---
type: facts-pack
companion_to: v2 production initiating coverage of TEF
purpose: Every claim used in the v2 research doc has a verified source and date here
data_pulled: 2026-05-06 via WebSearch + primary filings
training_cutoff: January 2026
---

# Telefónica — Verified Facts Pack (production v2)

This document is the discipline artifact missing from the v1 showcase. Every number, date, and specific claim used in the v2 research doc has a source line below. Where definitions differ (EODHD vs company-reported), both are recorded with the company definition treated as canonical.

## 1. Corporate / market data

| Item | Value | Source | Date |
|---|---|---|---|
| Share price (TEF.MC, prev close) | €3.80 | CNBC quote page | 2026-05-06 |
| 52-week range | €3.236 – €4.893 | Yahoo Finance | 2026-04-30 |
| Market capitalisation | €21.75bn | Yahoo Finance / CNBC | 2026-05-06 |
| Diluted shares outstanding | 5,638M | Yahoo Finance | 2026-05-06 |
| Listings | TEF.MC (Madrid), TEF (NYSE), TELFY (new US symbol since 20 Jan 2026) | MarketBeat | 2026-01-20 |
| Q1 2026 reporting date | 14 May 2026 (some sources May 13) | Yahoo Finance / MarketScreener | 2026-05-06 |

## 2. FY2024 actuals (reported Feb 2025)

| Item | Reported value | Note | Source |
|---|---|---|---|
| Revenue | €41,315M (+1.6%) | Match EODHD | TEF FY24 press release |
| Adjusted EBITDA | €13,276M (+1.2%) | EODHD shows €12,354M (likely pre-IFRS 16 / different basis) | TEF FY24 press release |
| Free cash flow | €2,634M (+14.1%) | **EODHD shows €5,200M — definitionally different (OCF − capex vs company stricter measure)** | TEF FY24 press release |
| Net financial debt | €27,161M (-€1,537M YoY) | EODHD shows €30,890M (likely includes leases / hybrids) | TEF FY24 press release |
| Net debt / EBITDAaL | 2.58x | Company definition | TEF FY24 press release |

## 3. FY2025 actuals (reported 24 Feb 2026)

| Item | Reported value | YoY | Source |
|---|---|---|---|
| Revenue | €35,120M | +1.5% constant | TEF FY25 press release / TelecomLead |
| Q4 2025 revenue | €9,174M | +1.3% | TEF Q4 25 press release |
| Adjusted EBITDA | €11,918M | +2.0% | TEF FY25 press release |
| Q4 2025 adjusted EBITDA | €3,198M | +2.8% | TEF Q4 25 press release |
| Free cash flow (operations) | €2,069M | -€565M YoY | TelecomLead |
| Adjusted OpCFaL | +5.9% | | TEF FY25 press release |
| Capex / sales | 12.4% | (target was <12.5% — met) | TEF FY25 press release |
| Net financial debt year-end | €26,824M | -€337M YoY | TEF debt detail page |
| Total accesses | 326.1M | +2.1% | TelecomLead |

The reported revenue drop from €41.3B (FY24) to €35.1B (FY25) is principally the deconsolidation of Hispam disposals, not organic decline. Constant-perimeter revenue +1.5%.

## 4. Segment performance — FY2025

### Spain
- "Landmark year" per management — best KPIs since 2018
- Record fibre + TV net adds; highest contract base ever
- Margins ~57% (segment EBITDA / segment revenue, Telefónica España)
- Revenue and EBITDA both growing
- B2B + IT maintaining double-digit growth
- *Source: Q4 2025 earnings call commentary (multiple secondary sources)*

### Brazil (Vivo, listed VIVT3 / VIV ADR)
- Net operating revenue: R$59,595M (+6.7%)
- Adjusted EBITDA: R$24,822M (+8.5%)
- Net income: R$6,168M (+11.2%)
- 5G coverage: 67.7% of Brazilian population, 716 cities
- FTTH homes passed: 31.0M (+6.4%)
- Connected fibre homes: 7.8M (+12.0%)
- Shareholder remuneration: R$6,376.5M (103.4% payout)
- *Source: Vivo Q4 2025 results / StockTitan*

