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gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; font_line_height=\u00bb1.3&#8243; text_direction=\u00bbdefault\u00bb]\n<p style=\"text-align: justify;\">El mercado satelital est\u00e1 en plena transici\u00f3n hacia un modelo centrado en los servicios de conectividad. Los servicios de datos triplicar\u00e1n su tama\u00f1o actual en la pr\u00f3xima d\u00e9cada desplazando a los tradicionales servicios de v\u00eddeo que representaban el 80% de la demanda hasta 2024. La industria entra en una fase donde la conectividad universal y la baja latencia son la prioridad.<\/p>\n<p style=\"text-align: justify;\">La disrupci\u00f3n tecnol\u00f3gica liderada por las nuevas constelaciones de sat\u00e9lite NGSO ha redefinido el sector erosionando el modelo GEO cl\u00e1sico, con pedidos en m\u00ednimos hist\u00f3ricos y una migraci\u00f3n hacia arquitecturas multi\u00f3rbita. No obstante, los sat\u00e9lites GEO de alta capacidad (GEO-HTS) mantienen atractivo en aplicaciones fijas, con requisitos altos de SLAS y muy apoyados en los nuevos requisitos de soberan\u00eda, mientras que los servicios LEO dominan las aplicaciones que requieren alta escalabilidad, movilidad y baja latencia.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; font_line_height=\u00bb1.3&#8243; text_direction=\u00bbdefault\u00bb]\n<p style=\"text-align: justify;\">En este contexto, la combinaci\u00f3n de servicios bajo esquemas multi\u00f3rbita emerge como soluci\u00f3n premium para segmentos cr\u00edticos, aunque su adopci\u00f3n masiva se espera hacia la pr\u00f3xima d\u00e9cada.<\/p>\n<p style=\"text-align: justify;\">En este contexto altamente complejo y de fuerte competencia, los resultados obtenidos por el grupo en 2025 contin\u00faan adecuando la valoraci\u00f3n contable de los activos no financieros al entorno del sector. Aislando el efecto de este tipo de ajustes y otros de naturaleza extraordinaria, el resultado neto del ejercicio se situar\u00eda en 13,5 millones de euros, superando los 8,3 millones de euros del resultado neto pro-forma comparable de 2024.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb bottom_padding=\u00bb3%\u00bb left_padding_desktop=\u00bb12%\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; font_line_height=\u00bb1.3&#8243; text_direction=\u00bbdefault\u00bb]\n<p style=\"text-align: left;\">El mercado satelital est\u00e1 en plena transici\u00f3n hacia un modelo centrado en los servicios de conectividad. Los servicios de datos triplicar\u00e1n su tama\u00f1o actual en la pr\u00f3xima d\u00e9cada desplazando a los tradicionales servicios de v\u00eddeo que representaban el 80% de la demanda hasta 2024. La industria entra en una fase donde la conectividad universal y la baja latencia son la prioridad.<\/p>\n<p style=\"text-align: left;\">La disrupci\u00f3n tecnol\u00f3gica liderada por las nuevas constelaciones de sat\u00e9lite NGSO ha redefinido el sector erosionando el modelo GEO cl\u00e1sico, con pedidos en m\u00ednimos hist\u00f3ricos y una migraci\u00f3n hacia arquitecturas multi\u00f3rbita. No obstante, los sat\u00e9lites GEO de alta capacidad (GEO-HTS) mantienen atractivo en aplicaciones fijas, con requisitos altos de SLAS y muy apoyados en los nuevos requisitos de soberan\u00eda, mientras que los servicios LEO dominan las aplicaciones que requieren alta escalabilidad, movilidad y baja latencia.<\/p>\n<p style=\"text-align: left;\">En este contexto, la combinaci\u00f3n de servicios bajo esquemas multi\u00f3rbita emerge como soluci\u00f3n premium para segmentos cr\u00edticos, aunque su adopci\u00f3n masiva se espera hacia la pr\u00f3xima d\u00e9cada.<\/p>\n<p style=\"text-align: left;\">En este contexto altamente complejo y de fuerte competencia, los resultados obtenidos por el grupo en 2025 contin\u00faan adecuando la valoraci\u00f3n contable de los activos no financieros al entorno del sector. Aislando el efecto de este tipo de ajustes y otros de naturaleza extraordinaria, el resultado neto del ejercicio se situar\u00eda en 13,5 millones de euros, superando los 8,3 millones de euros del resultado neto pro-forma comparable de 2024.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb3%\u00bb bottom_padding=\u00bb3%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb centered_text=\u00bbtrue\u00bb desktop_text_alignment=\u00bbcenter\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbtitulo-cifras-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbh4&#8243; text_color=\u00bb#00B0BD\u00bb font_size_desktop=\u00bb25px\u00bb text_direction=\u00bbdefault\u00bb]Ingresos de explotaci\u00f3n[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb1%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color=\u00bb#004254&#8243; background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-azul-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb font_size_min=\u00bb16px\u00bb text_color=\u00bb#FFFFFF\u00bb text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243; font_size_desktop=\u00bb16px\u00bb]\n<p style=\"text-align: justify;\"><strong>En el ejercicio de 2025, los ingresos totales de explotaci\u00f3n del Grupo han alcanzado los 212,1 millones de euros. Dicho importe representa una reducci\u00f3n del 11,2% respecto a los registrados en 2024, afectados por el entorno disruptivo y de fuerte competencia descrito.