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Telefónica FY25 in-depth: Transform & Grow to-do list remains long

2026-03-26T00:00:00

tfw201-fy25 indepth

Source: Telefónica

Group maintains growth across FY25, but underneath headline numbers reports another mixed performance across ‘core’ quad of European OBs and Vivo, with Brazil and Spain in growth but Germany and UK searching for revival.

This article includes:

  • Themes: Transform & Grow strategy; Organic vs. reported growth; Perimeter reduction; Hispam exits; Capital intensity; Core‑market divergence; Turnaround timelines; Convergence strategy; Fibre growth; Competitive pressures.
  • People: Christian Gebara; Emilio Gayo; Juan Azcue; Marc Murtra; Santiago Argelich Hesse.
  • Geographic: Brazil; Germany; Spain; UK; Latin America.
  • Organisations: Telefónica; Telefónica España; Telefónica Deutschland (O2); Telefónica|Vivo; Virgin Media O2; hiberus. 

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