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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.
Telefónica (TEF) announced board and committee changes. Mr. Francisco Javier de Paz Mancho resigned as Director, stepping down from the Executive Commission, the Nominating, Compensation and Corporate Governance Committee, and as Chairman of the Sustainability and Regulation Committee. Mr. César Mascaraque Alonso, currently on the board of Telefónica Brasil (VIVO), was appointed as an Independent Director by co‑optation. The board now includes nine Independent Directors, representing 60% of its composition.
Ms. Ana María Sala Andrés was named Chairwoman of the Sustainability and Regulation Committee. Mr. de Paz will assume executive functions as Deputy Director to the Chairman, responsible for Telefónica Infra, Real Estate Assets, and Corporate Social Responsibility, while remaining Chairman of Telefónica Audiovisual Digital (Movistar+).