Telefónica’s results met forecasts in terms of revenue, exceeded them in underlying EBITDA, and fell short in terms of EBITDA, EBIT, and net profit (continuing operations). Revenue was €8.957 billion (down 1.5% versus Q3 24), EBITDA was €2.867 billion (down 6% versus consensus and 8% compared with Q3 24), underlying EBITDA was €3.071 billion (up 1% versus consensus and down 1% compared with Q3 24), EBIT was €952 million (down 15% versus consensus and 18% compared with Q3 24), and net profit was €276 million (versus €418 million up, consensus and compared with €3 million in Q3 24) with a financial result of minus €494 million. Net profit from continuing operations fell by 45% versus Q3 24 to €271 million (against €425 million consensus).
- Net debt (excluding the IFRS 16 impact of millions of euros) increases by €626 million versus Q2 2025 to €28,233 million. Including the sale of Uruguay, Ecuador, Colombia and the purchase of 50% of FiBrasil, net debt would drop by around an additional €1,800 million to approximately €26,500 million.
- Telefónica is on track to meet the targets of its 2025e guidance, except for FCF. In 9M 25, revenue growth was 1.1%, underlying EBITDA 0.9%, EBITDAaL – Capex 0.9%, and Capex/sales 11.8%.
- Telefónica revises the 2025 estimated FCF forecast downwards from “similar to 2024” to “around €1,900 million (2024: €2,634 million) due to delays in cash inflow from claimed taxes, changes in the scope of consolidation, foreign exchange rates, and worse performance in Germany.
2025 Dividend of €0.30 gross per share payable in two tranches, in December 2025 and June 2026 (€0.15 per share in each tranche).
2026 Dividend of €0.15 gross per share in cash payable in June 2027.
