{"id":1759,"date":"2024-05-08T10:51:37","date_gmt":"2024-05-08T08:51:37","guid":{"rendered":"https:\/\/www.hispasat.com\/informe-anual-2024\/cifras\/"},"modified":"2025-06-18T11:16:41","modified_gmt":"2025-06-18T09:16:41","slug":"cifras","status":"publish","type":"page","link":"https:\/\/www.hispasat.com\/informe-anual-2024\/cifras\/?lang=en","title":{"rendered":"Figures"},"content":{"rendered":"<div id='full_slider_1'  class='avia-fullwidth-slider main_color avia-shadow av-mini-hide  avia-builder-el-0  el_before_av_section  avia-builder-el-first   container_wrap fullsize'  ><div  class='avia-slideshow av-mbj5f3my-f650254d6b4263d6c88f8166cc2395e7 avia-slideshow-featured av_slideshow_full avia-slide-slider av-mini-hide av-slideshow-ui av-control-default av-slideshow-autoplay av-loop-endless av-loop-manual-endless av-default-height-applied   avia-slideshow-1' 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id=\"style-css-av-8q2yv-dcfd7929e3884b1f69bda1d22c70fb6e\">\n.avia-section.av-8q2yv-dcfd7929e3884b1f69bda1d22c70fb6e{\nbackground-color:#d9dfe3;\nbackground-image:unset;\n}\n<\/style>\n<div id='principales'  class='avia-section av-8q2yv-dcfd7929e3884b1f69bda1d22c70fb6e main_color avia-section-default avia-no-border-styling  avia-builder-el-2  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lw67ted1-6f779628de97f19e45c2373f98382483\">\n#top .av-special-heading.av-lw67ted1-6f779628de97f19e45c2373f98382483{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lw67ted1-6f779628de97f19e45c2373f98382483 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lw67ted1-6f779628de97f19e45c2373f98382483 .av-subheading{\nfont-size:13px;\n}\n<\/style>\n<div  class='av-special-heading av-lw67ted1-6f779628de97f19e45c2373f98382483 av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-3  el_before_av_one_full  avia-builder-el-first '><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Key figures<\/h2><div class='av-subheading av-subheading_below'><p>(millions of euros)<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-o5gv-72e38a3bf605b1ae82f6d0f8825c996d\">\n#top .flex_column.av-o5gv-72e38a3bf605b1ae82f6d0f8825c996d{\nmargin-top:30px;\nmargin-bottom:30px;\n}\n.flex_column.av-o5gv-72e38a3bf605b1ae82f6d0f8825c996d{\nborder-radius:20px 20px 20px 20px;\npadding:0 0 0 0;\n}\n.responsive #top #wrap_all .flex_column.av-o5gv-72e38a3bf605b1ae82f6d0f8825c996d{\nmargin-top:30px;\nmargin-bottom:30px;\n}\n<\/style>\n<div  class='flex_column av-o5gv-72e38a3bf605b1ae82f6d0f8825c996d av_one_full  avia-builder-el-4  el_after_av_heading  el_before_av_one_full  tabla-magnitudes-container first flex_column_div av-hide-on-mobile av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj5j98c-9a20fc6cf29065d59966aa706162a435\">\n.avia-image-container.av-mbj5j98c-9a20fc6cf29065d59966aa706162a435 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj5j98c-9a20fc6cf29065d59966aa706162a435 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj5j98c-9a20fc6cf29065d59966aa706162a435 av-styling- avia-align-center  avia-builder-el-5  avia-builder-el-no-sibling  av-mini-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1899 avia-img-lazy-loading-not-1899 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Key-figures.png\" alt='' title='Key figures'  height=\"860\" width=\"1220\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Key-figures.png 1220w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Key-figures-300x211.png 300w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Key-figures-1030x726.png 1030w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Key-figures-768x541.png 768w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Key-figures-705x497.png 705w\" sizes=\"(max-width: 1220px) 100vw, 1220px\" \/><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbyubqwh-ab9693908df7d4c7b182ed2e56ffa154\">\n#top .flex_column.av-mbyubqwh-ab9693908df7d4c7b182ed2e56ffa154{\nmargin-top:30px;\nmargin-bottom:30px;\n}\n.flex_column.av-mbyubqwh-ab9693908df7d4c7b182ed2e56ffa154{\npadding:0 0 0 0;\n}\n.responsive #top #wrap_all .flex_column.av-mbyubqwh-ab9693908df7d4c7b182ed2e56ffa154{\nmargin-top:30px;\nmargin-bottom:30px;\n}\n<\/style>\n<div  class='flex_column av-mbyubqwh-ab9693908df7d4c7b182ed2e56ffa154 av_one_full  avia-builder-el-6  el_after_av_one_full  el_before_av_textblock  tabla-magnitudes-container first flex_column_div av-zero-column-padding  column-top-margin'     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-z92z-2fb1082c8f4cad001a0046fc73c6832e\">\n.avia-image-container.av-z92z-2fb1082c8f4cad001a0046fc73c6832e img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-z92z-2fb1082c8f4cad001a0046fc73c6832e .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-z92z-2fb1082c8f4cad001a0046fc73c6832e av-styling- avia-align-center  avia-builder-el-7  avia-builder-el-no-sibling  av-desktop-hide av-medium-hide av-small-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1901 avia-img-lazy-loading-not-1901 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil.png\" alt='' title='Imagenes Cifras ING m\u00f3vil'  height=\"510\" width=\"385\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil.png 385w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil-226x300.png 226w\" sizes=\"(max-width: 385px) 100vw, 385px\" \/><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lw69gmmq-84375409965ef8443585650de20254f4\">\n#top .av_textblock_section.av-lw69gmmq-84375409965ef8443585650de20254f4 .avia_textblock{\nfont-size:11px;\n}\n<\/style>\n<section  class='av_textblock_section av-lw69gmmq-84375409965ef8443585650de20254f4 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>(1) <strong>L-f-L (<em>Like-for-Like <\/em>&#8211; homogeneous comparable with 2023).<br \/>\n<\/strong>(2) Audited financial statements 2024.<br \/>\n(3) Operating expenses include supplies, personnel expenses and other operating expenses in the income statement.<br \/>\n(4) Calculated as the operating income of the income statement less depreciation and amortization and valuation adjustments. Includes the result of investments accounted for using the equity method (with activity similar to that of the Group).<\/p>\n<\/div><\/section>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3o2qb-d867d84b41e9c29de541c970653a2960\">\n.avia-section.av-3o2qb-d867d84b41e9c29de541c970653a2960{\nbackground-color:#e7e9ee;\nbackground-image:unset;\nmargin-top:20px;\nmargin-bottom:0px;\n}\n<\/style>\n<div id='resultados'  class='avia-section av-3o2qb-d867d84b41e9c29de541c970653a2960 main_color avia-section-default avia-no-border-styling  avia-builder-el-9  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lw69hzdm-ca3f291c802e9ea546054a5891782302\">\n#top .av-special-heading.av-lw69hzdm-ca3f291c802e9ea546054a5891782302{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lw69hzdm-ca3f291c802e9ea546054a5891782302 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lw69hzdm-ca3f291c802e9ea546054a5891782302 .av-subheading{\nfont-size:13px;\n}\n<\/style>\n<div  class='av-special-heading av-lw69hzdm-ca3f291c802e9ea546054a5891782302 av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-10  el_before_av_hr  avia-builder-el-first '><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Economic and financial results <\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lw69r1uq-8be495c8c52e7830f28bcc0a6acbef36\">\n#top .hr.hr-invisible.av-lw69r1uq-8be495c8c52e7830f28bcc0a6acbef36{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-lw69r1uq-8be495c8c52e7830f28bcc0a6acbef36 hr-invisible  avia-builder-el-11  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lw69j4i8-b7254bd7085f9e9aac799b54831df7f8\">\n#top .av_textblock_section.av-lw69j4i8-b7254bd7085f9e9aac799b54831df7f8 .avia_textblock{\ncolumn-count:2;\n}\n\n@media only screen and (max-width: 767px){ \n#top .av_textblock_section.av-lw69j4i8-b7254bd7085f9e9aac799b54831df7f8 .avia_textblock{\ncolumn-count:1;\n}\n.av_textblock_section.av-lw69j4i8-b7254bd7085f9e9aac799b54831df7f8 .avia_textblock.av_multi_colums > p:first-child{\nmargin-top:0.85em;\n}\n}\n<\/style>\n<section  class='av_textblock_section av-lw69j4i8-b7254bd7085f9e9aac799b54831df7f8 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock av_multi_colums'  itemprop=\"text\" ><p>The aerospace industry is going through a disruptive period. The emergence of new competitors who have integrated the entire satellite value chain (manufacturing, launch and operation) is leading to a transformation of the traditional activity.