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Telefónica (TEF) investor relations material
Telefónica AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Opening remarks and agenda
The meeting was validly constituted with 27,661 shareholders present or represented, holding 65.71% of share capital, ensuring a sufficient quorum.
The chairman emphasized accountability, execution of transformation, and outlined the agenda, including strategic direction, governance, and shareholder engagement.
Financial performance review
Income and profitability improved in 2025, with free cash flow from continued operations reaching EUR 2,069 million.
EBIT adjusted for exchange rates grew by 2%, and B2B income increased by 7.1%, with IT now representing over 48% of B2B income.
Spain achieved its best fiscal year in seven years, with simultaneous growth in EBIT, EBITDA, and operating cash flow.
Brazil's Vivo saw net benefit growth of 11.2% and 103 million mobile accesses, with strong digital service income growth.
Board and executive committee updates
Several new independent directors were proposed for ratification, including Ana Martínez, Mónica Rey, César Mascaraque, and Jane Thompson.
The board reinforced its commitment to good governance, increasing the number of independent directors and women.
- Exceeded 2025 financial targets, upgraded 2026 FCF guidance, and advanced strategic transformation.TEF
Q4 202524 Feb 2026 - Q2 2024 delivered revenue, EBITDA, and FCF growth, with guidance and strategic progress confirmed.TEF
Q2 20242 Feb 2026 - Strong FCF growth and resilient core markets support reaffirmed 2024 guidance.TEF
Q3 202416 Jan 2026 - Revenue and FCF grew 14.1% in 2024, with strong core market performance and stable dividends.TEF
Q4 20247 Jan 2026 - Organic growth and portfolio transformation continue; FCF guidance cut, dividend confirmed.TEF
Q3 202516 Dec 2025 - Core markets delivered organic growth and margin gains as Hispam divestments improved leverage.TEF
Q1 202518 Nov 2025 - 2026–2030 plan targets profitable growth, efficiency, and value from European consolidation.TEF
CMD 20254 Nov 2025 - Q2 2025 delivered organic growth, positive cash flow, and accelerated Hispam divestments.TEF
Q2 20254 Nov 2025
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