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Telefónica SA (BME: TEF) reported stronger-than-expected first-quarter 2026 results, driven by solid revenue growth, improved profitability, and lower net debt. The Spanish telecom giant exceeded analyst forecasts for adjusted EBITDA and operating cash flow, signaling a positive start to the year despite mixed regional performance.
For the January–March 2026 period, Telefónica posted adjusted EBITDA of €2.84 billion, up 1.3% year-over-year and above analyst expectations of €2.79 billion. On a constant currency basis, adjusted EBITDA increased 1.8%, while the EBITDA margin improved to 34.9% from 34.6% in the same period last year.
Group revenue climbed 0.4% to €8.13 billion, beating consensus estimates of €8.07 billion. Service revenue also rose 1.1% in constant terms, reflecting stable customer demand across key markets. Adjusted operating cash flow after leases reached €1.38 billion, surpassing analyst projections of €1.30 billion.
Telefónica also reduced net financial debt by €1.50 billion during the quarter, bringing total debt down to €25.34 billion as of March 31, 2026. The company’s leverage ratio improved to 2.72 times adjusted EBITDAaL.
Free cash flow from continuing operations totaled €333 million, higher than market expectations of €300 million, although lower than the €583 million recorded in Q1 2025. Capital expenditure represented 10.7% of revenue, slightly below analyst forecasts.
Telefónica España delivered strong performance with revenue rising 2.0% year-over-year in constant terms to €3.23 billion. Meanwhile, Telefónica Brasil posted revenue growth of 7.4% to €2.51 billion and adjusted EBITDA growth of 8.7%.
However, Telefónica Deutschland faced challenges as revenue declined 8.6% due to customer migration issues and weaker handset demand.
The company reaffirmed its 2026 financial guidance and confirmed a €0.15 per share dividend payout scheduled for June 2027. Telefónica also continued portfolio optimization efforts, including the sale agreement of Telefónica Mexico for $450 million.
