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Summary
Mr. Marc Murtra Chairman & CEO
1Fostered efficiency gains (redundancy, AI, automation, channel management, legacy shutdown, tech and operational excellence) and strict cost controlBuilding momentum, with strong execution and delivery against our strategic
roadmap
1) Constant: assumes constant FX (average FX H1 25), constant perimeter and excludes the contribution to growth from Venezuel a 2)Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write -offs and material non -recurring impacts 3) FCF for Guidance includes reported FCF from continuing operations and excludes non -recurring spectrum payments, employee comm itments and VMO2 dividends 4) Dividend payable in cash in June of the following year. Revenue1
@ constantMetric2026
GuidanceH1 26
1.5% -2.5% +0.4%
Adj. EBITDA 1,2
@ constant1.5% -2.5% +2.3%
Adj. OpCFaL1,2
@ constantOver 2% +2.7% CapEx ex spectrum
/Revenue
@ constant12% 11.6% FCF 3~€3.0bn €944m Dividend 4€0.15/share Jun-27 (€0.15)
LeverageDeclining
towards
2028 target2.68x✓
✓Accelerated growth (constant y -o-y)inadj. EBITDA, adj. OpCFaL at Group, Spain and Brazil. In Germany, continued adj. EBITDA growth ex 1&1
On track
On trackFCF of €611m (+€278m q -o-q). Back -end loaded FCF, accelerating in H2 Continuing commercial traction leveraging network leadership. Spain, 12 consecutive Qs of net adds in main services, Brazil value access growth, Germany O2 contract churn at low level Further deleveraging to 2.68x, reducing net financial debt to €25.3bn Upgraded adjusted OpCFaL guidance to over 3% on operating leverage improvement. On track to fulfill 2026 guidance in all other metricsStrong execution drives consistent and resilient growth and adj. OpCFaL guidance upgrade
✓On track
Upgrade
to Over
3%
1DELIVER
BEST -IN-CLASS
CUSTOMER EXPERIENCE2EXPAND B2C
OFFERING 3SCALE B2B
•Extending our fibre footprint (76.6m PP, +7% y -o-y) and 5G cov. (83%, +6 p.p. y -o-y core markets) •European sovereignty: Spain AI Gigafactory consortium participation ; 17 Edge nodes completed in Spain •Legacy shutdown. Spain: 3G shutdown planning started. Germany: 2G in H2 28; UK: 2G starting in summer 29 •Implementing an impact -based culture and maintaining >70 eNPS4EVOLVE
TECHNOLOGICAL
CAPABILITIES
•Redundancies savings in Spain and Global Units on track •Germany: operational/strategic reorganisation announced •Ongoing benefits from copper shut -down in Brazil •Network and operational excellence , incl. energy and network asset management5SIMPLIFY
OPERATING MODEL
6DEVELOP TALENT•B2C revenue (+1.4% y -o-y constant) •Spain1: Movistar Plus Plan Libre Cine y Series and Movistar Fast Pass launched •Brazil2: Complimentary offer Gemini AI Plus and
YouTube Premium
•Germany: O2Mobile Plus convergent bundles •UK: O2 Satellite to iPhone/Pixel , Monzo MVNO•Solid B2B (revenue +6.7% y -o-y constant) •Spain: Google Cloud sovereign cloud •Expanded partnerships: Brazil: Ecovias , Germany: EWE/Deichmann•Accesses +5% y-o-y •NPS score 34 (+1 p.py-o-y) •Brazil and Spain: record low churn •UK: New Consumer unit launched 2Consistent execution of Transform & Grow plan in Q2 1) “Movistar Plus Plan Libre Cine y Series” (m ovies and TV Series for €4.99 /month, designed for fiction enthusiasts seeking flexible and affordable access to a broad catalogue of original series, internationa l productions, movies, documentaries and more than 70 entertainment channels ) and “Movistar Fast Pass” ( a differentiated mobile connectivity service designed for high user density ) 2) Offering up to 12 months of Gemini AI Plus and 400 GB cloud storage. Vivo’s hybrid and postpaid customers can subscribe to YouTube Premium
