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Telefónica (TEF) investor relations material
Telefónica CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary4 Nov, 2025
Strategic vision and transformation
Launched the Transform and Grow Strategic Plan for 2026–2030 to become a world-class European telco with profitable scale, focusing on customer centricity, technological capabilities, operating model simplification, and talent development.
Six strategic pillars: best-in-class customer experience, B2B expansion, B2C expansion, technological evolution, operating model simplification, and talent development.
Plan built through extensive collaboration, with 27 work streams and over 5,750 hours of sessions, and unanimously approved by management and strategic shareholders.
Emphasizes tough decisions, faster execution, and balancing short- and long-term priorities to address high leverage and operational complexity.
Industry trends include technology disruption, geopolitical polarization, and a widening technology gap between Europe and the US/China.
Market context and growth opportunities
Operates in four core markets: Spain, Brazil, Germany, and the U.K., representing over €170 billion in telco market value.
Each market has unique opportunities: Spain focuses on B2C ecosystem and B2B digital services; Brazil on network expansion and ecosystem growth; Germany on convergence and fiber; U.K. on premium convergence and B2B digital services.
B2B revenues targeted to reach 26% of group revenues by 2028, with strong focus on cybersecurity, cloud, IoT, and Industry 4.0.
Digital services expected to grow over 10% annually through 2030, with ecosystem revenues in B2C projected at 3.4% CAGR from 2025–2028.
B2C strategy aims for 74% convergence over fixed broadband by 2028 in key markets.
Strategic plan and operational initiatives
Best-in-class customer experience targeted, with NPS improvements and reduced churn across core markets.
Technological evolution includes €32B cumulative network and IT investment (2026–2028), network automation, and AI deployment.
Operating model simplification targets a 25% OpEx reduction in corporate and business units by 2027/2028.
Efficiency plan to deliver €2–2.3B gross OpEx/TotEx reduction by 2028, rising to €3B by 2030.
Initiatives include network optimization, digital transformation, automation, and asset sales.
Gross OpEx reduction target by '28?
Consolidation's role in '26-'30 plan?
FCF base for dividend calculation?
How will Telefonica ensure favorable M&A remedies?
Detail path to 2.5x net debt/EBITDAaL by 2028
How to address structural cost asymmetry?
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Next Telefónica earnings date
Q4 202526 Feb, 2026
Next Telefónica earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Telefónica, S.A. provides telecommunications services in Europe and Latin America. It offers mobile and fixed voice services, including call origination, termination, and transit; and messaging services comprising SMS, MMS, e-mail, and instant messaging. The company also provides data transmission services comprising EDGE/GPRS networks to support data transmission services through mobile devices in the handset market; UMTS/HSPA and LTE networks for the provision of third generation mobile voice and multimedia data services; broadband access through cable modems and DSL technologies; access networks by connecting its subscribers to the internet; public payphone aimed at individuals with limited resources who want to make calls on a not frequent basis; international traffic; Telefonica TV Digital+ servicie that offers programming through a set top box connected to the television network; national communications infrastructure consisting of fiber optic networks; IT solutions industry; and wholesale capabilities.
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