Telefónica confirmed its 2025 financial guidance after posting solid results in the first half of the year, led by growth in Spain and Brazil during the second quarter. The company reported revenues of €8.95 billion in Q2 and €18.0 billion for the half year, both up 1.5% organically. Net income from continuing operations reached €558 million in H1, offset by losses from discontinued operations in Latin America.
Spain increased revenues by 1.9% in Q2, its strongest customer adds since 2018, while Brazil delivered a 7.1% revenue increase and an 8.6% rise in EBITDA in local currency. Telefónica Germany also saw a 12.1% jump in contract mobile net additions. Telefónica Tech continued double-digit growth, lifting sales 12.5% in Q2 to €566 million. Currency fluctuations reduced reported revenues and EBITDA by 3.3% and 4.6%, respectively, in the first half.
The company is maintaining its dividend of €0.30 per share for 2025, payable in December and June 2026. CapEx totaled €2.0 billion in the first half, with a CapEx-to-sales ratio of 11.1%, in line with targets. Net financial debt declined 5.5% year-over-year to €27.6 billion, while liquidity stood at €18.6 billion. Telefónica also advanced its strategic divestments in Latin America, including transactions in Uruguay and Ecuador, while maintaining strong positions in fiber and 5G coverage across Europe and Latin America.
• Revenues: €8.95 billion in Q2, €18.0 billion in H1 (+1.5% organic growth)
• Net income: €558 million from continuing operations in H1
• Spain Q2: +1.9% revenue growth, best net adds since 2018
• Brazil Q2: +7.1% revenue, +8.6% EBITDA in local currency
• Germany Q2: +12.1% contract mobile net adds
• Telefónica Tech Q2: +12.5% revenue to €566 million
• Dividend: €0.30 per share confirmed (two tranches, Dec 2025 & Jun 2026)
• CapEx: €2.0 billion in H1, 11.1% CapEx-to-sales ratio
• Net debt: €27.6 billion, down 5.5% YoY
• 5G coverage: Spain 94%, Germany 98%, Brazil 64%, UK 78%
“We are making progress in defining our strategic review, but in the meantime, we continue executing our mandate for the year with discipline and professionalism,” said Marc Murtra, Chairman and CEO of Telefónica.
🌐 Why it Matters: Telefónica’s performance highlights steady momentum in core European and Brazilian markets despite currency headwinds and ongoing divestments in Latin America. Its commitment to dividend payouts and debt reduction signals financial discipline as competition intensifies across the telecom sector.
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