Telefónica, S.A. Capital Markets Day Update (Nov 2025)

Telefónica announced strategic financial guidelines through 2030 under the Transform & Grow framework, focusing on moderate growth and efficiency gains.

Key Financial Guidance (CAGR based on constant perimeter/FX 2025):

• Revenue & Adj. EBITDA: 1.5-2.5% CAGR (2025-2028), accelerating to 2.5-3.5% CAGR (2028-2030).
• CapEx Efficiency: CapEx/Sales target of ~12% (2026-2028), further declining to ~11% by 2030.
• FCF Base (Guidance): Expected at €2.9-3.0bn in 2026, growing at 3-5% CAGR through 2028.

Balance