Telefonica 1Q26 Results Beat as Spanish Growth Acceleration Continues

Telefonica's 1Q26 results outperformed consensus, highlighted by a +2% growth acceleration in Spain and structural strength in Brazil. Despite peak declines in Germany due to contract losses, management reiterated all guidance and delivered a capex-driven FCF beat.

Key Takeaways

• 1.Spanish growth acceleration was the highlight, with revenue and EBITDA growth reaching +2% yoy, the highest in years.
• 2.Management reiterated all financial guidance for FY26 and the mid-term (3 and 5 years).
• 3.Free Cash Flow (FCF) beat consensus expectations, largely due to favorable capex phasing during the quarter.

Table of Contents

• In detail
• Valuation and key risks
• Disclosure Appendix

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