The National Market and Competition Commission (CNMC) has updated the list of main operators in the national mobile phone market for 2025, a list that determines which companies are subject to certain obligations and restrictions outlined in the Royal Decree-Law 6/2000. This change follows a specific corporate operation: Vodafone Spain has integrated the Wewi Mobile share after an authorized merger on November 5, 2025.
The direct consequence of this integration is twofold. On one hand, Wewi is no longer listed as a main operator; on the other hand, Aire Networks del Mediterráneo, S. L. U. (Aire Group) moves into fifth position in the ranking, replacing the operator that previously occupied that spot among the top five.
Why Wewi disappears from the ranking (even though its market share “doesn’t disappear”)
The technical nuance is important: the CNMC applies the criterion of “corporate group.” This means that, if multiple companies belong to the same group, the status of main operator falls on the entity with the largest share within that group. In other words, when one company absorbs or integrates another, the regulator does not keep both on the list as if they are competing against each other.
In the previously published list, Vodafone was in third place and Wewi in fifth. After the share was consolidated, the CNMC concludes that only Vodafone should be listed as a main operator, as it holds the greatest volume of lines within the group.
This kind of adjustment explains why the ranking is not just a snapshot of the market: it also reflects how the regulator interprets corporate structures during consolidation processes.
The new official list of main operators (2025)
After the update, the CNMC identifies as main mobile network operators in Spain:
- Orange Espagne, S. A. U.
- Telefónica Móviles España, S. A. U.
- Vodafone España, S. A. U.
- Digi Spain Telecom, S. L. U.
- Aire Networks del Mediterráneo, S. L. U.
The CNMC also reminds that this list can be modified at any point during the year if significant market changes occur, a notice that is particularly relevant in a sector prone to restructuring through acquisitions, integrations, and rebranding.
What does being a “main operator” imply and why is it important for investors and the market?
Being in the top 5 is not just a headline. The CNMC publishes this list annually to determine which operators are subject to the obligations and restrictions of the RD-law 6/2000, designed to prevent decisions with anti-competitive effects in highly concentrated markets.
The regulation includes a mechanism that directly impacts cross-shareholdings: if an individual or entity owns, directly or indirectly, more than 3 % of the capital or voting rights of two or more main operators in the same market, they must notify the CNMC within one month which operator they choose to exercise voting rights or appoint board members without restrictions.
Additionally, without explicit authorization, they cannot exercise voting rights over the excess percentage in other operators or appoint board members in more than one main operator within the same market. In practical terms: the list not only orders the sector but also activates governance and ownership influence rules.
Aire Networks enters the “mainstream” mobile conversation
The inclusion of Aire Networks del Mediterráneo in fifth place is noteworthy because it shifts focus onto a player not typically associated with the “top” mobile operators by the public. The interpretation, however, aligns with the CNMC’s approach: the movement results from the share integrations following Vodafone’s operation and the principle that the ranking should reflect the five groups with the greatest weight, not brands that no longer operate as separate entities.
Meanwhile, several market analyses emphasize that the current ranking confirms a structural reality: Spanish mobile telephony remains a market where the top positions hold a significant share of the total volume, and any merger can have immediate effects on the sector’s “regulatory balance.”
An important detail: “press release,” not a binding decision
The CNMC specifies that the document disseminated is “not official, intended for media, and not binding on the CNMC”, although its content reflects the applied criteria and the resulting list. This is a common nuance in the regulator’s public communications, but it’s important to understand the tone: it reports the adjustment and its basis without replacing formal case documents.
Frequently Asked Questions
What does it mean to be a “main mobile operator” according to the CNMC?
It means being among the top five operators by market share in the mobile sector (according to the CNMC’s criteria) and being subject to the obligations and restrictions of Royal Decree-Law 6/2000.
Why does Wewi no longer appear after merging with Vodafone?
Because the CNMC applies the group criterion: if multiple companies belong to the same group, only the entity with the largest market share in that group appears as a main operator—in this case, Vodafone.
What obligations does RD-law 6/2000 impose on those with holdings in multiple main operators?
If a stakeholder owns more than 3 % of two or more main operators in the same market, they must notify the CNMC which operator they choose to exercise voting rights or appointment rights without restrictions. Rights exceeding that percentage in others are limited unless authorized.
Can the ranking change during the year?
Yes. The CNMC states that the list can be modified at any time if there are relevant market changes.