<\/strong><\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb8px\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column top_padding_desktop=\u00bb6%\u00bb constrain_group_100=\u00bbyes\u00bb bottom_padding_desktop=\u00bb6%\u00bb left_padding_desktop=\u00bb6%\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbadvanced\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">Esta reducci\u00f3n ha sido m\u00e1s acusada en el mercado americano, muy influida por la situaci\u00f3n concursal de uno de los principales clientes en Brasil, as\u00ed como por una reducci\u00f3n paulatina de ingresos del negocio de video y el retraso en la ejecuci\u00f3n de proyectos gubernamentales en la regi\u00f3n.<\/p>\n<p style=\"text-align: justify;\">La venta de servicios gestionados representa en 2025 en torno a un 42% de los ingresos comerciales de la compa\u00f1\u00eda consolidando el doble rol de HispaSat como proveedor mayorista de capacidad espacial y como prestador de servicios de valor a\u00f1adido.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column top_padding_desktop=\u00bb6%\u00bb constrain_group_100=\u00bbyes\u00bb bottom_padding_desktop=\u00bb6%\u00bb right_padding_desktop=\u00bb6%\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbadvanced\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">De la totalidad de los ingresos de explotaci\u00f3n consolidados, la cifra de negocio representa un 92,4% y se situ\u00f3 en 195,9 millones de euros que corresponden a ingresos por arrendamiento de capacidad espacial, servicios de telepuerto y prestaci\u00f3n de servicios gestionados.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb8px\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; 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text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243; font_size_desktop=\u00bb16px\u00bb]\n<p style=\"text-align: left;\">Esta reducci\u00f3n ha sido m\u00e1s acusada en el mercado americano, muy influida por la situaci\u00f3n concursal de uno de los principales clientes en Brasil, as\u00ed como por una reducci\u00f3n paulatina de ingresos del negocio de video y el retraso en la ejecuci\u00f3n de proyectos gubernamentales en la regi\u00f3n.<\/p>\n<p style=\"text-align: left;\">La venta de servicios gestionados representa en 2025 en torno a un 42% de los ingresos comerciales de la compa\u00f1\u00eda consolidando el doble rol de HispaSat como proveedor mayorista de capacidad espacial y como prestador de servicios de valor a\u00f1adido.<\/p>\n<p style=\"text-align: left;\">De la totalidad de los ingresos de explotaci\u00f3n consolidados, la cifra de negocio representa un 92,4% y se situ\u00f3 en 195,9 millones de euros que corresponden a ingresos por arrendamiento de capacidad espacial, servicios de telepuerto y prestaci\u00f3n de servicios gestionados.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb5px\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb bottom_padding=\u00bb3%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; 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background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb1%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color=\u00bb#004254&#8243; background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-azul-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb font_size_min=\u00bb18px\u00bb text_color=\u00bb#FFFFFF\u00bb text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243; font_size_desktop=\u00bb18px\u00bb]\n<p style=\"text-align: justify;\"><b>Los gastos operativos consolidados se situaron en 111,5 millones de euros, que representa una reducci\u00f3n interanual global del 6,9%.<br \/>\nEn conjunto, excluyendo la partida de gastos de personal, el resultado del plan de eficiencia ha representado un ahorro agregado de m\u00e1s de un 15,3% y, en t\u00e9rminos acumulados, en los dos \u00faltimos ejercicios, la reducci\u00f3n alcanza los 21,1 millones de euros que representa un esfuerzo de ajuste acumulado del 23%.<\/b><\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb8px\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column top_padding_desktop=\u00bb6%\u00bb bottom_padding_desktop=\u00bb6%\u00bb left_padding_desktop=\u00bb6%\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbadvanced\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">Los gastos de personal se incrementaron como consecuencia tanto por el incremento de la plantilla media, necesario para atender el desarrollo del proyecto IRIS; as\u00ed como por el gasto destinado a remuneraciones de naturaleza extraordinaria, derivado de la renovaci\u00f3n en la direcci\u00f3n del Grupo.