Research analysts who have asked questions during TELEFONICA S A earnings calls.
AL
Andrew Lee
Goldman Sachs
3 questions for TEF
Also covers: FNCTF, KKPNY, SNRE +2 more
Keval Khiroya
Deutsche Bank AG
3 questions for TEF
Also covers: TELNY
AD
Akhil Dattani
JPMorgan Chase & Co.
2 questions for TEF
Also covers: FNCTF, VOD
David Wright
Bank of America Merrill Lynch
2 questions for TEF
Also covers: ACET, AP, LBTYA +4 more
FC
Fernando Cordero
Banco Santander, S.A.
2 questions for TEF
JR
James Ratzer
New Street Research
2 questions for TEF
Also covers: LBTYA, VOD
FC
Fernando Cordero Barreira
Santander
1 question for TEF
Also covers: FNCTF
GI
Georgios Ierodiaconou
Citigroup Inc.
1 question for TEF
Also covers: KKPNY, VOD
Joshua Mills
BNP Paribas Exane
1 question for TEF
Also covers: FNCTF, KKPNY, LBTYA +2 more
MR
Mathieu Robilliard
Barclays PLC
1 question for TEF
Also covers: BOUYY, FNCTF, IRDM +1 more
NC
Nawar Cristini
Morgan Stanley
1 question for TEF
Also covers: KKPNY
NL
Nick Lyall
Berenberg Bank
1 question for TEF
OC
Ondrej Cabejšek
UBS Group AG
1 question for TEF
Also covers: TELNY
Recent press releases and 8-K filings for TEF.
Telefónica Files to Deregister and Suspend SEC Reporting Obligations
TEF
Delisting/Listing Issues
- Telefónica, S.A. is voluntarily filing Forms 15F with the SEC to suspend its reporting obligations under the U.S. Securities Exchange Act of 1934, as of January 20, 2026.
- This action follows the company's previously announced intention to delist its American Depositary Shares and certain debt securities from the New York Stock Exchange (NYSE).
- The deregistration and termination of reporting obligations are expected to become effective 90 days after the Forms 15F filing, provided there is no objection from the SEC.
- Telefónica will continue to prepare its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).
Jan 20, 2026, 11:25 AM
Telefónica Subsidiary Prices EUR 1.75 Billion in Green Bonds
TEF
Debt Issuance
New Projects/Investments
- Telefónica Emisiones, S.A.U., a subsidiary of Telefónica, S.A., has priced and closed the terms for two series of undated deeply subordinated guaranteed fixed rate reset securities, intended to be issued as green bonds, for an aggregate nominal amount of EUR 1,750,000,000.
- The EUR 900,000,000 series (2031 Securities) will bear an initial fixed interest rate of 4.381% per annum from January 19, 2026, up to April 19, 2031.
- The EUR 850,000,000 series (2034 Securities) will bear an initial fixed interest rate of 4.881% per annum from January 19, 2026, up to April 19, 2034.
- Both series were issued at 100% of their face value, with interest payable annually in arrear starting on April 19, 2027, and the net proceeds will finance new or refinance existing projects under Telefónica's Sustainable Financing Framework.
- The closing date for the issuance is envisaged to take place on or about January 19, 2026.
Jan 12, 2026, 8:59 PM
Telefónica Announces Tender Offer for Hybrid Notes
TEF
Debt Issuance
- Telefónica Europe B.V., guaranteed by Telefónica, S.A., has launched a tender offer to purchase for cash EUR 2.25 billion in aggregate principal amount of its outstanding hybrid notes, comprising EUR 1 billion of 2026 Notes, EUR 500 million of 2027 Notes, and EUR 750 million of 2028 Notes.
- The offers aim to proactively manage the hybrid capital layer and provide noteholders an opportunity to switch into new notes.
- The tender offer commenced on January 12, 2026, and is set to expire at 17:00 CET on January 19, 2026, with the settlement date expected on January 22, 2026.
- The purchase prices are EUR 100,550 per EUR 100,000 for the 2026 Notes and EUR 99,600 per EUR 100,000 for the 2027 Notes, while the price for the 2028 Notes will be determined at the Pricing Time on January 20, 2026.
- The offers are subject to a New Financing Condition, dependent on the settlement of new EUR denominated Undated 5.25 Year and 8.25 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities, with the 2026 Notes and 2028 Notes having priority over the 2027 Notes for acceptance.
Jan 12, 2026, 12:10 PM
Telefónica announces exit plans and collective bargaining agreements
TEF
Layoffs
New Projects/Investments
- Telefónica, S.A. has reached agreements on collective bargaining and exit plans, which are estimated to affect approximately 5,500 employees.
- The estimated pre-tax cost for these exit plans amounts to approximately 2,500 million euros, with 2,300 million euros allocated to Telefónica España and Movistar Plus+, and 200 million euros to Corporate Units.
- The company anticipates average annual direct cost savings for the Group of around 600 million euros from 2028 onwards, with a positive impact on cash generation expected to begin in 2026.