<\/p>\n<p>The entry of these new competitors from other sectors, the expansion of the capacity offer (GEO and non-GEO) and new customer needs are creating a new and complex environment.<\/p>\n<p>Despite the demands of this new competitive context, Hispasat has managed to close the year with economic-financial figures that, in comparable terms with 2023, show the resilience of its management model and the strength of its balance sheet.<\/p>\n<p>In this scenario of transformation of the sector, the accounting results for the year 2024 include the effects caused by some relevant customers in the telco segment, which have taken advantage of the bankruptcy regulation for financial restructuring. To this must be added the revision made by Hispasat of the valuation of its non-financial assets , in order to adapt their accounting reflection to the situation of the sector. All this has had an impact on the Group&#8217;s negative result of 92.8 million euros (net of the tax effect). This adjustment in the valuation of the assets will have a positive impact on Hispasat&#8217;s results in the coming years.<\/p>\n<p>Discounting the adjustments caused by the impact of these extraordinary circumstances, exogenous to the company&#8217;s management, the operating result, in comparable terms with the previous year, would reach 42.6 million euros (+25% with respect to 2023).<\/p>\n<p>The accounting result attributed to the Group&#8217;s parent company reflects an exercise in transparency, responsibility and rigor to bring the company&#8217;s balance sheet into line with the reality of the environment. Despite this, the company has a well-defined purpose, continues to generate recurring cash flow well above its annual debt maturities, has a solid portfolio of contracts that ensure a substantial part of its future revenues and has sufficient financial strength to continue to be a relevant player in the sector<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1547\" style=\"margin-top: 50px; margin-bottom: 50px;\" src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras2.png\" alt=\"\" width=\"590\" height=\"125\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras2.png 590w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras2-300x64.png 300w\" sizes=\"auto, (max-width: 590px) 100vw, 590px\" \/><\/p>\n<\/div><\/section>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='av_section_4'  class='avia-section av-lw69l0kj-e8204e140e5f0fc117c699eb0f419888 main_color avia-section-default avia-no-border-styling  avia-builder-el-13  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66\">\n#top .av-special-heading.av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66{\npadding-bottom:10px;\nfont-size:32px;\n}\nbody .av-special-heading.av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66 .av-special-heading-tag{\nfont-size:32px;\n}\n.av-special-heading.av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66 .av-subheading{\nfont-size:13px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj7zmd5-f9fd45be4d42c7559b50d64c0b1d5f66 av-special-heading-h2 blockquote modern-quote  avia-builder-el-14  el_before_av_one_half  avia-builder-el-first  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Operating revenues<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-5vfz-e9e02a40ab63a23a1917ef308de3b8c6\">\n#top .flex_column.av-5vfz-e9e02a40ab63a23a1917ef308de3b8c6{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-5vfz-e9e02a40ab63a23a1917ef308de3b8c6{\nwidth:48.5%;\n}\n.responsive #top #wrap_all .flex_column.av-5vfz-e9e02a40ab63a23a1917ef308de3b8c6{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-5vfz-e9e02a40ab63a23a1917ef308de3b8c6 av_one_half  avia-builder-el-15  el_after_av_heading  el_before_av_one_half  first flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj814ls-d698667e952304f2347383d9bc2f541d\">\n#top .av_textblock_section.av-mbj814ls-d698667e952304f2347383d9bc2f541d .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj814ls-d698667e952304f2347383d9bc2f541d '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>In 2024, the Group&#8217;s total operating revenues reached, on a like-for-like basis with last year, \u20ac253.4 million, reflecting growth of +1.7% in a context of increased competition and technological disruption.\u00a0<\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-mbj81q0h-729bb88770867adacbaa9b9344762279 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>After adjusting for the effect of the insolvency proceedings filed by some of the Group&#8217;s significant customers in the telco segment, book revenues totaled 238.7 million euros.<\/p>\n<p>In 2024, Hispasat has continued to make progress in the transformation of its business by reinforcing its dual role as a wholesale space capacity provider and as a value added service provider.<\/p>\n<\/div><\/section><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-10flj-cc61c1b32c0fdb26c4f6519bcb65ead8\">\n#top .flex_column.av-10flj-cc61c1b32c0fdb26c4f6519bcb65ead8{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-10flj-cc61c1b32c0fdb26c4f6519bcb65ead8{\nwidth:48.5%;\nmargin-left:3%;\n}\n.responsive #top #wrap_all .flex_column.av-10flj-cc61c1b32c0fdb26c4f6519bcb65ead8{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-10flj-cc61c1b32c0fdb26c4f6519bcb65ead8 av_one_half  avia-builder-el-18  el_after_av_one_half  avia-builder-el-last  flex_column_div  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8a2ui-d401a82fcaadc3ce22ba1ef7a1aba4c3\">\n.avia-image-container.av-mbj8a2ui-d401a82fcaadc3ce22ba1ef7a1aba4c3 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj8a2ui-d401a82fcaadc3ce22ba1ef7a1aba4c3 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container 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class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lw6a9l6p-cb396b412c087f22a4c051550a986930\">\n.avia-image-container.av-lw6a9l6p-cb396b412c087f22a4c051550a986930 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-lw6a9l6p-cb396b412c087f22a4c051550a986930 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-lw6a9l6p-cb396b412c087f22a4c051550a986930 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-21  el_before_av_image  avia-builder-el-first  av-mini-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1905 avia-img-lazy-loading-not-1905 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING.png\" alt='' title='Imagen Cifras-ING'  height=\"665\" width=\"1860\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING.png 1860w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING-300x107.png 300w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING-1030x368.png 1030w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING-768x275.png 768w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING-1536x549.png 1536w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING-1500x536.png 1500w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras-ING-705x252.png 