Spain · Delayed Price · Currency is EUR Telefónica Earnings Call Transcripts
Fiscal Year 2026
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The meeting approved all agenda items, including a EUR 0.15 per share dividend, new director appointments, and a renewed focus on European consolidation and operational efficiency. Financial results improved in 2025, and the board addressed shareholder concerns on dividends, infrastructure, and governance.
Fiscal Year 2025
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Delivered on all 2025 commitments with revenue and EBITDA growth, strong cash flow, and major portfolio simplification. 2026 guidance upgraded, with continued focus on efficiency, digital services, and disciplined capital allocation.
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A new five-year plan targets profitable growth, efficiency, and digital transformation across four core markets, with revenue and EBITDA growth accelerating after 2028. Capital allocation prioritizes investment, deleveraging, and a sustainable dividend, while consolidation and M&A remain upside opportunities under strict criteria.
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Accelerated portfolio transformation in Hispam and strong commercial momentum in core markets drove revenue and EBITDA growth in Spain and Brazil, while Germany faced challenges from the 1&1 migration. Free cash flow guidance was updated to EUR 1.5–1.9 billion, with most Hispam exit impacts concentrated in 2025.
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Q2 saw organic revenue and EBITDA growth, positive free cash flow, and progress on strategic initiatives, including asset sales and network upgrades. Spain and Brazil led performance, while the company reiterated 2025 guidance and expects further improvement in H2.
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Operational and financial performance remained strong in core markets, with organic growth in revenue and EBITDA, continued fiber and 5G expansion, and accelerated portfolio simplification through Hispam asset sales. 2025 guidance is reiterated, with stable free cash flow and improved leverage expected.
Fiscal Year 2024
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2024 results exceeded guidance with 14% free cash flow growth and strong operational momentum in core markets. Portfolio optimization advanced with the sale of Argentina and Peru insolvency, while 2025 guidance targets further organic growth, lower CapEx intensity, and a €0.3/share dividend.
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Q3 saw strong operational progress and free cash flow growth above targets, with Spain, Brazil, and Germany delivering robust results despite FX headwinds. Strategic investments in fiber and 5G, disciplined capital management, and effective hedging support confidence in meeting 2024 guidance.
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Q2 2024 delivered revenue growth of 1.2% year-on-year, with EBITDA minus CapEx up 11.5% and free cash flow on track for over 10% growth, supported by strong performance across all main markets and strategic network agreements. FX and tax headwinds are managed within guidance.