Mr. Emilio Gayo
COOOperating Business
4253
2132 35131141
8268111
15 21 15 15 98973
5186
58 RevenueConvergent KPIs Net adds (k) Adj. EBITDA & marg in Adj. OpCFaL & marg in •Sound commercial results , delivering
excellence
-Higher net adds q -o-q (FBB and contract) -Record -low convergent churn (0.7%) -Portability ratios above the 2025 average •Accelerated revenue growth -Service Rev (+2.9% y -o-y; +1.2 p.p. q -o-q) -Larger customer base and growing ARPU -B2C ecosystem growing contribution -B2B digital services solid growth •Ramped -up in adj. EBITDA and adj. OpCFaL -Restructuring savings since Mar -26 -Tough comps, copper switch off (May -25) -Adj. EBITDAaL (+2.7% y -o-y; +0.7 p.p. q -o-q) •Enhanced network with contained CapEx -11% CapEx /Revenue H1 ( -0.1 p.p. y -o-y) -Upgrade XGS -PON, 5G, Edge nodes •Sustainable “water cycle” management Leading -Edge network fully deployed (17 nodes activated) Consortium to bid for AI Gigafactory in Spain (to present offer in H2)Contract Convergent FBB Pay TV +2%Accesses y -o-y +3% +1% +7%
Q2 25 Q3 25 Q4 25 Q1 26Churn (%) ARPU (€)
91.1 89.3 89.7 91.5 91.1 0.8% 0.8%0.7% 0.7% 0.7%
Q2 25 Q3 25 Q4 25 Q1 26
3,186 3,2333,4233,233 3,279
1.9%
1.6%1.8%2.0%2.9%
Q2 25 Q3 25 Q4 25 Q1 26 Q2 261,125 1,1681,2691,150 1,151
1.0%1.1% 1.1%2.0%2.3%
Q2 25 Q3 25 Q4 25 Q1 26 Q2 2635% 36% 37% 36%
591638 662 649 613
2.8%3.9%
0.9%2.3%3.7%
0.0%5.0%10.0%15.0%20.0%
02004006008001,0 001,2 00
Q2 25 Q3 25 Q4 25 Q1 26 Q2 2619% 20% 19% 20%
3Q2 26 Q2 26
35% 19%Spain: Steady operational momentum accelerating financial growth Constant : assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela. Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write -offs and material non -recurring impacts. CapEx: assumes CapEx ex-spectrum .
2930 30 30 3088 87 86 87 88 1.1% 1.1% 1.2%1.0% 1.1%1.5%1.5% 1.4% 1.5%1.4% 201 225 197 200 213689739 710830 731 2,279 2,3492,486 2,5112,684 7.1%6.5%7.1% 7.4% 7.6%•Expanding customer lifetime value -Mobile: ARPU +5.7% y -o-y & low churn -27m mobile accesses use 5G network -FTTH: improving ARPU & churn q -o-q •Broad portfolio on new digital businesses -Reinforcing our position with Gemini &
Youtube
-B2C Ecosystem: Consumer Electronics (+63.8%); Health & Wellness (+58.2%) in LTM -B2B digital services: Cloud (+20.9%) & Digital solutions (+20.2%) in LTM •Financial y -o-y acceleration in € terms -H1 26 +4.5% BRL appreciation vs. Euro •Ramped -up in r evenue growth, above inflation •Adj. EBITDA & adj. OpCFaL accelerating y -o-y -Higher copper sales -Adj. EBITDAaL accelerated to +12.0% -H1 26 CapEx/Revenue 14.9% •ESG: best Co in the TMT sector by Exame for the 3rd consecutive yearRevenueContract FTTHKPIs (local currency)
Mobile ARPU FTTH ARPU
+11% Accesses y -o-y +6% 42% 16% 45% 19%Net adds (k) 45% 20%Adj. EBITDA & margin Adj. OpCFaL & margin FTTH Churn Contract Churn
9601,0671,1181,0471,168
8.6% 8.8% 8.2% 8.7%11.3% 372444508 486 483
14.3% 13.6%19.7%9.2%17.9%
Q2 25 Q3 25 Q4 25Impacts from migration to Authorisation
(Q2 26 +€34m; H1 26 +€48m)Q1 26 Q2 25 Q3 25 Q4 25
42% 19%
Q1 26
Constant : assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela. Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write -offs and material non -recurring impacts. CapEx: assumes CapEx ex-spectrum . Q2 26 Q1 26 Q2 25 Q3 25 Q4 25 Q2 26
Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 2643% 18%
4Brazil: Delivering strong operational and financial growth
638 628 630586 592
(6.0%) (9.6%)
(14.6%)(8.4%)(7.2%)-16.0%4.0 %24.0%44.0%64.0%84.0%
-20002004006008001,0 00•Value -over -volume focus -Launch of O2Mobile Plus bundles (June);
