Telefónica (TEF) trims Hispanoamerica exposure with $440M Uruguay sale

Rhea-AI Filing Summary

Telefónica, S.A. has completed the sale of 100% of the share capital of Telefónica Móviles del Uruguay S.A. to Millicom Spain, S.L. The transaction was carried out through Telefónica Hispanoamérica, S.A., a wholly owned subsidiary, after obtaining the required regulatory approvals and meeting all agreed conditions.

The deal values the Uruguayan mobile business at USD 440 million, which is approximately EUR 377 million at the current exchange rate. Following the closing, Telefónica’s net financial debt is expected to decrease by about EUR 384 million, strengthening its balance sheet.

The company explains that this divestment is part of its broader asset portfolio management policy and aligns with its strategy of reducing exposure in Hispanoamerica, signaling an ongoing shift in the geographic focus of its operations.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2025

Commission File Number: 001-09531

Telefónica, S.A.

(Translation of registrant's name into English)

Distrito Telefónica, Ronda de la Comunicación s/n,

28050 Madrid, Spain

+34 91-482 87 00

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Telefónica, S.A.

TABLE OF CONTENTS

Item						Sequential Page Number
1			Telefónica: Closing of the transaction related to T. Móviles del Uruguay			2

TELEFÓNICA, S.A. (“Telefónica”) in compliance with the Securities Market legislation, hereby communicates the following:

OTHER RELEVANT INFORMATION

Further to the communication dated May 21, 2025 Telefónica informs that, once the corresponding regulatory authorizations have been obtained and after the fulfilment of the agreed conditions, Telefónica Hispanoamérica, S.A., a wholly owned subsidiary of Telefónica, S.A., has transferred today 100% of the share capital of Telefónica Móviles del Uruguay S.A., to Millicom Spain, S.L., for a transaction amount (firm value) of USD 440 million (approximately EUR 377 million at the current exchange rate).

The closing of the transaction implies a reduction of the Telefónica Group’s net financial debt of approximately EUR 384 million.

As previously communicated, this transaction is part of the Telefónica Group’s asset portfolio management policy and is aligned with its strategy of reducing exposure in Hispanoamerica.

Madrid, October 7, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Telefónica, S.A.

Date:

October 7, 2025

By:

/s/ Pablo de Carvajal González

Name:

Pablo de Carvajal González

Title:

Secretary to the Board of Directors

FAQ

What transaction did Telefónica (TEF) complete in Uruguay?

Telefónica, through its subsidiary Telefónica Hispanoamérica, S.A., sold 100% of the share capital of Telefónica Móviles del Uruguay S.A. to Millicom Spain, S.L.

What is the value of Telefónica’s sale of Telefónica Móviles del Uruguay?

The transaction amount (firm value) is USD 440 million, equivalent to approximately EUR 377 million at the current exchange rate mentioned.

How does this transaction affect Telefónica’s net financial debt?

The closing of the sale implies a reduction of net financial debt for the Telefónica Group of approximately EUR 384 million, helping to strengthen its financial position.

Who bought Telefónica Móviles del Uruguay from Telefónica?

The buyer is Millicom Spain, S.L., which acquired 100% of the share capital of Telefónica Móviles del Uruguay S.A.

How does this sale fit Telefónica’s (TEF) strategy in Hispanoamerica?

Telefónica states that the sale is part of its asset portfolio management policy and is aligned with its strategy of reducing exposure in Hispanoamerica, indicating continued repositioning in the region.

Were regulatory approvals required for Telefónica’s Uruguay transaction?

Yes. Telefónica notes that the sale closed after obtaining the corresponding regulatory authorizations and once all agreed conditions had been fulfilled.