<\/p>\n<p style=\"text-align: justify;\">HispaSat mantuvo e intensific\u00f3 durante el ejercicio la aplicaci\u00f3n de sus pol\u00edticas y procesos orientados a maximizar la eficiencia de sus operaciones al mismo tiempo que impuls\u00f3 un plan de ajuste del gasto operativo, identificando eficiencias operacionales y sinergias en la contrataci\u00f3n de capacidad espacial derivadas del proceso de integraci\u00f3n del negocio \u201cretail\u201d.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column top_padding_desktop=\u00bb6%\u00bb bottom_padding_desktop=\u00bb6%\u00bb right_padding_desktop=\u00bb6%\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbadvanced\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">Adem\u00e1s, durante 2025 se ha seguido mejorando en los procesos de \u201crevenue assurance\u201d y de validaci\u00f3n previa de la calidad crediticia de los clientes, dando continuidad a las iniciativas puestas en marcha en a\u00f1os anteriores y cuyos resultados tangibles se han visto reflejados tanto en la evoluci\u00f3n de las cuentas comerciales a cobrar como en la reducci\u00f3n de las provisiones para cubrir potenciales riesgos de insolvencia de la cartera comercial.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb8px\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column top_padding_desktop=\u00bb6%\u00bb bottom_padding_desktop=\u00bb6%\u00bb left_padding_desktop=\u00bb6%\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbadvanced\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: left;\">Los gastos de personal se incrementaron como consecuencia tanto por el incremento de la plantilla media, necesario para atender el desarrollo del proyecto IRIS; as\u00ed como por el gasto destinado a remuneraciones de naturaleza extraordinaria, derivado de la renovaci\u00f3n en la direcci\u00f3n del Grupo.<\/p>\n<p style=\"text-align: left;\">HispaSat mantuvo e intensific\u00f3 durante el ejercicio la aplicaci\u00f3n de sus pol\u00edticas y procesos orientados a maximizar la eficiencia de sus operaciones al mismo tiempo que impuls\u00f3 un plan de ajuste del gasto operativo, identificando eficiencias operacionales y sinergias en la contrataci\u00f3n de capacidad espacial derivadas del proceso de integraci\u00f3n del negocio \u201cretail\u201d.<\/p>\n<p style=\"text-align: left;\">Adem\u00e1s, durante 2025 se ha seguido mejorando en los procesos de \u201crevenue assurance\u201d y de validaci\u00f3n previa de la calidad crediticia de los clientes, dando continuidad a las iniciativas puestas en marcha en a\u00f1os anteriores y cuyos resultados tangibles se han visto reflejados tanto en la evoluci\u00f3n de las cuentas comerciales a cobrar como en la reducci\u00f3n de las provisiones para cubrir potenciales riesgos de insolvencia de la cartera comercial.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb5px\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb bottom_padding=\u00bb3%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; 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image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbGrow In\u00bb animation_easing=\u00bbdefault\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb delay=\u00bb500&#8243;][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; 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image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbGrow In\u00bb animation_easing=\u00bbdefault\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb delay=\u00bb500&#8243;][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][image_with_animation image_url=\u00bb909&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbGrow In\u00bb animation_easing=\u00bbdefault\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb delay=\u00bb500&#8243;][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb3%\u00bb bottom_padding=\u00bb3%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb centered_text=\u00bbtrue\u00bb desktop_text_alignment=\u00bbcenter\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbtitulo-cifras-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbh4&#8243; text_color=\u00bb#00B0BD\u00bb font_size_desktop=\u00bb25px\u00bb text_direction=\u00bbdefault\u00bb]Resultado operativo (EBITDA)[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb10px\u00bb equal_height=\u00bbyes\u00bb content_placement=\u00bbmiddle\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb bottom_padding=\u00bb3%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcolumna-blanca-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbgrow-in\u00bb animation_easing=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb delay=\u00bb500&#8243;][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">El resultado de las sociedades consolidadas por el m\u00e9todo de la participaci\u00f3n ha sido de 35,9 millones de euros, los cuales se corresponden en su gran mayor\u00eda con actividades an\u00e1logas a la actividad de HispaSat y, en consecuencia, contribuyen a la cifra de resultado operativo (EBITDA). De este importe, 20 millones de euros provienen de la reversi\u00f3n del deterioro contable sobre la participaci\u00f3n en la filial, ajustado en 2016.