Overview

• Telefónica's Q1 2025 net loss of €1.731 billion stems primarily from €1.2 billion and €500 million accounting losses tied to the sales of its Argentine and Peruvian subsidiaries, respectively.
• Net profit from continuing operations was €427 million, down 26% year-on-year, with revenues declining 2.9% to €9.221 billion and EBITDA falling 4.2% to €3.014 billion.
• The depreciation of the Brazilian real negatively impacted revenues by €388 million and EBITDA by €138 million during the quarter.
• Net financial debt was reduced by €112 million since December 2024, closing March 2025 at €27.049 billion with a leverage ratio of 2.67 times EBITDA after leases.
• Management reiterated full-year financial guidance and announced that results of the ongoing strategic review will be disclosed in the second half of 2025.