### Germany (Telefónica Deutschland / O2)
- Revenue and adjusted EBITDA *declined* in 2025 due to completion of customer migration
- 99% 5G population coverage achieved
- O2 brand perception improving
- *Source: TEF Q4 25 earnings call commentary*

### UK (VMO2 50% JV with Liberty Global)
- Reports separately as Virgin Media O2
- VMO2 carries ~€12B debt (constrains valuation outcomes)
- Lock-up from 2021 merger ends June 2026 — TEF will then have full freedom to sell stake
- Murtra confirmed at FY25 results (Feb 2026) that TEF intends *continuity* in VMO2 ownership; not pursuing sale or IPO
- Possible third-party investor introduction (STC mentioned as candidate)
- *Sources: El Economista, Capital Madrid, Telecoms.com*

### Hispam (residual)
- 6 of 8 markets sold per Murtra commentary at FY25 results
- 2025 disposals: Argentina (Jan), Peru (Jun), Uruguay, Ecuador
- Q1 2026 disposals: Colombia, Chile (closed)
- Mexico: agreement reached with Melisa Acquisition
- Hispam now ~12% of group revenue, ~7% of EBITDA (down 11%/33% YoY)
- *Source: TelcoTitans, Mexico Business News*

## 5. Strategic plan — "Transform & Grow" 2026-2030

Announced 4 November 2025 at Capital Markets Day in Madrid.

| Period | Revenue CAGR | EBITDA CAGR |
|---|---|---|
| 2025–2028 | 1.5–2.5% | 1.5–2.5% |
| 2028–2030 | 2.5–3.5% | 2.5–3.5% |

**Cost savings target:** €2.3B by 2028, €3B by 2030
**Capex / sales 2026 guidance:** ~12%
**FCF 2026 guidance:** ~€3,000M
**Leverage target:** ~2.5x Net debt / EBITDAaL by 2028 (currently ~2.25x already)
**Markets in plan:** Spain, Germany, UK, Brazil + Telefónica Tech (5 verticals)
**M&A:** not in plan; "ready to seize opportunities if they arise"
**Restructuring:** 5,000+ job cuts being implemented in Spain
**Six pillars:** customer experience, B2C expansion, B2B scale, technological capability, simplified operating model, talent

*Sources: TEF inside information PDF (4 Nov 2025), TelecomTV, Mobile Europe, RCR Wireless, OKDiario*

**Investor reception:** Mobile Europe noted "CEO's growth strategy does not play well with markets" — the dividend cut + slow growth headline overshadowed the strategic clarity.

## 6. Dividend

| Year | Per share (cash) | Status | Source |
|---|---|---|---|
| 2024 | €0.30 (paid 2025) | Paid | TEF dividend history |
| 2025 | €0.30 (€0.15 Dec 2025 + €0.15 Jun 2026) | Confirmed | TEF dividend policy |
| **2026** | **€0.15** (paid June 2027) | **Cut by 50% — announced 4 Nov 2025** | **Bloomberg, TEF inside information** |
| 2027 onwards | 40–60% of FCF, paid annually in June | New policy | TEF inside information |

Yield at €3.80 share price:
- 2025 dividend: €0.30 / €3.80 = **7.9%**
- 2026 dividend: €0.15 / €3.80 = **3.9%**

The dividend cut is the central capital-allocation reset of the strategic plan. Frees ~€850M of FCF annually for reinvestment + deleveraging.

## 7. Management

| Role | Person | Since | Source |
|---|---|---|---|
| Executive Chairman & CEO | Marc Murtra Montilla | **January 2025** (not Feb 2026) | DCD, Wikipedia, TEF investor page |
| CFO & Chief Control Officer | Laura Abasolo García de Eulate | 2017 | TEF investor page |
| CEO Telefónica España | Borja Ochoa | 2024 | TEF investor page |
| CEO Telefónica Brasil (Vivo) | Christian Gebara | 2019 | Vivo investor page |
| Predecessor (Murtra replaced) | José María Álvarez-Pallete | 2016–2025 | DCD |

Murtra spent 6+ years at Indra Sistemas (Spanish defence-IT) where the share price approximately tripled under his tenure. Industrial engineer, MBA from NYU.

