Welcome to our dedicated page for Telefonica SEC filings (Ticker: TEF), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Telefónica, S.A. is implementing new collective agreements and large exit plans as part of its Transform & Grow Plan 2026–2030. The company and its main Spanish units have agreed to extend or sign collective bargaining agreements that will remain in force until 31 December 2030, setting a long-term labour framework. In parallel, Telefónica plans exit programmes covering an estimated 5,500 employees.
The present value of the estimated costs of these exit plans is about €2,500 million before taxes, of which roughly €2,300 million correspond to Telefónica España and Movistar Plus+ and about €200 million to Corporate Units. From 2028 onwards, the Group expects average annual direct cost savings of around €600 million, including approximately €500 million in Telefónica España and Movistar Plus+ and €60 million in Corporate Units. The company expects a positive impact on cash generation from 2026 as employee departures begin in the first quarter of that year.
Telefónica, S.A. plans to voluntarily delist its American Depositary Shares from the New York Stock Exchange and convert its current ADR program into a Level 1 program, allowing ADSs to trade over the counter in the United States while investors can also exchange ADSs for ordinary shares on the Spanish Stock Exchanges.
The company and its subsidiary Telefónica Emisiones, S.A.U. also intend to delist several series of guaranteed fixed rate senior notes due 2027, 2036, 2038, 2047, 2048 and 2049 from the NYSE, with an application planned to list these debt securities on Euronext Dublin. After filing Form 25 to effect the delistings, Telefónica, Telefónica Emisiones and Telefónica Europe, B.V. expect to submit Form 15F to deregister all U.S. registered securities and terminate their reporting obligations in the United States.
Telefónica further plans to delist its ADSs from the Lima Stock Exchange, while keeping its ordinary shares listed on the Spanish Stock Exchanges and continuing to report under IFRS. The company states that the move follows a strategic review focused on reducing administrative burden and costs and is not expected to affect its clients, partners or commercial presence in the United States.
Telefónica, S.A. reports that its subsidiary Telefónica Audiovisual Digital, S.A.U. has been provisionally awarded exclusive pay‑TV broadcasting rights in Spain for five matches per matchday of LaLiga’s Primera División. Telefónica will hold the first pick in 19 matchdays each season, including the second‑round “El Clásico”, under Option D, Package D.1.
The award covers the 2027/2028 to 2031/2032 seasons for a total of €2,635.85 million, averaging €527.17 million per season. Telefónica plans to ensure that Movistar Plus+ customers continue to have access to 100% of LaLiga matches, alongside European competitions for which it already holds rights until 2031. The award remains subject to a definitive agreement with LaLiga on the remaining tender terms within up to 30 working days from the provisional award.
Telefónica, S.A. reports changes in the composition of its board committees. The Board of Directors, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, unanimously approved new appointments.
Independent director César Mascaraque Alonso has been appointed as a member of the Executive Commission and as a member of the Nominating, Compensation and Corporate Governance Committee. Independent director Alejandro Reynal Ample has been appointed as a member of the Audit and Control Committee. These changes reflect an internal reallocation of responsibilities among Telefónica’s independent directors.
Telefónica, S.A. has received a provisional award of exclusive media rights for the UEFA Champions League, UEFA Europa League, UEFA Youth League, UEFA Europa Conference League and UEFA Super Cup for four football seasons from 2027/2028 through 2030/2031. The award is subject to negotiating and signing a contract with UEFA that is expected to be formalised in the coming days. Telefónica states that this direct acquisition of UEFA’s premium content will allow it to continue designing and marketing its own channels and content featuring top European football for residential customers. The total price of the award is 1,464 million euros, to be paid at a rate of 366 million euros per season over the four-season cycle.
Telefónica (TEF) outlined mid- and long‑term targets at its Capital Markets Day, setting growth and capital allocation guidelines through 2028 and 2030. The company expects revenue to grow at a CAGR of 1.5–2.5% over 2025–2028, accelerating to 2.5–3.5% in 2028–2030, with adjusted EBITDA following the same ranges for each period.
Capital intensity is planned to decline, with CapEx/Sales around 12% for 2026–2028 and about 11% by 2030. Adjusted OpCFaL (EBITDAaL minus CapEx) is targeted to grow at a 1.5–2.5% CAGR (2025–2028) and 2.5–3.5% (2028–2030). The FCF base for guidance is expected at €2.9–3.0bn in 2026, with a 3–5% CAGR over 2025–2028, and leverage aimed at ~2.5x Net debt/EBITDAaL by 2028.
Telefónica announced a 2025 dividend of €0.30 per share paid in two €0.15 tranches (December 2025 and June 2026) and a 2026 cash dividend of €0.15 per share to be paid in June 2027. The target remuneration for 2027–2028 is a 40–60% payout of the FCF base for dividend, to be paid in June of the following year, subject to corporate approvals.
Telefónica (TEF) reported Q3 2025 results and updated 2025 cash flow expectations. Q3 revenue was €8,958m, down 1.6% reported and up 0.4% organically. Q3 EBITDA was €3,071m, down 1.5% reported and up 1.2% organically. For the first nine months, revenue reached €26,970m (-2.8% reported; +1.1% organic) and EBITDA was €8,938m (-3.6% reported; +0.9% organic). CapEx/Sales was 11.8% on an organic basis.
Free cash flow from continuing operations was €414m in 9M and the Company now expects ≈€1.9bn FCF in 2025, citing later-than-anticipated cash inflows from a tax case and a litigation agreement, accelerated perimeter changes in Hispam, Germany headwinds, and FX. Net financial debt stood at €28,233m as of September 2025, with leverage at 2.87x. Liquidity was €16.4bn, average debt life 10.5 years, and interest cost 3.44%–3.57%.
Operations showed mixed trends: Spain delivered solid momentum, Brazil strengthened EBITDA with high-value accesses, Germany faced revenue pressure during partner migration, and Hispam continued portfolio simplification. The Company affirmed a €0.30 DPS, split into €0.15 on December 18, 2025 and €0.15 in June 2026.
Telefónica (TEF) reported Q3 2025 results showing steady underlying trends despite FX headwinds. Revenue was €8,958m, down 1.6% reported but up 0.4% organically, while EBITDA reached €3,071m, down 1.5% reported and up 1.2% organically. Net income from continuing operations was €271m, equivalent to €0.04 per share.
The company confirmed 2025 guidance for organic growth in revenue, EBITDA and EBITDAaL‑CapEx, with CapEx/Sales below 12.5% (9M: 11.8%). Free cash flow from continuing operations was €123m in Q3 and €414m in 9M. Net financial debt stood at €28.2bn as of September (leverage 2.87x).
Dividend policy was reaffirmed: €0.30 per share in cash for 2025, to be paid on December 18, 2025 (€0.15) and June 2026 (€0.15). Spain and Brazil drove organic growth; Germany’s results reflected partner migration effects. The Hispam portfolio transformation advanced, with sales of Argentina, Peru (deconsolidated earlier), Uruguay and Ecuador closed in October, and a binding agreement for Colombia subject to conditions.
Telefónica closed the sale of 100% of Otecel S.A. (Telefónica Ecuador) to Millicom Spain for a firm value of USD 380 million (approximately EUR 329 million at the current exchange rate) after receiving regulatory approvals and meeting agreed conditions.
The transaction reduces the Telefónica Group’s net financial debt by approximately EUR 273 million. The move aligns with Telefónica’s asset portfolio management policy and its strategy to reduce exposure in Hispanoamerica.
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