<\/p>\n<p style=\"text-align: justify;\">De la evoluci\u00f3n de los ep\u00edgrafes anteriores, el EBITDA consolidado resultante, a cierre de 2025, se sit\u00faa en 136,5 millones de euros, lo que representa un margen operativo sobre ingresos del 64,4%.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbgrow-in\u00bb animation_easing=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb delay=\u00bb500&#8243;][image_with_animation image_url=\u00bb1080&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb125%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb10px\u00bb equal_height=\u00bbyes\u00bb content_placement=\u00bbmiddle\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb bottom_padding=\u00bb3%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcolumna-blanca-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: left;\">El resultado de las sociedades consolidadas por el m\u00e9todo de la participaci\u00f3n ha sido de 35,9 millones de euros, los cuales se corresponden en su gran mayor\u00eda con actividades an\u00e1logas a la actividad de HispaSat y, en consecuencia, contribuyen a la cifra de resultado operativo (EBITDA). De este importe, 20 millones de euros provienen de la reversi\u00f3n del deterioro contable sobre la participaci\u00f3n en la filial, ajustado en 2016.<\/p>\n<p style=\"text-align: left;\">De la evoluci\u00f3n de los ep\u00edgrafes anteriores, el EBITDA consolidado resultante, a cierre de 2025, se sit\u00faa en 136,5 millones de euros, lo que representa un margen operativo sobre ingresos del 64,4%.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][image_with_animation image_url=\u00bb1081&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb125%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#E3E2DA\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb6%\u00bb bottom_padding=\u00bb3%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbcenter\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][image_with_animation image_url=\u00bb494&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bbcenter\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb el_class=\u00bbcaja-altura-fija\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#E3E2DA\u00bb scene_position=\u00bbcenter\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color=\u00bb#004254&#8243; background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-azul-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#FFFFFF\u00bb text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243; font_size_desktop=\u00bb18px\u00bb]\n<p style=\"text-align: justify;\"><b>Las inversiones en inmovilizado material e intangibles llevadas a cabo durante el ejercicio 2025, excluyendo el efecto contable de la aplicaci\u00f3n de la NIIF 16, alcanzaron los 15,1 millones de euros, que, comparado en t\u00e9rminos homog\u00e9neos con el pasado ejercicio, se reducen en casi un 37%, en l\u00ednea con las directrices de eficiencia impulsadas por HispaSat.<\/b><\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbcustom\u00bb column_margin_custom=\u00bb12px\u00bb equal_height=\u00bbyes\u00bb content_placement=\u00bbmiddle\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#E3E2DA\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb9px\u00bb bottom_padding=\u00bb6%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb top_margin=\u00bb0.75%\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; background_image=\u00bb670&#8243; background_image_type=\u00bbdefault\u00bb background_image_position=\u00bbcenter center\u00bb background_image_stacking=\u00bbdefault\u00bb enable_bg_scale=\u00bbtrue\u00bb background_image_loading=\u00bbdefault\u00bb column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-inversiones-texto-azul\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbgrow-in\u00bb animation_easing=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb delay=\u00bb500&#8243;][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">Los conceptos de inversi\u00f3n operativa acometidos se destinaron principalmente a sistemas de monitorizaci\u00f3n y banda ancha, al plan de sistemas para modernizar y digitalizar sus procesos comerciales, operativos y de negocio, as\u00ed como diversas actuaciones de mejora o implantaci\u00f3n de las infraestructuras que integran el segmento terreno de control.