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Telefónica, S.A. has begun the process to exit the U.S. reporting system by filing Forms 15F with the SEC to voluntarily deregister and suspend its reporting obligations under the U.S. Securities Exchange Act of 1934. This step follows its previously announced intention to delist its American Depositary Shares and certain series of debt securities from the New York Stock Exchange. The deregistration and termination of reporting duties are expected to become effective 90 days after the Forms 15F are filed, unless the SEC objects. Telefónica states it will continue preparing consolidated financial statements under International Financial Reporting Standards (IFRS).
Telefónica, S.A. reports that its financing subsidiary Telefónica Emisiones, S.A.U. has completed the issuance and funding of two new green subordinated bond tranches. The company has issued and fully paid (i) EUR 900,000,000 in Undated 5.25 Year Non-Call Fixed Rate Reset Guaranteed Subordinated Securities (Green Bond) and (ii) EUR 850,000,000 in Undated 8.25 Year Non-Call Fixed Rate Reset Guaranteed Subordinated Securities (Green Bond), each carrying a subordinated guarantee from Telefónica, S.A. These instruments are undated and deeply subordinated, meaning they rank below senior debt, and are structured as green bonds intended to finance eligible environmental projects. The notice also clarifies that the securities are not registered under the U.S. Securities Act and are not being offered in restricted jurisdictions.
Telefónica, S.A. reports that its subsidiary Telefónica Emisiones, S.A.U. has priced two new undated deeply subordinated green bond issues with subordinated guarantees from Telefónica. One series totals €900,000,000 of Undated 5.25 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities due for first reset in 2031, paying 4.381% per year until 19 April 2031. The other series totals €850,000,000 of Undated 8.25 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities due for first reset in 2034, paying 4.881% per year until 19 April 2034.
Both series are perpetual, carry a face value of €100,000 per unit, allow Telefónica Emisiones to defer interest at its discretion, and include issuer call and make-whole redemption features as set out in their terms. The securities are intended to be issued as green bonds, listed on the Regulated Market of Euronext Dublin, and placed exclusively with professional clients and eligible counterparties. An amount equal to the net proceeds will finance or refinance projects aligned with Telefónica’s Sustainable Financing Framework and international green and social bond and loan principles.
Telefónica, S.A., through subsidiary Telefónica Europe B.V., has launched cash tender offers for three series of deeply subordinated hybrid notes: EUR 1,000,000,000 2026 Notes, EUR 500,000,000 2027 Notes and EUR 750,000,000 2028 Notes. The offers run from 12 January 2026 until 17:00 CET on 19 January 2026 and target up to a maximum aggregate principal amount expected to match the size of new hybrid notes to be issued.
The transaction is part of a proactive management of Telefónica’s hybrid capital layer and gives existing holders a chance to switch into new undated 5.25-year and 8.25-year non-call hybrid securities. Purchase prices are fixed for the 2026 Notes at EUR 100,550 per EUR 100,000 and for the 2027 Notes at EUR 99,600, while the 2028 Notes price will be set on 20 January 2026 using a 100 bps spread over the interpolated mid-swap rate and settled, if conditions are met, on 22 January 2026.
Telefónica Emisiones, S.A.U., with Telefónica, S.A. as guarantor, has submitted a Form 25 to remove several series of its fixed rate senior notes and the related guarantees from listing and/or registration on the New York Stock Exchange. The affected securities are fixed rate senior notes due 2027 (TEF/27), 2036 (TEF/36), 2038 (TEF/38), 2047 (TEF/47), 2048 (TEF/48), and 2049 (TEF/49), together with Telefónica, S.A.’s guarantees in respect of those notes.
Telefónica, S.A. has filed a notification to remove its American Depositary Shares, each representing one ordinary share, and the related ordinary shares from listing and/or registration on the New York Stock Exchange under Section 12(b) of the Securities Exchange Act of 1934. This step is made through a Form 25 filing, which is used when a company takes its securities off an exchange or ends their registration there. The document is signed on behalf of Telefónica by the Director of Securities Market and Corporate Governance on January 8, 2026, confirming the company believes it meets the requirements to use this form.
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. 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 (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.