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Telefónica (TEF) investor relations material

Telefónica Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Strategic review progressing on schedule, with focus on value creation, operational excellence, and portfolio optimization, especially in Europe and Brazil.

  • Achieved solid progress in strategy execution, with customer growth and efficiency milestones in Q2 2025.

  • Accelerated portfolio transformation in Hispam, signing or closing five country disposals totaling €3B.

  • Full-year 2025 guidance and dividend confirmed, with positive momentum expected in Europe and Brazil.

  • Recognized for ESG leadership, ranking second globally in sustainability by TIME Magazine and Statista.

Financial highlights

  • Q2 2025 revenue €8,953m, down 3.7% reported but up 1.5% organically year-over-year.

  • Q2 EBITDA €2,921m, down 4.8% reported but up 1.2% organically year-over-year; EBITDA margin 32.6%.

  • Free cash flow from continuing operations €505m in Q2, turning positive and up €718m sequentially.

  • Net financial debt at €27.6B as of June 2025, leverage ratio 2.78x, reflecting FCF seasonality and FX mix.

  • EPS from continued operations at €0.07 in Q2 and €0.15 in H1; adjusted net income €483m in Q2.

Outlook and guidance

  • 2025 guidance confirmed: organic revenue and EBITDA growth, CapEx/Sales below 12.5%, FCF similar to 2024.

  • Dividend of €0.30/share for 2025, with two €0.15 cash payments in Dec 2025 and Jun 2026.

  • Leverage reduction remains a priority, with FCF phasing aligned for H2 2025.

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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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