## 8. Shareholder structure

| Holder | Stake | Notes | Source |
|---|---|---|---|
| **STC (Saudi Telecom Company)** | **9.97%** | Conditionally authorised by Spanish Council of Ministers Dec 2024; converted financial instruments to shares; TEF's largest non-state shareholder by voting | RCR Wireless |
| SEPI (Spanish state) | ~10% | Largest single voting block; entered 2024 | Various |
| Caixabank | ~5% | Long-standing Spanish institutional | Various |
| BBVA | ~4% | Long-standing Spanish institutional | Various |

STC has been quiescent for 16+ months at 9.97% — no public activism, no board representation requested. AGBI noted the dividend cut "casts doubt on STC's investment" — STC entered partly attracted to the yield.

## 9. Spain mobile market (December 2025)

| Operator | Mobile share |
|---|---|
| **MasOrange** | 41.24% |
| **Movistar (TEF)** | 26.24% |
| **Vodafone Spain (Zegona)** | 18.50% |
| **Digi** | 11.72% |
| MVNOs | 2.30% |

Spain post-paid mobile ARPU collapsed to €6.95 (industry blended) due to Digi pricing pressure. 68% of post-paid lines on unlimited tariffs; avg monthly data 18.4 GB.

Portability dynamics: in Sep 2025, Digi gained +63,660 lines and Movistar gained +28,629 lines net via portability. Movistar showing positive net adds — consistent with the "best KPIs since 2018" management commentary.

*Source: CNMC monthly telecom reports, Mobile World Live*

## 10. Sell-side consensus (May 2026)

| Item | Value | Source |
|---|---|---|
| Number of analysts | 23 | MarketBeat |
| Average 12-month price target | €3.90 | MarketBeat |
| Range | €2.60 – €5.00 | MarketBeat |
| Consensus rating | **Neutral** | MarketBeat (3 Buy / 14 Hold / 6 Sell) |
| Goldman Sachs | Buy, PT €4.50 | Capital.com |
| Berenberg | Hold, PT €3.50 | Capital.com |
| New Street Research | Reduce, PT €2.60 | Capital.com |

Average PT vs spot: €3.90 / €3.80 = +2.6% upside (i.e. priced approximately for fair value already).

## 11. EODHD vs company-reported reconciliation

For any production analysis using EODHD as data source, these reconciliations apply:

| Metric | EODHD definition | Company definition | Variance |
|---|---|---|---|
| EBITDA | "EBITDA" (lease-inclusive) | Adjusted EBITDA (post-IFRS 16) | EODHD may understate by 5-10% |
| FCF | OCF − Capex | OpCF after leases minus spectrum/hybrid coupons | EODHD ~2x overstated |
| Net debt | Includes lease liabilities and perpetual hybrids | Net financial debt only | EODHD overstates by €4-6B |
| Leverage | EODHD-derived | EBITDAaL basis | Different denominators |

**Action**: For any thesis depending on dividend coverage, debt sustainability, or intrinsic value, normalise to company-reported figures. EODHD is fine for screening and relative comps; never for absolute valuation.

## 12. Confirmed but un-quantified items (need primary source for production)

These are claims my v1 made that I have not yet found a verified primary source for:
- VMO2 EBITDA contribution to TEF group consolidated (50% proportional)
- Brazil dividend repatriation flow (in EUR)
- Spain spectrum auction calendar 2027
- Pension underfunding figure (€1bn was illustrative)
- Perpetual hybrid balance and step-up coupon dates
- Telefónica Tech standalone revenue and EBITDA

A real production initiation would either (a) source these from the FY24 20-F filing on SEC EDGAR or the Spanish CNMV, (b) flag them as unverified placeholders, or (c) build a sensitivity around the uncertainty rather than commit to point estimates.