705w\" sizes=\"(max-width: 1860px) 100vw, 1860px\" \/><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbyukzhk-a58c43891a9dac75cca6f6f1c0f42705\">\n.avia-image-container.av-mbyukzhk-a58c43891a9dac75cca6f6f1c0f42705 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbyukzhk-a58c43891a9dac75cca6f6f1c0f42705 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbyukzhk-a58c43891a9dac75cca6f6f1c0f42705 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-22  el_after_av_image  avia-builder-el-last  av-desktop-hide av-medium-hide av-small-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1907 avia-img-lazy-loading-not-1907 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil3.png\" alt='' title='Imagenes Cifras ING m\u00f3vil3'  height=\"275\" width=\"400\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil3.png 400w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil3-300x206.png 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/div><\/div><\/div>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='av_section_6'  class='avia-section av-wn3n-f6bf2810fa98df6bccabaab462b5a700 main_color avia-section-default avia-no-border-styling  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\n#top #wrap_all .av-special-heading.av-mbj8lpkj-d3bbe3d0cfa766d12d52161c121768c3 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj8lpkj-d3bbe3d0cfa766d12d52161c121768c3 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj8lpkj-d3bbe3d0cfa766d12d52161c121768c3 av-special-heading-h3 blockquote modern-quote  avia-builder-el-24  el_before_av_image  avia-builder-el-first  av-mini-hide av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >INCOME BY REGION<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8mr83-a85f8578200e4502435bbc81da234edc\">\n.avia-image-container.av-mbj8mr83-a85f8578200e4502435bbc81da234edc img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj8mr83-a85f8578200e4502435bbc81da234edc .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj8mr83-a85f8578200e4502435bbc81da234edc av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-25  el_after_av_heading  el_before_av_image  av-mini-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1909 avia-img-lazy-loading-not-1909 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Ingresos-por-region-1-1.gif\" alt='' title='Ingresos-por-regi\u00f3n-1'  height=\"476\" width=\"1208\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbyum6dc-8c61f91f9902e08964e384fdc2088782\">\n.avia-image-container.av-mbyum6dc-8c61f91f9902e08964e384fdc2088782 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbyum6dc-8c61f91f9902e08964e384fdc2088782 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbyum6dc-8c61f91f9902e08964e384fdc2088782 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-26  el_after_av_image  el_before_av_heading  av-desktop-hide av-medium-hide av-small-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1911 avia-img-lazy-loading-not-1911 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil4.png\" alt='' title='Imagenes Cifras ING m\u00f3vil4'  height=\"305\" width=\"405\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil4.png 405w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil4-300x226.png 300w\" sizes=\"(max-width: 405px) 100vw, 405px\" \/><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad\">\n#top .av-special-heading.av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad{\npadding-bottom:10px;\nfont-size:22px;\n}\nbody .av-special-heading.av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad .av-special-heading-tag{\nfont-size:22px;\n}\n.av-special-heading.av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj8nhkr-8ee082ccae512e3f39281ac21f38e1ad av-special-heading-h3 blockquote modern-quote  avia-builder-el-27  el_after_av_image  el_before_av_image  av-mini-hide av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >INCOME BY BUSINESS MODEL<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8nz97-d97c8ad7bd91de0e2d4dcaec125f2b45\">\n.avia-image-container.av-mbj8nz97-d97c8ad7bd91de0e2d4dcaec125f2b45 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj8nz97-d97c8ad7bd91de0e2d4dcaec125f2b45 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj8nz97-d97c8ad7bd91de0e2d4dcaec125f2b45 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-28  el_after_av_heading  el_before_av_image  av-mini-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1962 avia-img-lazy-loading-not-1962 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Ingresos-por-regio\u00b4n-2.gif\" alt='' title='Ingresos-por-regio\u00b4n-2'  height=\"480\" width=\"1210\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbyumxb4-bfe777abc1060c9320c6712a068082f4\">\n.avia-image-container.av-mbyumxb4-bfe777abc1060c9320c6712a068082f4 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbyumxb4-bfe777abc1060c9320c6712a068082f4 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbyumxb4-bfe777abc1060c9320c6712a068082f4 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-29  el_after_av_image  avia-builder-el-last  av-desktop-hide av-medium-hide av-small-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1915 avia-img-lazy-loading-not-1915 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil5.png\" alt='' title='Imagenes Cifras ING m\u00f3vil5'  height=\"360\" width=\"405\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil5.png 405w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-ING-movil5-300x267.png 300w\" sizes=\"(max-width: 405px) 100vw, 405px\" \/><\/div><\/div><\/div>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8ou84-7a421993ded7597b8cef7f7a1d2eae90\">\n.avia-section.av-mbj8ou84-7a421993ded7597b8cef7f7a1d2eae90{\nbackground-color:#f0f0ef;\nbackground-image:unset;\n}\n<\/style>\n<div id='av_section_7'  class='avia-section av-mbj8ou84-7a421993ded7597b8cef7f7a1d2eae90 main_color avia-section-default avia-no-border-styling  avia-builder-el-30  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec\">\n#top .av-special-heading.av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec{\npadding-bottom:10px;\nfont-size:32px;\n}\nbody .av-special-heading.av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec .av-special-heading-tag{\nfont-size:32px;\n}\n.av-special-heading.av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec .av-subheading{\nfont-size:13px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj8pcib-21fc863655803f0c42f7d8c26ac46fec av-special-heading-h2 blockquote modern-quote  avia-builder-el-31  el_before_av_one_half  avia-builder-el-first  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Operating expenses <\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-6dhz-415c46315d98c26ceb3706582e9b6601\">\n#top .flex_column.av-6dhz-415c46315d98c26ceb3706582e9b6601{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-6dhz-415c46315d98c26ceb3706582e9b6601{\nwidth:48.5%;\n}\n.responsive #top #wrap_all .flex_column.av-6dhz-415c46315d98c26ceb3706582e9b6601{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-6dhz-415c46315d98c26ceb3706582e9b6601 av_one_half  avia-builder-el-32  el_after_av_heading  el_before_av_one_half  first flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8qzmc-c641b6d82b55159f3f4f982bc793d045\">\n#top .av_textblock_section.av-mbj8qzmc-c641b6d82b55159f3f4f982bc793d045 .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj8qzmc-c641b6d82b55159f3f4f982bc793d045 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>In view of the complexity of the new dynamics of the sector, the company intensified its policies and processes aimed at maximizing the efficiency of its operations, also promoting an operating expense adjustment plan and implementing a new purchasing model.