- Collective Bargaining Agreements for Telefónica España and Corporate Units have been extended until December 31, 2030, and a new agreement for Movistar Plus+ has been signed.
Dec 22, 2025, 1:44 PM
Telefónica Announces Intent to Delist from NYSE
TEF
Delisting/Listing Issues
- Telefónica, S.A. (TEF) announced its intention to voluntarily delist its American Depositary Shares (ADSs) and several series of debt securities from the New York Stock Exchange (NYSE).
- The company plans to submit Form 25s with the U.S. Securities and Exchange Commission (SEC) in the coming weeks, with delisting expected to be effective ten days after submission.
- Following delisting, Telefónica intends to convert its ADR Program into a Level 1 ADR Program to facilitate trading on the U.S. over-the-counter market, and the delisted debt securities will be applied for listing on Euronext Dublin.
- This decision, consistent with its Strategic Plan presented in November 2025, aims to reduce administrative burden and costs.
Dec 17, 2025, 4:38 PM
Telefónica Provisionally Awarded LaLiga Broadcasting Rights
TEF
New Projects/Investments
- Telefónica Audiovisual Digital, S.A.U. has been provisionally awarded exclusive broadcasting rights for five (5) matches per matchday of the Campeonato Nacional de Liga de Primera División (“LaLiga”) for pay television in the residential market in Spain.
- The award covers the 2027/2028 through 2031/32 seasons, totaling five seasons.
- The total value of the award is 2,635.85 million euros, with an average price of 527.17 million euros per season.
- This provisional award aims to ensure Movistar Plus+ customers continue to access 100% of LaLiga matches.
Nov 28, 2025, 2:37 PM
Telefónica Secures Provisional UEFA Media Rights
TEF
New Projects/Investments
- Telefónica has been provisionally awarded exclusive media rights for major UEFA football competitions, including the UEFA Champions League and UEFA Europa League.
- These rights cover the seasons 2027/2028, 2028/2029, 2029/2030, and 2030/2031.
- The total provisional price for the award is 1,464 million euros, at a rate of 366 million euros per season.
- The award is subject to the negotiation and subsequent signing of a contract with UEFA.
Nov 20, 2025, 8:56 PM
Telefónica, S.A. announces strategic guidelines and financial targets through 2030
TEF
Guidance Update
Dividends
New Projects/Investments
- Telefónica, S.A. announced strategic guidelines for 2025-2030, projecting revenue and Adjusted EBITDA to grow at a CAGR of 1.5-2.5% for 2025-2028, accelerating to 2.5-3.5% for 2028-2030.
- The company anticipates CapEx/Sales to decrease to around 12% in 2026-2028, further declining to approximately 11% by 2030, and expects Free Cash Flow (FCF) base for guidance of €2.9-3.0bn in 2026, with a 3-5% CAGR for 2025-2028.
- Telefónica plans to reduce leverage to around 2.5x Net debt/EBITDAaL by 2028 and declared a 2025 dividend of 0.30 euro per share and a 2026 dividend of 0.15 euro per share, with future remuneration tied to a 40-60% FCF payout.
Nov 4, 2025, 11:33 AM
Telefónica SA Announces Q3 2025 Results and Confirms 2025 Guidance
TEF
Earnings
Guidance Update
Dividends
- Telefónica SA reported €8,958 million in revenue for Q3 2025, representing 0.4% organic growth, and €3,071 million in EBITDA, an increase of 1.2% organically.
- The company confirmed its 2025 guidance for organic growth in revenue, EBITDA, and EBITDAaL-CapEx, with CapEx/sales projected to be below 12.5%.
- A €0.30 dividend per share in cash for 2025 was confirmed.
- Free cash flow from continuing operations for Q3 2025 was €123 million, and net financial debt stood at €28,233 million as of September 2025.
- Telefónica continued its portfolio transformation in Hispam, with the sales of T. Uruguay and T. Ecuador closing in October 2025, following earlier deconsolidations.
Nov 4, 2025, 11:26 AM
Telefónica outlines new strategic plan and financial guidance at 2025 Capital Markets Day
TEF
Guidance Update
New Projects/Investments
M&A
- Telefónica unveiled a new strategic plan for 2026 to 2030, centered on profitable growth and delivering the best digital experience to customers, underpinned by six strategic pillars.
- The company plans to invest EUR 32 billion in TOTICS (CAPEX and OpEx) from 2026 to 2028 and targets gross OpEx reductions of EUR 1.51 billion by 2028 and EUR 2.0 billion per year by 2030.
- Financial guidance for 2025-2028 projects revenue, EBITDA, and operating cash flow after leases to grow at a compounded annual rate of 1.5%-2.5%, accelerating to 2.5%-3.5% for 2028-2030. CAPEX over revenue is expected to decrease from 12.5% in 2025 to 11% in 2030.
- In-market consolidation is identified as a potential upside, separate from the organic plan, with estimated synergies of EUR 18 billion-EUR 22 billion from Telefónica-led transactions. The company has also streamlined its footprint by exiting five geographies.
Nov 4, 2025, 11:00 AM
Quarterly earnings call transcripts for TELEFONICA S A.
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