Slide 1: Telefónica
eco ve § Telefonica
Slide 2: Disclaimer
Disclaimer This document and any related conference call or webcast (including any related Q&A session) has been prepared by Telefónica, S.A. (“Telefónica” or the “Company”, and together with its subsidiaries the “Telefónica Group”) exclusively for its use during the presentation of financial result
Slide 3: Summary
eco ve § Telefonica Summary Mr. Emilio Gayo COO
Slide 4: A strong start to 2026; constant execution
A strong start to 2026; constant execution 2026 Metric Q1 26 Guidance Steady growth of revenue, adj. EBITDA and adj. OpCFaL (improved trends in Revenue 1 Spain and Brazil). Appropriate CapEx/Revenue to deliver growth 1.5%-2.5% +0.8% On track @ constant Net debt reduction (Q1: -€1.5bn). FCF affected
Slide 5: Consistent execution of Transform & Grow plan in Q1
Consistent execution of Transform & Grow plan in Q1 DELIVER EXPAND B2C 1 BEST-IN-CLASS CUSTOMER 2 OFFERING 3 SCALE B2B FOCUS ON PORTFOLIO MANAGEMENT EXECUTION EXPERIENCE • Accesses +5% y-o-y (FTTH +9%). Sound NPS • Steady growth (revenue +1.5% y-o-y). • B2B strength (revenue +5.7% y-o-y) (score 34).
Slide 6: Operating Business
Operating Business Mr. Emilio Gayo COO
Slide 7: Spain: Sustained operational momentum and accelerated growth across financials
Spain: Sustained operational momentum and accelerated growth across financials • Solid trading leveraged on excellence Net adds (k) Convergent KPIs - Lowest churn ever, improved portability - Record mobile contract and FBB base FBB Postpaid Convergent Pay TV ARPU (€) Churn (%) - Tariff upgrade (mid
Slide 8: Brazil: Strong commercial and financial performance
Brazil: Strong commercial and financial performance • Consistent commercial value growth Net adds (k) KPIs (local currency) - Vivo Total (fully convergent) +33% FTTH Postpaid FTTH ARPU Mobile ARPU - Highest contract net adds in 5 Qs FTTH Churn Postpaid Churn - 5G customer base +41% y-o-y to 25m +11%
Slide 9: Germany: Focus on profitable growth while prioritising efficiencies
Germany: Focus on profitable growth while prioritising efficiencies Net adds (k) ARPU (y-o-y) • Key strength: Network quality - O2 campaigns: Good network or money Postpaid FBB IoT O2 Postpaid FBB back, Better than you think network +3% +0% +32% Accesses (y-o-y) - 5G roll-out, capacity upgrades for
Slide 10: VMO2: Progress against strategy with targeted network investments
VMO2: Progress against strategy with targeted network investments Net adds (k) ARPU (local currency) • O2 Satellite launch: First UK network to switch on direct-to-device satellite connectivity Postpaid FBB Consumer Fixed-Line Consumer Contract Mobile • Fixed footprint: 18.8m UBB PPs -2% 0% • Furthe
Slide 11: Financials / ESG
Financials / ESG Mr. Juan Azcue Chief Financial Officer
Slide 12: Financial performance: Good Q1, growth in constant and current
Financial performance: Good Q1, growth in constant and current Q1 26 Current Constant € in millions Current y-o-y y-o-y Revenue 8,127 0.4% 0.8% Service revenue 7,405 0.7% 1.1% Growth in constant and current B2C revenue 4,808 1.2% 1.5% • Second Q of growth in constant and current B2B revenue 1,932 5.
Slide 13: FCF Q1 phasing aligned with expectations and history
FCF Q1 phasing aligned with expectations and history Q1 performance FCF evolution • Higher seasonality due to WC variation Guidance Current • FCF generation aligned with historical patterns 2026 guidance reaffirmed ~€3.0bn €2.9bn • Accelerating FCF delivery throughout the year • Operational delivery
Slide 14: Leverage reduction, sound liquidity and lower interest costs
Leverage reduction, sound liquidity and lower interest costs Net Financial Debt ND/EBITDAaL adj. ND/EBITDAaL adj. 2.78x 2.72x Highlights 136 (2,337) 26,824 571 148 25,342 • Leverage reduction in Q1 to 2.72x • Deleveraging on track towards 2.5x target in 2028 Dec-25 FCF total1 Shareholder Net financi
Slide 15: Environmental Social Governance
Continued progression in sustainability to boost competitiveness Environmental Social Governance Enhanced efficiency and resilience Bridging the digital divide Balanced and diverse Board -92% energy consumption per unit of traffic since 2015 Digital access provided to 1m people in UK 47% women, 67%
Slide 16: Key takeaways
Key takeaways Mr. Emilio Gayo COO
Slide 17: Wrap up: Strong start, constant execution, on track for full year guidance
Wrap up: Strong start, constant execution, on track for full year guidance A strong start to 2026, firmly on track to meet our 2026 guidance and executing against our Transform & Grow plan Robust commercial performance. On financials, accelerated growth trends in Spain and Brazil (revenue and adj. E
Slide 18: Results presentation and Q&A Session
Results presentation and Q&A Session Calendar Participants from Telefónica Telefónica’s management will host a webcast • Emilio Gayo l COO on 14 May at 10:00 AM (CEST), 9:00 AM (BST), • Juan Azcue l CFDO and 4:00 AM (EDT) • Borja Ochoa l CEO T. Spain • Santiago Argelich l CEO T. Germany • Lutz Schül
Slide 19: Sustainalytics ESG ratings and investor relations contacts
Sustainalytics ESG Bloomberg ESG Score CDP 2025 ISS ESG Corporate Sustainalytics ESG Digital Inclusion Benchmark, #4 in sector Climate A #1 in sector Rating Top Quartile Telco Social Benchmark and Ranking List 2025 #1 in sector Industry 2025 Digital Rights 1st company worldwide 2026 For further info