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 for all agenda items.

• The agenda included approval of financial statements, profit allocation, auditor appointments, director elections, dividend distribution, remuneration policy, and other statutory matters.

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 rose 7.1%, with IT income comprising over 48% of B2B revenue.

• Spain achieved its best fiscal year in seven years, with simultaneous growth in EBIT, EBITDA, income, and operating cash flow.

• Brazil's Vivo saw net benefit growth of 11.2% and strong digital service income increases in both B2B and B2C segments.

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 emphasized increased diversity and digital expertise, aligning with good governance practices.