Telefónica, S.A. (TEF) Earnings Call Transcripts

Telefónica, S.A.'s Latest Earnings Call - Q1 FY2026

Telefónica, S.A. reported a solid start to 2026 with revenue reaching EUR 8.1 billion, a 0.8% year-on-year increase, driven by strong performance in Spain and Brazil. Adjusted EBITDA grew by 1.8% to EUR 2.8 billion, while adjusted operating cash flow after leases rose by 2.4% to EUR 1.4 billion. Management reiterated confidence in achieving the full-year guidance, including a free cash flow target of around EUR 3 billion and a maintained dividend of EUR 0.15 per share.

Reported metrics

Guidance from management

Management reiterated confidence in achieving the full-year guidance, including free cash flow of around EUR 3 billion and maintaining the dividend of EUR 0.15 per share.

What management said

Thank you, Juan. To summarize, let me share with you some key takeaways. Telefonica's performance in the first quarter of 2026 demonstrated consistent execution as we continue to deliver against our Transform & Grow plan. We reported a good set of results to start the year with [indiscernible] firmly on track to achieve our full year 2026 guidance across all key metrics, including free cash flow. We are building a co...

Thank you for your questions. First of all, about the ARPU in Germany. Let me say, first of all, that the ARPU is the result of different effects. And one of these effects, for example, is the change in our strategy. We think that we are launching a more successful strategy in terms of 2 and 3 SIMs bundles. This is an example of how to move from volume to value, and it can have impacts in the ARPU in this case, but w...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of revenue growth in Spain and the impact of competition on mobile ARPU in Germany. There were questions about the effectiveness of cost-cutting measures and the overall market dynamics in both regions.

Main topics on the call

• Revenue Growth in Key Markets — Telefónica experienced revenue growth driven by strong performance in Spain and Brazil, with Spain achieving its lowest churn ever at 0.7% and Brazil recording a record high mobile ARPU. Management stated, "We are growin...
• Cost Efficiency Initiatives — The company is implementing cost efficiency programs that are yielding positive results, particularly in Germany, where adjusted EBITDA showed high single-digit growth excluding the one-on-one migration impact. Emilio Ro...
• B2B Growth Momentum — B2B revenue growth was robust, with a notable increase of close to 6%. The launch of the Titan Connect portfolio and strategic partnerships in Brazil are expected to drive further growth in this segment. Management highl...
• Challenges in Germany — Despite overall resilience, Germany's mobile service revenues were down 8.5%, primarily due to the one-on-one migration. Management acknowledged, "We continue working to return to growth in 2027," indicating ongoing chal...

Read the full Telefónica, S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 31 Telefónica, S.A. earnings call transcripts on record, spanning February 20, 2020 to July 29, 2026. Based on this history, Telefónica, S.A. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

TEF

Exchange

BME

Country

ES

Sector

Communication Services

Industry

Diversified Telecommunication Services

Calls on record

31

First call

February 20, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly