Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Telefonica Earnings: Spain and Brazil Remain Strong; Germany Recovery Remains the Key Question

Javier Correonero , Andrea Burigana

Jul 29, 2026

Telefonica reported flat organic revenue growth and 2.7% EBITDA growth in the second quarter, with strength in Spain and Brazil offset by weaker performance in Germany. Management reaffirmed its 2026 targets, with revenue outlook dependent on a stronger second half, while EBITDA is tracking well.

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Telefonica SA

Telefonica Earnings: Spain and Brazil Remain Strong; Germany Recovery Remains the Key Question

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