<\/p>\n<p style=\"text-align: justify;\">Respecto a los arrendamientos a largo plazo clasificados como inversiones conforme a la NIIF 16, el Grupo destin\u00f3 3,3 millones de euros en 2025.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][image_with_animation image_url=\u00bb495&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbGrow In\u00bb animation_easing=\u00bbdefault\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb delay=\u00bb500&#8243;][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb5px\u00bb equal_height=\u00bbyes\u00bb content_placement=\u00bbmiddle\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#E3E2DA\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb9px\u00bb bottom_padding=\u00bb6%\u00bb left_padding_desktop=\u00bb11%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb11%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; background_image=\u00bb670&#8243; background_image_type=\u00bbdefault\u00bb background_image_position=\u00bbcenter center\u00bb background_image_stacking=\u00bbdefault\u00bb enable_bg_scale=\u00bbtrue\u00bb background_image_loading=\u00bbdefault\u00bb column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-inversiones-texto-azul\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: left;\">Los conceptos de inversi\u00f3n operativa acometidos se destinaron principalmente a sistemas de monitorizaci\u00f3n y banda ancha, al plan de sistemas para modernizar y digitalizar sus procesos comerciales, operativos y de negocio, as\u00ed como diversas actuaciones de mejora o implantaci\u00f3n de las infraestructuras que integran el segmento terreno de control.<\/p>\n<p style=\"text-align: left;\">Respecto a los arrendamientos a largo plazo clasificados como inversiones conforme a la NIIF 16, el Grupo destin\u00f3 3,3 millones de euros en 2025.<\/p>\n[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][image_with_animation image_url=\u00bb914&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#FFFFFF\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb6%\u00bb bottom_padding=\u00bb3%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb id=\u00bbflujos\u00bb overlay_strength=\u00bb0.3&#8243; 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image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bbcenter\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb el_class=\u00bbcaja-altura-fija\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#FFFFFF\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb6%\u00bb bottom_padding=\u00bb3%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-desktop\u00bb id=\u00bbmovilflujos\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][image_with_animation image_url=\u00bb916&#8243; image_size=\u00bbfull\u00bb max_width=\u00bbcustom\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bbcenter\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb max_width_custom=\u00bb80%\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb bottom_padding=\u00bb3%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb centered_text=\u00bbtrue\u00bb desktop_text_alignment=\u00bbcenter\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbtitulo-cifras-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbh4&#8243; text_color=\u00bb#00B0BD\u00bb font_size_desktop=\u00bb25px\u00bb text_direction=\u00bbdefault\u00bb]Flujos de efectivo[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">Los flujos de efectivo de las actividades de explotaci\u00f3n generados por HispaSat en 2025 fueron de 57,3 millones de euros. La variaci\u00f3n del capital corriente en 32,3 millones de euros negativos se debe principalmente a la devoluci\u00f3n de gran parte de la subvenci\u00f3n al operador minorista, correspondiente al proyecto \u201cCon\u00e9ctate-35\u201d, que supuso una salida de efectivo de 22 millones de euros.<\/p>\n<p style=\"text-align: justify;\">Del total de los flujos de efectivo de actividades de explotaci\u00f3n se han aplicado 20,5 millones de euros a actividades de inversi\u00f3n para inmovilizado (material e intangible). En cuanto a los flujos de efectivo de financiaci\u00f3n, en 2025 se atendieron vencimientos de deuda bancaria estructurada por importe de 50,8 millones de euros y 23,2 millones de euros correspondientes a reembolsos durante el ejercicio de las l\u00edneas de cr\u00e9dito que dispone el Grupo. Tambi\u00e9n, durante el ejercicio se realizaron disposiciones de las l\u00edneas de cr\u00e9dito por importe de 14 millones de euros.<\/p>\n<p style=\"text-align: justify;\">Adicionalmente, tambi\u00e9n forman parte del flujo de efectivo de financiaci\u00f3n, los pagos por arrendamientos calificados bajo NIIF-16 que totalizaron 19 millones de euros.