Telefonica SA

TEF: XMAD (ESP)

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Telefonica Earnings: Margin Expansion Still Missing; Hopes of Market Consolidation Still Weak

Javier Correonero

Feb 25, 2026

Telefonica met its 2025 outlook and launched 2026 guidance for 1.5%-2.5% growth in both revenue and adjusted EBITDA, in line with the 2028 targets set at its capital markets day in November.

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Telefonica SA

Telefonica Earnings: Margin Expansion Still Missing; Hopes of Market Consolidation Still Weak

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