minimum bundle price €30 -Sustained trading momentum in FBB -Enhancing partnerships in B2B & B2P
•Network quality
-Expanding coverage and capacity -Enhanced 5G partnerships with EWE •Underlying resilience, ex 1&1 -1&1 migration weigh on financials -Handset sales reflect less potential in selective channels and value focus -Accelerated fixed revenue growth +6.5% (Q1: +4.1%) on improved value -mix -+1.4 p.p. adj. EBITDA margin y -o-y •ESG: Legacy 2G network switch -off in H2 28RevenueARPU (y -o-y) 32% 31% 8% 12% 30% 6% 31% 12%Net adds (k) 33% 11%Adj. EBITDA & margin Adj. OpCFaL & margin Accesses (y -o-y)Contract
+2%FBB IoT
+28%
184157192
4830
(15)3 315 14177202213 175 134
Q2 25 Q3 25 Q4 25 Q1 26 Q2 26+1%
Net adds exclude 3rdparty MNO -accessesO2Contract FBB
(0.1%)(1.1%) (1.2%)
(2.8%) (3.2%)3.5%4.0% 4.1%3.2% 3.5%
Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
2,040 1,9602,1161,880 1,814
(2.4%)
(6.6%)(4.0%)
(8.6%) (11.1%)-12.0%-7.0%-2.0%3.0 %8.0 %13.0%18.0%23.0%28.0%33.0% -800-3002007001,2 001,7 002,2 002,7 00
Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26246
165126221 205
(6.3%) (3.4%)
(36.6%)(10.7%) (13.6%)
-37.0%-17.0%3.0 %23.0%43.0%63.0%83.0%103 .0%
-200-1000100200300400500
Q2 25 Q3 25 Q4 25 Q1 26 Q2 26Business model transformation Voluntary leaver programme: 2026 ~1.1k FTEs + ~60 own shops closure Further rightsizing until 2028 to be defined 5Germany: Focus on value -over -volume; 1&1 effects to annualise in H2 26 Constant : assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela. Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write -offs and material non -recurring impacts. CapEx: assumes CapEx ex-spectrum .
(74)(36)
(165)(60) (63)(51)(26)(17)(6)
(31)
438 472403 397508
(10.8%)15.1%
(6.3%)(8.4%)7.8%
-40.0%-20.0%0.0 %20.0%40.0%60.0%
-500-300-1001003005007009001,1 00
2,976 2,943 2,922 2,753 2,769 (5.5%) (7.5%)(8.3%)(6.5%) (7.9%) -19.0%-14.0%-9.0%-4.0%1.0 %6.0 %11.0%16.0%21.0%26.0% -2,500-1,500-5005001,5 002,5 003,5 001.4% 1.3% 1.2%
(0.2%)0.3% 0.1%
(0.6%)(1.2%)(1.6%)
(4.6%)•New MNVO deal: Monzo expands our wholesale
mobile leadership
•New O2 Business brand: merging VMO2’s robust national network infrastructure with Daisy’s specialised expertise •Fixed footprint : 18.8m UBB PPs •#1 5G+ outdoor population coverage •Trading improved in fixed and mobile (y-o-y) -Consumer fixed ARPU affected by competition; stable in mobile •Revenue affected by network construction -Service rev. -3.9% (consumer fixed & B2B
portfolio streamlined)
-Consumer: -5.0% (targeted retention in a highly competitive market) -Business: -8.7% (streamlined portfolio) -Wholesale service: +5.4% due to MVNO •Adj. EBITDA: at the top end guidance range •Adj. OpCFaL : phasing of network investment RevenueFBB ContractARPU (local currency) Consumer Contract Mobile Consumer Fixed -Line -2% Accesses y -o-y0% 38% 15% 39% 16%Net adds (k) Adj. EBITDA & margin Adj. OpCFaL & margin 1,137 1,148 1,077 1,0391,126
(0.7%)0.3%
(4.3%) (3.4%) (2.9%) -15.0%-10.0%-5.0%0.0 %5.0 %10.0%15.0%20.0%25.0%
-1,100-600-1004009001,4 00
ESG: New Responsible Business Plan 14% 14% 38% 37% 6Q1 26 net adds excludes the impact of adjustments made to accesses which had no impact on revenueQ1 26 Q2 25 Q3 25 Q4 25 Q2 26 Q1 26 Q2 25 Q3 25 Q4 25 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 2641% 18%VMO2: Executing the plan to drive future value Constant : assumes constant FX (average FX H1 25), assumes constant perimeter and excludes the contribution to growth from Venezuela. Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write -offs and material non -recurring impacts. CapEx: assumes CapEx ex-spectrum .