<\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-mbj8rfy2-73fc9ccc6ca414ef2a3328de1ca67ce0 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>This plan entails a comprehensive transformation of the function, based on four fundamental principles that guide the Group&#8217;s procurement management of goods and services: it combines the generation of savings through open bidding processes and fosters competition, with agile and business-oriented internal processes, while at the same time being rigorous in complying with internal control processes.<\/p>\n<p>Overall, and excluding personnel expenses, an efficiency plan was implemented, which identified operational optimizations and additional synergies in maximizing the use of the Group&#8217;s satellite fleet for the retail business. As a result of this plan, aggregate savings of more than 12.5% were achieved, despite the fact that the insurance item experienced an increase of almost 69% (3.4 million euros), due to the insurance coverage taken out for the new Amazonas Nexus satellite (in 2023, insured by the launch policy), as well as the unfavorable context of the insurance market in general and the space segment in particular.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8rv9l-0ccee762c8d5cab6668b42324da7becb\">\n#top .av_textblock_section.av-mbj8rv9l-0ccee762c8d5cab6668b42324da7becb .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj8rv9l-0ccee762c8d5cab6668b42324da7becb '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>Consolidated operating expenses amounted to \u20ac117.4 million in 2024 on a like-for-like basis, representing an overall year-on-year decrease of 7.8%. <\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-mbj8sbgi-e68e8d8262ff6b782cc8a44e810d8f24 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Recorded book operating expenses amounted to EUR 119.7 million. This figure includes the effect of an accounting reclassification amounting to EUR 2.3 million between trade provisions and provision for financial receivables, adjusted for comparable pro forma purposes.<\/p>\n<\/div><\/section><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-xmin-7e91b8ebf556cb13d95610319c8a1fca\">\n#top .flex_column.av-xmin-7e91b8ebf556cb13d95610319c8a1fca{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-xmin-7e91b8ebf556cb13d95610319c8a1fca{\nwidth:48.5%;\nmargin-left:3%;\n}\n.responsive #top #wrap_all .flex_column.av-xmin-7e91b8ebf556cb13d95610319c8a1fca{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-xmin-7e91b8ebf556cb13d95610319c8a1fca av_one_half  avia-builder-el-37  el_after_av_one_half  avia-builder-el-last  flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8su3f-421276b8d477777931dc9842f2480f0b\">\n#top .av-special-heading.av-mbj8su3f-421276b8d477777931dc9842f2480f0b{\npadding-bottom:10px;\nfont-size:22px;\n}\nbody .av-special-heading.av-mbj8su3f-421276b8d477777931dc9842f2480f0b .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj8su3f-421276b8d477777931dc9842f2480f0b .av-special-heading-tag{\nfont-size:22px;\n}\n.av-special-heading.av-mbj8su3f-421276b8d477777931dc9842f2480f0b .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj8su3f-421276b8d477777931dc9842f2480f0b .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj8su3f-421276b8d477777931dc9842f2480f0b .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj8su3f-421276b8d477777931dc9842f2480f0b av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-38  el_before_av_image  avia-builder-el-first  av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >GASTOS OPERATIVOS<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8un3o-116b82eba761df970878c7fc546f4c4c\">\n.avia-image-container.av-mbj8un3o-116b82eba761df970878c7fc546f4c4c img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj8un3o-116b82eba761df970878c7fc546f4c4c .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj8un3o-116b82eba761df970878c7fc546f4c4c av-styling- avia-align-center  avia-builder-el-39  el_after_av_heading  el_before_av_textblock '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1917 avia-img-lazy-loading-not-1917 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Gastos-operativos-1.gif\" alt='' title='Gastos-operativos'  height=\"472\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8vbw0-2bcacfac5851cf4ae48f1e5490d3168b\">\n#top .av_textblock_section.av-mbj8vbw0-2bcacfac5851cf4ae48f1e5490d3168b .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj8vbw0-2bcacfac5851cf4ae48f1e5490d3168b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>At the same time, all Group companies redoubled their efforts to improve their collection processes. As a result of this process, provisions were reversed, resulting in both the reversal of provisions set aside for bad debt risks in previous years and the reduction of trade receivables balances by \u20ac14.6 million (\u20ac42.7 million at the end of 2024 compared with \u20ac56.3 million at December 31, 2023).<\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-mbj95rka-0e927ac2173d88d1c6142f07992ed4a1 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>All this was accompanied by a significant evolution in customer aging, which improved the proportion of overdue balances by 9 percentage points.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj8trhf-c14440f185f28e6db9b0ad127037411d\">\n#top .av-special-heading.av-mbj8trhf-c14440f185f28e6db9b0ad127037411d{\nmargin:20px 0 0 0;\npadding-bottom:10px;\nfont-size:22px;\n}\nbody .av-special-heading.av-mbj8trhf-c14440f185f28e6db9b0ad127037411d .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj8trhf-c14440f185f28e6db9b0ad127037411d .av-special-heading-tag{\nfont-size:22px;\n}\n.av-special-heading.av-mbj8trhf-c14440f185f28e6db9b0ad127037411d .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj8trhf-c14440f185f28e6db9b0ad127037411d .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj8trhf-c14440f185f28e6db9b0ad127037411d .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj8trhf-c14440f185f28e6db9b0ad127037411d av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-42  el_after_av_textblock  el_before_av_image  av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >TRADE RECEIVABLES<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj97d25-05e3e9d25b72a5ae2d5258d8132a02c8\">\n.avia-image-container.av-mbj97d25-05e3e9d25b72a5ae2d5258d8132a02c8 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj97d25-05e3e9d25b72a5ae2d5258d8132a02c8 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj97d25-05e3e9d25b72a5ae2d5258d8132a02c8 av-styling- avia-align-center  avia-builder-el-43  el_after_av_heading  avia-builder-el-last '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1919 avia-img-lazy-loading-not-1919 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Cuentas-comerciales-a-cobrar-1.gif\" alt='' title='Cuentas-comerciales-a-cobrar'  height=\"472\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><\/p><\/div>\n<\/p>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9d81x-cceea2e44bbc111c2afaee8aca784821\">\n.avia-section.av-mbj9d81x-cceea2e44bbc111c2afaee8aca784821{\nbackground-color:#e8edf0;\nbackground-image:unset;\nmargin-top:20px;\nmargin-bottom:0px;\n}\n<\/style>\n<div id='av_section_8'  class='avia-section av-mbj9d81x-cceea2e44bbc111c2afaee8aca784821 main_color avia-section-default avia-no-border-styling  avia-builder-el-44  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9drst-72ba43992e720e44138f04e8a5344add\">\n#top .av-special-heading.av-mbj9drst-72ba43992e720e44138f04e8a5344add{\npadding-bottom:10px;\nfont-size:32px;\n}\nbody .av-special-heading.av-mbj9drst-72ba43992e720e44138f04e8a5344add .