Telefónica (TEF) AGM 2026 summary

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.