Telefonica reported revenues of €18.01 billion in the first half of 2025, marking a 1.5 percent year-on-year organic growth.
Revenue for the second quarter alone stood at €8.95 billion. Growth was driven primarily by solid performance in Spain and Brazil, with organic revenue increases of 1.9 percent and 7.1 percent respectively.
Telefonica Tech posted a 12.5 percent rise in second-quarter revenues to €566 million. However, exchange rate impacts led to a 3.3 percent decline in reported revenues and a 4.6 percent drop in reported EBITDA.
Adjusted EBITDA reached €5.87 billion in the first half, up 0.8 percent organically. CapEx for the same period was €2 billion, representing 11.1 percent of sales, and free cash flow stood at €291 million.
The company confirmed its 2025 financial guidance and announced a €0.30 per share dividend. Net financial debt decreased by 5.5 percent to €27.6 billion.
Subscribers
Telefonica ended the first half of 2025 with 348.6 million customer accesses across its global operations. The company recorded strong commercial momentum in key markets, notably in Germany, where contract mobile net additions rose by 12.1 percent in the second quarter compared to the first. In Spain, Telefonica achieved its highest net customer additions since the third quarter of 2018. These positive trends reflect the company’s continued focus on customer relevance and service expansion.
Telefonica’s infrastructure remains a competitive advantage, with over 171 million premises passed by ultra-broadband networks and 81.4 million FTTH connections. In mobile technology, 5G coverage reached 94 percent of the population in Spain, 98 percent in Germany, 64 percent in Brazil, and 78 percent in the UK, supporting continued growth in subscriber adoption across regions.
Capex
Telefonica’s capital expenditure (Capex) for the first half of 2025 totaled €2,003 million, marking a 1.9 percent decline in organic terms and a 6.8 percent drop in reported terms due to currency effects. The Capex to sales ratio stood at 11.1 percent, remaining within the company’s full-year target of below 12.5 percent.
Investment remained focused on network infrastructure, particularly fibre and 5G expansion, with over 171 million premises passed by ultra-broadband and strong 5G population coverage across key markets. The company’s EBITDAaL-Capex reached €2,580 million, stable in organic terms but down 5.9 percent in reported terms, also impacted by exchange rate fluctuations.
Baburajan Kizhakedath
