Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Telefonica Earnings: Worst Likely Behind Telefonica Germany; 2026 Guidance Is Achievable

Javier Correonero

May 14, 2026

Telefonica reported 0.8% organic revenue growth and 1.8% EBITDA growth in the first quarter. Although revenue growth was below the 1.5%-2.5% 2026 guidance range, management reiterated that it remains on track to meet guidance.

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Telefonica SA

Telefonica Earnings: Worst Likely Behind Telefonica Germany; 2026 Guidance Is Achievable

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