Telefónica Q1 2026 revenue rose to €8.127 billion

TL;DR: Telefónica reported Q1 2026 revenue of €8.127 billion, up 0.4% reported and 0.8% in constant currency. Net debt fell by €1.5 billion to €25.342 billion, while the group posted a net loss of €411 million due mainly to a €798 million impact from discontinued operations in Chile, Colombia, and Mexico. Telefónica kept its full-year 2026 guidance for 1.5% to 2.5% revenue and EBITDA growth.

Telefónica reported Q1 2026 revenue of €8.127 billion, up 0.4% on a reported basis and 0.8% in constant currency. The company said the quarter was affected by currency depreciation and a smaller consolidation perimeter linked to asset sales in Latin America. Its share price rose 5%.

Telefónica posted a net loss of €411 million in Q1 2026, compared with a loss of €1.304 billion in the same period a year earlier. The result included a negative €798 million impact from discontinued operations in Chile, Colombia, and Mexico. Excluding these extraordinary items, adjusted net profit would have been €482 million. Net debt fell by €1.5 billion to €25.342 billion, down 6.3% year on year, supported by subsidiary sales and adjusted cash flow of €1.375 billion. Leverage declined to 2.72 times EBITDA.

Telefónica ended the quarter with 297.9 million total accesses, up 5.3%, while fiber accesses grew 8.6% and 5G coverage reached 81% of the population in its main markets. Spain generated 40% of group revenue and adjusted EBITDA, with revenue of €3.233 billion, up 2%, and more than 16 million mobile contract lines for the first time. Spain's churn rate was 0.7%, and its Internet of Things (IoT) lines reached 25 million, four times the year-earlier level. Brazil recorded revenue growth of 7.4% and EBITDA growth of 8.7%, reaching 117.5 million accesses. Germany's revenue fell 8.6% due to the migration of 1&1 customers to Vodafone's network, an impact Telefónica estimated at about €500 million annually, although it added 48,000 new mobile contract customers. In the UK, VMO2 reduced net losses to €35.3 million from €157 million a year earlier, while revenue fell 6.5%.

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