---

## Sources (compiled)

- [TEF FY2024 results press release](https://www.telefonica.com/en/communication-room/press-room/telefonica-increases-revenue-e41315-million-2024-meets-financial-targets/)
- [TEF FY2025 / Q4 2025 results press release (24 Feb 2026)](https://www.telefonica.com/en/communication-room/press-room/telefonica-accelerates-growth-quarter-2025-increases-revenues-adjusted-ebitda-free-cash-flow/)
- [TEF FY2025 results PDF](https://www.telefonica.com/en/wp-content/uploads/sites/5/2026/02/q4-2025-telefonica-results-press-release.pdf)
- [TEF Inside Information — Transform & Grow plan (4 Nov 2025)](https://www.telefonica.com/en/wp-content/uploads/sites/5/2025/11/inside-information-20251104-2.pdf)
- [TEF debt detail evolution](https://www.telefonica.com/en/shareholders-investors/rating/debt-detail-evolution/)
- [TEF dividend policy](https://www.telefonica.com/en/shareholders-investors/share/dividend-policy/)
- [Bloomberg — Telefonica halves 2026 dividend](https://www.bloomberg.com/news/articles/2025-11-04/telefonica-to-halve-2026-dividend-in-shift-to-focus-on-growth)
- [TelecomLead — Q4 2025 detail](https://telecomlead.com/telecom-services/telefonica-reports-revenue-growth-326-million-accesses-and-strong-free-cash-flow-in-q4-2025-124728)
- [TelecomTV — €3bn savings from Transform & Grow](https://www.telecomtv.com/content/access-evolution/telef-nica-targets-3bn-savings-from-transform-grow-strategy-54212/)
- [Mobile Europe — markets reaction](https://www.mobileeurope.co.uk/ceos-growth-strategy-does-not-play-well-with-telefonicas-investors/)
- [DCD — Murtra appointed January 2025](https://www.datacenterdynamics.com/en/news/telefonica-ousts-long-standing-chair-appoints-marc-murtra-as-new-executive-chair/)
- [TEF investor page — Marc Murtra](https://www.telefonica.com/en/about-us/main-data/executive-team/marc-murtra/)
- [RCR Wireless — STC controls 9.97%](https://www.rcrwireless.com/20250127/featured/saudi-telco-stc-telefonica)
- [TelcoTitans — Hispam sell-off / Mexico to Melisa](https://www.telcotitans.com/telefonicawatch/telefonica-moves-to-exit-mexico-in-latest-hispam-sell-off/10346.article)
- [El Economista — VMO2 lock-up ends June 2026](https://www.eleconomista.es/telecomunicaciones/noticias/13540638/09/25/telefonica-tendra-via-libre-para-vender-su-50-en-la-britanica-vmo2-a-partir-de-junio.html)
- [Capital Madrid — Murtra confirms VMO2 continuity](https://www.capitalmadrid.com/2026/2/26/71252/murtra-ratifica-la-continuidad-de-telefonica-en-vmo2-aunque-liberty-no-aclara-si-vendera.html)
- [Vivo Q4 2025 results — StockTitan](https://www.stocktitan.net/news/VIV/4q25-results-telefonica-brasil-s-ajw4xwbcsaxr.html)
- [MarketBeat — TEF analyst forecasts](https://www.marketbeat.com/stocks/NYSE/TEF/forecast/)
- [MarketScreener — TEF target price consensus](https://www.marketscreener.com/quote/stock/TELEF-NICA-S-A-68962/consensus/)
- [Yahoo Finance — TEF.MC price/data](https://finance.yahoo.com/quote/TEF.MC/)
- [CNBC — TEF.MC quote](https://www.cnbc.com/quotes/TEF.MC)
- [CNMC — Spain mobile market shares (monthly)](https://www.cnmc.es/sites/default/files/editor_contenidos/Notas%20de%20prensa/2025/20251127_NP_Mensual%20telecos%20sept%2025.pdf)
- [Mobile World Live — three biggest operators losing retail revenue 2025](https://www.mobileworldlive.com/spanish/las-tres-grandes-operadoras-perdieron-ingresos-minoristas-en-2025-mientras-digi-consolida-su-posicion)
- [AGBI — dividend cut casts doubt on STC](https://www.agbi.com/analysis/telecoms/2025/11/telefonica-dividend-cut-casts-doubt-on-stcs-investment/)