Telefónica posts solid H1 but two-speed progress persists - Sep26

Telefónicawatch Analyst Report #206 - September 2026

Telefónica delivered a more solid first half on the back of strength in its domestic and Brazilian markets, but persistent underperformance in Germany and the UK is forcing the group to go harder on costs as it works to keep its Transform & Grow strategy on track. Download the full in-depth Analyst Report…

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