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj9drst-72ba43992e720e44138f04e8a5344add .av-special-heading-tag{\nfont-size:32px;\n}\n.av-special-heading.av-mbj9drst-72ba43992e720e44138f04e8a5344add .av-subheading{\nfont-size:13px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj9drst-72ba43992e720e44138f04e8a5344add .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj9drst-72ba43992e720e44138f04e8a5344add .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj9drst-72ba43992e720e44138f04e8a5344add av-special-heading-h2 blockquote modern-quote  avia-builder-el-45  el_before_av_one_half  avia-builder-el-first  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Operating income (EBITDA) and operating income (EBIT)<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9eko6-0930099015ec2fee0e93fd7cec40687d\">\n#top .flex_column.av-mbj9eko6-0930099015ec2fee0e93fd7cec40687d{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-mbj9eko6-0930099015ec2fee0e93fd7cec40687d{\nwidth:48.5%;\n}\n.responsive #top #wrap_all .flex_column.av-mbj9eko6-0930099015ec2fee0e93fd7cec40687d{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-mbj9eko6-0930099015ec2fee0e93fd7cec40687d av_one_half  avia-builder-el-46  el_after_av_heading  el_before_av_one_half  first flex_column_div  '     ><p><section  class='av_textblock_section av-mbj9i93n-886bfd6dd1b04270361d8d23bcfe9271 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The result of companies accounted for using the equity method amounted to EUR 6.5 million (EUR 4.2 million in 2023). Of this amount, 6.4 million euros correspond to activities analogous to the activity of the Hispasat Group and, consequently, contribute to the operating result (EBITDA). The remaining 0.1 million euros correspond to activities other than the services provided by the Group, excluded from EBITDA.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5\">\n#top .av-special-heading.av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5{\nmargin:20px 0 0 0;\npadding-bottom:10px;\nfont-size:22px;\n}\nbody .av-special-heading.av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5 .av-special-heading-tag{\nfont-size:22px;\n}\n.av-special-heading.av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj9gnzx-c6852667c697e03899b8911ee4848ea5 av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-48  el_after_av_textblock  el_before_av_image  av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >RESULT OF COMPANIES CONSOLIDATED BY THE EQUITY METHOD<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2v1a7-1fe3be6b864d1e46768c040f2be6e879\">\n.avia-image-container.av-2v1a7-1fe3be6b864d1e46768c040f2be6e879 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-2v1a7-1fe3be6b864d1e46768c040f2be6e879 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-2v1a7-1fe3be6b864d1e46768c040f2be6e879 av-styling- avia-align-center  avia-builder-el-49  el_after_av_heading  el_before_av_textblock '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1921 avia-img-lazy-loading-not-1921 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Resultado-Sociedades-1.gif\" alt='' title='Resultado-Sociedades'  height=\"409\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9ip8q-ade6a697505c9b410ef317c3cb18630c\">\n#top .av_textblock_section.av-mbj9ip8q-ade6a697505c9b410ef317c3cb18630c .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj9ip8q-ade6a697505c9b410ef317c3cb18630c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>From the aggregation of the aforementioned items, the resulting consolidated EBITDA at the end of 2024, adjusted for extraordinary effects exogenous to the company&#8217;s management, amounts to 142.4 million euros. This represents an operating margin on revenues of 56.2% and is 12.8% higher than in 2023. In nominal terms, EBITDA amounted to EUR 125.4 million.<\/strong><\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9h3jp-b7aa38860407b7904166ce64660af96f\">\n#top .av-special-heading.av-mbj9h3jp-b7aa38860407b7904166ce64660af96f{\nmargin:20px 0 0 0;\npadding-bottom:10px;\nfont-size:22px;\n}\nbody .av-special-heading.av-mbj9h3jp-b7aa38860407b7904166ce64660af96f .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj9h3jp-b7aa38860407b7904166ce64660af96f .av-special-heading-tag{\nfont-size:22px;\n}\n.av-special-heading.av-mbj9h3jp-b7aa38860407b7904166ce64660af96f .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj9h3jp-b7aa38860407b7904166ce64660af96f .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj9h3jp-b7aa38860407b7904166ce64660af96f .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj9h3jp-b7aa38860407b7904166ce64660af96f av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-51  el_after_av_textblock  el_before_av_image  av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >EBITDA<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2akbn-6d83eb55217fb6e969d0eaf2790589fc\">\n.avia-image-container.av-2akbn-6d83eb55217fb6e969d0eaf2790589fc img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-2akbn-6d83eb55217fb6e969d0eaf2790589fc .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-2akbn-6d83eb55217fb6e969d0eaf2790589fc av-styling- avia-align-center  avia-builder-el-52  el_after_av_heading  avia-builder-el-last '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1923 avia-img-lazy-loading-not-1923 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/EBITDA-1.gif\" alt='' title='EBITDA'  height=\"472\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1g8t7-344bc6677dd005f8e77990a94e8a56e8\">\n#top .flex_column.av-1g8t7-344bc6677dd005f8e77990a94e8a56e8{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-1g8t7-344bc6677dd005f8e77990a94e8a56e8{\nwidth:48.5%;\nmargin-left:3%;\n}\n.responsive #top #wrap_all .flex_column.av-1g8t7-344bc6677dd005f8e77990a94e8a56e8{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-1g8t7-344bc6677dd005f8e77990a94e8a56e8 av_one_half  avia-builder-el-53  el_after_av_one_half  avia-builder-el-last  flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9jg75-50de810469f93c3998f88c088aac259b\">\n#top .av_textblock_section.av-mbj9jg75-50de810469f93c3998f88c088aac259b .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj9jg75-50de810469f93c3998f88c088aac259b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>Consistent with the development of the operating result (EBITDA), the operating result <em>(comparable pro forma) <\/em>also advanced to 42.6 million euros, increasing by 8.5 million euros (+25%) compared to the 34.1 million euros achieved in the previous year.<\/strong><\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9\">\n#top .av-special-heading.av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9{\nmargin:20px 0 0 0;\npadding-bottom:10px;\nfont-size:22px;\n}\nbody .av-special-heading.av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9 .av-special-heading-tag{\nfont-size:22px;\n}\n.av-special-heading.av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj9hgr9-bac4b8f65de2a49c106cb1ca5c527ca9 av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-55  el_after_av_textblock  el_before_av_image  av-inherit-size'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >EBIT<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-13phz-b68f3c08eb995a00e4299132511d231c\">\n.avia-image-container.av-13phz-b68f3c08eb995a00e4299132511d231c img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-13phz-b68f3c08eb995a00e4299132511d231c .