Mr. Juan Azcue CFOFinancials / ESG
Q2 26
Accelerated current growth rates Constant: assumes constant FX (average FX H1 25), constant perimeter and excludes the contribution to growth from Venezuela Adjusted figures consider constant perimeter and derived capital gains/losses and do not include restructuring costs, write -offs and material non -recurring impacts CapEx : assumes CapEx ex-spectrum 7Steady growth of service rev. (Q2 y -o-y +0.9% constant) •Revenue reflects handset sales weakness in Germany
(-26.2%)
Strong operating leverage (constant y -o-y) •Adj. OpCFaL margin +0.4 p.p. both in Q2 and H1H1 26 € in millions CurrentCurrent
y-o-yConstant
y-o-yCurrentCurrent
y-o-yConstant
y-o-y
Revenue 16,392 1.7% 0.4% 8,265 3.0% 0.0% Service revenue 15,038 2.4% 1.0% 7,634 4.0% 0.9% B2C revenue 9,693 3.4% 1.4% 4,885 5.6% 1.4% B2B revenue 3,954 7.4% 6.2% 2,022 9.5% 6.7% Wholesale & Others 2,744 -10.2% -9.9% 1,358 -12.4% -12.3%
Adj. EBITDA 5,768 3.8% 2.3% 2,933 6.4% 2.7%
Adj. OpCFaL 2,654 4.0% 2.7% 1,279 6.7% 2.9% CapEx ex-spectrum / Revenue11.6% 0.0 p.p. (0.1 p.p.) 12.6% 0.1.p.p. 0.1.p.p.
FCF 944 (35.1%) 611 (29.9%)
Net Financial Debt 25.278 (8.4%) Adj. EPS (continuing operations)0.15 (23.8%) 0.07 (22.7%)Good B2C and B2B strength •B2B a solid driver, improving growthFinancial performance: Third Q in a row of constant and current growth in key KPIs
FCF evolution
Guidance
CurrentQ2 performance
FCF on track, 2026 guidance reaffirmed•+€278m q -o-q mainly on improved WC •-€261m y-o-y primarily due to WC •FCF phasing fully aligned through H2 26; back -
end loaded consistent with usual seasonality De-risked and growing FCF •Adjusted OpCFaL growth gaining traction •More predictable FCF and less volatile •Further acceleration in H2 •Financial discipline on all lines below adjusted
OpCFaL
8€583m€872m€1,456 m€2.9bn
€333m€611m€944m
Q2 FY 2026 2025
Q1 H1 +€278m q -o-q~€3.0bnConfident in FCF trajectory, improvement in Q2
Net Financial Debt
26,824 283890
Dec-25 FCF total1Jun-26 FX &
OthersNet financial
divestmentsShareholder
Remuneration25,278(2,614)
(105)
3.23% 2.95%Total debt interest payment cost
ex. leases
Jun -25 Jun -26Financing activity 2026 YTD (€bn) ND/EBITDAaL adj.
2.78xND/EBITDAaL adj.
