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Jun 30, 2025
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Telefonica Q2 2025 Earnings Report
Telefónica delivered solid results in Q2 2025, with organic revenue and EBITDA growth and improved free cash flow.
Key Takeaways
Telefónica posted a stable Q2 2025 with organic revenue growth of 1.5% and EBITDA up 1.2%. Despite FX headwinds, the company reported positive free cash flow and reaffirmed its 2025 guidance. Net income from continuing operations fell due to restructuring and non-recurring items.
Revenue for Q2 2025 reached €8.95 billion, down 3.7% reported, but up 1.5% organically
EBITDA increased 1.2% organically to €2.92 billion
Free cash flow from continuing operations was €505 million in Q2
Net income from continuing operations was €155 million, with EPS of €0.02
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Telefónica reaffirmed its full-year 2025 guidance, targeting organic growth in revenue and EBITDA, with a CapEx/Sales ratio below 12.5% and stable free cash flow generation.
Positive Outlook
- Revenue growth across core markets, especially Spain and Brazil
- Strong performance in B2B and IT services
- Free cash flow turned positive in Q2
- Net debt and leverage expected to improve in H2
- Full-year dividend of €0.30/share reaffirmed
Challenges Ahead
- FX impact weighed on reported results
- Net income declined due to restructuring and non-recurring charges
- Hispam remains under margin pressure despite improvement
- Partner business transformation impacting German results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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