Nick Lyall's questions to Telefonica SA (TEF) leadership • Q2 2025
Question
Nick Lyall from Berenberg Bank inquired about the underlying ARPU trend in Germany post-1&1 migration and asked for specifics on cost savings from Spain's copper shutdown.
Answer
Markus Haas, CEO of Telefónica Deutschland, explained that their own customer ARPU is broadly stable, with the reported figure being a technical effect of the wholesale migration. COO & Executive Director Emilio Gayo Rodríguez detailed that the copper shutdown contributed over one percentage point to the 2024 EBITDA margin, with an additional 0.5 point expected over the next three years.