<br \/>\nEn conjunto, el saldo neto entre el flujo de efectivo de las actividades de explotaci\u00f3n, el flujo de efectivo de las actividades de inversi\u00f3n y el flujo efectivo de actividades de financiaci\u00f3n, ajustado por el efecto de las variaciones de los tipos de cambio, resulta en una salida neta de efectivo y equivalentes en el ejercicio de 44,5 millones de euros (22,5 millones de euros ajustado del efecto por la devoluci\u00f3n de la subvenci\u00f3n al operador minorista del proyecto Con\u00e9ctate 35).<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb left_padding_desktop=\u00bb1%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: left;\">Los flujos de efectivo de las actividades de explotaci\u00f3n generados por HispaSat en 2025 fueron de 57,3 millones de euros. La variaci\u00f3n del capital corriente en 32,3 millones de euros negativos se debe principalmente a la devoluci\u00f3n de gran parte de la subvenci\u00f3n al operador minorista, correspondiente al proyecto \u201cCon\u00e9ctate-35\u201d, que supuso una salida de efectivo de 22 millones de euros.<\/p>\n<p style=\"text-align: left;\">Del total de los flujos de efectivo de actividades de explotaci\u00f3n se han aplicado 20,5 millones de euros a actividades de inversi\u00f3n para inmovilizado (material e intangible). En cuanto a los flujos de efectivo de financiaci\u00f3n, en 2025 se atendieron vencimientos de deuda bancaria estructurada por importe de 50,8 millones de euros y 23,2 millones de euros correspondientes a reembolsos durante el ejercicio de las l\u00edneas de cr\u00e9dito que dispone el Grupo. Tambi\u00e9n, durante el ejercicio se realizaron disposiciones de las l\u00edneas de cr\u00e9dito por importe de 14 millones de euros.<\/p>\n<p style=\"text-align: left;\">Adicionalmente, tambi\u00e9n forman parte del flujo de efectivo de financiaci\u00f3n, los pagos por arrendamientos calificados bajo NIIF-16 que totalizaron 19 millones de euros.<br \/>\nEn conjunto, el saldo neto entre el flujo de efectivo de las actividades de explotaci\u00f3n, el flujo de efectivo de las actividades de inversi\u00f3n y el flujo efectivo de actividades de financiaci\u00f3n, ajustado por el efecto de las variaciones de los tipos de cambio, resulta en una salida neta de efectivo y equivalentes en el ejercicio de 44,5 millones de euros (22,5 millones de euros ajustado del efecto por la devoluci\u00f3n de la subvenci\u00f3n al operador minorista del proyecto Con\u00e9ctate 35).<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; 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background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbtitulo-cifras-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbh4&#8243; text_color=\u00bb#00B0BD\u00bb font_size_desktop=\u00bb25px\u00bb text_direction=\u00bbdefault\u00bb]Deuda financiera[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb1%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color=\u00bb#004254&#8243; background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-azul-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#FFFFFF\u00bb text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243; font_size_desktop=\u00bb18px\u00bb]\n<p style=\"text-align: justify;\"><b>El endeudamiento neto a cierre del ejercicio, incluyendo las garant\u00edas otorgadas a terceros, es de 101,7 millones de euros, reduci\u00e9ndose desde los 157,7 millones de euros a cierre de 2024, principalmente motivado por las amortizaciones de principal de los cr\u00e9ditos a la exportaci\u00f3n correspondientes a la financiaci\u00f3n de los sat\u00e9lites en \u00f3rbita atendidas en 2025.<\/b><\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb6px\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-2-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">El valor contable de la deuda bancaria se situ\u00f3, a 31 de diciembre de 2025, en 136,5 millones de euros, disminuyendo un 32% respecto al a\u00f1o anterior.<br \/>\nEl plazo medio a vencimiento de la deuda bancaria viva estructurada a cierre del ejercicio es de 5,5 a\u00f1os.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb6px\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-2-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#004254&#8243; text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: left;\">El valor contable de la deuda bancaria se situ\u00f3, a 31 de diciembre de 2025, en 136,5 millones de euros, disminuyendo un 32% respecto al a\u00f1o anterior.<br \/>\nEl plazo medio a vencimiento de la deuda bancaria viva estructurada a cierre del ejercicio es de 5,5 a\u00f1os.