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-13phz-b68f3c08eb995a00e4299132511d231c av-styling- avia-align-center  avia-builder-el-56  el_after_av_heading  el_before_av_textblock '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1925 avia-img-lazy-loading-not-1925 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/EBIT-1.gif\" alt='' title='EBIT'  height=\"472\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-mbj9jx89-0b321dc3b74ae8c2b0d1570cf019036f '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The revision carried out by Hispasat of the valuation of its non-financial assets, aimed at adapting their accounting reflection to the situation of the sector and to the updated market evolution forecasts; together with the re-estimation of the useful life of the remote equipment of the services business, which will generate a reduction in depreciations, will have a positive impact on Hispasat&#8217;s results in the coming years.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9hskd-2b66f82e2beffe5eb42fb36c5045c6f0\">\n#top .av-special-heading.av-mbj9hskd-2b66f82e2beffe5eb42fb36c5045c6f0{\nmargin:20px 0 0 0;\npadding-bottom:10px;\n}\nbody .av-special-heading.av-mbj9hskd-2b66f82e2beffe5eb42fb36c5045c6f0 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-mbj9hskd-2b66f82e2beffe5eb42fb36c5045c6f0 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-mbj9hskd-2b66f82e2beffe5eb42fb36c5045c6f0 av-special-heading-h3 blockquote modern-quote  avia-builder-el-58  el_after_av_textblock  el_before_av_textblock  supernegrita'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >Financial Result<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-mbj9kfmp-da0e9d8ce772789327b304ace84a05fc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The consolidated negative financial result amounted to 16.3 million euros, an increase of 7.2 million euros compared to the previous year. This is mainly due to the effect of the negative change in exchange rate differences of 4.4 million euros compared to the 2023 financial year. This is due to the effect of the capitalization of financial expenses of 2.4 million euros recorded in 2023 (which ended after the Amazonas Nexus satellite was put into commercial operation in the middle of last year) and the reclassification as a financial receivable of a trade receivable provided for 2023. This reclassification was in accordance with the restructuring plan agreed by the creditors&#8217; meeting in the context of the bankruptcy proceedings in which the counterparty is involved. This has resulted in a higher financial expense of 1.6 million euros.<\/p>\n<p>This set of effects penalizing the financial result was partially offset by 1.2 million euros, thanks to higher financial income obtained from remuneration of the liquidity available throughout the year, as well as savings generated by interest on financial debt as a result of lower average indebtedness compared with the previous year.<\/p>\n<\/div><\/section><\/p><\/div>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='ingresos-foto'  class='avia-section av-2vkf3-21f0d2e5f19277c968bdfc75f7ad269f main_color avia-section-default avia-no-border-styling  avia-builder-el-60  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9p7l2-e2ee301e66d96e949794b7c0f0d873c6\">\n.avia-image-container.av-mbj9p7l2-e2ee301e66d96e949794b7c0f0d873c6 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj9p7l2-e2ee301e66d96e949794b7c0f0d873c6 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj9p7l2-e2ee301e66d96e949794b7c0f0d873c6 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-61  el_before_av_image  avia-builder-el-first  av-mini-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1595 avia-img-lazy-loading-not-1595 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14.png\" alt='' title='Imagen Cifras14'  height=\"665\" width=\"1860\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14.png 1860w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14-300x107.png 300w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14-1030x368.png 1030w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14-768x275.png 768w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14-1536x549.png 1536w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14-1500x536.png 1500w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagen-Cifras14-705x252.png 705w\" sizes=\"(max-width: 1860px) 100vw, 1860px\" \/><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbyuq13s-7e40d2169b71694a32337f7148a5a279\">\n.avia-image-container.av-mbyuq13s-7e40d2169b71694a32337f7148a5a279 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbyuq13s-7e40d2169b71694a32337f7148a5a279 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbyuq13s-7e40d2169b71694a32337f7148a5a279 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-62  el_after_av_image  avia-builder-el-last  av-desktop-hide av-medium-hide av-small-hide'   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1738 avia-img-lazy-loading-not-1738 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-movil13.png\" alt='' title='Imagenes Cifras m\u00f3vil13'  height=\"275\" width=\"390\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-movil13.png 390w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Imagenes-Cifras-movil13-300x212.png 300w\" sizes=\"(max-width: 390px) 100vw, 390px\" \/><\/div><\/div><\/div>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1v6mb-143166126a1a8b585873c4372dd850b9\">\n.avia-section.av-1v6mb-143166126a1a8b585873c4372dd850b9{\nbackground-color:#f0f0ef;\nbackground-image:unset;\n}\n<\/style>\n<div id='inversiones'  class='avia-section av-1v6mb-143166126a1a8b585873c4372dd850b9 main_color avia-section-default avia-no-border-styling  avia-builder-el-63  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9qn12-17fe31dfab785f9cb8bc80ff1054df1d\">\n#top .av-special-heading.av-mbj9qn12-17fe31dfab785f9cb8bc80ff1054df1d{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-mbj9qn12-17fe31dfab785f9cb8bc80ff1054df1d .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-mbj9qn12-17fe31dfab785f9cb8bc80ff1054df1d .av-subheading{\nfont-size:13px;\n}\n<\/style>\n<div  class='av-special-heading av-mbj9qn12-17fe31dfab785f9cb8bc80ff1054df1d av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-64  el_before_av_one_half  avia-builder-el-first '><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Investments<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1jfe7-7d7df1650be84c0a0967cba6494ea747\">\n#top .flex_column.av-1jfe7-7d7df1650be84c0a0967cba6494ea747{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-1jfe7-7d7df1650be84c0a0967cba6494ea747{\nwidth:48.5%;\n}\n.responsive #top #wrap_all .flex_column.av-1jfe7-7d7df1650be84c0a0967cba6494ea747{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-1jfe7-7d7df1650be84c0a0967cba6494ea747 av_one_half  avia-builder-el-65  el_after_av_heading  el_before_av_one_half  first flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9rhjv-2d69ffa971d852ba3696db3a8ef4a844\">\n#top .av_textblock_section.av-mbj9rhjv-2d69ffa971d852ba3696db3a8ef4a844 .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-mbj9rhjv-2d69ffa971d852ba3696db3a8ef4a844 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock ingresos-efecto av_inherit_color'  itemprop=\"text\" ><p><strong>Investments in property, plant and equipment and intangible assets made by the Group in 2024, excluding the accounting effect of the application of IFRS-16, totaled 23.9 million euros, which, on a like-for-like basis compared with last year, would be slightly lower, less the investments corresponding to the last milestones of the Amazonas Nexus program, launched at the beginning of 2023.<\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-mbj9s1zw-c013fd86785251b2b2ae721bfc9052fb '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The operational investment items undertaken during 2024 were mainly for monitoring and broadband systems. These initiatives correspond to the systems plan that the company has been undertaking to modernize and digitize its commercial, operational and business processes. As well as various actions to improve or expand the infrastructures that make up the ground segment.