2.68x
(1) Total FCF ( continuing and discontinued operations) including spectrum payments. 9•Cash €7.3bn
•RCFs €5.9bn
•Bilateral credit lines:
€4.2bn€17.4bn
Liquidity CushionLeverage reduction, sound liquidity and lower interest costs •Leverage reduction in Q2 to 2.68x •Further deleverage in 2026 towards 2.5x target in 2028 •Committed to investment grade credit
rating
•Proactive financing activity to achieve best timing and derisk access to markets •Comfortable liquidity position •Reduced interest cost related paymentsHighlights
Hybrids1.81.04.5
Green €
Senior
BondCHF
BondBank
FinancingTotal AUD
Bond€
Senior
Bond0.20.30.4 0.8
Jan-26 Feb-26 Mar-26 May -26 Jun-26Solid liquidity position
Jun-26
Updated Climate Action Plan towards net zero (July -26) Awards for fiscal & sustainability reportingCode of Ethics & Conduct updated with new training 62% recycled content in new router (Germany);
advanced smart water metering project (Spain)Free calls and Wi -Fi, communications recovery and humanitarian support to Venezuela>95% high -risk suppliers assessed Maintain the commitment to sustainable financing Ethical and responsible AI and leadership in digital trust100% Renewable : PPAs cover 50% of
electricity needs
>5k critical assets with individualised climate risk assessment
Q2 26
€78bn socio -economic contribution in 2025 (May -26)B2C: Enhance customers` digital well -being and expand rural coverage B2B: Delivering the best portfolio of products for
sustainability
Continue to lead in ratings Included in Dow Jones Best -In-Class Europe Index, CDP Supplier A List and Europe’s Best Employers 2026 (FT & Statista)New/reinforced 2030 targetsEnvironmental Social Governance New Sustainability Plan 2026 -2030 Delivering value across four dimensions: growth, efficiency, investment attraction and risk mitigation 12 workstreams with 2030 targets to accelerate Transform & Grow, integrating ESG as a driver of innovation and competitivenes s Po w e r i n g t h e g r e e n t r a n s i t i o n f o r a b et t e r f u t u r ePo w e r i n g a m o r e d i g i t a l a n d i n c l u s i v e s o c i et y t h a t s u p p o r t s g r e a t e r w e l l b e i n gPo w e r i n g t r u st i n a d i g i t a l w o r l d 10Continued progress across the sustainability pillars
Key takeaways
Mr. Marc Murtra Chairman & CEO
Continued momentum yielding results on consistent and focused execution of Transform & Grow strategy Ongoing growth in constant and current at Group level. Accelerated growth trends in adjusted EBITDA, adjusted OpCFaL and expansion of operating leverage Extended investments in leading networks, enhancing customer experience and commercial traction Strong momentum and accelerated financial performance in Spain and Brazil. Germany executing strategic transformation Improved and de -risked FCF generation, with H2 acceleration 2026 adj. OpCFaL guidance upgraded 11Key takeaways: Another quarter of progress
Results presentation and Q&A Session Participants from Telefónica •Marc Murtra l CEO •Emilio Gayo l COO •Juan Azcue l CFO •Borja Ochoa l CEO T. Spain •Santiago Argelich l CEO T. Germany •Lutz Schüler l CEO Virgin Media O2 •Torsten Achtmann l Global Director of
Investor Relations
Webcast
•To access the webcast: click here •The webcast replay will be available on Telefónica IR’s website after the event
Q&A Session
•To participate in the Q&A session, please register using the following link to receive the dial in and PIN details: click here .Calendar Telefónica’s management will host a webcast on 29 July at 10:00 AM (CEST), 9:00 AM (BST), and 4:00 AM (EDT)
For further information, please contact:
Investor Relations
Torsten Achtmann (torsten.achtmann@telefonica.com) Isabel Beltrán (i.beltran@telefonica.com) Tel. +34 91 482 87 00
ir@telefonica.com
www.telefonica.com/investorsFOLLOW US:
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Climate A
List 2025ISS ESG Corporate
Rating
#1 in sectorDigital Inclusion Benchmark, Social Benchmark and Ranking
Digital Rights
1stcompany worldwide 20262025
Top Quartile
Telco Industry
Bloomberg ESG Score #3 in sector
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