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb5px\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbgrow-in\u00bb animation_easing=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb delay=\u00bb500&#8243;][image_with_animation image_url=\u00bb869&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbgrow-in\u00bb animation_easing=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb delay=\u00bb500&#8243;][image_with_animation image_url=\u00bb515&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bb5px\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbgrow-in\u00bb animation_easing=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb delay=\u00bb500&#8243;][image_with_animation image_url=\u00bb923&#8243; image_size=\u00bbfull\u00bb max_width=\u00bb100%\u00bb max_width_mobile=\u00bbdefault\u00bb animation_type=\u00bbentrance\u00bb animation=\u00bbNone\u00bb animation_movement_type=\u00bbtransform_y\u00bb hover_animation=\u00bbnone\u00bb alignment=\u00bb\u00bb border_radius=\u00bbnone\u00bb box_shadow=\u00bbnone\u00bb image_loading=\u00bbdefault\u00bb][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; 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background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbtitulo-cifras-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/2&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbh4&#8243; text_color=\u00bb#00B0BD\u00bb font_size_desktop=\u00bb25px\u00bb text_direction=\u00bbdefault\u00bb]Liquidez y recursos de capital[\/nectar_responsive_text][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb flex_gap_desktop=\u00bb10px\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/4&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb1%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb overlay_strength=\u00bb0.3&#8243; gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb gradient_type=\u00bbdefault\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbpadding-3-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb column_element_direction_desktop=\u00bbdefault\u00bb column_element_spacing=\u00bbdefault\u00bb desktop_text_alignment=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb background_color=\u00bb#004254&#8243; background_color_opacity=\u00bb1&#8243; background_hover_color_opacity=\u00bb1&#8243; column_backdrop_filter=\u00bbnone\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb column_position=\u00bbdefault\u00bb el_class=\u00bbcaja-azul-chaflan\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3&#8243; width=\u00bb1\/1&#8243; tablet_width_inherit=\u00bbdefault\u00bb animation_type=\u00bbdefault\u00bb bg_image_animation=\u00bbnone\u00bb border_type=\u00bbsimple\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb column_padding_type=\u00bbdefault\u00bb content_layout=\u00bbdefault\u00bb gradient_type=\u00bbdefault\u00bb][nectar_responsive_text inherited_font_style=\u00bbdefault\u00bb text_color=\u00bb#FFFFFF\u00bb text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243; font_size_desktop=\u00bb18px\u00bb]\n<p style=\"text-align: justify;\"><b>A 31 de diciembre de 2025, la posici\u00f3n de liquidez alcanza los 308,2 millones de euros (58,2 millones de euros de tesorer\u00eda disponible) y 257,7 millones de euros de l\u00edneas de cr\u00e9dito no dispuestas).<\/b><\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb12%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-movil\u00bb overlay_strength=\u00bb0.3&#8243; 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text_direction=\u00bbdefault\u00bb font_line_height=\u00bb1.3&#8243;]\n<p style=\"text-align: justify;\">El Grupo mantiene una pol\u00edtica de liquidez que permite asegurar el cumplimiento de los compromisos de pago adquiridos, diversificando la cobertura de las necesidades de financiaci\u00f3n y los vencimientos de la deuda.<\/p>\n<p style=\"text-align: justify;\">La posici\u00f3n de liquidez se basa fundamentalmente en la generaci\u00f3n sostenida de flujos de caja procedentes de sus operaciones, con una cartera de contratos a largo plazo significativa, lo que, unido a una capacidad financiera existente gracias a la disponibilidad de l\u00edneas de cr\u00e9dito tanto a corto como a largo plazo, le permite desarrollar una gesti\u00f3n prudente del riesgo de liquidez.<\/p>\n<p style=\"text-align: justify;\">El Grupo sigue contando con una s\u00f3lida posici\u00f3n de liquidez para continuar garantizando las necesidades operativas de tesorer\u00eda y los vencimientos de deuda de los pr\u00f3ximos a\u00f1os.<\/p>\n[\/nectar_responsive_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb12px\u00bb bottom_padding=\u00bb12%\u00bb left_padding_desktop=\u00bb12%\u00bb constrain_group_2=\u00bbyes\u00bb right_padding_desktop=\u00bb12%\u00bb bottom_padding_phone=\u00bb12%\u00bb left_padding_phone=\u00bb1%\u00bb constrain_group_6=\u00bbyes\u00bb right_padding_phone=\u00bb1%\u00bb bottom_margin=\u00bb12%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb row_position_desktop=\u00bbdefault\u00bb row_position_tablet=\u00bbinherit\u00bb row_position_phone=\u00bbinherit\u00bb overflow=\u00bbvisible\u00bb class=\u00bbfila-blanca-chaflan ocultar-desktop\u00bb id=\u00bbmovil\u00bb overlay_strength=\u00bb0.3&#8243; 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