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TelcoX EMEA Leadership & Performance Study

Telefónicawatch

Telefónica eyes more areas to chop spend, concoct cash flow

Richard Agnew2026-04-07T12:52:00

tfw201-fy25 intro

Source: Telefónica

FY25: After spending much of last year stewing over the ingredients of its new Transform & Grow revival plan, Telefónica indicates it is now ready to begin cooking. The five-year programme looks set to kick off with some substantial wins on opex savings and capital intensity.

This article includes:

Themes: Transform & Grow strategy; Long‑term turnaround; Capital intensity reduction; Strategic reset; Leadership transition; Shareholder expectations; AI and 6G era positioning; National champion narrative.
People: Emilio Gayo; Juan Azcue; Marc Murtra.
Geographic: Spain; Europe.
Organisations: Telefónica.

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