LONDON, July 4, 2026, 23:01 BST
- Zegona ended Friday at 1,550p, dropping 9.88% for the week. That was 11.51 percentage points below the FTSE 350, according to LSE/FTSE Russell data.
- The voting-rights update values equity at about £3.50 billion as of Friday’s close. From those numbers, the week’s market cap loss comes in close to £383 million.
- Zegona says its €3.7 billion refinancing should wrap up by July 14, trimming annual interest expense by roughly €60 million to about €170 million a year.
London is now closed for the weekend after its usual Monday-to-Friday run, with Zegona Communications Plc (LON:ZEG) ending the week with a steep drop. The stock finished Friday at 1,550p. According to LSE/FTSE Russell, Zegona was flat on the day but fell 9.88% for the week, though it’s still up 11.11% for the year and 106.67% over the past 52 weeks.
Scale is the main message for holders. Zegona put its total voting rights at 225,638,802 shares as of June 30. With shares at 1,550p, the equity comes in at roughly £3.50 billion. Using the 9.88% weekly drop, that puts last week’s value near £3.88 billion—about £383 million higher.
Zegona bought back 125,000 shares between June 22 and 26, paying a VWAP of 1,676.67p and spending roughly £2.1 million. That’s about 0.055% of the voting shares. Friday’s close was 7.6% under the VWAP paid.
| Measure | Figure | Market read |
|---|---|---|
| Friday close | 1,550p | London ended at this level |
| One-week share move | -9.88% | 11.51 points under the FTSE 350 |
| Equity value at close | ~£3.50 bln | After 225.64 mln shares counted |
| Implied value lost in week | ~£383 mln | Figure based on weekly move |
| Latest buyback tranche | 125,000 shares | That’s 0.055% of eligible shares |
| Close vs buyback VWAP | -7.6% | VWAP during buyback was 1,676.67p |
This matters since the buyback size is minor compared to the week’s drop. Now, the stock’s upside relies less on short-term buyback math and more on whether Vodafone Spain manages to cut finance costs and turn it into cash for investors.
Zegona faces a debt reset soon. The company said on June 26 it lined up a €3.7 billion refinancing deal to handle its existing senior secured notes and loans, push maturities out beyond five years and lower its annual interest bill to €170 million, down from €230 million in March 2026. CEO Eamonn O’Hare said the deal “demonstrates the strength of our operational execution.” Investegate
| Debt line | Old structure | New structure |
|---|---|---|
| Euro senior secured note | €1.32 bln at 6.750%, matures 2029 | €1.10 bln at 4.25%, matures 2032 |
| Dollar senior secured note | €748 mln equivalent at 8.625%, matures 2029 | — |
| Term Loan A | — | €1.35 bln at Euribor + 1.75%, matures 2031 |
| Term Loan B | €1.67 bln at Euribor + 2.25%, matures 2029 | €1.28 bln at Euribor + 2.00%, matures 2032 |
| Revolving credit facility | €500 mln undrawn, margin at Euribor + 2.25% | €500 mln undrawn, margin at Euribor + 1.75% |
| Annualised interest cost | €230 mln as of March 2026 | €170 mln projected run-rate |
Zegona said the Vodafone Spain business is in better shape since it took over. In its latest annual report, Zegona posted a 20% jump in revenue to €3.63 billion. EBITDA after leases climbed 29% to €1.33 billion and operational cash flow was up 22% to €763 million. Chief executive O’Hare said the focus is on investing in customers to drive revenue.
Vodafone Group Plc LON:VOD wrapped up the sale of Vodafone Spain to Zegona in May 2024, pulling in €4.1 billion in cash plus €0.9 billion in redeemable preference shares. The deal gives the business an enterprise value of €5.0 billion. Zegona shifts from an acquisition vehicle to being a listed play on a Spanish telecoms turnaround.
The peer table gives another clue about the nerves here. Zegona is still beating most listed telecom peers over the last year, but its 2026 edge is getting smaller. Helios Towers Plc (LON:HTWS) is out front so far this year, with BT Group Plc (LON:BT.A) and Vodafone both lagging.
| Stock or group | YTD price change | Last calendar year |
|---|---|---|
| Helios Towers (LON:HTWS) | up 22.5% | up 79.9% |
| Zegona (LON:ZEG) | up 11.1% | up 233.7% |
| BT Group (LON:BT.A) | up 2.0% | up 27.8% |
| Vodafone LON:VOD | down 0.2% | up 44.8% |
| Peer group average | down 2.0% | up 49.8% |
Sell-side numbers keep pointing up. Latest Investors’ Chronicle data as of July 2 list nine analysts on Zegona, with one “Buy” and eight calling “Outperform”. There are no “Hold” or “Sell” ratings. Median 12-month target sits at 2,295.44p, which is 48.09% above the last shown price of 1,550p. Investors Chronicle
Zegona’s RNS tape listed straightforward updates. July 1 brought director and voting-rights filings, with earlier posts for a June 29 buyback and a June 26 refinancing. The company said the refinancing should close July 14 if standard conditions are met, and the AGM is set for 9:00 a.m. BST on July 30.