<\/p>\n<\/div><\/section><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-zp7j-24d494cd909a0e4049f9d41ca58d1a13\">\n#top .flex_column.av-zp7j-24d494cd909a0e4049f9d41ca58d1a13{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-zp7j-24d494cd909a0e4049f9d41ca58d1a13{\nwidth:48.5%;\nmargin-left:3%;\n}\n.responsive #top #wrap_all .flex_column.av-zp7j-24d494cd909a0e4049f9d41ca58d1a13{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-zp7j-24d494cd909a0e4049f9d41ca58d1a13 av_one_half  avia-builder-el-68  el_after_av_one_half  avia-builder-el-last  flex_column_div  '     ><p><section  class='av_textblock_section av-mbj9s68s-25eecee75565cf20e423c558f3afe9e2 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Long-term leases classified as investments in accordance with IFRS 16 correspond mainly to leases of satellite capacity and housing sites where the technical equipment of the ground segment for the provision of satellite services is located. The Group allocated 5.8 million euros to these items in 2024.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9su5q-3132455abe16e0bb4f0a335f49dd4c99\">\n.avia-image-container.av-mbj9su5q-3132455abe16e0bb4f0a335f49dd4c99 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj9su5q-3132455abe16e0bb4f0a335f49dd4c99 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj9su5q-3132455abe16e0bb4f0a335f49dd4c99 av-styling- avia-align-center  avia-builder-el-70  el_after_av_textblock  avia-builder-el-last '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1927 avia-img-lazy-loading-not-1927 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Inversiones-1.gif\" alt='' title='Inversiones'  height=\"425\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><\/p><\/div>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='flujos'  class='avia-section av-3dcrv-3563d075b8c4bc5c54f9c0b2093c01c5 main_color avia-section-default avia-no-border-styling  avia-builder-el-71  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1759'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9u6wu-38defacbe5b1aea56737317601d2cf6e\">\n#top .av-special-heading.av-mbj9u6wu-38defacbe5b1aea56737317601d2cf6e{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-mbj9u6wu-38defacbe5b1aea56737317601d2cf6e .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-mbj9u6wu-38defacbe5b1aea56737317601d2cf6e .av-subheading{\nfont-size:13px;\n}\n<\/style>\n<div  class='av-special-heading av-mbj9u6wu-38defacbe5b1aea56737317601d2cf6e av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-72  el_before_av_heading  avia-builder-el-first '><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Cash flows and debt<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2h6fv-9c331804c5a1082b00c94913e76fa7ba\">\n#top .av-special-heading.av-2h6fv-9c331804c5a1082b00c94913e76fa7ba{\nmargin:40px 0 0 0;\npadding-bottom:10px;\nfont-size:32px;\n}\nbody .av-special-heading.av-2h6fv-9c331804c5a1082b00c94913e76fa7ba .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-2h6fv-9c331804c5a1082b00c94913e76fa7ba .av-special-heading-tag{\nfont-size:32px;\n}\n.av-special-heading.av-2h6fv-9c331804c5a1082b00c94913e76fa7ba .av-subheading{\nfont-size:13px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-2h6fv-9c331804c5a1082b00c94913e76fa7ba .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-2h6fv-9c331804c5a1082b00c94913e76fa7ba .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-2h6fv-9c331804c5a1082b00c94913e76fa7ba av-special-heading-h2 blockquote modern-quote  avia-builder-el-73  el_after_av_heading  el_before_av_one_full  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Cash flows<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-25juf-9c2e56720cfbccb16ceed7f58ddfbd2e\">\n#top .flex_column.av-25juf-9c2e56720cfbccb16ceed7f58ddfbd2e{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n.flex_column.av-25juf-9c2e56720cfbccb16ceed7f58ddfbd2e{\nwidth:100%;\n}\n.responsive #top #wrap_all .flex_column.av-25juf-9c2e56720cfbccb16ceed7f58ddfbd2e{\nmargin-top:25px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-25juf-9c2e56720cfbccb16ceed7f58ddfbd2e av_one_full  avia-builder-el-74  el_after_av_heading  el_before_av_heading  first flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9vtwr-cc1fd3849babc8b653bb561c4f0072c8\">\n#top .av_textblock_section.av-mbj9vtwr-cc1fd3849babc8b653bb561c4f0072c8 .avia_textblock{\ncolumn-count:2;\ncolumn-gap:3%;\n}\n\n@media only screen and (max-width: 767px){ \n#top .av_textblock_section.av-mbj9vtwr-cc1fd3849babc8b653bb561c4f0072c8 .avia_textblock{\ncolumn-count:1;\n}\n.av_textblock_section.av-mbj9vtwr-cc1fd3849babc8b653bb561c4f0072c8 .avia_textblock.av_multi_colums > p:first-child{\nmargin-top:0.85em;\n}\n}\n<\/style>\n<section  class='av_textblock_section av-mbj9vtwr-cc1fd3849babc8b653bb561c4f0072c8 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock av_multi_colums'  itemprop=\"text\" ><p>Cash flows from operating activities generated by the Hispasat Group in 2024 reached, in comparable homogeneous terms, 137.8 million euros (-3.4% compared to 2023). Taking into account the effect on this line of customers who filed for bankruptcy and financial restructuring proceedings in 2024, the cash flows from operating activities would amount to 125.6 million euros.<\/p>\n<p>As regards financing cash flows, in 2024, structured bank debt maturities of 51 million euros and 46 million euros corresponding to repayments during the year of the credit lines available to the Group were met. Also, during 2024, drawdowns of credit lines in the amount of 32 million euros were made.<\/p>\n<p>In addition, financing cash flow also includes payments for leases qualifying under IFRS-16 totaling EUR 22.2 million and the payment to the Group&#8217;s shareholders of the dividend for 2023 in the amount of EUR 24.3 million.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbjai4fz-cf52532d9133c7f5bf5cc0624921779e\">\n#top .hr.hr-invisible.av-mbjai4fz-cf52532d9133c7f5bf5cc0624921779e{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-mbjai4fz-cf52532d9133c7f5bf5cc0624921779e hr-invisible  avia-builder-el-76  el_after_av_textblock  el_before_av_image '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9wpby-d78ba5bbf4c3bdfe95f0e5cd55d1ea24\">\n.avia-image-container.av-mbj9wpby-d78ba5bbf4c3bdfe95f0e5cd55d1ea24 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbj9wpby-d78ba5bbf4c3bdfe95f0e5cd55d1ea24 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbj9wpby-d78ba5bbf4c3bdfe95f0e5cd55d1ea24 av-styling- avia-align-center  avia-builder-el-77  el_after_av_hr  el_before_av_hr '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1600 avia-img-lazy-loading-not-1600 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Bloquebola.png\" alt='' title='Bloque+bola'  height=\"185\" width=\"1210\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Bloquebola.png 1210w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Bloquebola-300x46.png 300w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Bloquebola-1030x157.png 1030w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Bloquebola-768x117.png 768w, https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Bloquebola-705x108.png 705w\" sizes=\"(max-width: 1210px) 100vw, 1210px\" \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2m8j-1c071e0c343519488cb1c12f21eda29c\">\n#top .hr.hr-invisible.av-2m8j-1c071e0c343519488cb1c12f21eda29c{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-2m8j-1c071e0c343519488cb1c12f21eda29c hr-invisible  avia-builder-el-78  el_after_av_image  avia-builder-el-last '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbj9xlz2-69b480f33a242210b8211ea482df03a7\">\n#top .av-special-heading.av-mbj9xlz2-69b480f33a242210b8211ea482df03a7{\npadding-bottom:10px;\nfont-size:32px;\n}\nbody .av-special-heading.av-mbj9xlz2-69b480f33a242210b8211ea482df03a7 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mbj9xlz2-69b480f33a242210b8211ea482df03a7 .av-special-heading-tag{\nfont-size:32px;\n}\n.av-special-heading.av-mbj9xlz2-69b480f33a242210b8211ea482df03a7 .av-subheading{\nfont-size:13px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mbj9xlz2-69b480f33a242210b8211ea482df03a7 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mbj9xlz2-69b480f33a242210b8211ea482df03a7 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mbj9xlz2-69b480f33a242210b8211ea482df03a7 av-special-heading-h2 blockquote modern-quote  avia-builder-el-79  el_after_av_one_full  el_before_av_one_half  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Net financial debt<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1hknf-3a2971cba0d955ec36d5cc90de1608f9\">\n#top .flex_column.av-1hknf-3a2971cba0d955ec36d5cc90de1608f9{\nmargin-top:15px;\nmargin-bottom:0px;\n}\n.flex_column.av-1hknf-3a2971cba0d955ec36d5cc90de1608f9{\nwidth:48.5%;\n}\n.responsive #top #wrap_all .flex_column.av-1hknf-3a2971cba0d955ec36d5cc90de1608f9{\nmargin-top:15px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-1hknf-3a2971cba0d955ec36d5cc90de1608f9 av_one_half  avia-builder-el-80  el_after_av_heading  el_before_av_one_half  first flex_column_div  '     ><p><section  class='av_textblock_section av-mbja02r9-a2059b31337c192a2f050b13ae44694b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The book value of bank debt at December 31, 2024 was EUR 200.4 million, down 23% on the previous year.<\/p>\n<p>Net indebtedness at year-end, including guarantees given to third parties, was \u20ac157.7 million, decreasing from \u20ac182.1 million at year-end 2023 (-13%). The leverage ratio at December 31, 2024 stood at 20.3%.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbja1w1i-2058feb69d53cadf886269477dc53d4f\">\n.avia-image-container.av-mbja1w1i-2058feb69d53cadf886269477dc53d4f img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbja1w1i-2058feb69d53cadf886269477dc53d4f .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbja1w1i-2058feb69d53cadf886269477dc53d4f av-styling- avia-align-center  avia-builder-el-82  el_after_av_textblock  el_before_av_image '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1929 avia-img-lazy-loading-not-1929 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Deuda-financiera-neta-1.gif\" alt='' title='Deuda-financiera-neta'  height=\"507\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbja2626-f52e1ca763d1923335bfcc1da6fee5e6\">\n.avia-image-container.av-mbja2626-f52e1ca763d1923335bfcc1da6fee5e6 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-mbja2626-f52e1ca763d1923335bfcc1da6fee5e6 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-mbja2626-f52e1ca763d1923335bfcc1da6fee5e6 av-styling- avia_animated_image av-animated-when-visible-95 fade-in-left avia-align-center  avia-builder-el-83  el_after_av_image  avia-builder-el-last '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1931 avia-img-lazy-loading-not-1931 avia_image ' src=\"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-content\/uploads\/2025\/06\/Deuda-financiera-neta-2-1.gif\" alt='' title='Deuda-financiera-neta-2'  height=\"518\" width=\"600\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-14akb-552b7cf60abaa2339eb15331f7a9e231\">\n#top .flex_column.av-14akb-552b7cf60abaa2339eb15331f7a9e231{\nmargin-top:15px;\nmargin-bottom:0px;\n}\n.flex_column.av-14akb-552b7cf60abaa2339eb15331f7a9e231{\nwidth:48.5%;\nmargin-left:3%;\n}\n.responsive #top #wrap_all .flex_column.av-14akb-552b7cf60abaa2339eb15331f7a9e231{\nmargin-top:15px;\nmargin-bottom:0px;\n}\n<\/style>\n<div  class='flex_column av-14akb-552b7cf60abaa2339eb15331f7a9e231 av_one_half  avia-builder-el-84  el_after_av_one_half  avia-builder-el-last  flex_column_div  '     ><p><section  class='av_textblock_section av-mbja0gng-1473a4ef8f31c099fc1d9d7e035f0130 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The average interest rate on euro structured debt in 2024 (considering the commissions paid at the time of formalization) was 1.74%. The average interest rate on US dollar structured debt (excluding the revolving credit facility) was 2.82%.<\/p>\n<p>Most of the Group&#8217;s financial debt is at fixed interest rates (99.7%), including the effect of interest rate hedging derivatives. The remaining 0.3% is contracted at variable interest rates.<\/p>\n<p>With respect to the capital structure, the Group follows a policy of ensuring a financial structure that optimizes the cost of capital with a solid financial position, making the creation of value for the shareholder compatible with the achievement of a competitive cost for financing needs. The capital structure is monitored periodically, based on the leverage ratio. This ratio is calculated as Balance Sheet Net Financial Debt divided by Net Equity plus Net Financial Debt.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mbja10ee-da198e94934522d67561a94db3c62cc0\">\n#top .av-special-heading.av-mbja10ee-da198e94934522d67561a94db3c62cc0{\nmargin:20px 0 0 0;\npadding-bottom:10px;\n}\nbody .av-special-heading.av-mbja10ee-da198e94934522d67561a94db3c62cc0 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-mbja10ee-da198e94934522d67561a94db3c62cc0 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-mbja10ee-da198e94934522d67561a94db3c62cc0 av-special-heading-h3 blockquote modern-quote  avia-builder-el-86  el_after_av_textblock  el_before_av_textblock  supernegrita'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >Liquidity and capital resources<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-mbja1fv1-333f212cfbb90bc82877c5cbaa8a0b07 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The Group maintains a liquidity policy that ensures compliance with the payment commitments acquired, diversifying the coverage of financing needs and debt maturities.<\/p>\n<p>The Group&#8217;s liquidity position is based fundamentally on the sustained generation of cash flows from its operations, with a relevant portfolio of contracts that guarantee a significant part of the revenues of future years. This, together with the existing financial capacity thanks to the availability of both short and long-term credit lines, allows for prudent liquidity risk management.<\/p>\n<p>The average term to maturity of outstanding structured bank debt at year-end was 5.7 years.<\/p>\n<p>The Group continues to have a solid liquidity position to continue to meet its operating cash requirements and debt maturities in the coming years.<\/p>\n<p>At December 31, 2024, the liquidity position amounted to EUR 315.5 million: EUR 72.2 million of cash on hand, excluding the cash position corresponding to the funds from the subsidy to retail operators from the UNICO Rural Demand project in the amount of EUR 30.5 million, and EUR 243.3 million of undrawn credit lines.<\/p>\n<\/div><\/section><\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1759","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/pages\/1759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/comments?post=1759"}],"version-history":[{"count":10,"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/pages\/1759\/revisions"}],"predecessor-version":[{"id":1963,"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/pages\/1759\/revisions\/1963"}],"wp:attachment":[{"href":"https:\/\/www.hispasat.com\/informe-anual-2024\/wp-json\/wp\/v2\/media?parent=1759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}