS(e) y +1,8% consenso); BDI: -361,0 M euros (-28,0 M euros en 2024).

Cellnex : Clean Q4; Strong cash flow; 2026/2027 guidance fully in line

IBERIAN DAILY 27 FEBRUARY + 4Q'25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, AMADEUS, CELLNEX, COLONIAL, ELECTRICITY SECTOR, FCC, GLOBAL DOMINION, GRIFOLS, IAG, MERLIN, OHLA, REDEIA, SACYR, SOLARIA, VISCOFAN. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Doubts continue to plague Nasdaq, but software rallies after harsh punishment European s...