Telefonica celebrates quarter above expectations in Madrid and confirmation of guidance
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(Il Sole 24 Ore Radiocor) - Telefonica topped the Madrid Stock Exchange thanks to better-than-expected results for the first quarter and confirmation of guidance for the year. In the first three months of 2026, Telefonica posted a net loss of EUR 411 million, down sharply from the EUR 1.30 billion red in the same period last year. Ebitda increased to EUR 2.84 billion from EUR 2.80 billion, exceeding analysts' expectations of EUR 2.79 billion. Revenues rose slightly to 8.13 billion (from 8.09 billion), again beating the prediction of 8.07 billion.
In Spain, revenues increased by 2% year-on-year on a like-for-like basis, driven by a 1.7% increase in service revenues and a 6.9% growth in mobile phone sales. In Brazil, revenues increased 7.4%, reflecting strong growth in several segments, including new digital business, mobile phone sales and mobile service revenues. Revenues in Germany, on the other hand, declined by 8.6 per cent due to 'temporary negative pressures' on mobile phone service revenues and the weak performance of the German mobile phone market, the company added.
Telefonica points out that adjusted net profit from continuing operations, which reflects the recurring revenues of consolidated companies within the group, reached EUR 482 million in the first quarter, while losses from discontinued operations amounted to EUR 798 million, mainly due to the impact of divestments in Chile, Colombia and Mexico.
Net financial debt fell by almost EUR 1.5 billion in the first quarter to EUR 25.34 billion at the end of March, 6.3% lower than in the same period of 2025. According to operators, the quarter's performance confirms the effectiveness of the transformation plan initiated by chairman and CEO Marc Murtra. Since Murtra took the helm in January 2025, the group has reduced its exposure in Latin America in an effort to stimulate growth and also made the acquisition of UK fibre operator Netomnia. Finally, Telefonica said it was on track to meet its year-end targets. The group expects revenue growth between 1.5% and 2.5%, an increase in adjusted Ebitda between 1.5% and 2.5%, and free cash flow of around EUR 3 billion.
