Telefonica Stock Price, News & Analysis

Telefónica, S.A. (NYSE: TEF) is one of the largest telecommunications service providers in the world. According to company information, it offers fixed and mobile connectivity and a range of digital services for residential and business customers. Telefónica operates in Europe and Latin America and serves hundreds of millions of customers across these regions.

The company is classified in the telecommunications sector and is described as a telecommunications services provider. It has a significant presence in Spain, where it is the incumbent operator, and also operates in markets such as the United Kingdom, Germany, Brazil and other Latin American countries. Telefónica’s shares are 100% listed and traded on the Spanish Stock Market and on exchanges in New York and Lima, and it has historically used American Depositary Shares (ADSs) to access U.S. investors.

Business activities and services

Telefónica’s core activities focus on fixed and mobile connectivity and digital services for both residential and business customers. Within the group, Telefónica Global Solutions manages international wholesale, global roaming, multinationals and USA businesses. Telefónica Global Solutions delivers global services and platforms to multinational companies, wholesale customers, fixed and mobile carriers, over-the-top providers, service providers and aggregators, supported by a global footprint and connectivity and digital platforms.

Telefónica Global Solutions’ integrated service portfolio includes areas such as Voice & UCC, Networking, Mobile, Satellite, Cloud, Security and IoT & Big Data, as described in partnership announcements. These activities illustrate how Telefónica participates in both retail and wholesale telecommunications markets, supporting connectivity and digital capabilities for a broad set of enterprise and carrier customers.

Geographic reach and partnerships

Telefónica operates in Europe and Latin America and has been involved in partnerships that extend its capabilities in specific markets. In Brazil, Telefónica Global Solutions entered into an agreement to act as a wholesale distributor of Viasat’s high-speed satellite internet services aimed at businesses across the country. This collaboration is intended to serve businesses, including those in hard-to-reach regions where terrestrial internet services are unavailable, by providing satellite-based connectivity for corporate, B2B and cellular backhaul services.

In Mexico, Telefónica has partnered with Nova Labs to launch Helium Mobile Hotspots in Mexico City and Oaxaca. This solution allows select Movistar customers in Mexico to access the Helium Mobile Network using their existing SIM cards for authentication. The initiative is designed to extend coverage, offload mobile data to the Helium Mobile Network and improve overall mobile coverage service for customers. Telefónica developed a proprietary management system that controls customers’ automatic access to the Helium Mobile Network and monitors hotspot status before allowing access.

Digital services and audiovisual content

Telefónica’s activities also include audiovisual and media-related services through units such as Telefónica Audiovisual Digital, S.A.U. (Movistar Plus+). This unit has been provisionally awarded exclusive broadcasting rights for five matches per matchday of Spain’s Campeonato Nacional de Liga de Primera División (LaLiga) for pay television in the residential market in Spain, including first pick in a number of matchdays and a key match known as “El Clásico” of the second round. The award covers multiple seasons and is intended to allow Movistar Plus+ customers to access all LaLiga matches alongside European competitions.

Telefónica has also been awarded exclusive media rights for major European football competitions including the UEFA Champions League, UEFA Europa League, UEFA Youth League, UEFA Europa Conference League and UEFA Super Cup for a multi-season cycle. These awards, subject to contract finalisation, are expected to guarantee media rights to these competitions for Telefónica’s residential customers and support the company’s ability to design and market channels and content focused on European football.

Capital structure and financing

Telefónica uses capital markets financing, including hybrid and subordinated securities, as part of its funding strategy. Through subsidiaries such as Telefónica Emisiones, S.A.U. and Telefónica Europe B.V., the group has issued undated deeply subordinated guaranteed fixed rate reset securities, some of which are intended to be issued as green bonds. These securities are perpetual instruments with call options and interest rate reset features, and are guaranteed on a subordinated basis by Telefónica, S.A. The company has also launched tender offers for certain hybrid notes to proactively manage its hybrid capital layer, allowing noteholders to tender existing notes and potentially switch into new hybrid securities.

Telefónica’s sustainable financing activities are guided by a Sustainable Financing Framework. An amount equal to the net proceeds of certain green hybrid securities is intended to be allocated to finance or refinance projects that meet specific eligibility criteria, in line with principles and guidelines such as the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines, and related green and social loan principles.

Strategic transformation and workforce plans

Within the framework of the Telefónica Group’s Transform & Grow Plan 2026–2030, the company has announced measures aimed at moving towards a more digital and flexible group structure. Telefónica de España, Telefónica Móviles España, Telefónica Soluciones de Informática y Comunicación de España, Telefónica Audiovisual Digital (Movistar Plus+), Telefónica Global Solutions, Telefónica Innovación Digital and Telefónica, S.A. have reached agreements with trade union organisations regarding collective bargaining and exit plans.

These agreements extend or establish collective bargaining arrangements and include exit plans estimated at around several thousand employees across Telefónica España, Movistar Plus+ and corporate units. The stated objectives include focusing on retaining and attracting talent, investing in workforce capabilities, consolidating more flexible and digital ways of working based on autonomy and responsibility, and simplifying the operating model.

Listing status and U.S. market presence

Telefónica is a 100% listed company, with its ordinary shares traded on the Spanish Stock Market and on other exchanges. It has also used American Depositary Shares to list on the New York Stock Exchange. In a press release, Telefónica announced its intention to start the procedure to voluntarily delist its ADSs from the NYSE and to convert its ADR program into a Level 1 ADR Program, which would facilitate trading of ADSs on the U.S. over-the-counter market. Holders of ADSs would have the option to exchange their ADSs for ordinary shares traded on the Spanish Stock Exchanges.

Telefónica and Telefónica Emisiones, S.A.U. also indicated their intention to voluntarily delist certain series of debt securities from the NYSE and to apply to list them on Euronext Dublin. Following these steps, Telefónica, Telefónica Emisiones and Telefónica Europe, B.V. intend to file a Form 15F with the U.S. Securities and Exchange Commission to apply for deregistration of their U.S.-registered securities and terminate reporting obligations under the U.S. Securities Exchange Act of 1934. Telefónica has stated that its ordinary shares will remain listed on the Spanish Stock Exchanges and that it will continue to prepare consolidated financial statements in accordance with International Financial Reporting Standards.

Subsequently, Form 25 filings were submitted to notify the removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934 for Telefónica’s ADSs and for certain fixed rate senior notes and related guarantees from the New York Stock Exchange. These filings indicate that the voluntary withdrawal from listing and registration on the NYSE is being carried out in compliance with applicable rules.

Company status and investor considerations

The available information describes Telefónica as an operating telecommunications services provider with ongoing business activities in connectivity, digital services, audiovisual content and international wholesale services. The decision to delist from the NYSE and deregister with the SEC is presented as part of a broader strategic plan to simplify the operating model and reduce administrative burden and costs associated with maintaining U.S. listings, while maintaining corporate governance and financial reporting standards.

Investors researching the TEF symbol should note that while Telefónica has taken steps to end listing of its ADSs and certain debt securities on the NYSE, its ordinary shares continue to trade on the Spanish Stock Exchanges, and the company continues to operate in its core telecommunications and digital services businesses in Europe and Latin America.